# EDGAR Filing Document

**Accession Number:** 0001006373
**File Stem:** 0000088053-26-000181
**Filing Date:** 2026-2
**Character Count:** 201974
**Document Hash:** ffaaacea9832724fb1ab768f92fb97d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-26-000181.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000088053-26-000181

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS INVESTMENTS VIT FUNDS
- **CENTRAL INDEX KEY:** 0001006373

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07507
- **FILM NUMBER:** 26693205

**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 INVESTMENTS VIT FUNDS
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS INVESTMENTS VIT FUNDS
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER INVESTMENTS VIT FUNDS
- **DATE OF NAME CHANGE:** 20030519

## Series and Classes Contracts Data

### DWS Equity 500 Index VIP (Series ID: S000006221)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017151 | Class A      |  |
| C000017152 | Class B      |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07507

<u>Deutsche DWS Investments VIT Funds</u>

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

<u>New York, NY 10022-6225</u>

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: <u>(212) 454-4500</u>

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

Date of fiscal year end: 12/31 <br>Date of reporting period: 12/31/2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 1.** | &nbsp;&nbsp;**Reports to Stockholders.** |
|  | &nbsp;&nbsp;(a) |

---

# DWS Equity 500 Index VIP

# Class A

## Annual Shareholder Report — December 31, 2025
![Image](i06581c30c91792fa7c060ded.jpg)

This annual shareholder report contains important information about DWS Equity 500 Index VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $27 | 0.25% |

---

Gross expense ratio as of the latest prospectus: 0.27%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## How did the Fund perform last year and what affected its performance?
Class A shares of the Fund returned 17.63% for the period ended December 31, 2025. The S&P 500<sup>®</sup> Index, returned 17.88% for the same period.

The difference in performance was the result of transaction costs and Fund expenses. The Fund periodically invested in equity index futures in order to keep the portfolio's positioning in line with that of the index. This strategy had a neutral impact on results.

The strong showing for the S&P 500<sup>®</sup> Index represented its third year in a row with a double-digit return, as well as the sixth year of the past seven. The market backdrop was initially challenging, with stocks falling sharply in early April after President Trump unveiled tariffs that were far higher than investors had been expecting. Stocks quickly recovered, however, as market participants grew confident that the initial announcement was largely a negotiating tactic. Sentiment improved steadily as the year progressed, with incoming data showing that inflation remained in a downtrend and the economy continued to expand despite increased tariffs. The index was also well supported by year-over-year corporate earnings growth of approximately 12% for S&P 500 companies in 2025. Not least, the U.S. Federal Reserve's decision to enact three quarter-point interest rate cuts and end the multi-year reduction of its balance sheet supported investor sentiment in the second half of 2025.

Index-level performance continued to be driven by the impressive returns for a narrow group of mega-cap technology-related stocks, many of which were boosted by optimism about the growth potential of artificial intelligence. The AI theme contributed to sizable outperformance for the information technology and communication services sectors. The semiconductor giant NVIDIA Corp. (7.7%), whose chips are used to power AI, was the leading individual contributor to index performance for the second consecutive year. The optimism surrounding AI also played a role in market-beating gains for the industrials and utilities sectors, which have a high representation of companies expected to benefit from the AI infrastructure buildout and the resulting increase in power demand. Financials, health care, and materials all posted robust returns but didn't keep pace with the index. Energy, consumer discretionary, consumer staples, and real estate, while producing single-digit gains, were the most notable laggards in relative terms.

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

## Fund Performance
S&P 500<sup>®</sup> Index is a capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Growth of 10K Chart](i3201b4e9afd67172eec268cb.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **S&P 500<sup>®</sup> Index** |
| **'15** | $10000 | $10000 |
| **'16** | $9500 | $9504 |
| **'16** | $9485 | $9491 |
| **'16** | $10129 | $10135 |
| **'16** | $10164 | $10174 |
| **'16** | $10346 | $10357 |
| **'16** | $10369 | $10384 |
| **'16** | $10751 | $10766 |
| **'16** | $10762 | $10782 |
| **'16** | $10762 | $10784 |
| **'16** | $10563 | $10587 |
| **'16** | $10951 | $10979 |
| **'16** | $11161 | $11196 |
| **'17** | $11372 | $11408 |
| **'17** | $11823 | $11861 |
| **'17** | $11834 | $11875 |
| **'17** | $11951 | $11997 |
| **'17** | $12116 | $12166 |
| **'17** | $12189 | $12242 |
| **'17** | $12434 | $12494 |
| **'17** | $12471 | $12532 |
| **'17** | $12727 | $12790 |
| **'17** | $13021 | $13089 |
| **'17** | $13418 | $13490 |
| **'17** | $13565 | $13640 |
| **'18** | $14335 | $14421 |
| **'18** | $13803 | $13890 |
| **'18** | $13449 | $13537 |
| **'18** | $13495 | $13589 |
| **'18** | $13817 | $13916 |
| **'18** | $13899 | $14002 |
| **'18** | $14412 | $14523 |
| **'18** | $14878 | $14996 |
| **'18** | $14960 | $15081 |
| **'18** | $13933 | $14050 |
| **'18** | $14214 | $14337 |
| **'18** | $12934 | $13042 |
| **'19** | $13967 | $14087 |
| **'19** | $14412 | $14540 |
| **'19** | $14693 | $14822 |
| **'19** | $15289 | $15422 |
| **'19** | $14313 | $14442 |
| **'19** | $15318 | $15460 |
| **'19** | $15531 | $15682 |
| **'19** | $15281 | $15434 |
| **'19** | $15567 | $15723 |
| **'19** | $15897 | $16063 |
| **'19** | $16476 | $16646 |
| **'19** | $16968 | $17149 |
| **'20** | $16960 | $17142 |
| **'20** | $15560 | $15731 |
| **'20** | $13631 | $13788 |
| **'20** | $15376 | $15556 |
| **'20** | $16106 | $16296 |
| **'20** | $16419 | $16620 |
| **'20** | $17342 | $17558 |
| **'20** | $18586 | $18820 |
| **'20** | $17879 | $18105 |
| **'20** | $17398 | $17623 |
| **'20** | $19300 | $19552 |
| **'20** | $20038 | $20304 |
| **'21** | $19829 | $20099 |
| **'21** | $20375 | $20653 |
| **'21** | $21258 | $21558 |
| **'21** | $22391 | $22708 |
| **'21** | $22544 | $22867 |
| **'21** | $23064 | $23401 |
| **'21** | $23609 | $23957 |
| **'21** | $24324 | $24685 |
| **'21** | $23183 | $23537 |
| **'21** | $24801 | $25186 |
| **'21** | $24630 | $25011 |
| **'21** | $25729 | $26132 |
| **'22** | $24383 | $24780 |
| **'22** | $23651 | $24038 |
| **'22** | $24528 | $24931 |
| **'22** | $22382 | $22757 |
| **'22** | $22419 | $22798 |
| **'22** | $20562 | $20917 |
| **'22** | $22455 | $22845 |
| **'22** | $21532 | $21913 |
| **'22** | $19547 | $19895 |
| **'22** | $21129 | $21506 |
| **'22** | $22300 | $22708 |
| **'22** | $21010 | $21400 |
| **'23** | $22327 | $22744 |
| **'23** | $21779 | $22189 |
| **'23** | $22574 | $23004 |
| **'23** | $22920 | $23363 |
| **'23** | $23018 | $23464 |
| **'23** | $24529 | $25015 |
| **'23** | $25315 | $25819 |
| **'23** | $24912 | $25407 |
| **'23** | $23715 | $24196 |
| **'23** | $23214 | $23687 |
| **'23** | $25324 | $25851 |
| **'23** | $26473 | $27025 |
| **'24** | $26905 | $27479 |
| **'24** | $28338 | $28946 |
| **'24** | $29241 | $29878 |
| **'24** | $28040 | $28657 |
| **'24** | $29429 | $30078 |
| **'24** | $30479 | $31158 |
| **'24** | $30839 | $31537 |
| **'24** | $31582 | $32302 |
| **'24** | $32250 | $32992 |
| **'24** | $31942 | $32693 |
| **'24** | $33809 | $34612 |
| **'24** | $32992 | $33787 |
| **'25** | $33904 | $34727 |
| **'25** | $33459 | $34274 |
| **'25** | $31571 | $32343 |
| **'25** | $31345 | $32124 |
| **'25** | $33313 | $34146 |
| **'25** | $34994 | $35882 |
| **'25** | $35781 | $36688 |
| **'25** | $36508 | $37431 |
| **'25** | $37831 | $38797 |
| **'25** | $38702 | $39706 |
| **'25** | $38797 | $39803 |
| **'25** | $38809 | $39828 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class A | 17.63% | 14.13% | 14.52% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please contact your participating insurance company for the Fund's most recent month end performance. Performance does not reflect charges and fees (contract charges) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 836750911 |
| Number of Portfolio Holdings | 506 |
| Portfolio Turnover Rate (%) | 4 |
| Total Net Advisory Fees Paid ($) | 1005942 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 100% |
| Cash Equivalents | 0% |
| Government & Agency Obligations | 0% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 34% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 10% |
| Industrials | 8% |
| Consumer Staples | 5% |
| Energy | 3% |
| Utilities | 2% |
| Materials | 2% |
| Real Estate | 2% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **40.7% of Net Assets** |
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.9% |
| Microsoft Corp. | 6.1% |
| Alphabet, Inc. | 5.6% |
| Amazon.com, Inc. | 3.8% |
| Broadcom, Inc. | 2.8% |
| Meta Platforms, Inc. | 2.5% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc. | 1.6% |
| JPMorgan Chase & Co. | 1.5% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Stocks may decline in value. Various factors, including costs, cash flows and security selection, may cause the Fund's performance to differ from that of the index. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## 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.

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **vit-equ500** - **TSRA** - **A** 

## R-104180-2 (02/26)

# DWS Equity 500 Index VIP

# Class B

## Annual Shareholder Report — December 31, 2025
![Image](i06581c30c91792fa7c060ded.jpg)

This annual shareholder report contains important information about DWS Equity 500 Index VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $69 | 0.64% |

---

Gross expense ratio as of the latest prospectus: 0.66%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## How did the Fund perform last year and what affected its performance?
Class B shares of the Fund returned 17.18% for the period ended December 31, 2025. The S&P 500<sup>®</sup> Index, returned 17.88% for the same period.

The difference in performance was the result of transaction costs and Fund expenses. The Fund periodically invested in equity index futures in order to keep the portfolio's positioning in line with that of the index. This strategy had a neutral impact on results.

The strong showing for the S&P 500<sup>®</sup> Index represented its third year in a row with a double-digit return, as well as the sixth year of the past seven. The market backdrop was initially challenging, with stocks falling sharply in early April after President Trump unveiled tariffs that were far higher than investors had been expecting. Stocks quickly recovered, however, as market participants grew confident that the initial announcement was largely a negotiating tactic. Sentiment improved steadily as the year progressed, with incoming data showing that inflation remained in a downtrend and the economy continued to expand despite increased tariffs. The index was also well supported by year-over-year corporate earnings growth of approximately 12% for S&P 500 companies in 2025. Not least, the U.S. Federal Reserve's decision to enact three quarter-point interest rate cuts and end the multi-year reduction of its balance sheet supported investor sentiment in the second half of 2025.

Index-level performance continued to be driven by the impressive returns for a narrow group of mega-cap technology-related stocks, many of which were boosted by optimism about the growth potential of artificial intelligence. The AI theme contributed to sizable outperformance for the information technology and communication services sectors. The semiconductor giant NVIDIA Corp. (7.7%), whose chips are used to power AI, was the leading individual contributor to index performance for the second consecutive year. The optimism surrounding AI also played a role in market-beating gains for the industrials and utilities sectors, which have a high representation of companies expected to benefit from the AI infrastructure buildout and the resulting increase in power demand. Financials, health care, and materials all posted robust returns but didn't keep pace with the index. Energy, consumer discretionary, consumer staples, and real estate, while producing single-digit gains, were the most notable laggards in relative terms.

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

## Fund Performance
S&P 500<sup>®</sup> Index is a capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Growth of 10K Chart](i62ed2d15fc7d038f03be5153.jpg)

---

| | | |
|:---|:---|:---|
| | **Class B** | **S&P 500<sup>®</sup> Index** |
| **'15** | $10000 | $10000 |
| **'16** | $9500 | $9504 |
| **'16** | $9479 | $9491 |
| **'16** | $10119 | $10135 |
| **'16** | $10154 | $10174 |
| **'16** | $10330 | $10357 |
| **'16** | $10353 | $10384 |
| **'16** | $10728 | $10766 |
| **'16** | $10739 | $10782 |
| **'16** | $10734 | $10784 |
| **'16** | $10535 | $10587 |
| **'16** | $10921 | $10979 |
| **'16** | $11132 | $11196 |
| **'17** | $11336 | $11408 |
| **'17** | $11780 | $11861 |
| **'17** | $11791 | $11875 |
| **'17** | $11903 | $11997 |
| **'17** | $12067 | $12166 |
| **'17** | $12134 | $12242 |
| **'17** | $12377 | $12494 |
| **'17** | $12407 | $12532 |
| **'17** | $12662 | $12790 |
| **'17** | $12948 | $13089 |
| **'17** | $13337 | $13490 |
| **'17** | $13477 | $13640 |
| **'18** | $14243 | $14421 |
| **'18** | $13714 | $13890 |
| **'18** | $13355 | $13537 |
| **'18** | $13402 | $13589 |
| **'18** | $13714 | $13916 |
| **'18** | $13795 | $14002 |
| **'18** | $14297 | $14523 |
| **'18** | $14758 | $14996 |
| **'18** | $14833 | $15081 |
| **'18** | $13809 | $14050 |
| **'18** | $14087 | $14337 |
| **'18** | $12812 | $13042 |
| **'19** | $13829 | $14087 |
| **'19** | $14270 | $14540 |
| **'19** | $14534 | $14822 |
| **'19** | $15118 | $15422 |
| **'19** | $14148 | $14442 |
| **'19** | $15140 | $15460 |
| **'19** | $15350 | $15682 |
| **'19** | $15097 | $15434 |
| **'19** | $15372 | $15723 |
| **'19** | $15697 | $16063 |
| **'19** | $16262 | $16646 |
| **'19** | $16740 | $17149 |
| **'20** | $16726 | $17142 |
| **'20** | $15343 | $15731 |
| **'20** | $13438 | $13788 |
| **'20** | $15153 | $15556 |
| **'20** | $15864 | $16296 |
| **'20** | $16171 | $16620 |
| **'20** | $17079 | $17558 |
| **'20** | $18294 | $18820 |
| **'20** | $17592 | $18105 |
| **'20** | $17111 | $17623 |
| **'20** | $18973 | $19552 |
| **'20** | $19691 | $20304 |
| **'21** | $19486 | $20099 |
| **'21** | $20015 | $20653 |
| **'21** | $20883 | $21558 |
| **'21** | $21984 | $22708 |
| **'21** | $22126 | $22867 |
| **'21** | $22627 | $23401 |
| **'21** | $23152 | $23957 |
| **'21** | $23844 | $24685 |
| **'21** | $22727 | $23537 |
| **'21** | $24303 | $25186 |
| **'21** | $24120 | $25011 |
| **'21** | $25187 | $26132 |
| **'22** | $23869 | $24780 |
| **'22** | $23144 | $24038 |
| **'22** | $23994 | $24931 |
| **'22** | $21890 | $22757 |
| **'22** | $21917 | $22798 |
| **'22** | $20096 | $20917 |
| **'22** | $21943 | $22845 |
| **'22** | $21033 | $21913 |
| **'22** | $19088 | $19895 |
| **'22** | $20623 | $21506 |
| **'22** | $21765 | $22708 |
| **'22** | $20498 | $21400 |
| **'23** | $21774 | $22744 |
| **'23** | $21229 | $22189 |
| **'23** | $21997 | $23004 |
| **'23** | $22327 | $23363 |
| **'23** | $22413 | $23464 |
| **'23** | $23882 | $25015 |
| **'23** | $24635 | $25819 |
| **'23** | $24235 | $25407 |
| **'23** | $23062 | $24196 |
| **'23** | $22566 | $23687 |
| **'23** | $24616 | $25851 |
| **'23** | $25723 | $27025 |
| **'24** | $26142 | $27479 |
| **'24** | $27516 | $28946 |
| **'24** | $28384 | $29878 |
| **'24** | $27217 | $28657 |
| **'24** | $28551 | $30078 |
| **'24** | $29557 | $31158 |
| **'24** | $29906 | $31537 |
| **'24** | $30604 | $32302 |
| **'24** | $31240 | $32992 |
| **'24** | $30942 | $32693 |
| **'24** | $32738 | $34612 |
| **'24** | $31938 | $33787 |
| **'25** | $32810 | $34727 |
| **'25** | $32369 | $34274 |
| **'25** | $30532 | $32343 |
| **'25** | $30310 | $32124 |
| **'25** | $32195 | $34146 |
| **'25** | $33816 | $35882 |
| **'25** | $34563 | $36688 |
| **'25** | $35241 | $37431 |
| **'25** | $36517 | $38797 |
| **'25** | $37344 | $39706 |
| **'25** | $37413 | $39803 |
| **'25** | $37425 | $39828 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class B | 17.18% | 13.70% | 14.11% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please contact your participating insurance company for the Fund's most recent month end performance. Performance does not reflect charges and fees (contract charges) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 836750911 |
| Number of Portfolio Holdings | 506 |
| Portfolio Turnover Rate (%) | 4 |
| Total Net Advisory Fees Paid ($) | 1005942 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 100% |
| Cash Equivalents | 0% |
| Government & Agency Obligations | 0% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 34% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 10% |
| Industrials | 8% |
| Consumer Staples | 5% |
| Energy | 3% |
| Utilities | 2% |
| Materials | 2% |
| Real Estate | 2% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **40.7% of Net Assets** |
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.9% |
| Microsoft Corp. | 6.1% |
| Alphabet, Inc. | 5.6% |
| Amazon.com, Inc. | 3.8% |
| Broadcom, Inc. | 2.8% |
| Meta Platforms, Inc. | 2.5% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc. | 1.6% |
| JPMorgan Chase & Co. | 1.5% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Stocks may decline in value. Various factors, including costs, cash flows and security selection, may cause the Fund's performance to differ from that of the index. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## 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.

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **vit-equ500** - **TSRA** - **B** 

## R-104180-2 (02/26)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**Item 2.** | &nbsp;&nbsp;**Code of Ethics.** |
|  | &nbsp;&nbsp; As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.<br>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.<br>A copy of the code of ethics is filed as an exhibit to this Form N-CSR. |
| &nbsp;&nbsp;**Item 3.** | &nbsp;&nbsp;**Audit Committee Financial Expert.** |
|  | &nbsp;&nbsp;The fund's audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund's Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund's audit committee including Ms. Catherine Schrand, the chair of the fund's audit committee. An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an "audit committee financial expert" does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. |
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**Principal Accountant Fees and Services.** |

---

**DWS Equity 500 Index VIP**

**form n-csr disclosure re: AUDIT FEES**

The following table shows the amount of fees that Ernst & Young LLP ("EY"), the Fund's Independent Registered Public Accounting Firm, billed to the Fund during the Fund's last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year Ended<br> December 31, | &nbsp;&nbsp;Audit Fees Billed to Fund | &nbsp;&nbsp;Audit-Related Fees Billed to Fund | &nbsp;&nbsp;Tax Fees Billed to Fund | &nbsp;&nbsp;All Other Fees Billed to Fund |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$40452 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$7629 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$40452 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$7629 | &nbsp;&nbsp;$0 |

---

The above "Tax Fees" were billed for professional services rendered for tax preparation.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers**

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. ("DIMA" or the "Adviser"), and any entity controlling, controlled by or under common control with DIMA ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year Ended<br> December 31, | &nbsp;&nbsp;Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;Tax Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1318734 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$637276 | &nbsp;&nbsp;$0 |

---

The above "Tax Fees" were billed in connection with tax compliance services and agreed upon procedures.

**Non-Audit Services**

The following table shows the amount of fees that EY billed during the Fund's last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year Ended<br> December 31, | &nbsp;&nbsp;Total Non-Audit Fees Billed to Fund<br> (A) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)<br> (B) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)<br> (C) | &nbsp;&nbsp;Total of <br> (A), (B) and (C) |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$7629 | &nbsp;&nbsp;$1318734 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1326363 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$7629 | &nbsp;&nbsp;$637276 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$644905 |

---

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund's Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund's Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund's Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund's Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund's Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant's principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.

\*\*\*

In connection with the audit of the 2024 and 2025 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

\*\*\*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 5.** | &nbsp;&nbsp;**Audit Committee of Listed Registrants** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 6.** | &nbsp;&nbsp;**Investments.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;(a) |

---

December 31, 2025

**Annual Financial Statements and Other Information**

Deutsche DWS Investments VIT Funds

**DWS Equity 500 Index VIP**

![](imgef88dfd61.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_eae0c6bd-2f7e-4385-b765-47c8c49df1fc_SOI-CC-Financial-RunningFooter-356_1) |
| **12** | [Statement of Assets and Liabilities](#xx_eae0c6bd-2f7e-4385-b765-47c8c49df1fc_FS-CC-Financial-RunningFooter-356_1) |
| **12** | [Statement of Operations](#xx_eae0c6bd-2f7e-4385-b765-47c8c49df1fc_FS-CC-Financial-RunningFooter-356_1) |
| **13** | [Statements of Changes in Net Assets](#xx_eae0c6bd-2f7e-4385-b765-47c8c49df1fc_FS-CC-Financial-RunningFooter-356_2) |
| **15** | [Financial Highlights](#xx_eae0c6bd-2f7e-4385-b765-47c8c49df1fc_FIHI-CC-Financial-RunningFooter-356_1) |
| **17** | [Notes to Financial Statements](#xx_eae0c6bd-2f7e-4385-b765-47c8c49df1fc_NTF-CC-Financial-RunningFooter-356_1) |
| **24** | [Report of Independent Registered Public Accounting Firm](#xx_eae0c6bd-2f7e-4385-b765-47c8c49df1fc_AUD-CC-Financial-RunningFooter-356_1) |
| **25** | [Tax Information](#xx_eae0c6bd-2f7e-4385-b765-47c8c49df1fc_FEXPTI-CC-Financial-RunningFooter-356_1) |
| **26** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_eae0c6bd-2f7e-4385-b765-47c8c49df1fc_AABCF-CC-Financial-RunningFooter-356_1) |

---

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

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

---

| | |
|:---|:---|
| **2** \|  | DWS Equity 500 Index VIP  |

---

------

**Investment Portfolioas of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.7%** | **Common Stocks 99.7%** |  |
| **Communication Services 10.6%** | **Communication Services 10.6%** |  |
| **Diversified Telecommunication Services 0.6%** | **Diversified Telecommunication Services 0.6%** |  |
| AT&T, Inc. | 101205 | &nbsp;&nbsp; 2513932 |
| Verizon Communications, Inc. | 60254 | &nbsp;&nbsp; 2454146 |
|  |  | &nbsp;&nbsp; **4968078** |
| **Entertainment 1.4%** | **Entertainment 1.4%** |  |
| Electronic Arts, Inc. | 3230 | &nbsp;&nbsp; 659986 |
| Live Nation Entertainment, <br> Inc.\*<br>| 2216 | &nbsp;&nbsp; 315780 |
| Netflix, Inc.\* | 60463 | &nbsp;&nbsp; 5669011 |
| Take-Two Interactive <br> Software, Inc.\*<br>| 2504 | &nbsp;&nbsp; 641099 |
| TKO Group Holdings, Inc. | 935 | &nbsp;&nbsp; 195415 |
| Walt Disney Co. | 25466 | &nbsp;&nbsp; 2897267 |
| Warner Bros Discovery, Inc.\* | 35516 | &nbsp;&nbsp; 1023571 |
|  |  | &nbsp;&nbsp; **11402129** |
| **Interactive Media & Services 8.0%** | **Interactive Media & Services 8.0%** |  |
| Alphabet, Inc. "A" | 83042 | &nbsp;&nbsp; 25992146 |
| Alphabet, Inc. "C" | 66324 | &nbsp;&nbsp; 20812471 |
| Match Group, Inc. | 3501 | &nbsp;&nbsp; 113047 |
| Meta Platforms, Inc. "A" | 31073 | &nbsp;&nbsp; 20510977 |
|  |  | &nbsp;&nbsp; **67428641** |
| **Media 0.4%** | **Media 0.4%** |  |
| Charter Communications, Inc. <br> "A"\*<br>| 1248 | &nbsp;&nbsp; 260520 |
| Comcast Corp. "A" | 51581 | &nbsp;&nbsp; 1541756 |
| Fox Corp. "A" | 2996 | &nbsp;&nbsp; 218918 |
| Fox Corp. "B" | 2161 | &nbsp;&nbsp; 140314 |
| News Corp. "A" | 5211 | &nbsp;&nbsp; 136111 |
| News Corp. "B" | 1647 | &nbsp;&nbsp; 48801 |
| Omnicom Group, Inc. | 4546 | &nbsp;&nbsp; 367089 |
| Paramount Skydance Corp. <br> "B" (a)<br>| 4493 | &nbsp;&nbsp; 60206 |
| Trade Desk, Inc. "A"\* | 6341 | &nbsp;&nbsp; 240704 |
|  |  | &nbsp;&nbsp; **3014419** |
| **Wireless Telecommunication Services 0.2%** | **Wireless Telecommunication Services 0.2%** |  |
| T-Mobile U.S., Inc. | 6896 | &nbsp;&nbsp; **1400164** |
| **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** |  |
| **Automobile Components 0.0%** | **Automobile Components 0.0%** |  |
| Aptiv PLC\* | 3149 | &nbsp;&nbsp; **239607** |
| **Automobiles 2.4%** | **Automobiles 2.4%** |  |
| Ford Motor Co. | 55973 | &nbsp;&nbsp; 734366 |
| General Motors Co. | 13283 | &nbsp;&nbsp; 1080174 |
| Tesla, Inc.\* | 40091 | &nbsp;&nbsp; 18029724 |
|  |  | &nbsp;&nbsp; **19844264** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Broadline Retail 3.9%** | **Broadline Retail 3.9%** |  |
| Amazon.com, Inc.\* | 138798 | &nbsp;&nbsp; 32037355 |
| eBay, Inc. | 6382 | &nbsp;&nbsp; 555872 |
|  |  | &nbsp;&nbsp; **32593227** |
| **Distributors 0.1%** | **Distributors 0.1%** |  |
| Genuine Parts Co. | 1997 | &nbsp;&nbsp; 245551 |
| Pool Corp. | 479 | &nbsp;&nbsp; 109571 |
|  |  | &nbsp;&nbsp; **355122** |
| **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** |  |
| Airbnb, Inc. "A"\* | 6054 | &nbsp;&nbsp; 821649 |
| Booking Holdings, Inc. | 461 | &nbsp;&nbsp; 2468807 |
| Carnival Corp.\* | 15576 | &nbsp;&nbsp; 475691 |
| Chipotle Mexican Grill, Inc.\* | 18787 | &nbsp;&nbsp; 695119 |
| Darden Restaurants, Inc. | 1689 | &nbsp;&nbsp; 310810 |
| Domino's Pizza, Inc. | 455 | &nbsp;&nbsp; 189653 |
| DoorDash, Inc. "A"\* | 5357 | &nbsp;&nbsp; 1213253 |
| Expedia Group, Inc. | 1668 | &nbsp;&nbsp; 472561 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 3315 | &nbsp;&nbsp; 952234 |
| Las Vegas Sands Corp. | 4322 | &nbsp;&nbsp; 281319 |
| Marriott International, Inc. "A" | 3176 | &nbsp;&nbsp; 985322 |
| McDonald's Corp. | 10185 | &nbsp;&nbsp; 3112842 |
| MGM Resorts International\* | 2903 | &nbsp;&nbsp; 105930 |
| Norwegian Cruise Line <br> Holdings Ltd.\*<br>| 6402 | &nbsp;&nbsp; 142893 |
| Royal Caribbean Cruises Ltd. | 3614 | &nbsp;&nbsp; 1008017 |
| Starbucks Corp. | 16165 | &nbsp;&nbsp; 1361255 |
| Wynn Resorts Ltd. | 1224 | &nbsp;&nbsp; 147284 |
| Yum! Brands, Inc. | 3997 | &nbsp;&nbsp; 604666 |
|  |  | &nbsp;&nbsp; **15349305** |
| **Household Durables 0.2%** | **Household Durables 0.2%** |  |
| D.R. Horton, Inc. | 3899 | &nbsp;&nbsp; 561573 |
| Garmin Ltd. | 2322 | &nbsp;&nbsp; 471018 |
| Lennar Corp. "A" | 3039 | &nbsp;&nbsp; 312409 |
| NVR, Inc.\* | 41 | &nbsp;&nbsp; 299004 |
| PulteGroup, Inc. | 2763 | &nbsp;&nbsp; 323989 |
|  |  | &nbsp;&nbsp; **1967993** |
| **Leisure Products 0.0%** | **Leisure Products 0.0%** |  |
| Hasbro, Inc. | 1927 | &nbsp;&nbsp; **158014** |
| **Specialty Retail 1.7%** | **Specialty Retail 1.7%** |  |
| AutoZone, Inc.\* | 237 | &nbsp;&nbsp; 803786 |
| Best Buy Co., Inc. | 2840 | &nbsp;&nbsp; 190081 |
| Carvana Co.\* | 2017 | &nbsp;&nbsp; 851214 |
| Home Depot, Inc. | 14212 | &nbsp;&nbsp; 4890349 |
| Lowe's Companies, Inc. | 8009 | &nbsp;&nbsp; 1931451 |
| O'Reilly Automotive, Inc.\* | 12063 | &nbsp;&nbsp; 1100266 |
| Ross Stores, Inc. | 4596 | &nbsp;&nbsp; 827924 |
| TJX Companies, Inc. | 15864 | &nbsp;&nbsp; 2436869 |
| Tractor Supply Co. | 7503 | &nbsp;&nbsp; 375225 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Ulta Beauty, Inc.\* | 631 | &nbsp;&nbsp; 381761 |
| Williams-Sonoma, Inc. | 1719 | &nbsp;&nbsp; 306996 |
|  |  | &nbsp;&nbsp; **14095922** |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |  |
| Deckers Outdoor Corp.\* | 2034 | &nbsp;&nbsp; 210865 |
| Lululemon Athletica, Inc.\* | 1578 | &nbsp;&nbsp; 327924 |
| NIKE, Inc. "B" | 16979 | &nbsp;&nbsp; 1081732 |
| Ralph Lauren Corp. | 535 | &nbsp;&nbsp; 189181 |
| Tapestry, Inc. | 2911 | &nbsp;&nbsp; 371939 |
|  |  | &nbsp;&nbsp; **2181641** |
| **Consumer Staples 4.7%** | **Consumer Staples 4.7%** |  |
| **Beverages 1.0%** | **Beverages 1.0%** |  |
| Brown-Forman Corp. "B" (a) | 2697 | &nbsp;&nbsp; 70284 |
| Coca-Cola Co. | 55240 | &nbsp;&nbsp; 3861828 |
| Constellation Brands, Inc. "A" | 1989 | &nbsp;&nbsp; 274402 |
| Keurig Dr Pepper, Inc. | 19474 | &nbsp;&nbsp; 545467 |
| Molson Coors Beverage Co. <br> "B" (a)<br>| 2406 | &nbsp;&nbsp; 112312 |
| Monster Beverage Corp.\* | 10285 | &nbsp;&nbsp; 788551 |
| PepsiCo, Inc. | 19486 | &nbsp;&nbsp; 2796631 |
|  |  | &nbsp;&nbsp; **8449475** |
| **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** |  |
| Costco Wholesale Corp. | 6326 | &nbsp;&nbsp; 5455163 |
| Dollar General Corp. | 3124 | &nbsp;&nbsp; 414773 |
| Dollar Tree, Inc.\* | 2722 | &nbsp;&nbsp; 334833 |
| Kroger Co. | 8793 | &nbsp;&nbsp; 549387 |
| Sysco Corp. | 6763 | &nbsp;&nbsp; 498365 |
| Target Corp. | 6454 | &nbsp;&nbsp; 630879 |
| Walmart, Inc. | 62597 | &nbsp;&nbsp; 6973932 |
|  |  | &nbsp;&nbsp; **14857332** |
| **Food Products 0.4%** | **Food Products 0.4%** |  |
| Archer-Daniels-Midland Co. | 6740 | &nbsp;&nbsp; 387483 |
| Bunge Global SA | 1924 | &nbsp;&nbsp; 171390 |
| Conagra Brands, Inc. | 6731 | &nbsp;&nbsp; 116514 |
| General Mills, Inc. | 7749 | &nbsp;&nbsp; 360328 |
| Hormel Foods Corp. | 4199 | &nbsp;&nbsp; 99516 |
| Kraft Heinz Co. | 12319 | &nbsp;&nbsp; 298736 |
| Lamb Weston Holdings, Inc. | 1886 | &nbsp;&nbsp; 79005 |
| McCormick & Co., Inc. | 3495 | &nbsp;&nbsp; 238044 |
| Mondelez International, Inc. <br> "A"<br>| 18327 | &nbsp;&nbsp; 986542 |
| The Campbell's Co. (a) | 2862 | &nbsp;&nbsp; 79764 |
| The Hershey Co. | 2092 | &nbsp;&nbsp; 380702 |
| The J.M. Smucker Co. | 1471 | &nbsp;&nbsp; 143878 |
| Tyson Foods, Inc. "A" | 4169 | &nbsp;&nbsp; 244387 |
|  |  | &nbsp;&nbsp; **3586289** |
| **Household Products 0.8%** | **Household Products 0.8%** |  |
| Church & Dwight Co., Inc. | 3360 | &nbsp;&nbsp; 281736 |
| Clorox Co. | 1741 | &nbsp;&nbsp; 175545 |
| Colgate-Palmolive Co. | 11607 | &nbsp;&nbsp; 917185 |
| Kimberly-Clark Corp. | 4770 | &nbsp;&nbsp; 481246 |
| Procter & Gamble Co. | 33400 | &nbsp;&nbsp; 4786554 |
|  |  | &nbsp;&nbsp; **6642266** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Personal Care Products 0.1%** | **Personal Care Products 0.1%** |  |
| Estee Lauder Companies, Inc. <br> "A"<br>| 3434 | &nbsp;&nbsp; 359608 |
| Kenvue, Inc. | 27071 | &nbsp;&nbsp; 466975 |
|  |  | &nbsp;&nbsp; **826583** |
| **Tobacco 0.6%** | **Tobacco 0.6%** |  |
| Altria Group, Inc. | 23921 | &nbsp;&nbsp; 1379285 |
| Philip Morris International, <br> Inc.<br>| 22220 | &nbsp;&nbsp; 3564088 |
|  |  | &nbsp;&nbsp; **4943373** |
| **Energy 2.8%** | **Energy 2.8%** |  |
| **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** |  |
| Baker Hughes Co. | 14052 | &nbsp;&nbsp; 639928 |
| Halliburton Co. | 12206 | &nbsp;&nbsp; 344941 |
| SLB Ltd. | 21536 | &nbsp;&nbsp; 826552 |
|  |  | &nbsp;&nbsp; **1811421** |
| **Oil, Gas & Consumable Fuels 2.6%** | **Oil, Gas & Consumable Fuels 2.6%** |  |
| APA Corp. | 5081 | &nbsp;&nbsp; 124281 |
| Chevron Corp. | 27040 | &nbsp;&nbsp; 4121166 |
| ConocoPhillips | 17612 | &nbsp;&nbsp; 1648659 |
| Coterra Energy, Inc. | 10992 | &nbsp;&nbsp; 289309 |
| Devon Energy Corp. | 8861 | &nbsp;&nbsp; 324578 |
| Diamondback Energy, Inc. | 2705 | &nbsp;&nbsp; 406643 |
| EOG Resources, Inc. | 7801 | &nbsp;&nbsp; 819183 |
| EQT Corp. | 8770 | &nbsp;&nbsp; 470072 |
| Expand Energy Corp. | 3361 | &nbsp;&nbsp; 370920 |
| Exxon Mobil Corp. | 60218 | &nbsp;&nbsp; 7246634 |
| Kinder Morgan, Inc. | 27828 | &nbsp;&nbsp; 764992 |
| Marathon Petroleum Corp. | 4298 | &nbsp;&nbsp; 698984 |
| Occidental Petroleum Corp. | 10304 | &nbsp;&nbsp; 423701 |
| ONEOK, Inc. | 8942 | &nbsp;&nbsp; 657237 |
| Phillips 66 | 5708 | &nbsp;&nbsp; 736560 |
| Targa Resources Corp. | 3030 | &nbsp;&nbsp; 559035 |
| Texas Pacific Land Corp. | 810 | &nbsp;&nbsp; 232648 |
| Valero Energy Corp. | 4355 | &nbsp;&nbsp; 708951 |
| Williams Companies, Inc. | 17296 | &nbsp;&nbsp; 1039663 |
|  |  | &nbsp;&nbsp; **21643216** |
| **Financials 13.4%** | **Financials 13.4%** |  |
| **Banks 3.6%** | **Banks 3.6%** |  |
| Bank of America Corp. | 95864 | &nbsp;&nbsp; 5272520 |
| Citigroup, Inc. | 25520 | &nbsp;&nbsp; 2977929 |
| Citizens Financial Group, Inc. | 6040 | &nbsp;&nbsp; 352796 |
| Fifth Third Bancorp. | 9312 | &nbsp;&nbsp; 435895 |
| Huntington Bancshares, Inc. | 22684 | &nbsp;&nbsp; 393567 |
| JPMorgan Chase & Co. | 38858 | &nbsp;&nbsp; 12520825 |
| KeyCorp. | 13597 | &nbsp;&nbsp; 280642 |
| M&T Bank Corp. | 2165 | &nbsp;&nbsp; 436204 |
| PNC Financial Services <br> Group, Inc.<br>| 5584 | &nbsp;&nbsp; 1165548 |
| Regions Financial Corp. | 12381 | &nbsp;&nbsp; 335525 |
| Truist Financial Corp. | 18164 | &nbsp;&nbsp; 893851 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| **4** \|  | DWS Equity 500 Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| U.S. Bancorp. | 22245 | &nbsp;&nbsp; 1186993 |
| Wells Fargo & Co. | 44793 | &nbsp;&nbsp; 4174708 |
|  |  | &nbsp;&nbsp; **30427003** |
| **Capital Markets 3.4%** | **Capital Markets 3.4%** |  |
| Ameriprise Financial, Inc. | 1333 | &nbsp;&nbsp; 653623 |
| ARES Management Corp. "A" | 2926 | &nbsp;&nbsp; 472929 |
| Bank of New York Mellon <br> Corp.<br>| 9930 | &nbsp;&nbsp; 1152774 |
| Blackrock, Inc. | 2061 | &nbsp;&nbsp; 2205971 |
| Blackstone, Inc. | 10538 | &nbsp;&nbsp; 1624327 |
| Cboe Global Markets, Inc. | 1470 | &nbsp;&nbsp; 368970 |
| Charles Schwab Corp. | 23847 | &nbsp;&nbsp; 2382554 |
| CME Group, Inc. | 5128 | &nbsp;&nbsp; 1400354 |
| Coinbase Global, Inc. "A"\* | 3285 | &nbsp;&nbsp; 742870 |
| FactSet Research Systems, <br> Inc.<br>| 554 | &nbsp;&nbsp; 160765 |
| Franklin Resources, Inc. | 4481 | &nbsp;&nbsp; 107051 |
| Interactive Brokers Group, <br> Inc. "A"<br>| 6226 | &nbsp;&nbsp; 400394 |
| Intercontinental Exchange, <br> Inc.<br>| 8136 | &nbsp;&nbsp; 1317707 |
| Invesco Ltd. | 6390 | &nbsp;&nbsp; 167865 |
| KKR & Co., Inc. | 9828 | &nbsp;&nbsp; 1252874 |
| Moody's Corp. | 2186 | &nbsp;&nbsp; 1116718 |
| Morgan Stanley | 17272 | &nbsp;&nbsp; 3066298 |
| MSCI, Inc. | 1070 | &nbsp;&nbsp; 613891 |
| Nasdaq, Inc. | 6494 | &nbsp;&nbsp; 630762 |
| Northern Trust Corp. | 2699 | &nbsp;&nbsp; 368657 |
| Raymond James Financial, <br> Inc.<br>| 2515 | &nbsp;&nbsp; 403884 |
| Robinhood Markets, Inc. "A"\* | 11224 | &nbsp;&nbsp; 1269434 |
| S&P Global, Inc. | 4427 | &nbsp;&nbsp; 2313506 |
| State Street Corp. | 3978 | &nbsp;&nbsp; 513202 |
| T. Rowe Price Group, Inc. | 3084 | &nbsp;&nbsp; 315740 |
| The Goldman Sachs Group, <br> Inc.<br>| 4282 | &nbsp;&nbsp; 3763878 |
|  |  | &nbsp;&nbsp; **28786998** |
| **Consumer Finance 0.7%** | **Consumer Finance 0.7%** |  |
| American Express Co. | 7672 | &nbsp;&nbsp; 2838256 |
| Capital One Financial Corp. | 9088 | &nbsp;&nbsp; 2202568 |
| Synchrony Financial | 5199 | &nbsp;&nbsp; 433753 |
|  |  | &nbsp;&nbsp; **5474577** |
| **Financial Services 3.9%** | **Financial Services 3.9%** |  |
| Apollo Global Management, <br> Inc.<br>| 6632 | &nbsp;&nbsp; 960048 |
| Berkshire Hathaway, Inc. "B"\* | 26167 | &nbsp;&nbsp; 13152843 |
| Block, Inc.\* | 7714 | &nbsp;&nbsp; 502104 |
| Corpay, Inc.\* | 989 | &nbsp;&nbsp; 297620 |
| Fidelity National Information <br> Services, Inc.<br>| 7366 | &nbsp;&nbsp; 489544 |
| Fiserv, Inc.\* | 7612 | &nbsp;&nbsp; 511298 |
| Global Payments, Inc. | 3332 | &nbsp;&nbsp; 257897 |
| Jack Henry & Associates, Inc. | 993 | &nbsp;&nbsp; 181203 |
| Mastercard, Inc. "A" | 11707 | &nbsp;&nbsp; 6683292 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| PayPal Holdings, Inc. | 13271 | &nbsp;&nbsp; 774761 |
| Visa, Inc. "A" | 24086 | &nbsp;&nbsp; 8447201 |
|  |  | &nbsp;&nbsp; **32257811** |
| **Insurance 1.8%** | **Insurance 1.8%** |  |
| Aflac, Inc. | 6802 | &nbsp;&nbsp; 750056 |
| Allstate Corp. | 3761 | &nbsp;&nbsp; 782852 |
| American International Group, <br> Inc.<br>| 7680 | &nbsp;&nbsp; 657024 |
| Aon PLC "A" | 3086 | &nbsp;&nbsp; 1088988 |
| Arch Capital Group Ltd.\* | 5098 | &nbsp;&nbsp; 489000 |
| Arthur J. Gallagher & Co. | 3671 | &nbsp;&nbsp; 950018 |
| Assurant, Inc. | 746 | &nbsp;&nbsp; 179674 |
| Brown & Brown, Inc. | 4269 | &nbsp;&nbsp; 340239 |
| Chubb Ltd. | 5221 | &nbsp;&nbsp; 1629578 |
| Cincinnati Financial Corp. | 2234 | &nbsp;&nbsp; 364857 |
| Erie Indemnity Co. "A" | 365 | &nbsp;&nbsp; 104627 |
| Everest Group Ltd. | 577 | &nbsp;&nbsp; 195805 |
| Globe Life, Inc. | 1167 | &nbsp;&nbsp; 163217 |
| Hartford Insurance Group, Inc. | 4032 | &nbsp;&nbsp; 555610 |
| Loews Corp. | 2352 | &nbsp;&nbsp; 247689 |
| Marsh & McLennan <br> Companies, Inc.<br>| 6971 | &nbsp;&nbsp; 1293260 |
| MetLife, Inc. | 7797 | &nbsp;&nbsp; 615495 |
| Principal Financial Group, Inc. | 2909 | &nbsp;&nbsp; 256603 |
| Progressive Corp. | 8348 | &nbsp;&nbsp; 1901007 |
| Prudential Financial, Inc. | 4946 | &nbsp;&nbsp; 558304 |
| Travelers Companies, Inc. | 3179 | &nbsp;&nbsp; 922101 |
| W.R. Berkley Corp. | 4289 | &nbsp;&nbsp; 300745 |
| Willis Towers Watson PLC | 1367 | &nbsp;&nbsp; 449196 |
|  |  | &nbsp;&nbsp; **14795945** |
| **Health Care 9.6%** | **Health Care 9.6%** |  |
| **Biotechnology 1.7%** | **Biotechnology 1.7%** |  |
| AbbVie, Inc. | 25210 | &nbsp;&nbsp; 5760233 |
| Amgen, Inc. | 7686 | &nbsp;&nbsp; 2515704 |
| Biogen, Inc.\* | 2109 | &nbsp;&nbsp; 371163 |
| Gilead Sciences, Inc. | 17705 | &nbsp;&nbsp; 2173112 |
| Incyte Corp.\* | 2312 | &nbsp;&nbsp; 228356 |
| Moderna, Inc.\* | 5108 | &nbsp;&nbsp; 150635 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 1433 | &nbsp;&nbsp; 1106090 |
| Vertex Pharmaceuticals, Inc.\* | 3616 | &nbsp;&nbsp; 1639350 |
|  |  | &nbsp;&nbsp; **13944643** |
| **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** |  |
| Abbott Laboratories | 24820 | &nbsp;&nbsp; 3109697 |
| Align Technology, Inc.\* | 964 | &nbsp;&nbsp; 150529 |
| Baxter International, Inc. | 7493 | &nbsp;&nbsp; 143191 |
| Becton Dickinson & Co. | 4105 | &nbsp;&nbsp; 796657 |
| Boston Scientific Corp.\* | 21139 | &nbsp;&nbsp; 2015604 |
| Dexcom, Inc.\* | 5661 | &nbsp;&nbsp; 375721 |
| Edwards Lifesciences Corp.\* | 8230 | &nbsp;&nbsp; 701607 |
| GE HealthCare Technologies, <br> Inc.<br>| 6587 | &nbsp;&nbsp; 540266 |
| Hologic, Inc.\* | 3092 | &nbsp;&nbsp; 230323 |
| IDEXX Laboratories, Inc.\* | 1140 | &nbsp;&nbsp; 771244 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Insulet Corp.\* | 984 | &nbsp;&nbsp; 279692 |
| Intuitive Surgical, Inc.\* | 5054 | &nbsp;&nbsp; 2862383 |
| Medtronic PLC | 18362 | &nbsp;&nbsp; 1763854 |
| ResMed, Inc. | 2065 | &nbsp;&nbsp; 497397 |
| Solventum Corp.\* | 2024 | &nbsp;&nbsp; 160382 |
| STERIS PLC | 1417 | &nbsp;&nbsp; 359238 |
| Stryker Corp. | 4889 | &nbsp;&nbsp; 1718337 |
| The Cooper Companies, Inc.\* | 2852 | &nbsp;&nbsp; 233750 |
| Zimmer Biomet Holdings, Inc. | 2848 | &nbsp;&nbsp; 256092 |
|  |  | &nbsp;&nbsp; **16965964** |
| **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** |  |
| Cardinal Health, Inc. | 3359 | &nbsp;&nbsp; 690275 |
| Cencora, Inc. | 2771 | &nbsp;&nbsp; 935905 |
| Centene Corp.\* | 6792 | &nbsp;&nbsp; 279491 |
| Cigna Group | 3823 | &nbsp;&nbsp; 1052204 |
| CVS Health Corp. | 18191 | &nbsp;&nbsp; 1443638 |
| DaVita, Inc.\* | 522 | &nbsp;&nbsp; 59304 |
| Elevance Health, Inc. | 3148 | &nbsp;&nbsp; 1103531 |
| HCA Healthcare, Inc. | 2262 | &nbsp;&nbsp; 1056037 |
| Henry Schein, Inc.\* | 1501 | &nbsp;&nbsp; 113446 |
| Humana, Inc. | 1740 | &nbsp;&nbsp; 445666 |
| Labcorp Holdings, Inc. | 1196 | &nbsp;&nbsp; 300052 |
| McKesson Corp. | 1761 | &nbsp;&nbsp; 1444531 |
| Molina Healthcare, Inc.\* | 777 | &nbsp;&nbsp; 134841 |
| Quest Diagnostics, Inc. | 1619 | &nbsp;&nbsp; 280945 |
| UnitedHealth Group, Inc. | 12934 | &nbsp;&nbsp; 4269643 |
| Universal Health Services, <br> Inc. "B"<br>| 822 | &nbsp;&nbsp; 179212 |
|  |  | &nbsp;&nbsp; **13788721** |
| **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** |  |
| Agilent Technologies, Inc. | 4086 | &nbsp;&nbsp; 555982 |
| Bio-Techne Corp. | 2311 | &nbsp;&nbsp; 135910 |
| Charles River Laboratories <br> International, Inc.\*<br>| 731 | &nbsp;&nbsp; 145820 |
| Danaher Corp. | 8946 | &nbsp;&nbsp; 2047918 |
| IQVIA Holdings, Inc.\* | 2393 | &nbsp;&nbsp; 539406 |
| Mettler-Toledo International, <br> Inc.\*<br>| 288 | &nbsp;&nbsp; 401527 |
| Revvity, Inc. | 1690 | &nbsp;&nbsp; 163508 |
| Thermo Fisher Scientific, Inc. | 5355 | &nbsp;&nbsp; 3102955 |
| Waters Corp.\* | 841 | &nbsp;&nbsp; 319437 |
| West Pharmaceutical <br> Services, Inc.<br>| 1045 | &nbsp;&nbsp; 287521 |
|  |  | &nbsp;&nbsp; **7699984** |
| **Pharmaceuticals 3.3%** | **Pharmaceuticals 3.3%** |  |
| Bristol-Myers Squibb Co. | 28969 | &nbsp;&nbsp; 1562588 |
| Eli Lilly & Co. | 11331 | &nbsp;&nbsp; 12177199 |
| Johnson & Johnson | 34409 | &nbsp;&nbsp; 7120943 |
| Merck & Co., Inc. | 35394 | &nbsp;&nbsp; 3725572 |
| Pfizer, Inc. | 81257 | &nbsp;&nbsp; 2023299 |
| Viatris, Inc. | 16235 | &nbsp;&nbsp; 202126 |
| Zoetis, Inc. | 6322 | &nbsp;&nbsp; 795434 |
|  |  | &nbsp;&nbsp; **27607161** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Industrials 8.1%** | **Industrials 8.1%** |  |
| **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** |  |
| Axon Enterprise, Inc.\* | 1126 | &nbsp;&nbsp; 639489 |
| Boeing Co.\* | 11173 | &nbsp;&nbsp; 2425882 |
| GE Aerospace | 15054 | &nbsp;&nbsp; 4637084 |
| General Dynamics Corp. | 3616 | &nbsp;&nbsp; 1217363 |
| Howmet Aerospace, Inc. | 5774 | &nbsp;&nbsp; 1183785 |
| Huntington Ingalls Industries, <br> Inc.<br>| 536 | &nbsp;&nbsp; 182278 |
| L3Harris Technologies, Inc. | 2681 | &nbsp;&nbsp; 787061 |
| Lockheed Martin Corp. | 2905 | &nbsp;&nbsp; 1405061 |
| Northrop Grumman Corp. | 1909 | &nbsp;&nbsp; 1088531 |
| RTX Corp. | 19151 | &nbsp;&nbsp; 3512293 |
| Textron, Inc. | 2530 | &nbsp;&nbsp; 220540 |
| TransDigm Group, Inc. | 800 | &nbsp;&nbsp; 1063880 |
|  |  | &nbsp;&nbsp; **18363247** |
| **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** |  |
| C.H. Robinson Worldwide, <br> Inc.<br>| 1645 | &nbsp;&nbsp; 264450 |
| Expeditors International of <br> Washington, Inc.<br>| 1955 | &nbsp;&nbsp; 291314 |
| FedEx Corp. | 3095 | &nbsp;&nbsp; 894022 |
| United Parcel Service, Inc. "B" | 10536 | &nbsp;&nbsp; 1045066 |
|  |  | &nbsp;&nbsp; **2494852** |
| **Building Products 0.4%** | **Building Products 0.4%** |  |
| A.O. Smith Corp. | 1596 | &nbsp;&nbsp; 106741 |
| Allegion PLC | 1231 | &nbsp;&nbsp; 196000 |
| Builders FirstSource, Inc.\* | 1608 | &nbsp;&nbsp; 165447 |
| Carrier Global Corp. | 11260 | &nbsp;&nbsp; 594978 |
| Johnson Controls <br> International PLC<br>| 8726 | &nbsp;&nbsp; 1044939 |
| Lennox International, Inc. | 459 | &nbsp;&nbsp; 222881 |
| Masco Corp. | 3063 | &nbsp;&nbsp; 194378 |
| Trane Technologies PLC | 3162 | &nbsp;&nbsp; 1230650 |
|  |  | &nbsp;&nbsp; **3756014** |
| **Commercial Services & Supplies 0.5%** | **Commercial Services & Supplies 0.5%** |  |
| Cintas Corp. | 4887 | &nbsp;&nbsp; 919098 |
| Copart, Inc.\* | 12615 | &nbsp;&nbsp; 493877 |
| Republic Services, Inc. | 2859 | &nbsp;&nbsp; 605908 |
| Rollins, Inc. | 4225 | &nbsp;&nbsp; 253585 |
| Veralto Corp. | 3504 | &nbsp;&nbsp; 349629 |
| Waste Management, Inc. | 5306 | &nbsp;&nbsp; 1165781 |
|  |  | &nbsp;&nbsp; **3787878** |
| **Construction & Engineering 0.2%** | **Construction & Engineering 0.2%** |  |
| Comfort Systems USA, Inc. | 502 | &nbsp;&nbsp; 468511 |
| EMCOR Group, Inc. | 634 | &nbsp;&nbsp; 387875 |
| Quanta Services, Inc. | 2130 | &nbsp;&nbsp; 898988 |
|  |  | &nbsp;&nbsp; **1755374** |
| **Electrical Equipment 0.8%** | **Electrical Equipment 0.8%** |  |
| AMETEK, Inc. | 3254 | &nbsp;&nbsp; 668079 |
| Eaton Corp. PLC | 5533 | &nbsp;&nbsp; 1762316 |
| Emerson Electric Co. | 8052 | &nbsp;&nbsp; 1068661 |
| GE Vernova, Inc. | 3873 | &nbsp;&nbsp; 2531277 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| **6** \|  | DWS Equity 500 Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Generac Holdings, Inc.\* | 869 | &nbsp;&nbsp; 118505 |
| Hubbell, Inc. | 761 | &nbsp;&nbsp; 337968 |
| Rockwell Automation, Inc. | 1598 | &nbsp;&nbsp; 621734 |
|  |  | &nbsp;&nbsp; **7108540** |
| **Ground Transportation 0.8%** | **Ground Transportation 0.8%** |  |
| CSX Corp. | 26371 | &nbsp;&nbsp; 955949 |
| J.B. Hunt Transport Services, <br> Inc.<br>| 1040 | &nbsp;&nbsp; 202114 |
| Norfolk Southern Corp. | 3200 | &nbsp;&nbsp; 923904 |
| Old Dominion Freight Line, <br> Inc.<br>| 2606 | &nbsp;&nbsp; 408621 |
| Uber Technologies, Inc.\* | 29605 | &nbsp;&nbsp; 2419024 |
| Union Pacific Corp. | 8483 | &nbsp;&nbsp; 1962287 |
|  |  | &nbsp;&nbsp; **6871899** |
| **Industrial Conglomerates 0.4%** | **Industrial Conglomerates 0.4%** |  |
| 3M Co. | 7629 | &nbsp;&nbsp; 1221403 |
| Honeywell International, Inc. | 9075 | &nbsp;&nbsp; 1770442 |
|  |  | &nbsp;&nbsp; **2991845** |
| **Machinery 1.6%** | **Machinery 1.6%** |  |
| Caterpillar, Inc. | 6680 | &nbsp;&nbsp; 3826772 |
| Cummins, Inc. | 1963 | &nbsp;&nbsp; 1002013 |
| Deere & Co. | 3578 | &nbsp;&nbsp; 1665809 |
| Dover Corp. | 1967 | &nbsp;&nbsp; 384037 |
| Fortive Corp. | 4444 | &nbsp;&nbsp; 245353 |
| IDEX Corp. | 1067 | &nbsp;&nbsp; 189862 |
| Illinois Tool Works, Inc. | 3797 | &nbsp;&nbsp; 935201 |
| Ingersoll Rand, Inc. | 5062 | &nbsp;&nbsp; 401012 |
| Nordson Corp. | 762 | &nbsp;&nbsp; 183208 |
| Otis Worldwide Corp. | 5558 | &nbsp;&nbsp; 485491 |
| PACCAR, Inc. | 7475 | &nbsp;&nbsp; 818587 |
| Parker-Hannifin Corp. | 1800 | &nbsp;&nbsp; 1582128 |
| Pentair PLC | 2371 | &nbsp;&nbsp; 246916 |
| Snap-on, Inc. | 736 | &nbsp;&nbsp; 253626 |
| Stanley Black & Decker, Inc. | 2200 | &nbsp;&nbsp; 163416 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 2467 | &nbsp;&nbsp; 526581 |
| Xylem, Inc. | 3496 | &nbsp;&nbsp; 476085 |
|  |  | &nbsp;&nbsp; **13386097** |
| **Passenger Airlines 0.2%** | **Passenger Airlines 0.2%** |  |
| Delta Air Lines, Inc. | 9271 | &nbsp;&nbsp; 643407 |
| Southwest Airlines Co. | 7362 | &nbsp;&nbsp; 304272 |
| United Airlines Holdings, Inc.\* | 4584 | &nbsp;&nbsp; 512583 |
|  |  | &nbsp;&nbsp; **1460262** |
| **Professional Services 0.5%** | **Professional Services 0.5%** |  |
| Automatic Data Processing, <br> Inc.<br>| 5759 | &nbsp;&nbsp; 1481387 |
| Broadridge Financial <br> Solutions, Inc.<br>| 1640 | &nbsp;&nbsp; 365999 |
| Dayforce, Inc.\* | 2398 | &nbsp;&nbsp; 165846 |
| Equifax, Inc. | 1744 | &nbsp;&nbsp; 378413 |
| Jacobs Solutions, Inc. | 1743 | &nbsp;&nbsp; 230878 |
| Leidos Holdings, Inc. | 1804 | &nbsp;&nbsp; 325442 |
| Paychex, Inc. | 4554 | &nbsp;&nbsp; 510868 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Paycom Software, Inc. | 657 | &nbsp;&nbsp; 104699 |
| Verisk Analytics, Inc. | 2026 | &nbsp;&nbsp; 453196 |
|  |  | &nbsp;&nbsp; **4016728** |
| **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** |  |
| Fastenal Co. | 16319 | &nbsp;&nbsp; 654882 |
| United Rentals, Inc. | 904 | &nbsp;&nbsp; 731625 |
| W.W. Grainger, Inc. | 622 | &nbsp;&nbsp; 627629 |
|  |  | &nbsp;&nbsp; **2014136** |
| **Information Technology 34.3%** | **Information Technology 34.3%** |  |
| **Communications Equipment 0.9%** | **Communications Equipment 0.9%** |  |
| Arista Networks, Inc.\* | 14758 | &nbsp;&nbsp; 1933741 |
| Cisco Systems, Inc. | 56250 | &nbsp;&nbsp; 4332937 |
| F5, Inc.\* | 824 | &nbsp;&nbsp; 210334 |
| Motorola Solutions, Inc. | 2355 | &nbsp;&nbsp; 902719 |
|  |  | &nbsp;&nbsp; **7379731** |
| **Electronic Equipment, Instruments &** <br> **Components 0.7%** | **Electronic Equipment, Instruments &** <br> **Components 0.7%** |  |
| Amphenol Corp. "A" | 17470 | &nbsp;&nbsp; 2360896 |
| CDW Corp. | 1909 | &nbsp;&nbsp; 260006 |
| Corning, Inc. | 11188 | &nbsp;&nbsp; 979621 |
| Jabil, Inc. | 1502 | &nbsp;&nbsp; 342486 |
| Keysight Technologies, Inc.\* | 2467 | &nbsp;&nbsp; 501270 |
| TE Connectivity PLC | 4218 | &nbsp;&nbsp; 959637 |
| Teledyne Technologies, Inc.\* | 673 | &nbsp;&nbsp; 343721 |
| Zebra Technologies Corp. "A"\* | 701 | &nbsp;&nbsp; 170217 |
|  |  | &nbsp;&nbsp; **5917854** |
| **IT Services 1.0%** | **IT Services 1.0%** |  |
| Accenture PLC "A" | 8857 | &nbsp;&nbsp; 2376333 |
| Akamai Technologies, Inc.\* | 2087 | &nbsp;&nbsp; 182091 |
| Cognizant Technology <br> Solutions Corp. "A"<br>| 6859 | &nbsp;&nbsp; 569297 |
| EPAM Systems, Inc.\* | 811 | &nbsp;&nbsp; 166158 |
| Gartner, Inc.\* | 1023 | &nbsp;&nbsp; 258082 |
| GoDaddy, Inc. "A"\* | 1918 | &nbsp;&nbsp; 237985 |
| International Business <br> Machines Corp.<br>| 13343 | &nbsp;&nbsp; 3952330 |
| VeriSign, Inc. | 1211 | &nbsp;&nbsp; 294213 |
|  |  | &nbsp;&nbsp; **8036489** |
| **Semiconductors & Semiconductor** <br> **Equipment 14.1%** | **Semiconductors & Semiconductor** <br> **Equipment 14.1%** |  |
| Advanced Micro Devices, <br> Inc.\*<br>| 23228 | &nbsp;&nbsp; 4974509 |
| Analog Devices, Inc. | 7015 | &nbsp;&nbsp; 1902468 |
| Applied Materials, Inc. | 11364 | &nbsp;&nbsp; 2920434 |
| Broadcom, Inc. | 67384 | &nbsp;&nbsp; 23321602 |
| First Solar, Inc.\* | 1521 | &nbsp;&nbsp; 397331 |
| Intel Corp.\* | 63965 | &nbsp;&nbsp; 2360309 |
| KLA Corp. | 1873 | &nbsp;&nbsp; 2275845 |
| Lam Research Corp. | 17919 | &nbsp;&nbsp; 3067374 |
| Microchip Technology, Inc. | 7683 | &nbsp;&nbsp; 489561 |
| Micron Technology, Inc. | 16021 | &nbsp;&nbsp; 4572554 |
| Monolithic Power Systems, <br> Inc.<br>| 690 | &nbsp;&nbsp; 625388 |
| NVIDIA Corp. | 346729 | &nbsp;&nbsp; 64664959 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| NXP Semiconductors NV | 3604 | &nbsp;&nbsp; 782284 |
| ON Semiconductor Corp.\* | 5687 | &nbsp;&nbsp; 307951 |
| Qnity Electronics, Inc. | 3021 | &nbsp;&nbsp; 246665 |
| QUALCOMM, Inc. | 15268 | &nbsp;&nbsp; 2611591 |
| Skyworks Solutions, Inc. | 2162 | &nbsp;&nbsp; 137092 |
| Teradyne, Inc. | 2232 | &nbsp;&nbsp; 432026 |
| Texas Instruments, Inc. | 12935 | &nbsp;&nbsp; 2244093 |
|  |  | &nbsp;&nbsp; **118334036** |
| **Software 10.3%** | **Software 10.3%** |  |
| Adobe, Inc.\* | 5957 | &nbsp;&nbsp; 2084890 |
| AppLovin Corp. "A"\* | 3863 | &nbsp;&nbsp; 2602967 |
| Autodesk, Inc.\* | 3028 | &nbsp;&nbsp; 896318 |
| Cadence Design Systems, <br> Inc.\*<br>| 3872 | &nbsp;&nbsp; 1210310 |
| Crowdstrike Holdings, Inc. <br> "A"\*<br>| 3582 | &nbsp;&nbsp; 1679098 |
| Datadog, Inc. "A"\* | 4611 | &nbsp;&nbsp; 627050 |
| Fair Isaac Corp.\* | 342 | &nbsp;&nbsp; 578192 |
| Fortinet, Inc.\* | 9005 | &nbsp;&nbsp; 715087 |
| Gen Digital, Inc. | 7822 | &nbsp;&nbsp; 212680 |
| Intuit, Inc. | 3976 | &nbsp;&nbsp; 2633782 |
| Microsoft Corp. | 106046 | &nbsp;&nbsp; 51285967 |
| Oracle Corp. | 23998 | &nbsp;&nbsp; 4677450 |
| Palantir Technologies, Inc. <br> "A"\*<br>| 32594 | &nbsp;&nbsp; 5793583 |
| Palo Alto Networks, Inc.\* | 9751 | &nbsp;&nbsp; 1796134 |
| PTC, Inc.\* | 1729 | &nbsp;&nbsp; 301209 |
| Roper Technologies, Inc. | 1536 | &nbsp;&nbsp; 683720 |
| Salesforce, Inc. | 13610 | &nbsp;&nbsp; 3605425 |
| ServiceNow, Inc.\* | 14810 | &nbsp;&nbsp; 2268744 |
| Synopsys, Inc.\* | 2654 | &nbsp;&nbsp; 1246735 |
| Trimble, Inc.\* | 3456 | &nbsp;&nbsp; 270778 |
| Tyler Technologies, Inc.\* | 628 | &nbsp;&nbsp; 285081 |
| Workday, Inc. "A"\* | 3100 | &nbsp;&nbsp; 665818 |
|  |  | &nbsp;&nbsp; **86121018** |
| **Technology Hardware, Storage &** <br> **Peripherals 7.3%** | **Technology Hardware, Storage &** <br> **Peripherals 7.3%** |  |
| Apple, Inc. | 210840 | &nbsp;&nbsp; 57318962 |
| Dell Technologies, Inc. "C" | 4292 | &nbsp;&nbsp; 540277 |
| Hewlett Packard Enterprise <br> Co.<br>| 18932 | &nbsp;&nbsp; 454747 |
| HP, Inc. | 13221 | &nbsp;&nbsp; 294564 |
| NetApp, Inc. | 2816 | &nbsp;&nbsp; 301566 |
| Sandisk Corp.\* | 1969 | &nbsp;&nbsp; 467401 |
| Seagate Technology Holdings <br> PLC<br>| 3111 | &nbsp;&nbsp; 856738 |
| Super Micro Computer, Inc.\* | 7297 | &nbsp;&nbsp; 213583 |
| Western Digital Corp. | 4875 | &nbsp;&nbsp; 839816 |
|  |  | &nbsp;&nbsp; **61287654** |
| **Materials 1.8%** | **Materials 1.8%** |  |
| **Chemicals 0.9%** | **Chemicals 0.9%** |  |
| Air Products & Chemicals, <br> Inc.<br>| 3145 | &nbsp;&nbsp; 776878 |
| Albemarle Corp. | 1642 | &nbsp;&nbsp; 232245 |
| CF Industries Holdings, Inc. | 2198 | &nbsp;&nbsp; 169993 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Corteva, Inc. | 9736 | &nbsp;&nbsp; 652604 |
| Dow, Inc. | 9796 | &nbsp;&nbsp; 229030 |
| DuPont de Nemours, Inc. | 6043 | &nbsp;&nbsp; 242929 |
| Ecolab, Inc. | 3613 | &nbsp;&nbsp; 948485 |
| International Flavors & <br> Fragrances, Inc.<br>| 3726 | &nbsp;&nbsp; 251095 |
| Linde PLC | 6647 | &nbsp;&nbsp; 2834214 |
| LyondellBasell Industries NV <br> "A"<br>| 3721 | &nbsp;&nbsp; 161119 |
| Mosaic Co. | 4733 | &nbsp;&nbsp; 114018 |
| PPG Industries, Inc. | 3222 | &nbsp;&nbsp; 330126 |
| Sherwin-Williams Co. | 3286 | &nbsp;&nbsp; 1064763 |
|  |  | &nbsp;&nbsp; **8007499** |
| **Construction Materials 0.3%** | **Construction Materials 0.3%** |  |
| CRH PLC | 9546 | &nbsp;&nbsp; 1191341 |
| Martin Marietta Materials, Inc. | 864 | &nbsp;&nbsp; 537978 |
| Vulcan Materials Co. | 1872 | &nbsp;&nbsp; 533932 |
|  |  | &nbsp;&nbsp; **2263251** |
| **Containers & Packaging 0.2%** | **Containers & Packaging 0.2%** |  |
| Amcor PLC | 33499 | &nbsp;&nbsp; 279382 |
| Avery Dennison Corp. | 1109 | &nbsp;&nbsp; 201705 |
| Ball Corp. | 3920 | &nbsp;&nbsp; 207642 |
| International Paper Co. | 7422 | &nbsp;&nbsp; 292353 |
| Packaging Corp. of America | 1311 | &nbsp;&nbsp; 270367 |
| Smurfit WestRock PLC | 7610 | &nbsp;&nbsp; 294279 |
|  |  | &nbsp;&nbsp; **1545728** |
| **Metals & Mining 0.4%** | **Metals & Mining 0.4%** |  |
| Freeport-McMoRan, Inc. | 20572 | &nbsp;&nbsp; 1044852 |
| Newmont Corp. | 15566 | &nbsp;&nbsp; 1554265 |
| Nucor Corp. | 3230 | &nbsp;&nbsp; 526845 |
| Steel Dynamics, Inc. | 1923 | &nbsp;&nbsp; 325852 |
|  |  | &nbsp;&nbsp; **3451814** |
| **Real Estate 1.8%** | **Real Estate 1.8%** |  |
| **Health Care REITs 0.3%** | **Health Care REITs 0.3%** |  |
| Alexandria Real Estate <br> Equities, Inc.<br>| 2242 | &nbsp;&nbsp; 109723 |
| Healthpeak Properties, Inc. | 10288 | &nbsp;&nbsp; 165431 |
| Ventas, Inc. | 6796 | &nbsp;&nbsp; 525875 |
| Welltower, Inc. | 9837 | &nbsp;&nbsp; 1825846 |
|  |  | &nbsp;&nbsp; **2626875** |
| **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** |  |
| Host Hotels & Resorts, Inc. | 9322 | &nbsp;&nbsp; **165279** |
| **Industrial REITs 0.2%** | **Industrial REITs 0.2%** |  |
| Prologis, Inc. | 13294 | &nbsp;&nbsp; **1697112** |
| **Office REITs 0.0%** | **Office REITs 0.0%** |  |
| BXP, Inc. | 2083 | &nbsp;&nbsp; **140561** |
| **Real Estate Management &** <br> **Development 0.1%** | **Real Estate Management &** <br> **Development 0.1%** |  |
| CBRE Group, Inc. "A"\* | 4200 | &nbsp;&nbsp; 675318 |
| CoStar Group, Inc.\* | 6133 | &nbsp;&nbsp; 412383 |
|  |  | &nbsp;&nbsp; **1087701** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| **8** \|  | DWS Equity 500 Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Residential REITs 0.2%** | **Residential REITs 0.2%** |  |
| AvalonBay Communities, Inc. | 1984 | &nbsp;&nbsp; 359719 |
| Camden Property Trust | 1443 | &nbsp;&nbsp; 158845 |
| Equity Residential | 4849 | &nbsp;&nbsp; 305681 |
| Essex Property Trust, Inc. | 919 | &nbsp;&nbsp; 240484 |
| Invitation Homes, Inc. | 8028 | &nbsp;&nbsp; 223098 |
| Mid-America Apartment <br> Communities, Inc.<br>| 1671 | &nbsp;&nbsp; 232119 |
| UDR, Inc. | 4222 | &nbsp;&nbsp; 154863 |
|  |  | &nbsp;&nbsp; **1674809** |
| **Retail REITs 0.3%** | **Retail REITs 0.3%** |  |
| Federal Realty Investment <br> Trust<br>| 1079 | &nbsp;&nbsp; 108763 |
| Kimco Realty Corp. | 9655 | &nbsp;&nbsp; 195707 |
| Realty Income Corp. | 13049 | &nbsp;&nbsp; 735572 |
| Regency Centers Corp. | 2355 | &nbsp;&nbsp; 162566 |
| Simon Property Group, Inc. | 4663 | &nbsp;&nbsp; 863168 |
|  |  | &nbsp;&nbsp; **2065776** |
| **Specialized REITs 0.7%** | **Specialized REITs 0.7%** |  |
| American Tower Corp. | 6649 | &nbsp;&nbsp; 1167365 |
| Crown Castle, Inc. | 6289 | &nbsp;&nbsp; 558903 |
| Digital Realty Trust, Inc. | 4650 | &nbsp;&nbsp; 719402 |
| Equinix, Inc. | 1401 | &nbsp;&nbsp; 1073390 |
| Extra Space Storage, Inc. | 3063 | &nbsp;&nbsp; 398864 |
| Iron Mountain, Inc. | 4122 | &nbsp;&nbsp; 341920 |
| Public Storage | 2223 | &nbsp;&nbsp; 576869 |
| SBA Communications Corp. | 1501 | &nbsp;&nbsp; 290338 |
| VICI Properties, Inc. | 15303 | &nbsp;&nbsp; 430320 |
| Weyerhaeuser Co. | 9996 | &nbsp;&nbsp; 236805 |
|  |  | &nbsp;&nbsp; **5794176** |
| **Utilities 2.2%** | **Utilities 2.2%** |  |
| **Electric Utilities 1.5%** | **Electric Utilities 1.5%** |  |
| Alliant Energy Corp. | 3588 | &nbsp;&nbsp; 233256 |
| American Electric Power Co., <br> Inc.<br>| 7626 | &nbsp;&nbsp; 879354 |
| Constellation Energy Corp. | 4460 | &nbsp;&nbsp; 1575584 |
| Duke Energy Corp. | 11152 | &nbsp;&nbsp; 1307126 |
| Edison International | 5579 | &nbsp;&nbsp; 334852 |
| Entergy Corp. | 6348 | &nbsp;&nbsp; 586746 |
| Evergy, Inc. | 3268 | &nbsp;&nbsp; 236897 |
| Eversource Energy | 5392 | &nbsp;&nbsp; 363043 |
| Exelon Corp. | 14238 | &nbsp;&nbsp; 620634 |
| FirstEnergy Corp. | 7402 | &nbsp;&nbsp; 331388 |
| NextEra Energy, Inc. | 29794 | &nbsp;&nbsp; 2391862 |
| NRG Energy, Inc. | 2688 | &nbsp;&nbsp; 428037 |
| PG&E Corp. | 31665 | &nbsp;&nbsp; 508857 |
| Pinnacle West Capital Corp. | 1644 | &nbsp;&nbsp; 145823 |
| PPL Corp. | 10345 | &nbsp;&nbsp; 362282 |
| Southern Co. | 15784 | &nbsp;&nbsp; 1376365 |
| Xcel Energy, Inc. | 8448 | &nbsp;&nbsp; 623969 |
|  |  | &nbsp;&nbsp; **12306075** |
| **Gas Utilities 0.0%** | **Gas Utilities 0.0%** |  |
| Atmos Energy Corp. | 2275 | &nbsp;&nbsp; **381358** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Independent Power & Renewable Electricity** <br> **Producers 0.1%** | **Independent Power & Renewable Electricity** <br> **Producers 0.1%** |  |
| AES Corp. | 10372 | &nbsp;&nbsp; 148734 |
| Vistra Corp. | 4557 | &nbsp;&nbsp; 735181 |
|  |  | &nbsp;&nbsp; **883915** |
| **Multi-Utilities 0.6%** | **Multi-Utilities 0.6%** |  |
| Ameren Corp. | 3777 | &nbsp;&nbsp; 377171 |
| CenterPoint Energy, Inc. | 9365 | &nbsp;&nbsp; 359054 |
| CMS Energy Corp. | 4299 | &nbsp;&nbsp; 300629 |
| Consolidated Edison, Inc. | 5067 | &nbsp;&nbsp; 503254 |
| Dominion Energy, Inc. | 12047 | &nbsp;&nbsp; 705834 |
| DTE Energy Co. | 2978 | &nbsp;&nbsp; 384102 |
| NiSource, Inc. | 6733 | &nbsp;&nbsp; 281170 |
| Public Service Enterprise <br> Group, Inc.<br>| 7045 | &nbsp;&nbsp; 565714 |
| Sempra | 9302 | &nbsp;&nbsp; 821274 |
| WEC Energy Group, Inc. | 4721 | &nbsp;&nbsp; 497877 |
|  |  | &nbsp;&nbsp; **4796079** |
| **Water Utilities 0.0%** | **Water Utilities 0.0%** |  |
| American Water Works <br> Co., Inc.<br>| 2816 | &nbsp;&nbsp; **367488** |
| **Total Common Stocks** (Cost $244,133,616) | **Total Common Stocks** (Cost $244,133,616) | &nbsp;&nbsp; **833846438** |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($)** | **Value ($)** |
| **Government & Agency Obligations 0.0%** | **Government & Agency Obligations 0.0%** | **Government & Agency Obligations 0.0%** |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |  |
| U.S. Treasury Bills, 3.984% <br> (b), 5/7/2026 (c) <br> (Cost $182,684)<br>| 185000 | &nbsp;&nbsp; **182730** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 3.66% <br> (d) (e) (Cost $212,300)<br>| 212300 | &nbsp;&nbsp; **212300** |
| **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** |
| DWS Central Cash <br> Management Government <br> Fund, 3.77% (d) <br> (Cost $2,506,646)<br>| 2506646 | &nbsp;&nbsp; **2506646** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $247,035,246)<br>| 100.0 | &nbsp;&nbsp; **836748114** |
| **Other Assets and** <br> **Liabilities, Net**<br>| 0.0 | &nbsp;&nbsp; **2797** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **836750911** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2025**<br>| **Value ($) at** <br>**12/31/2025**<br>|
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) |
| 35200 | 177,100 (f) |  |  |  | 1095 |  | 212300 | 212300 |
| **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** | **Cash Equivalents 0.3%** |
| DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) |
| 1121179 | 97008544 | 95623077 |  |  | 149202 |  | 2506646 | 2506646 |
| **1156379** | **97185644** | **95623077** |  |  | **150297** |  | **2718946** | **2718946** |

---

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

\* 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 December 31, 2025 amounted to $316,784, which is 0.04% of net assets. 

(b) Annualized yield at time of purchase; not a coupon rate.

(c) At December 31, 2025, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. 

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $114,577. 

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2025. 

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

REIT: Real Estate Investment Trust <br> S&P: Standard & Poor's

At December 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Depreciation ($)**<br>|
| E-mini S&P 500 Index | USD | 3/20/2026 | 8 | 2766345 | 2757000 | **(9345)** |

---

**Currency Abbreviation(s)**

------

USD United States Dollar

For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| **10** \|  | DWS Equity 500 Index VIP  |

---

------

**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 December 31, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | &nbsp;&nbsp; $833846438 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $833846438 |
| Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 182730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 182730 |
| Short-Term Investments (a) | &nbsp;&nbsp; 2718946 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2718946 |
| **Total** | &nbsp;&nbsp; **$836565384** | &nbsp;&nbsp; **$182730** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$836748114** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(9345)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9345)<br>|
| **Total** | &nbsp;&nbsp; **$(9345)**<br>| &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$(9345)**<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of December 31, 2025

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $244,316,300) — including $316,784 of <br> securities loaned<br>| $834029168 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $212,300)\* <br>| 212300 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $2,506,646)<br>| 2506646 |
| Cash | 10000 |
| Receivable for investments sold | 24696 |
| Receivable for Fund shares sold | 888921 |
| Dividends receivable | 424685 |
| Affiliated securities lending income receivable | 47 |
| Other assets | 11442 |
| Total assets | 838107905 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 212300 |
| Payable for Fund shares redeemed | 831999 |
| Payable for variation margin on futures contracts | 20655 |
| Accrued management fee | 99856 |
| Accrued Trustees' fees | 6442 |
| Other accrued expenses and payables | 185742 |
| Total liabilities | 1356994 |
| **Net assets, at value** | **$836750911** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 648613881 |
| Paid-in capital | 188137030 |
| **Net assets, at value** | **$836750911** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($747,929,642 ÷ 22,977,987 <br> outstanding shares of beneficial interest, <br> $.001 par value, unlimited number of <br> shares authorized)<br>| **$32.55** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($88,821,269 ÷ 2,728,177 outstanding <br> shares of beneficial interest, $.001 par value, <br> unlimited number of shares authorized)<br>| **$32.56** |

---

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

\* Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $114,577. 

for the year ended December 31, 2025

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $2,257)<br>| $9652776 |
| Interest | 9887 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 149202 |
| Affiliated securities lending income | 1095 |
| Total income | 9812960 |
| Expenses: |  |
| Management fee | 1168536 |
| Administration fee | 755654 |
| Services to shareholders | 1841 |
| Record keeping fee (Class B) | 103428 |
| Distribution service fees (Class B) | 187907 |
| Custodian fee | 16337 |
| Professional fees | 72256 |
| Reports to shareholders | 29732 |
| Trustees' fees and expenses | 24495 |
| Other | 49264 |
| Total expenses before expense reductions | 2409450 |
| Expense reductions | (163677)<br>|
| Total expenses after expense reductions | 2245773 |
| **Net investment income** | **7567187** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | 57810243 |
| Futures | 862405 |
|  | 58672648 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | 63312415 |
| Futures | 45612 |
|  | 63358027 |
| **Net gain (loss)** | **122030675** |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$129597862** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| **12** \|  | DWS Equity 500 Index VIP  |

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2025** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $7567187 | $8116316 |
| Net realized gain (loss) | 58672648 | 69614187 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 63358027 | 82568467 |
| Net increase (decrease) in net assets resulting from operations | 129597862 | 160298970 |
| Distributions to shareholders: |  |  |
| Class A | (70616181)<br>| (47434055)<br>|
| Class B | (6942682)<br>| (4079960)<br>|
| Class B2 |  | (196986)<br>|
| Total distributions | (77558863)<br>| (51711001)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 31524183 | 35384274 |
| Reinvestment of distributions | 70616181 | 47434055 |
| Payments for shares redeemed | (92588961)<br>| (121590281)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 9551403 | (38771952)<br>|
| **Class B** |  |  |
| Proceeds from shares sold | 17959861 | 13197077 |
| Reinvestment of distributions | 6942682 | 4079960 |
| Payments for shares redeemed | (10299299)<br>| (11157248)<br>|
| Net increase (decrease) in net assets from Class B share transactions | 14603244 | 6119789 |
| **Class B2** |  |  |
| Proceeds from shares sold |  | 67215 |
| Reinvestment of distributions |  | 196986 |
| Payments for shares redeemed |  | (2934621)<br>|
| Net increase (decrease) in net assets from Class B2 share transactions |  | (2670420)<br>|
| **Increase (decrease) in net assets** | 76193646 | 73265386 |
| Net assets at beginning of period | 760557265 | 687291879 |
| **Net assets at end of period** | **$836750911** | **$760557265** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Other Information** | **2025** | **2024**<sup>\*</sup> |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 22229078 | 23392422 |
| Shares sold | 1053700 | 1220933 |
| Shares issued to shareholders in reinvestment of distributions | 2707676 | 1789964 |
| Shares redeemed | (3012467)<br>| (4174241)<br>|
| Net increase (decrease) in Class A shares | 748909 | (1163344)<br>|
| Shares outstanding at end of period | **22977987** | **22229078** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | 2214790 | 1993838 |
| Shares sold | 586784 | 447389 |
| Shares issued to shareholders in reinvestment of distributions | 265393 | 153497 |
| Shares redeemed | (338790)<br>| (379934)<br>|
| Net increase (decrease) in Class B shares | 513387 | 220952 |
| Shares outstanding at end of period | **2728177** | **2214790** |
| **Class B2** |  |  |
| Shares outstanding at beginning of period |  | 99104 |
| Shares sold |  | 2350 |
| Shares issued to shareholders in reinvestment of distributions |  | 7400 |
| Shares redeemed |  | (108854)<br>|
| Net increase (decrease) in Class B2 shares |  | (99104)<br>|
| Shares outstanding at end of period |  |  |

---

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

<sup>\*</sup> Includes Class B2 for the period from January 1, 2024 to June 17, 2024 (Class B2 liquidation date).

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| **14** \|  | DWS Equity 500 Index VIP  |

---

------

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Equity 500 Index VIP** — **Class A** | **DWS Equity 500 Index VIP** — **Class A** | **DWS Equity 500 Index VIP** — **Class A** | **DWS Equity 500 Index VIP** — **Class A** | **DWS Equity 500 Index VIP** — **Class A** | **DWS Equity 500 Index VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$31.11** | &nbsp;&nbsp; **$26.97** | &nbsp;&nbsp; **$22.97** | &nbsp;&nbsp; **$30.22** | &nbsp;&nbsp; **$24.97** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .31 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp; (5.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.55 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp; (5.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.86 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.41)<br>|
| Net realized gains | &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (1.20)<br>|
| **Total distributions** | &nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.61)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$32.55** | &nbsp;&nbsp; **$31.11** | &nbsp;&nbsp; **$26.97** | &nbsp;&nbsp; **$22.97** | &nbsp;&nbsp; **$30.22** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;17.63 | &nbsp;&nbsp;&nbsp;&nbsp;24.63 | &nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp; (18.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.40 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 631 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 719 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .27 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .32 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .25 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .26 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Equity 500 Index VIP** — **Class B** | **DWS Equity 500 Index VIP** — **Class B** | **DWS Equity 500 Index VIP** — **Class B** | **DWS Equity 500 Index VIP** — **Class B** | **DWS Equity 500 Index VIP** — **Class B** | **DWS Equity 500 Index VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$31.12** | &nbsp;&nbsp; **$26.97** | &nbsp;&nbsp; **$22.97** | &nbsp;&nbsp; **$30.20** | &nbsp;&nbsp; **$24.95** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .19 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp; (5.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.54 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.75 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.30)<br>|
| Net realized gains | &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (1.20)<br>|
| **Total distributions** | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (1.50)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$32.56** | &nbsp;&nbsp; **$31.12** | &nbsp;&nbsp; **$26.97** | &nbsp;&nbsp; **$22.97** | &nbsp;&nbsp; **$30.20** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp;&nbsp;&nbsp;24.16 | &nbsp;&nbsp;&nbsp;&nbsp;25.49 | &nbsp;&nbsp; (18.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.91 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 55 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .66 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 |
| Ratio of net investment income (%) | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .76 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

The accompanying notes are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| **16** \|  | DWS Equity 500 Index VIP  |

---

------

**Notes to Financial Statements** 

**A.** **Organization and Significant Accounting Policies**

Deutsche DWS Investments VIT Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. DWS Equity 500 Index VIP (the "Fund") is a diversified series of the Trust offered to investors. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

**Multiple Classes of Shares of Beneficial Interest.** The Fund offers two classes of shares (Class A shares and Class B shares). Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to an annual rate of up to 0.25% and of up to 0.15%, respectively, of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fees and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

---

------

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.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.14% annualized effective rate as of December 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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

---

| | |
|:---|:---|
| **18** \|  | DWS Equity 500 Index VIP  |

---

------

As of December 31, 2025, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

**Remaining Contractual Maturity of the Agreements** as of December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight** <br>**and** <br>**Continuous**<br>| **˂30 days** | **Between 30** <br>**& 90 days**<br>| **˃90 days** | **Total** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | &nbsp;&nbsp; $326877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $326877 |
| Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | &nbsp;&nbsp; $212300 |
| Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | &nbsp;&nbsp; $114577 |

---

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss, investments in derivatives, the realized tax character on distributions from certain securities and income related to restructuring of certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2025, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | &nbsp;&nbsp; $8017179 |
| Undistributed long-term capital gains | &nbsp;&nbsp; $57876403 |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; $582720299 |

---

At December 31, 2025, the aggregate cost of investments for federal income tax purposes was $254,027,815. The net unrealized appreciation for all investments based on tax cost was $582,720,299. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $601,206,858 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $18,486,559.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Distributions from ordinary income\* | &nbsp;&nbsp; $8723176 | &nbsp;&nbsp; $9367222 |
| Distributions from long-term capital gains | &nbsp;&nbsp; $68835687 | &nbsp;&nbsp; $42343779 |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

---

------

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Real Estate Investment Trusts.** The Fund at its fiscal year end recharacterizes distributions received from a Real Estate Investment Trust ("REIT") investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made to the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

**B.** **Derivative Instruments**

A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2025, the Fund invested in futures to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange-traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default. Upon a futures contract close out or expiration, realized gain or loss is recognized.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of December 31, 2025, is included in a table following the Fund's Investment Portfolio. For the year ended December 31, 2025, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $1,484,000 to $7,817,000.

The following table summarizes the value of the Fund's derivative instruments held as of December 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Liability Derivatives**  | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | &nbsp;&nbsp; $(9345)<br>|
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Futures contracts are reported in the table above using cumulative depreciation of futures contracts, as reported in the futures contracts table following the Fund's Investment Portfolio; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts.

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

---

| | |
|:---|:---|
| **20** \|  | DWS Equity 500 Index VIP  |

---

------

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Realized Gain (Loss)** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | &nbsp;&nbsp; $862405 |
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain (loss) from futures contracts

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

---

| | |
|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | &nbsp;&nbsp; $45612 |
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Change in net unrealized appreciation (depreciation) on futures contracts

**C.** **Purchases and Sales of Securities**

During the year ended December 31, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $31,937,155 and $78,137,382, respectively.

**D.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund's subadvisor. Northern Trust Investments, Inc. ("NTI") serves as subadvisor. As a subadvisor to the Fund, NTI makes investment decisions and buys and sells securities for the Fund. NTI is paid by the Advisor for the services NTI provides to the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays the Advisor an annual fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $1 billion of the Fund's average daily net assets | &nbsp;&nbsp; .150% |
| Next $1 billion of such net assets | &nbsp;&nbsp; .125% |
| Over $2 billion of such net assets | &nbsp;&nbsp; .100% |

---

Accordingly, for the year ended December 31, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.15% of the Fund's average daily net assets.

For the period from January 1, 2025 through September 30, 2026 (through September 30, 2025 for Class B shares), the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .25% |
| Class B | &nbsp;&nbsp; .64% |

---

Effective October 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class B shares at 0.63%.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

---

------

For the year ended December 31, 2025, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; $147640 |
| Class B | &nbsp;&nbsp; 16037 |
|  | &nbsp;&nbsp; **$163677** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2025, the Administration Fee was $755,654, of which $69,163 is unpaid.

**Distribution Service Agreement.** DWS Distributors, Inc. ("DDI"), an affiliate of the Advisor, is the Fund's distributor. In accordance with the Distribution Plan, DDI receives 12b-1 fees of up to 0.25% of the average daily net assets of Class B shares. For the year ended December 31, 2025, the Distribution Service Fee was as follows:

---

| | | |
|:---|:---|:---|
| **Distribution Service Fees** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2025**<br>|
| Class B | &nbsp;&nbsp; $187907 | &nbsp;&nbsp; $18617 |

---

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2025, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2025**<br>|
| Class A | &nbsp;&nbsp; $734 | &nbsp;&nbsp; $124 |
| Class B | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 26 |
|  | &nbsp;&nbsp; **$886** | &nbsp;&nbsp; **$150** |

---

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,495, of which $563 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**E.** **Ownership of the Fund**

At December 31, 2025, two Participating Insurance Companies were owners of record of 10% or more of

the total outstanding Class A shares of the Fund, each owning 52% and 15%, respectively. One Participating Insurance Company was owner of record of 10% or more of the total outstanding Class B shares of the Fund, owning 91%.

**F.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including

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

---

| | |
|:---|:---|
| **22** \|  | DWS Equity 500 Index VIP  |

---

------

the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2025.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

---

------

**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Investments VIT Funds and Shareholders of DWS Equity 500 Index VIP:**

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of DWS Equity 500 Index VIP (the "Fund") (one of the funds constituting Deutsche DWS Investments VIT Funds (the "Trust")), including the investment portfolio, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Investments VIT Funds) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers, and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img4cc401c62.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 12, 2026

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

---

| | |
|:---|:---|
| **24** \|  | DWS Equity 500 Index VIP  |

---

------

**Tax Information (Unaudited)**

The Fund paid distributions of $2.87 per share from net long-term capital gains during its year ended December 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $63,746,000 as capital gain dividends for its year ended December 31, 2025.

For corporate shareholders, 100% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended December 31, 2025, qualified for the dividends received deduction.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **25**  |

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Equity 500 Index VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") and sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Agreement, the "Agreements") between DIMA and Northern Trust Investments, Inc. ("NTI") in September 2025.

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's and NTI's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and NTI provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA's oversight of fund sub-advisors, including NTI. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2024, the Fund's performance (Class A shares) was in the 2nd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

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

---

| | |
|:---|:---|
| **26** \|  | DWS Equity 500 Index VIP  |

---

------

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). The Board noted that, effective October 1, 2022, in connection with the 2022 contract renewal process, DIMA agreed to reduce the Fund's contractual management fee at each breakpoint by 0.05%. With respect to the sub-advisory fee paid to NTI, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and NTI.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with the overall profitability levels of most comparable firms for which such data was available. The Board did not consider the profitability of NTI with respect to the Fund. The Board noted that DIMA pays NTI's fee out of its management fee, and its understanding that the Fund's sub-advisory fee schedule was the product of an arm's length negotiation with DIMA.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and NTI and Their Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and NTI and their affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **27**  |

---

------

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program. The Board also considered the attention and resources dedicated by DIMA to the oversight of the investment sub-advisor's compliance program and compliance with the applicable fund policies and procedures.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements. The Board considered these factors over the course of numerous meetings, certain of

which were in executive session with only the Independent Trustees and counsel present.

vit-equ500-BFE2025

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

---

| | |
|:---|:---|
| **28** \|  | DWS Equity 500 Index VIP  |

---

------

![](imgef88dfd61.jpg)

vit-equ500-NCSRA

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a). |
| &nbsp;&nbsp;**Item 8.** | &nbsp;&nbsp;**Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 9.** | &nbsp;&nbsp;**Proxy Disclosures for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 10.** | &nbsp;&nbsp;**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 11.** | &nbsp;&nbsp;**Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 12.** | &nbsp;&nbsp;**Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 13.** | &nbsp;&nbsp;**Portfolio Managers of Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 14.** | &nbsp;&nbsp;**Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 15.** | &nbsp;&nbsp;**Submission of Matters to a Vote of Security Holders.** |
|  | &nbsp;&nbsp;There were no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. |
| &nbsp;&nbsp;**Item 16.** | &nbsp;&nbsp;**Controls and Procedures.** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;There have been no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting. |
| &nbsp;&nbsp;**Item 17.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 18.** | &nbsp;&nbsp;**Recovery of Erroneously Awarded Compensation.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 19.** | &nbsp;&nbsp;**Exhibits** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;[Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](codeofethics.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;DWS Equity 500 Index VIP, a series of Deutsche DWS Investments VIT Funds |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/17/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/17/2026 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/17/2026 |

---

## Ex-99.Code

**DWS Funds and Germany Funds** 

**Code of Ethics**

**Last reviewed April 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>General</u>** 

While affirming its confidence in the integrity and good faith of all of its officers and directors (references to a "director" apply to a trustee if the Fund is a business trust), the Fund recognizes that the knowledge of present or future portfolio transactions and/or, in certain instances, the power to influence portfolio transactions which may be possessed by certain of its officers or directors, could place such individuals, if they engage in personal securities transactions, in a position where their personal interests may conflict with that of the Fund. In view of this and of the provisions of Rule 17j-1(b) under the Investment Company Act of 1940, as amended ("1940 Act"), the Fund has determined to adopt this Code of Ethics (the "Code") to specify and prohibit certain types of personal securities transactions that may create conflicts of interest and to establish reporting requirements and enforcement procedures.

This Code is divided into six parts. The first part contains definitions. The second part contains provisions applicable to any officer, director, trustee or employee of the Funds, Adviser, Sub-Advisers or Distributor. The third part contains provisions applicable to any officer, director, trustee or employee of the Funds, Adviser, Sub-Advisers or Distributor, but excluding Distributor employees and other employees who do not make investment recommendations. The fourth part contains provisions applicable to the Adviser, Sub-Adviser, and Distributor. The fifth part contains provisions relating to the review of reports. The final part contains record-keeping and other provisions.

The Adviser imposes stringent reporting requirements and restrictions on the personal securities transactions of its personnel. The Fund has determined that the high standards established by the Adviser may be appropriately applied by the Fund to its officers and those of its directors who are affiliated with the Adviser and, accordingly, may have frequent opportunities for knowledge of and, in some cases, influence over Fund portfolio transactions.

All parts of the Code of Ethics – DWS Group (U.S. Registered Entities) are hereby incorporated by reference as the "Adviser's Code of Ethics" applicable to officers and directors of the Fund who are officers, directors or employees of DWS or an affiliate thereof.

Rule 17j-1 (c)(1)(ii) requires that a majority of the board of directors, including a majority of the independent directors, must approve the written Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>Definitions</u>** 

For purposes of this Code, the following terms have the meanings set forth as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. " <u>Access Person</u> " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All of a Fund's directors, officers, and general partners, and any Advisory Person of a Fund or of a Fund's Adviser or Sub-Adviser. If an investment adviser's primary business is advising Funds or other advisory clients, all of the investment adviser's directors, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If an investment adviser is primarily engaged in a business or businesses other than advising Funds or other advisory clients, the term Access Person means any director, officer, general partner or Advisory Person of the investment adviser who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation will be made, or whose principal function or duties relate to the determination of which recommendation will be made, or who, in connection with his or her duties, obtains any information concerning recommendations on Covered Securities being made by the investment adviser to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) An investment adviser is "primarily engaged in a business or businesses other than advising Funds or other advisory clients" if, for each of its most recent three fiscal years or for the period of time since its organization, whichever is less, the investment adviser derived, on an unconsolidated basis, more than 50 percent of its total sales and revenues and more than 50 percent of its income (or loss), before income taxes and extraordinary items, from the other business or businesses.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Adviser</u> " means DWS Investment Management Americas, Inc. or, in the case of the Germany Funds, DWS International GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. " <u>Advisory Person</u> " is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any employee, director, general partner, (or any company in a controlled relationship to the Fund or Adviser or Sub-Adviser), trustee or officer of a Fund, Adviser or Sub-Adviser who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the Purchase or Sale of a Security by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any natural person in a Control relationship to a Fund, Adviser or Sub-Adviser who obtains information concerning recommendations made to the Fund with regard to the Purchase or Sale of a Security by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. " <u>Automatic Investment Plan</u> " means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. " <u>Beneficial Ownership</u> " of a Security is to be determined in the same manner as it is for purposes of Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. This means that a person should generally consider himself or herself the beneficial owner of any securities of which he or she shares in the profits, even if he or she has no influence on voting or disposition of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Control</u> " shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Section 2(a)(9) defines "control" as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof control over the company. Such presumption may be countered by the facts and circumstances of a given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. " <u>Covered Persons</u> " means any officer, director, trustee or employee of the Funds, Adviser, Sub-Advisers or Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. " <u>Derivative</u> " means options, futures contracts, options on futures contracts, swaps, caps and the like, where the underlying instrument is a Security, a securities index, a financial indicator, or a precious metal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. " <u>Distributor</u> " means DWS Distributors, Inc. for the DWS Funds (excluding closed-end funds) only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. " <u>DWS</u> " means the Advisor and the Distributor, which are indirect subsidiaries of DWS Group GmbH & Co. KGaA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. " <u>Compliance Department</u> " means the DWS Compliance Department and/or Deutsche Bank's Employee Compliance Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. " <u>Fund</u> " means any fund overseen by any of the Board of Directors for any DWS Fund or Germany Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. " <u>Independent Director</u> " means a director or trustee of a Fund who is not an "interested person" of the Fund within the meaning of Section 2 (a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. " <u>Investment Personnel</u> " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any employee of the Fund or Adviser or Sub-Adviser (or of any company in a control relationship to the Fund or Adviser or Sub-Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the Purchase or Sale of Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any natural person who controls the Fund or Adviser and who obtains information concerning recommendations made to the Fund regarding the Purchase or Sale of Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. " <u>Initial Public Offering</u> " or " <u>IPO</u> " means an offering of securities registered under the Securities Act of 1933 [15 U.S.C. 77a], the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934 [15 U.S.C. 78m or 78o(d)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. " <u>Limited Offering</u> " means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) [15 U.S.C. 77d (2) or 77d(6)] or pursuant to rule 504, rule 505, or rule 506 [ 17 CFR 230.504 , 230.505 , or 230.506 ] under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. " <u>Purchase or Sale of a Security</u> " means obtaining or disposing of "Beneficial Ownership" of that Security and includes, among other things, the writing of an option to purchase or sell a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. " <u>Review Officer</u> " means the person responsible for receiving and reviewing quarterly and annual reports submitted by the Independent Directors as designated on  **<u>Appendices A, B and C</u>** , respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. " <u>Security</u> " shall have the same meaning as that set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include direct obligations of the Government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (including repurchase agreements) and shares issued by registered, open-end investment companies not advised by DWS or its affiliates. The term "Security" includes any separate security which is convertible into, exchangeable for or which carries a right to purchase a security and also includes derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. " <u>Sub-Adviser</u> " means any registered investment adviser to any of the DWS Funds, to whom the Adviser delegates certain investment management responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>General Principles Applicable to Covered Persons</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Introduction</u>.

Although certain provisions of this Code apply only to Access Persons, all Covered Persons are subject to the prohibitions of Rule 17j-1 against fraudulent, deceptive and manipulative practices and to the general fiduciary principles as set forth in III.B., III.C., and III.D. below.

Every Covered Person should appreciate the need to behave in an ethical manner with respect to the Funds. In particular, all Covered Persons who are involved in any way with the activities of a Fund should be wary of any potential conflicts between their duty of loyalty to a Fund and their own financial interests, particularly with respect to their own securities trading activities. Covered Persons should take care to preserve the confidentiality of the Funds' business affairs. Covered Persons who are not "Access Persons" but who become aware of proposed fund securities transactions should not engage in transactions in those same securities without the permission of the Chief Compliance Officer of the Fund (or his designee). Otherwise, Covered Persons who are not Access Persons are not limited in their personal securities transactions by this Code, but such Covered Persons are encouraged to consult with the Compliance Department if they have any doubts about the applicability of the Code to any proposed transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The provisions of this Code applies to Independent Directors or other Covered Persons who are not subject to the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Statement of General Fiduciary Principles</u>.

The following principles are the policy of the Fund and are the obligations of all Covered Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is the duty of all Covered Persons at all times to place the interests of Fund shareholders first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal securities transactions must be conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Covered Persons must not take inappropriate advantage of their positions or the information they acquire, with or on behalf of a Fund, Adviser, Sub-Adviser and/or Distributor, to the detriment of shareholders of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Fraudulent Practices</u>.

Rule 17j-1(b) makes it unlawful for any Covered Person, in connection with the purchase or sale, directly or indirectly, by the person of a Security held or to be acquired by the Fund, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. make to a Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engage in any manipulative practice with respect to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>Reporting Requirement for All Access Persons</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Unless exempted by paragraph B of this section, every Access Person (other than a person covered by a code of ethics pursuant to Section V below) of a Fund (other than a money market fund or a Fund that does not invest in Securities), must file the reports detailed in paragraphs C, D, and E of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Investments in IPOs and Limited Offerings (i.e., Private Placements)</u>.

Investment Personnel of a Fund or its Adviser are prohibited from purchasing or subscribing for Securities pursuant to an initial public offering. Prior to effecting a transaction in Limited Offerings (i.e., Securities not requiring registration with the Securities and Exchange Commission and sold directly to the investor), all employees must first, in accordance with DWS policy, obtain the approval of his/her supervisor and then pre-clear the transaction with Employee Compliance, including completing the Conflicts Questionnaire. Any person who has previously purchased Limited Offerings must disclose such purchases to the Compliance Department before he or she participates in a fund's or an advisory client's subsequent consideration of an investment in the Securities of the same or a related issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Exemptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A person need not make a report under paragraph A of this section with respect to transactions effected for, and Securities held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An Independent Director of the Fund who would be required to make a report solely by reason of being a Fund director, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) An Initial Holdings Report under paragraph C of this section and an Annual Holdings Report under paragraph D of this section; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A Quarterly Transaction Report under paragraph E of this section, unless the director knew or, in the ordinary course of fulfilling his or her official duties as a Fund director, should have known that during the 15-day period immediately before or after the director's transaction in a Security, the Fund purchased or sold the Security, or the Fund or its investment adviser considered purchasing or selling the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Access Persons shall not be required to make a quarterly transaction report under paragraph D of this section with respect to purchases that are part of an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Initial Holdings Reports</u>. Within ten (10) days of commencing service as an Access Person, each Access Person must report all holdings of securities in which he/she has beneficial ownership (use **Appendix B**). These Access Persons must file such reports even if they have no holdings. The information in the initial holding report must be current to forty-five (45) days of the date the person becomes an Access Person. The initial holding report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, number of shares and principal amount of each Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Annual Holdings Reports</u>. Annually, all Access Persons shall also submit an Annual Holdings Report which includes an acknowledgement of obligations under the Code (use **Appendix C**) within forty-five (45) days of such report being requested from an Access Person by the Review Officer or his/her alternate. The Annual Holdings Report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, number of shares and principal amount of each covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Quarterly Transaction Reports</u>. Every quarterly transaction report shall indicate the date it was submitted and be made not later than thirty (30) days after the end of the calendar quarter in which the transaction to which the report relates was effected. **Appendix A** shall be used to report transactions required to be reported pursuant hereto. The quarterly transaction report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any transaction during the quarter in a covered Security in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The price of the covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>Requirements Applicable to Adviser, Sub-Adviser, and Distributor</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The requirements of this Code are not applicable to any Covered Person or Access Person to the Fund who is subject to a code of ethics adopted by an Adviser, Sub-Adviser, or Distributor of the Fund (as such terms are defined in **Section II**), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such code of ethics complies with the requirements of Rule 17j-1 and has been approved by the Board of Directors/Trustees of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. such Adviser, Sub-Adviser, or Distributor has certified to the Board of Directors/Trustees of the Fund that it has adopted procedures reasonably necessary to prevent Access Persons from violating such code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Adviser, Sub-Adviser, and Distributor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. submit to the Fund a copy of the code of ethics adopted pursuant to Rule 17j-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. promptly report to the Fund in writing any material amendments to such code of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. furnish to the Fund upon request (and in any event no less than quarterly) written reports which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) describe any issues arising under the code of ethics or procedures during the period specified including (but not limited to) information about material violations of the code of ethics or procedures and sanctions imposed in response to material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) certify that it has adopted procedures reasonably necessary to prevent an Access Persons from violating the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Exception for Distributor</u>.

Pursuant to Rule 17j-1; the requirements set forth in V.A. and V.B. do not apply to the Distributor unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Distributor is an affiliated person of the Fund or of the Fund's investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. an officer, director or general partner of the Distributor serves as an officer, director or general partner of the Fund or of the Fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.**  **<u>Review of Reports and Sanctions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Review</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Review Officer shall compare the reported personal holdings and personal securities transactions with completed and contemplated portfolio transactions of the Fund to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Review Officer shall give such person an opportunity to supply additional explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Review Officer determines that a violation of this Code has or may have occurred, he/she shall submit his/her written determination, together with the reports and any additional explanatory material provided by the individual to the Compliance Department, who shall make an independent determination of whether a violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Review Officer may appoint an alternate to act as Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directors. If the Compliance Department determines that a violation of this Code has occurred by a Director, the Compliance Department shall so advise a committee consisting of the Independent Directors, other than the person whose transaction is under consideration, and shall provide the committee with the report, the record of pertinent actual or contemplated portfolio transactions of the Fund and any additional material supplied by such person. The committee, at its option, shall either impose such sanction as it deems appropriate or refer the matter to the entire Board of Directors, which shall impose such sanctions as are deemed appropriate. The sanctions that may be imposed hereunder include, without limitation, reversing the improper personal securities transaction and/or disgorging any profit realized, censure, imposition of restrictions on personal trading and fines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Directors. If the Compliance Department determines that a violation of this Code has occurred by any Access Person other than a Director, the procedures of the Adviser's Code of Ethics or the relevant Sub-Adviser's code of ethics should be used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Annual Report</u>.

The Review Officer or the Review Officer's alternate shall report annually to the Board of Directors concerning issues arising under this Code or existing procedures and any material changes to those procedures, as well as any material violations and sanctions imposed during the past year which related to the Fund. Such report shall be in writing and include any certification required by law. Such report may be made jointly with the report provided by the Adviser pursuant to the Adviser's Code of Ethics or, if made separately, need not duplicate information provided in the Adviser's report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Records</u>.

The Fund shall maintain records in the manner and to the extent set forth below, which records may be maintained on microfilm or such other medium permitted under Rule 31a-2(f) of the 1940 Act and shall be made available for examination by representatives of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code and any other Code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of such Code(s) and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report made by an Access Person pursuant to such Code(s), including any information provided in lieu of such reports, shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A list of all persons who are, or within the past five years have been, required to make reports pursuant to such Code(s) shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A list of names of all persons who are, or within the past five years, have been responsible for reviewing any transaction or holdings reports filed pursuant to such code(s) shall be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A copy of each report made to the Board of Directors pursuant to such Code(s) shall be maintained for at least five (5) years after the end of the fiscal year in which it was made, the first two (2) years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Amendments to the Code</u>.

Any material amendments to this Code shall be approved by the Board of Directors of the Fund, including a majority of Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Confidentiality</u>.

All reports of securities transactions and any other information filed with the Fund pursuant to this Code shall be treated as confidential, except as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Interpretation of Provisions</u>.

The Board of Directors may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Reports Are Not Admissions</u>.

Any transaction or holdings report may contain a statement that the report shall not be construed as an admission by the person making such report that he/she has any direct or indirect beneficial ownership in the security to which the report relates.

**<u>APPENDIX A</u>**

**QUARTERLY PERSONAL SECURTIES TRANSACTIONS REPORT FOR INDEPENDENT DIRECTORS**

*An Independent Director is required to complete this report ONLY if the Director knew or, in the ordinary course of fulfilling his/her official duties as a Fund Director or Trustee should have known, that during the 15-day period immediately before or after the director's or trustee's transaction, such Security is or was Purchased or Sold, or considered for Purchase or Sale, by a Fund. Reports are due within 30 calendar days after the end of the calendar quarter.* 

Name of Reporting Person:

Calendar Quarter Ended:

<u>Securities Transactions</u>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Date of Transaction | &nbsp;&nbsp;Name of Issuer and Title of Security | &nbsp;&nbsp;CUSIP / Ticker Symbol | &nbsp;&nbsp;Number of Shares, Principal Amount, Maturity Date and Interest Rate (if applicable) | &nbsp;&nbsp;Type of Transaction | &nbsp;&nbsp;Price | &nbsp;&nbsp;Principal Amount | &nbsp;&nbsp;Name of Broker, Dealer or Bank Effecting Transaction | &nbsp;&nbsp;Disclaim Beneficial Ownership? (indicate by "X")<sup>\*</sup> | &nbsp;&nbsp; <br>Broker Who Established Account | &nbsp;&nbsp; <br>Date Account Established |

---

**I certify that I have included on this report all securities transactions required to be reported pursuant to the Code of Ethics.**

**Signature Date**

Please return this form to: Scott Hogan or Eddie Chenea via email at scott-d.hogan@dws.com or eddie.chenea@dws.com or mail at DWS Compliance, 100 Summer Street, 8<sup>th</sup> Floor, Boston, MA 02110, USA.

Questions should be directed to Scott Hogan at (617) 295-3986 or Eddie Chenea at (617) 295-1714.

**NOTE:** Use additional forms if necessary to report all transactions.

**SALES OR OTHER DISPOSITIONS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Units | &nbsp;&nbsp; Ticker/<br> Cusip | &nbsp;&nbsp;Issuer/ Company | &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;Price | &nbsp;&nbsp; Principal<br> Amount | &nbsp;&nbsp; Broker/<br> Dealer/Bank(1) | &nbsp;&nbsp;Acct # | &nbsp;&nbsp; Interest<br> Rate(2) | &nbsp;&nbsp;Maturity<br> Date(2) | &nbsp;&nbsp; Gift/<br> AIP/NBI(3) |

---

**PURCHASES OR OTHER ACQUISITIONS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Units | &nbsp;&nbsp; Ticker/<br> Cusip | &nbsp;&nbsp; Issuer/<br> Company | &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;Price | &nbsp;&nbsp; Principal<br> Amount | &nbsp;&nbsp; Broker/<br> Dealer/Bank(1) | &nbsp;&nbsp;Acct # | &nbsp;&nbsp; Interest<br> Rate(2) | &nbsp;&nbsp;Maturity<br> Date(2) | &nbsp;&nbsp; Gift/<br> AIP/NBI(3) |

---

**DID YOU ESTABLISH ANY INVESTMENT ACCOUNTS (I.E., BROKER/DEALER/BANK) THIS QUARTER? IF SO INSERT THE FOLLOWING** 

**INFORMATION BELOW:**

**Name of Broker, Dealer or Bank where account was established** 

**Account Number** 

**Date Account was opened** 

FOOTNOTES

<sup>(</sup>1<sup>)</sup> If you have made a direct issuer trade (i.e. traded directly with the company) enter N/A in this column.

<sup>(</sup>2<sup>)</sup> For Fixed Income securities only.

<sup>(</sup>3<sup>)</sup> Indicate here if transaction is a Gift, Automatic Investment Plan (AIP), or No Beneficial Ownership (NBI-you claim that you do not have any direct or indirect beneficial ownership in such transactions).

**APPENDIX B**

**PERSONAL SECURITIES HOLDINGS REPORT** 

**Return To:** 

**Scott Hogan or Eddie Chenea via email at scott-d.hogan@dws.com or eddie.chenea@dws.com or mail at DWS Compliance, 100 Summer Street, 8<sup>th</sup> Floor, Boston, MA 02110, USA**

&nbsp;&nbsp;&nbsp; <br> Name____________________________________________ <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(print) <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Symbol**<br> **(or CUSIP)** | &nbsp;&nbsp;**Issuer/Company** | &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Principal Amt.** | &nbsp;&nbsp; **Number of**<br> **Shares** <br>| &nbsp;&nbsp; **Name of**<br> **Broker/Dealer**<br> **or Bank** | &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp; **Name in which**<br> **Security/Acct.**<br> **is held** |

---

The undersigned does not by this report admit that he/she has any direct or indirect beneficial ownership in the securities listed.

□ I certify that the securities listed above and/or the holdings statements attached reflect <u>all</u> my reportable securities holdings as of a date not earlier than 45 days prior to the date of my submission of this Report.

□ I currently have no reportable securities holdings to report.

Not all securities are required to be reported. Please see Section II.R. for a definition of securities.

 **__________________________ _____________**

**Signature Date**

**APPENDIX C**

**Return Completed Form to: Scott Hogan or Eddie Chenea via email at scott-d.hogan@dws.com or eddie.chenea@dws.com or mail at DWS Compliance, 100 Summer Street, 8<sup>th</sup> Floor, Boston, MA 02110, USA.**

**Annual Holdings Under the Code**

___________________________________________

Name (print clearly)

**I.CODE OF ETHICS**

I understand that my signature below means that I *have read/reread* and understand the Code. Further, I have reported all personal holdings and transactions required to be reported pursuant to the requirements of the Code and have complied with the provisions of the Code applicable to me over the past year and will continue to comply with such provisions.

**II.CHECK THE APPROPRIATE STATEMENTS:**

(a) [ ] I am an Affiliated Director:

(b) [ ] I am an Unaffiliated but not an Independent Director:

(1) The following is a complete list of all broker, dealer or bank accounts that contain holdings wherein I have beneficial ownership:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp;**Broker Name** |

---

*and*

(2) [ ] I have arranged for provision of a complete report of all my holdings information in the form of duplicate account statements for all of my covered accounts. (Only those securities meeting the definition set in Section II.R. need to be reported); *or*

(3) [ ] I have not arranged for provision of all of my holdings, so I have submitted a supplemental report of all current holdings concurrently herewith (Use Appendix B to list additional holdings not on file).

Signature Date

------

<sup>\*</sup> If you do not want this report to be construed as an admission that you have Beneficial Ownership of a particular security, please indicate this by marking an "X" in the box.

## Ex-99.Cert

**Principal Executive Officer**

**Form N-CSR Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of DWS Equity 500 Index VIP, a series of Deutsche DWS Investments VIT Funds, on Form N-CSR;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/17/2026 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**Form N-CSR Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of DWS Equity 500 Index VIP, a series of Deutsche DWS Investments VIT Funds, on Form N-CSR;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/17/2026 | &nbsp;&nbsp;<u>/s/ Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---

## Exhibit 99.906

**Principal Executive Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of DWS Equity 500 Index VIP, a series of Deutsche DWS Investments VIT Funds, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/17/2026 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of DWS Equity 500 Index VIP, a series of Deutsche DWS Investments VIT Funds, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/17/2026 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---