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Form NPORT-P DEUTSCHE DWS VARIABLE For: Mar 31

May 24, 2022 11:16 AM EDT

  
    NPORT-P
    false
    
      
      
        
          0000810573
          XXXXXXXX
        
      
      
      
      
        S000006260
        C000017214
      
      
      
    
  
  
    
      DEUTSCHE DWS VARIABLE SERIES II
      811-05002
      0000810573
      7WRERVUOG2HKG87QIP75
      875 Third Avenue
      NEW YORK
      
      10022-6225
      212-454-4500
      DWS Small Mid Cap Growth VIP
      S000006260
      0OZ934O2UM8WQZ3ZKH96
      2022-12-31
      2022-03-31
      N
    
    
      68624227.65
      3021014.60
      65603213.05
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      
        
        
        
        
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Thermon Group Holdings Inc
        529900ZNZBBLDE77MZ38
        Thermon Group Holdings Inc
        88362T103
        
          
        
        9149.00000000
        NS
        USD
        148213.80000000
        0.225924605075
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ligand Pharmaceuticals Inc
        5493008K7TB0IKP37H79
        Ligand Pharmaceuticals Inc
        53220K504
        
          
        
        2672.00000000
        NS
        USD
        300573.28000000
        0.458168534780
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ModivCare Inc
        549300EFZIFW7F7I0Q28
        ModivCare Inc
        60783X104
        
          
        
        7673.00000000
        NS
        USD
        885387.47000000
        1.349609918229
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masonite International Corp
        549300H0H07ZFT4JYM32
        Masonite International Corp
        575385109
        
          
        
        6705.00000000
        NS
        USD
        596342.70000000
        0.909014470900
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Dynatrace Inc
        N/A
        Dynatrace Inc
        268150109
        
          
        
        7679.00000000
        NS
        USD
        361680.90000000
        0.551315832235
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camping World Holdings Inc
        549300E828QQI7MWI432
        Camping World Holdings Inc
        13462K109
        
          
        
        22907.00000000
        NS
        USD
        640250.65000000
        0.975944043338
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Kforce Inc
        5493003RDQQDVXY2SK46
        Kforce Inc
        493732101
        
          
        
        18625.00000000
        NS
        USD
        1377691.25000000
        2.100036242051
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMN Healthcare Services Inc
        529900W3ARRTCNFH2I39
        AMN Healthcare Services Inc
        001744101
        
          
        
        13141.00000000
        NS
        USD
        1371000.53000000
        2.089837473288
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        5493003GD84DGSXJ7618
        DWS Central Cash Management Government Fund
        25160K306
        
          
        
        3412711.77000000
        NS
        USD
        3412711.77000000
        5.202049734056
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        N/A
        DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares
        147539670
        
          
        
        2943906.50000000
        NS
        USD
        2943906.50000000
        4.487442555224
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Lazard Ltd
        254900RIBCDJSUFG1A11
        Lazard Ltd
        000000000
        
          
        
        13717.00000000
        NS
        USD
        473236.50000000
        0.721361771776
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Workiva Inc
        529900RTOQ8GRWHY1O58
        Workiva Inc
        98139A105
        
          
        
        4358.00000000
        NS
        USD
        514244.00000000
        0.783870143079
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Children's Place Inc/The
        549300BGVK2OO5O7TC19
        Children's Place Inc/The
        168905107
        
          
        
        4788.00000000
        NS
        USD
        236048.40000000
        0.359812254652
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Advanced Drainage Systems Inc
        6QQTOZ5MF5DHM7K92I60
        Advanced Drainage Systems Inc
        00790R104
        
          
        
        3260.00000000
        NS
        USD
        387320.60000000
        0.590398826509
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Essential Properties Realty Trust Inc
        N/A
        Essential Properties Realty Trust Inc
        29670E107
        
          
        
        21678.00000000
        NS
        USD
        548453.40000000
        0.836016064612
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioLife Solutions Inc
        549300G2IVCMC2TJDW72
        BioLife Solutions Inc
        09062W204
        
          
        
        8451.00000000
        NS
        USD
        192091.23000000
        0.292807655401
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacira BioSciences Inc
        N/A
        Pacira BioSciences Inc
        695127100
        
          
        
        11807.00000000
        NS
        USD
        901110.24000000
        1.373576381561
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Four Corners Property Trust Inc
        549300SVTPZPBDVNER42
        Four Corners Property Trust Inc
        35086T109
        
          
        
        13954.00000000
        NS
        USD
        377316.16000000
        0.575148902710
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMC Materials Inc
        31F6V1MN00ZW3XWB4J69
        CMC Materials Inc
        12571T100
        
          
        
        2531.00000000
        NS
        USD
        469247.40000000
        0.715281124481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Semtech Corp
        549300J7WUY317SW6O61
        Semtech Corp
        816850101
        
          
        
        7632.00000000
        NS
        USD
        529202.88000000
        0.806672196980
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jack in the Box Inc
        5493002OJW26P0SUUP68
        Jack in the Box Inc
        466367109
        
          
        
        7892.00000000
        NS
        USD
        737191.72000000
        1.123712827050
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aclaris Therapeutics Inc
        5493000B2LQ9QTW1DF52
        Aclaris Therapeutics Inc
        00461U105
        
          
        
        12953.00000000
        NS
        USD
        223309.72000000
        0.340394486211
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crescent Energy Inc
        N/A
        Crescent Energy Inc
        44952J104
        
          
        
        6384.00000000
        NS
        USD
        110698.56000000
        0.168739540113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Leslie's Inc
        N/A
        Leslie's Inc
        527064109
        
          
        
        2799.00000000
        NS
        USD
        54188.64000000
        0.082600588417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Americold Realty Trust
        549300R7N1V5YV8MWH02
        Americold Realty Trust
        03064D108
        
          
        
        10299.00000000
        NS
        USD
        287136.12000000
        0.437686062390
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Burlington Stores Inc
        5299003Z37DVGKKC1W09
        Burlington Stores Inc
        122017106
        
          
        
        2883.00000000
        NS
        USD
        525196.11000000
        0.800564615028
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axonics Inc
        549300LJY4X7N57VJL05
        Axonics Inc
        05465P101
        
          
        
        4613.00000000
        NS
        USD
        288773.80000000
        0.440182403535
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tandem Diabetes Care Inc
        549300JEPFOD0K4D3I05
        Tandem Diabetes Care Inc
        875372203
        
          
        
        4219.00000000
        NS
        USD
        490627.51000000
        0.747871159337
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gentherm Inc
        HKM6YX1U5JS60TCUB219
        Gentherm Inc
        37253A103
        
          
        
        7364.00000000
        NS
        USD
        537866.56000000
        0.819878379417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Beam Therapeutics Inc
        N/A
        Beam Therapeutics Inc
        07373V105
        
          
        
        1093.00000000
        NS
        USD
        62628.90000000
        0.095466208266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Helen of Troy Ltd
        N/A
        Helen of Troy Ltd
        000000000
        
          
        
        2963.00000000
        NS
        USD
        580273.92000000
        0.884520579133
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Travere Therapeutics Inc
        N/A
        Travere Therapeutics Inc
        89422G107
        
          
        
        23478.00000000
        NS
        USD
        605028.06000000
        0.922253700499
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SVB Financial Group
        549300D2KJ20JMXE7542
        SVB Financial Group
        78486Q101
        
          
        
        742.00000000
        NS
        USD
        415111.90000000
        0.632761538194
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegion plc
        984500560CAC2E6FB757
        Allegion plc
        000000000
        
          
        
        7499.00000000
        NS
        USD
        823240.22000000
        1.254877896563
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        National Vision Holdings Inc
        549300JHURCBLI5ROA42
        National Vision Holdings Inc
        63845R107
        
          
        
        7865.00000000
        NS
        USD
        342678.05000000
        0.522349491843
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Casey's General Stores Inc
        549300CAFWSI86V66Q65
        Casey's General Stores Inc
        147528103
        
          
        
        4371.00000000
        NS
        USD
        866201.07000000
        1.320363789712
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tetra Tech Inc
        549300UJ1LP7JGJC5P32
        Tetra Tech Inc
        88162G103
        
          
        
        4419.00000000
        NS
        USD
        728869.86000000
        1.111027686166
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invitae Corp
        549300MYI59DZW1WIX92
        Invitae Corp
        46185L103
        
          
        
        5038.00000000
        NS
        USD
        40152.86000000
        0.061205630232
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Energy Industries Inc
        549300756XI3QLFT2U27
        Advanced Energy Industries Inc
        007973100
        
          
        
        12629.00000000
        NS
        USD
        1087104.32000000
        1.657090056201
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Maximus Inc
        549300DQCDS8HJ7QF202
        Maximus Inc
        577933104
        
          
        
        8556.00000000
        NS
        USD
        641272.20000000
        0.977501207922
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iRobot Corp
        5493009PRNKOUKBAT390
        iRobot Corp
        462726100
        
          
        
        6273.00000000
        NS
        USD
        397708.20000000
        0.606232807068
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Synovus Financial Corp
        549300EIUS8UN5JTLE54
        Synovus Financial Corp
        87161C501
        
          
        
        11493.00000000
        NS
        USD
        563157.00000000
        0.858428991230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intellia Therapeutics Inc
        5493002T5BCPE5DZC723
        Intellia Therapeutics Inc
        45826J105
        
          
        
        1898.00000000
        NS
        USD
        137927.66000000
        0.210245281576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Turning Point Therapeutics Inc
        N/A
        Turning Point Therapeutics Inc
        90041T108
        
          
        
        2679.00000000
        NS
        USD
        71931.15000000
        0.109645772906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avadel Pharmaceuticals PLC
        549300E27PTSG2RHC762
        Avadel Pharmaceuticals PLC
        05337M104
        
          
        
        18916.00000000
        NS
        USD
        129196.28000000
        0.196935902974
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          
        
      
      
        Brink's Co/The
        XFP140TFNOQMIVFTVQ13
        Brink's Co/The
        109696104
        
          
        
        11036.00000000
        NS
        USD
        750448.00000000
        1.143919581237
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apellis Pharmaceuticals Inc
        254900HS0ZFRXXSB9D42
        Apellis Pharmaceuticals Inc
        03753U106
        
          
        
        4251.00000000
        NS
        USD
        215993.31000000
        0.329241968431
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasTec Inc
        549300TMDIT8WREDOF45
        MasTec Inc
        576323109
        
          
        
        3760.00000000
        NS
        USD
        327496.00000000
        0.499207256434
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Generac Holdings Inc
        529900S2H2AHJHSFFI84
        Generac Holdings Inc
        368736104
        
          
        
        1478.00000000
        NS
        USD
        439350.28000000
        0.669708478554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDEX Corp
        549300U5Y5EL6PHYLF13
        IDEX Corp
        45167R104
        
          
        
        2202.00000000
        NS
        USD
        422189.46000000
        0.643549973197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tyler Technologies Inc
        25490040SMU4Z8LBCW70
        Tyler Technologies Inc
        902252105
        
          
        
        3576.00000000
        NS
        USD
        1590926.64000000
        2.425074270047
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SouthState Corp
        549300JZUANXM0YQ4W53
        SouthState Corp
        840441109
        
          
        
        4704.00000000
        NS
        USD
        383799.36000000
        0.585031345503
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ANI Pharmaceuticals Inc
        5493000T6CXTND40YH31
        ANI Pharmaceuticals Inc
        00182C103
        
          
        
        7128.00000000
        NS
        USD
        200368.08000000
        0.305424186841
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hilton Grand Vacations Inc
        549300O9K6MFD8D07574
        Hilton Grand Vacations Inc
        43283X105
        
          
        
        12491.00000000
        NS
        USD
        649656.91000000
        0.990282152041
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nevro Corp
        254900SH91I4BOYKUE38
        Nevro Corp
        64157F103
        
          
        
        1428.00000000
        NS
        USD
        103287.24000000
        0.157442349540
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STAAR Surgical Co
        5299006LRHI7OJ8BY308
        STAAR Surgical Co
        852312305
        
          
        
        975.00000000
        NS
        USD
        77912.25000000
        0.118762856844
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Take-Two Interactive Software Inc
        BOMSTHHJK882EWYX3334
        Take-Two Interactive Software Inc
        874054109
        
          
        
        2174.00000000
        NS
        USD
        334230.76000000
        0.509473156056
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kiniksa Pharmaceuticals Ltd
        N/A
        Kiniksa Pharmaceuticals Ltd
        000000000
        
          
        
        8769.00000000
        NS
        USD
        87163.86000000
        0.132865230142
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultra Clean Holdings Inc
        5493007L6LS7QX18PE75
        Ultra Clean Holdings Inc
        90385V107
        
          
        
        10873.00000000
        NS
        USD
        460906.47000000
        0.702566914898
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mirati Therapeutics Inc
        529900GYRW59IDQV6N54
        Mirati Therapeutics Inc
        60468T105
        
          
        
        2178.00000000
        NS
        USD
        179075.16000000
        0.272967057060
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Varonis Systems Inc
        549300SHIVNRRH7STS26
        Varonis Systems Inc
        922280102
        
          
        
        35677.00000000
        NS
        USD
        1696084.58000000
        2.585368156750
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Calix Inc
        5299002RQRZ4SXSCSJ58
        Calix Inc
        13100M509
        
          
        
        8844.00000000
        NS
        USD
        379496.04000000
        0.578471727765
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plug Power Inc
        549300JPDKRSJ8JSM954
        Plug Power Inc
        72919P202
        
          
        
        4018.00000000
        NS
        USD
        114954.98000000
        0.175227667450
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Eagle Materials Inc
        529900KRXRGXL61SG039
        Eagle Materials Inc
        26969P108
        
          
        
        5901.00000000
        NS
        USD
        757452.36000000
        1.154596436340
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Globus Medical Inc
        5299003M2P4CIK0RF205
        Globus Medical Inc
        379577208
        
          
        
        4024.00000000
        NS
        USD
        296890.72000000
        0.452555151184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fate Therapeutics Inc
        549300L14Q4UHOODLA90
        Fate Therapeutics Inc
        31189P102
        
          
        
        3846.00000000
        NS
        USD
        149109.42000000
        0.227289812598
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        MSA Safety Inc
        529900DVA3258XK11O39
        MSA Safety Inc
        553498106
        
          
        
        2392.00000000
        NS
        USD
        317418.40000000
        0.483845813707
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cargurus Inc
        54930027BKQN6B7X7G78
        Cargurus Inc
        141788109
        
          
        
        10463.00000000
        NS
        USD
        444258.98000000
        0.677190886460
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LGI Homes Inc
        549300W02B4WNV8CV109
        LGI Homes Inc
        50187T106
        
          
        
        3489.00000000
        NS
        USD
        340805.52000000
        0.519495165183
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HEICO Corp
        529900O1DTDLCJ7L0I14
        HEICO Corp
        422806109
        
          
        
        4576.00000000
        NS
        USD
        702599.04000000
        1.070982665840
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Entegris Inc
        IYX6OWO7BT5DKO3BYG52
        Entegris Inc
        29362U104
        
          
        
        6342.00000000
        NS
        USD
        832450.92000000
        1.268917910111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Titan Machinery Inc
        549300835ZM8G0BT5C94
        Titan Machinery Inc
        88830R101
        
          
        
        11743.00000000
        NS
        USD
        331857.18000000
        0.505855071072
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Green Dot Corp
        N/A
        Green Dot Corp
        39304D102
        
          
        
        6162.00000000
        NS
        USD
        169331.76000000
        0.258115040601
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bright Horizons Family Solutions Inc
        N/A
        Bright Horizons Family Solutions Inc
        109194100
        
          
        
        5598.00000000
        NS
        USD
        742798.62000000
        1.132259512097
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rush Enterprises Inc
        529900V3XHTN7A6DFT17
        Rush Enterprises Inc
        781846209
        
          
        
        16590.00000000
        NS
        USD
        844596.90000000
        1.287432216706
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veracyte Inc
        529900ESWZRHXOW27Z37
        Veracyte Inc
        92337F107
        
          
        
        5225.00000000
        NS
        USD
        144053.25000000
        0.219582613873
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pinnacle Financial Partners Inc
        54930098EZ8JMSAZGS24
        Pinnacle Financial Partners Inc
        72346Q104
        
          
        
        5944.00000000
        NS
        USD
        547323.52000000
        0.834293770920
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lumentum Holdings Inc
        549300JLWRRC38DWEF52
        Lumentum Holdings Inc
        55024U109
        
          
        
        4772.00000000
        NS
        USD
        465747.20000000
        0.709945715075
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Cognex Corp
        549300JQTYZCLC43S226
        Cognex Corp
        192422103
        
          
        
        7873.00000000
        NS
        USD
        607401.95000000
        0.925872258020
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blueprint Medicines Corp
        5299004CC60O9T5HVM83
        Blueprint Medicines Corp
        09627Y109
        
          
        
        4684.00000000
        NS
        USD
        299213.92000000
        0.456096441148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newmark Group Inc
        N/A
        Newmark Group Inc
        65158N102
        
          
        
        17392.00000000
        NS
        USD
        276880.64000000
        0.422053474406
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FormFactor Inc
        549300YCEEO6SZD1ZR61
        FormFactor Inc
        346375108
        
          
        
        7627.00000000
        NS
        USD
        320562.81000000
        0.488638886872
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FactSet Research Systems Inc
        549300ZSJE7NBK6K9P30
        FactSet Research Systems Inc
        303075105
        
          
        
        296.00000000
        NS
        USD
        128508.40000000
        0.195887356770
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spectrum Brands Holdings Inc
        549300JM0MJETDD30O20
        Spectrum Brands Holdings Inc
        84790A105
        
          
        
        6982.00000000
        NS
        USD
        619443.04000000
        0.944226679153
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        YETI Holdings Inc
        549300DSQICIGNT5GO63
        YETI Holdings Inc
        98585X104
        
          
        
        15522.00000000
        NS
        USD
        931009.56000000
        1.419152380982
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Global Blood Therapeutics Inc
        549300U4G0QKK99GRT15
        Global Blood Therapeutics Inc
        37890U108
        
          
        
        4524.00000000
        NS
        USD
        156711.36000000
        0.238877568207
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        LivePerson Inc
        549300IN2P1JZ20G7N40
        LivePerson Inc
        538146101
        
          
        
        7263.00000000
        NS
        USD
        177362.46000000
        0.270356361760
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Molina Healthcare Inc
        549300NQQCEQ46YHZ591
        Molina Healthcare Inc
        60855R100
        
          
        
        3519.00000000
        NS
        USD
        1173903.21000000
        1.789398956885
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Denbury Inc
        549300KCWA5W52MS5559
        Denbury Inc
        24790A101
        
          
        
        4200.00000000
        NS
        USD
        329994.00000000
        0.503014996763
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEX Inc
        T9M5IGROL1TL1G5OV478
        WEX Inc
        96208T104
        
          
        
        2932.00000000
        NS
        USD
        523215.40000000
        0.797545387908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Option Care Health Inc
        549300DI3Q5ACSYJRI17
        Option Care Health Inc
        68404L201
        
          
        
        26064.00000000
        NS
        USD
        744387.84000000
        1.134681984909
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        Cleveland-Cliffs Inc
        185899101
        
          
        
        34787.00000000
        NS
        USD
        1120489.27000000
        1.707979255750
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NeoGenomics Inc
        N/A
        NeoGenomics Inc
        64049M209
        
          
        
        3100.00000000
        NS
        USD
        37665.00000000
        0.057413346464
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aspen Technology Inc
        529900B0MZWTVFG7CB96
        Aspen Technology Inc
        045327103
        
          
        
        8898.00000000
        NS
        USD
        1471462.26000000
        2.242972853903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultragenyx Pharmaceutical Inc
        529900EV44GVDN1DCX77
        Ultragenyx Pharmaceutical Inc
        90400D108
        
          
        
        3057.00000000
        NS
        USD
        221999.34000000
        0.338397053557
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insmed Inc
        529900Q55QAG41CCAC11
        Insmed Inc
        457669307
        
          
        
        6610.00000000
        NS
        USD
        155335.00000000
        0.236779561210
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Envestnet Inc
        549300HLWZ5OKIDM8737
        Envestnet Inc
        29404K106
        
          
        
        9852.00000000
        NS
        USD
        733382.88000000
        1.117906952882
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RadNet Inc
        529900RECG94V2IZJ970
        RadNet Inc
        750491102
        
          
        
        51677.00000000
        NS
        USD
        1156014.49000000
        1.762130902215
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arvinas Inc
        N/A
        Arvinas Inc
        04335A105
        
          
        
        2000.00000000
        NS
        USD
        134600.00000000
        0.205172877580
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Monolithic Power Systems Inc
        529900TB7O85LSZ1XU31
        Monolithic Power Systems Inc
        609839105
        
          
        
        2547.00000000
        NS
        USD
        1237026.96000000
        1.885619472718
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natera Inc
        N/A
        Natera Inc
        632307104
        
          
        
        4935.00000000
        NS
        USD
        200755.80000000
        0.306015194479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neurocrine Biosciences Inc
        549300FECER0XBN49756
        Neurocrine Biosciences Inc
        64125C109
        
          
        
        7085.00000000
        NS
        USD
        664218.75000000
        1.012478991682
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HealthEquity Inc
        529900LRJU1RAFQHM467
        HealthEquity Inc
        42226A107
        
          
        
        1929.00000000
        NS
        USD
        130091.76000000
        0.198300897093
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPDR S&P Biotech ETF
        549300Y3ODFMPD5XXL58
        SPDR S&P Biotech ETF
        78464A870
        
          
        
        2719.00000000
        NS
        USD
        244383.72000000
        0.372517912825
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masimo Corp
        549300Q4A8JK0PIYCU29
        Masimo Corp
        574795100
        
          
        
        1627.00000000
        NS
        USD
        236793.58000000
        0.360948144139
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avantor Inc
        N/A
        Avantor Inc
        05352A100
        
          
        
        7242.00000000
        NS
        USD
        244924.44000000
        0.373342140747
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SiTime Corp
        N/A
        SiTime Corp
        82982T106
        
          
        
        4087.00000000
        NS
        USD
        1012840.34000000
        1.543888314171
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Rapid7 Inc
        549300GNVG5D60KEYN14
        Rapid7 Inc
        753422104
        
          
        
        6849.00000000
        NS
        USD
        761882.76000000
        1.161349764102
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ovintiv Inc
        N/A
        Ovintiv Inc
        69047Q102
        
          
        
        9711.00000000
        NS
        USD
        525073.77000000
        0.800378130259
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EastGroup Properties Inc
        31TIGQQZC4P6JMHKSW85
        EastGroup Properties Inc
        277276101
        
          
        
        2708.00000000
        NS
        USD
        550482.24000000
        0.839108657041
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Outset Medical Inc
        N/A
        Outset Medical Inc
        690145107
        
          
        
        6398.00000000
        NS
        USD
        290469.20000000
        0.442766728176
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Moelis & Co
        549300891QNU7VTQUR83
        Moelis & Co
        60786M105
        
          
        
        9136.00000000
        NS
        USD
        428935.20000000
        0.653832609803
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berry Global Group Inc
        549300G6KKUMMXM8NH73
        Berry Global Group Inc
        08579W103
        
          
        
        6828.00000000
        NS
        USD
        395750.88000000
        0.603249233689
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haemonetics Corp
        549300ZEL6TXZS6F5F95
        Haemonetics Corp
        405024100
        
          
        
        1353.00000000
        NS
        USD
        85536.66000000
        0.130384863824
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Builders FirstSource Inc
        549300W0SKP6L3H7DP63
        Builders FirstSource Inc
        12008R107
        
          
        
        17596.00000000
        NS
        USD
        1135645.84000000
        1.731082651598
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southwestern Energy Co
        EFWMP121W54QV9MGOP87
        Southwestern Energy Co
        845467109
        
          
        
        55676.00000000
        NS
        USD
        399196.92000000
        0.608502086164
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Biohaven Pharmaceutical Holding Co Ltd
        5299007STZTNN32O9920
        Biohaven Pharmaceutical Holding Co Ltd
        000000000
        
          
        
        6787.00000000
        NS
        USD
        804734.59000000
        1.226669476366
        Long
        EC
        CORP
        VG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Just Eat Takeaway.com NV
        724500FVZIBSSQ7SHI95
        Just Eat Takeaway.com NV
        48214T305
        
          
        
        12289.00000000
        NS
        USD
        82459.19000000
        0.125693828345
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          
        
      
      
        Five9 Inc
        254900MXP6EWY0SFFR59
        Five9 Inc
        338307101
        
          
        
        12047.00000000
        NS
        USD
        1329988.80000000
        2.027322654130
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amicus Therapeutics Inc
        549300MRD1SMUTNBPQ53
        Amicus Therapeutics Inc
        03152W109
        
          
        
        7094.00000000
        NS
        USD
        67180.18000000
        0.102403795297
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Broadridge Financial Solutions Inc
        549300KZDJZQ2YIHRC28
        Broadridge Financial Solutions Inc
        11133T103
        
          
        
        5482.00000000
        NS
        USD
        853602.22000000
        1.301159166319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Scientific Games Corp
        529900JXALYBOHXKFM62
        Scientific Games Corp
        80874P109
        
          
        
        3937.00000000
        NS
        USD
        231298.75000000
        0.352572289140
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        H&E Equipment Services Inc
        254900KVLRCDMQRYY541
        H&E Equipment Services Inc
        404030108
        
          
        
        16406.00000000
        NS
        USD
        713989.12000000
        1.088344742285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TopBuild Corp
        5493007YSKHOL4RWII46
        TopBuild Corp
        89055F103
        
          
        
        5673.00000000
        NS
        USD
        1029025.47000000
        1.568559560056
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenable Holdings Inc
        5493004S5OMPESF0EF83
        Tenable Holdings Inc
        88025T102
        
          
        
        12141.00000000
        NS
        USD
        701628.39000000
        1.069503088919
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-28
      DEUTSCHE DWS VARIABLE SERIES II
      Diane Kenneally
      Diane Kenneally
      Treasurer and Chief Financial Officer
    
  
  XXXX



Investment Portfolio as of March 31, 2022 (Unaudited)
DWS Small Mid Cap Growth VIP
    Shares Value ($)
Common Stocks 94.8%  
Communication Services 1.3%  
Entertainment 0.5%  
Take-Two Interactive Software, Inc.*       2,174    334,231
Interactive Media & Services 0.8%  
Cargurus, Inc.*      11,963    507,949
Consumer Discretionary 12.3%  
Auto Components 0.8%  
Gentherm, Inc.*       7,364    537,867
Diversified Consumer Services 1.1%  
Bright Horizons Family Solutions, Inc.*       5,598    742,799
Hotels, Restaurants & Leisure 2.5%  
Hilton Grand Vacations, Inc.*   12,491 649,657
Jack in the Box, Inc.   7,892 737,191
Scientific Games Corp. "A"*   3,937 231,299
      1,618,147
Household Durables 3.6%  
Helen of Troy Ltd.*   2,963 580,274
iRobot Corp.* (a)   6,273 397,708
LGI Homes, Inc.*   3,489 340,806
TopBuild Corp.*   5,673 1,029,025
      2,347,813
Internet & Direct Marketing Retail 0.1%  
Just Eat Takeaway.com NV (ADR)* (a)   12,289 82,459
Leisure Products 1.4%  
YETI Holdings, Inc.*   15,522 931,009
Specialty Retail 2.8%  
Burlington Stores, Inc.*   2,883 525,196
Camping World Holdings, Inc. "A" (a)   22,907 640,251
Leslie's, Inc.*   2,799 54,189
National Vision Holdings, Inc.* (a)   7,865 342,678
The Children's Place, Inc.* (a)   4,788 236,048
      1,798,362
Consumer Staples 2.3%  
Food & Staples Retailing 1.3%  
Casey's General Stores, Inc.   4,371 866,201
Household Products 1.0%  
Spectrum Brands Holdings, Inc.   6,982 619,443

Energy 2.1%  
Oil, Gas & Consumable Fuels  
Crescent Energy, Inc. "A" (a)       6,384    110,698
Denbury, Inc.*       4,200    329,994
Ovintiv, Inc.       9,711    525,074
Southwestern Energy Co.*      55,676    399,197
      1,364,963
Financials 4.7%  
Banks 2.9%  
Pinnacle Financial Partners, Inc.       5,944    547,324
South State Corp.       4,704    383,799
SVB Financial Group*         742    415,112
Synovus Financial Corp.      11,493    563,157
      1,909,392
Capital Markets 1.6%  
FactSet Research Systems, Inc.   296 128,508
Lazard Ltd. "A"   13,717 473,237
Moelis & Co. "A"   9,136 428,935
      1,030,680
Consumer Finance 0.2%  
Green Dot Corp. "A"*   6,162 169,332
Health Care 21.4%  
Biotechnology 6.9%  
Amicus Therapeutics, Inc.*   7,094 67,180
Apellis Pharmaceuticals, Inc.*   4,251 215,993
Beam Therapeutics, Inc.*   1,093 62,629
Biohaven Pharmaceutical Holding Co., Ltd.*   6,787 804,735
Blueprint Medicines Corp.*   4,684 299,214
Fate Therapeutics, Inc.* (a)   3,846 149,110
Global Blood Therapeutics, Inc.* (a)   4,524 156,711
Insmed, Inc.*   6,610 155,335
Intellia Therapeutics, Inc.*   1,898 137,928
Kiniksa Pharmaceuticals Ltd. "A"*   8,769 87,164
Ligand Pharmaceuticals, Inc.*   2,672 300,573
Mirati Therapeutics, Inc.*   2,178 179,075
Natera, Inc.*   4,935 200,756
Neurocrine Biosciences, Inc.*   7,085 664,219
Travere Therapeutics, Inc.*   23,478 605,028
Turning Point Therapeutics, Inc.*   2,679 71,931
Ultragenyx Pharmaceutical, Inc.*   3,057 221,999
Veracyte, Inc.*   5,225 144,053
      4,523,633
Health Care Equipment & Supplies 3.3%  
Axonics, Inc.*   4,613 288,774
BioLife Solutions, Inc.*   8,451 192,091
Globus Medical, Inc. "A"*   4,024 296,891
Haemonetics Corp.*   1,353 85,537
Masimo Corp.*   1,627 236,794
Nevro Corp.*   1,428 103,287
Outset Medical, Inc.* (a)   7,874 357,480

STAAR Surgical Co.*         975     77,912
Tandem Diabetes Care, Inc.*       4,219    490,627
      2,129,393
Health Care Providers & Services 8.4%  
AMN Healthcare Services, Inc.*      13,141  1,371,001
HealthEquity, Inc.*       1,929    130,092
Invitae Corp.*       5,038     40,153
ModivCare, Inc.*       7,673    885,387
Molina Healthcare, Inc.*       3,519  1,173,903
Option Care Health, Inc.*      26,064    744,388
RadNet, Inc.*      51,677  1,156,014
      5,500,938
Life Sciences Tools & Services 0.4%  
Avantor, Inc.*       7,242    244,924
NeoGenomics, Inc.*   3,100 37,665
      282,589
Pharmaceuticals 2.4%  
Aclaris Therapeutics, Inc.*   12,953 223,310
ANI Pharmaceuticals, Inc.*   7,128 200,368
Arvinas, Inc.*   2,000 134,600
Avadel Pharmaceuticals PLC (ADR)* (a)   18,916 129,196
Pacira BioSciences, Inc.*   11,807 901,110
      1,588,584
Industrials 15.5%  
Aerospace & Defense 1.1%  
HEICO Corp.   4,576 702,599
Building Products 4.5%  
Advanced Drainage Systems, Inc.   3,260 387,321
Allegion PLC   7,499 823,240
Builders FirstSource, Inc.*   17,596 1,135,646
Masonite International Corp.*   6,705 596,343
      2,942,550
Commercial Services & Supplies 2.7%  
MSA Safety, Inc.   2,392 317,418
Tetra Tech, Inc.   4,419 728,870
The Brink's Co.   11,036 750,448
      1,796,736
Construction & Engineering 0.5%  
MasTec, Inc.*   3,760 327,496
Electrical Equipment 1.1%  
Generac Holdings, Inc.*   1,478 439,350
Plug Power, Inc.* (a)   4,018 114,955
Thermon Group Holdings, Inc.*   9,149 148,214
      702,519
Machinery 0.6%  
IDEX Corp.   2,202 422,190
Professional Services 2.1%  
Kforce, Inc.   18,625 1,377,691
Trading Companies & Distributors 2.9%  
H&E Equipment Services, Inc.   16,406 713,989

Rush Enterprises, Inc. "A"      16,590    844,597
Titan Machinery, Inc.*      11,743    331,857
      1,890,443
Information Technology 28.6%  
Communications Equipment 1.3%  
Calix, Inc.*       8,844    379,496
Lumentum Holdings, Inc.* (a)       4,772    465,747
      845,243
Electronic Equipment, Instruments & Components 2.6%  
Advanced Energy Industries, Inc.      12,629  1,087,104
Cognex Corp.       7,873    607,402
      1,694,506
IT Services 3.1%  
Broadridge Financial Solutions, Inc.       5,482    853,602
Maximus, Inc.   8,556 641,272
WEX, Inc.*   2,932 523,216
      2,018,090
Semiconductors & Semiconductor Equipment 7.4%  
CMC Materials, Inc.   2,531 469,247
Entegris, Inc.   6,342 832,451
FormFactor, Inc.*   7,627 320,563
Monolithic Power Systems, Inc.   2,547 1,237,027
Semtech Corp.*   7,632 529,203
SiTime Corp.* (a)   4,087 1,012,840
Ultra Clean Holdings, Inc.*   10,873 460,907
      4,862,238
Software 14.2%  
Aspen Technology, Inc.*   8,898 1,471,462
Dynatrace, Inc.*   7,679 361,681
Envestnet, Inc.*   9,852 733,383
Five9, Inc.*   12,047 1,329,989
LivePerson, Inc.*   7,263 177,362
Rapid7, Inc.*   6,849 761,883
Tenable Holdings, Inc.*   12,141 701,628
Tyler Technologies, Inc.*   3,576 1,590,927
Varonis Systems, Inc.*   35,677 1,696,084
Workiva, Inc.*   4,358 514,244
      9,338,643
Materials 3.5%  
Construction Materials 1.2%  
Eagle Materials, Inc.   5,901 757,452
Containers & Packaging 0.6%  
Berry Global Group, Inc.*   6,828 395,751
Metals & Mining 1.7%  
Cleveland-Cliffs, Inc.*   34,787 1,120,489
Real Estate 3.1%  
Equity Real Estate Investment Trusts (REITs) 2.7%  
Americold Realty Trust   10,299 287,136
EastGroup Properties, Inc.   2,708 550,482

Essential Properties Realty Trust, Inc.      21,678    548,454
Four Corners Property Trust, Inc.      13,954    377,316
      1,763,388
Real Estate Management & Development 0.4%  
Newmark Group, Inc. "A"      17,392    276,881
Total Common Stocks (Cost $36,644,845) 62,120,689
Exchange-Traded Funds 0.4%
SPDR S&P Biotech ETF (Cost $247,239)       2,719    244,384
Securities Lending Collateral 4.5%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.23% (b) (c)
(Cost $2,943,907)
  2,943,907  2,943,907
Cash Equivalents 5.2%
DWS Central Cash Management Government Fund, 0.28% (b) (Cost $3,412,712)   3,412,712 3,412,712
    % of
Net Assets
Value ($)
Total Investment Portfolio (Cost $43,248,703)   104.9 68,721,692
Other Assets and Liabilities, Net   (4.9) (3,203,962)
Net Assets   100.0 65,517,730
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2022 are as follows:
Value ($) at
12/31/2021
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($) Capital Gain
Distributions ($)
Number
of Shares
at
3/31/2022
Value ($) at
3/31/2022
Securities Lending Collateral 4.5%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.23% (b) (c)
2,874,385 69,522 (d) 1,680 2,943,907 2,943,907
Cash Equivalents 5.2%
DWS Central Cash Management Government Fund, 0.28% (b)
950,292 3,863,978 1,401,558 629 3,412,712 3,412,712
3,824,677 3,933,500 1,401,558 2,309 6,356,619 6,356,619
* 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 March 31, 2022 amounted to $2,833,170, which is 4.3% of net assets.
(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended March 31, 2022.
ADR: American Depositary Receipt
S&P: Standard & Poor's
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, 2022 in valuing the Fund’s investments.
Assets Level 1 Level 2 Level 3 Total
Common Stocks (a) $62,120,689 $ $ $62,120,689
Exchange-Traded Funds 244,384 244,384
Short-Term Investments (a) 6,356,619 6,356,619
Total $68,721,692 $ $ $68,721,692
(a) See Investment Portfolio for additional detailed categorizations.
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
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.
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
VS2SMCG-PH1
R-080548-1 (1/23)


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