Form NPORT-P DEUTSCHE DWS VARIABLE For: Mar 31

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    NPORT-P
    false
    
      
      
        
          0000810573
          XXXXXXXX
        
      
      
      
      
        S000023653
        C000077948
        C000069664
      
      
      
    
  
  
    
      DEUTSCHE DWS VARIABLE SERIES II
      811-05002
      0000810573
      7WRERVUOG2HKG87QIP75
      875 Third Avenue
      NEW YORK
      
      10022-6225
      212-454-4500
      DWS Alternative Asset Allocation VIP
      S000023653
      GQ5WPXZ58F53M4Z2IQ22
      2022-12-31
      2022-03-31
      N
    
    
      482367775.53
      334015.66
      482033759.87
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
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      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        iShares JP Morgan USD Emerging
        549300LRIF3NWCU26A80
        iShares JP Morgan USD Emerging Markets Bond ETF
        464288281
        
          
        
        210018.00000000
        NS
        USD
        20531359.68000000
        4.259319862894
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares Global Infrastructure
        549300ZC2N3HUK3DTK30
        iShares Global Infrastructure ETF
        464288372
        
          
        
        215205.00000000
        NS
        USD
        10945326.30000000
        2.270655545568
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        5493003GD84DGSXJ7618
        DWS Central Cash Management Government Fund
        25160K306
        
          
        
        10912552.82000000
        NS
        USD
        10912552.82000000
        2.263856544600
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares US Preferred Stock ETF
        549300YX74JNY54XCY80
        iShares US Preferred Stock ETF
        464288687
        
          
        
        596565.00000000
        NS
        USD
        21726897.30000000
        4.507339341928
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        549300PVLPCCDJRWQR23
        DWS RREEF Global Infrastructure Fund 'Institutional'
        25156A858
        
          
        
        3302931.75300000
        NS
        USD
        60806973.57000000
        12.61467113556
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        2EGUP71H6PBMSKMC3J09
        DWS RREEF Real Estate Securities Fund 'Institutional'
        25159L737
        
          
        
        1714847.91100000
        NS
        USD
        43368503.67000000
        8.996984709472
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        LBPF8NSCNKWC3WP4IN32
        DWS Emerging Markets Fixed Income Fund 'Institutional'
        25156A841
        
          
        
        2806556.63200000
        NS
        USD
        21414027.10000000
        4.442433058169
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        549300BLVWELXUBAZ487
        DWS ESG Liquidity Fund  'Capital Shares'
        461473837
        
          
        
        53591521.30900000
        NS
        USD
        53554007.24000000
        11.11001172499
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        0KSKGKXWCZQDZ1RPR634
        DWS Floating Rate Fund 'Institutional'
        25157W800
        
          
        
        5069505.25400000
        NS
        USD
        39643531.09000000
        8.224222946685
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPDR Blackstone Senior Loan ETF
        549300ME4SR63Y3TRD06
        SPDR Blackstone Senior Loan ETF
        78467V608
        
          
        
        280331.00000000
        NS
        USD
        12603681.76000000
        2.614688598449
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        549300VE52DGR0TFBL27
        DWS Global Macro Fund 'Institutional'
        25156G509
        
          
        
        3223458.56900000
        NS
        USD
        32847042.82000000
        6.814261895029
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DWS
        U72UPDOVVEAXSRWTZF97
        DWS Enhanced Commodity Strategy Fund 'Institutional'
        25159L836
        
          
        
        9527292.63300000
        NS
        USD
        97273657.78000000
        20.17984337989
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPDR Bloomberg Barclays Conver
        549300IXKU3G7R6DMX93
        SPDR Bloomberg Barclays Convertible Securities ETF
        78464A359
        
          
        
        737128.00000000
        NS
        USD
        56721999.60000000
        11.76722551866
        Long
        EC
        RF
        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 Alternative Asset Allocation VIP

	Shares	Value ($)

Mutual Funds 61.3%
DWS Emerging Markets Fixed Income Fund "Institutional" (a)	2,806,557	21,414,027
DWS Enhanced Commodity Strategy Fund "Institutional" (a)	9,527,293	97,273,658
DWS Floating Rate Fund "Institutional" (a)	5,069,505	39,643,531
DWS Global Macro Fund "Institutional" (a)	3,223,459	32,847,043
DWS RREEF Global Infrastructure Fund "Institutional" (a)	3,302,932	60,806,973
DWS RREEF Real Estate Securities Fund "Institutional" (a)	1,714,848	43,368,504
Total Mutual Funds (Cost $271,872,821)		295,353,736

Exchange-Traded Funds 25.4%
iShares Global Infrastructure ETF	215,205	10,945,326
iShares JP Morgan USD Emerging Markets Bond ETF	210,018	20,531,360
iShares Preferred & Income Securities ETF	596,565	21,726,897
SPDR Blackstone Senior Loan ETF	280,331	12,603,682
SPDR Bloomberg Convertible Securities ETF	737,128	56,722,000
Total Exchange-Traded Funds (Cost $102,763,632)		122,529,265

Cash Equivalents 13.4%
DWS Central Cash Management Government Fund, 0.28% (a) (b)	10,912,553	10,912,553
DWS ESG Liquidity Fund "Institutional", 0.38% (a)	53,602,581	53,565,059
Total Cash Equivalents (Cost $64,504,429)		64,477,612


	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $439,140,882)	100.1	482,360,613
Other Assets and Liabilities, Net	(0.1)	(354,517)
Net Assets	100.0	482,006,096

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, 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
Mutual Funds 61.3%
DWS Emerging Markets Fixed Income Fund "Institutional" (a)
24,615,718	303,963	—	—	(3,505,654)	303,963	—	2,806,557	21,414,027
DWS Enhanced Commodity Strategy Fund "Institutional" (a)
79,225,180	53,325	—	—	17,995,153	53,325	—	9,527,293	97,273,658
DWS Floating Rate Fund "Institutional" (a)
39,810,871	332,703	—	—	(500,043)	336,725	—	5,069,505	39,643,531
DWS Global Macro Fund "Institutional" (a)
33,828,146	142,502	—	—	(1,123,605)	142,502	—	3,223,459	32,847,043
DWS RREEF Global Infrastructure Fund "Institutional" (a)
61,417,258	167,944	2,405,400	136,226	1,490,945	104,875	—	3,302,932	60,806,973
DWS RREEF Global Real Estate Securities Fund "Institutional" (a)
5,306,244	—	4,971,737	659,986	(994,493)	—	—	—	—

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
DWS RREEF Real Estate Securities Fund "Institutional" (a)
52,375,661	7,308,191	11,895,000	115,294	(4,535,642)	91,891	—	1,714,848	43,368,504
Cash Equivalents 13.4%
DWS Central Cash Management Government Fund, 0.28% (a) (b)
11,467,666	35,118,444	35,673,557	—	—	2,555	—	10,912,553	10,912,553
DWS ESG Liquidity Fund "Institutional", 0.38% (a)
31,709,226	21,883,012	—	—	(27,179)	18,568	—	53,602,581	53,565,059
339,755,970	65,310,084	54,945,694	911,506	8,799,482	1,054,404	—	90,159,728	359,831,348

(a)	Affiliated fund managed by DWS Investment Management Americas, Inc.
(b)	The rate shown is the annualized seven-day yield at period end.

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
Mutual Funds	$295,353,736	$—	$—	$295,353,736
Exchange-Traded Funds	122,529,265	—	—	122,529,265
Short-Term Investments	64,477,612	—	—	64,477,612
Total	$482,360,613	$—	$—	$482,360,613

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

VS2AAA-PH1

R-080548-1 (1/23)

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