# EDGAR Filing Document

**Accession Number:** 0001006373
**File Stem:** 0000088053-25-000701
**Filing Date:** 2025-8
**Character Count:** 231734
**Document Hash:** 908b818bbbcefe9efeb15a54e5c321a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-25-000701.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0000088053-25-000701

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**EFFECTIVENESS DATE**: 20250820

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07507
- **FILM NUMBER:** 251234987

**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 Small Cap Index VIP (Series ID: S000006223)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017156 | Class A      |  |
| C000017157 | 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-CSRS

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: 6/30/2025

---

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

---

# DWS Small Cap Index VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i6137a144cbb66acb1054e01b.jpg)

This semi-annual shareholder report contains important information about DWS Small Cap Index VIP (the "Fund") for the period January 1, 2025 to June 30, 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 six months?
(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 | $19 | 0.39%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.42%. 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.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 397571677 |
| Number of Portfolio Holdings | 2000 |
| Portfolio Turnover Rate (%) | 11 |
| Total Net Advisory Fees Paid ($) | 463469 |

---

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 98% |
| Cash Equivalents | 2% |
| Government & Agency Obligations | 0% |
| Rights | 0% |
| Other Investments | 0% |
| Warrants | 0% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 19% |
| Industrials | 17% |
| Health Care | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 10% |
| Real Estate | 6% |
| Energy | 5% |
| Materials | 4% |
| Utilities | 3% |
| Communication Services | 3% |
| Consumer Staples | 2% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **3.5% of Net Assets** |
| Credo Technology Group Holding Ltd. | 0.5% |
| Fabrinet | 0.4% |
| IonQ, Inc. | 0.4% |
| Hims & Hers Health, Inc. | 0.4% |
| HealthEquity, Inc. | 0.3% |
| The Ensign Group, Inc. | 0.3% |
| Fluor Corp. | 0.3% |
| Blueprint Medicines Corp. | 0.3% |
| AeroVironment, Inc. | 0.3% |
| Brinker International, Inc. | 0.3% |

---

## 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. Smaller company stocks tend to be more volatile than medium-sized or large company stocks. The Fund may lend securities to approved institutions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. 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.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **vit-scif** - **TSRS** - **A** 

## R-101781-2 (08/25)

# DWS Small Cap Index VIP

# Class B

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i6137a144cbb66acb1054e01b.jpg)

This semi-annual shareholder report contains important information about DWS Small Cap Index VIP (the "Fund") for the period January 1, 2025 to June 30, 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 six months?
(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 | $33 | 0.67%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.72%. 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.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 397571677 |
| Number of Portfolio Holdings | 2000 |
| Portfolio Turnover Rate (%) | 11 |
| Total Net Advisory Fees Paid ($) | 463469 |

---

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 98% |
| Cash Equivalents | 2% |
| Government & Agency Obligations | 0% |
| Rights | 0% |
| Other Investments | 0% |
| Warrants | 0% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 19% |
| Industrials | 17% |
| Health Care | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 10% |
| Real Estate | 6% |
| Energy | 5% |
| Materials | 4% |
| Utilities | 3% |
| Communication Services | 3% |
| Consumer Staples | 2% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **3.5% of Net Assets** |
| Credo Technology Group Holding Ltd. | 0.5% |
| Fabrinet | 0.4% |
| IonQ, Inc. | 0.4% |
| Hims & Hers Health, Inc. | 0.4% |
| HealthEquity, Inc. | 0.3% |
| The Ensign Group, Inc. | 0.3% |
| Fluor Corp. | 0.3% |
| Blueprint Medicines Corp. | 0.3% |
| AeroVironment, Inc. | 0.3% |
| Brinker International, Inc. | 0.3% |

---

## 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. Smaller company stocks tend to be more volatile than medium-sized or large company stocks. The Fund may lend securities to approved institutions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. 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.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **vit-scif** - **TSRS** - **B** 

## R-101781-2 (08/25)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**Item 2.** | &nbsp;&nbsp;**Code of Ethics.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 3.** | &nbsp;&nbsp;**Audit Committee Financial Expert.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**Principal Accountant Fees and Services.** |
|  | &nbsp;&nbsp;Not applicable |
| &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) |

---

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Investments VIT Funds

**DWS Small Cap Index VIP**

![](imgc2760c1b1.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_c429389d-f56c-4a68-9887-e5dbc64649d7_SOI-CC-Financial-RunningFooter-355_1) |
| **29** | [Statement of Assets and Liabilities](#xx_c429389d-f56c-4a68-9887-e5dbc64649d7_FS-CC-Financial-RunningFooter-355_1) |
| **29** | [Statement of Operations](#xx_c429389d-f56c-4a68-9887-e5dbc64649d7_FS-CC-Financial-RunningFooter-355_1) |
| **30** | [Statements of Changes in Net Assets](#xx_c429389d-f56c-4a68-9887-e5dbc64649d7_FS-CC-Financial-RunningFooter-355_2) |
| **31** | [Financial Highlights](#xx_c429389d-f56c-4a68-9887-e5dbc64649d7_FIHI-CC-Financial-RunningFooter-355_1) |
| **33** | [Notes to Financial Statements](#xx_c429389d-f56c-4a68-9887-e5dbc64649d7_NTF-CC-Financial-RunningFooter-355_1) |
| **39** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_c429389d-f56c-4a68-9887-e5dbc64649d7_AABCF-CC-Financial-RunningFooter-355_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 Small Cap Index VIP  |

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 98.1%** | **Common Stocks 98.1%** |  |
| **Communication Services 2.6%** | **Communication Services 2.6%** |  |
| **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** |  |
| Anterix, Inc.\* | 1973 | &nbsp;&nbsp; 50608 |
| ATN International, Inc. | 1541 | &nbsp;&nbsp; 25041 |
| Bandwidth, Inc. "A"\* | 3907 | &nbsp;&nbsp; 62121 |
| Cogent Communications <br> Holdings, Inc.<br>| 6892 | &nbsp;&nbsp; 332263 |
| Globalstar, Inc.\* | 7678 | &nbsp;&nbsp; 180817 |
| IDT Corp. "B" | 2494 | &nbsp;&nbsp; 170390 |
| Liberty Latin America Ltd. <br> "A"\*<br>| 4826 | &nbsp;&nbsp; 29439 |
| Liberty Latin America Ltd. <br> "C"\*<br>| 19073 | &nbsp;&nbsp; 118634 |
| Lumen Technologies, Inc.\* | 146214 | &nbsp;&nbsp; 640417 |
| Shenandoah <br> Telecommunications Co.<br>| 7763 | &nbsp;&nbsp; 106043 |
|  |  | &nbsp;&nbsp; **1715773** |
| **Entertainment 0.5%** | **Entertainment 0.5%** |  |
| Amc Entertainment <br> Holdings, Inc. "A"\*<br>| 66680 | &nbsp;&nbsp; 206708 |
| Atlanta Braves Holdings, Inc. <br> "A"\* (a)<br>| 1002 | &nbsp;&nbsp; 49308 |
| Atlanta Braves Holdings, Inc. <br> "C"\*<br>| 7105 | &nbsp;&nbsp; 332301 |
| Cinemark Holdings, Inc. | 16340 | &nbsp;&nbsp; 493141 |
| CuriosityStream, Inc. | 4919 | &nbsp;&nbsp; 27694 |
| Eventbrite, Inc. "A"\* | 10777 | &nbsp;&nbsp; 28344 |
| Gaia, Inc.\* | 2601 | &nbsp;&nbsp; 11418 |
| Golden Matrix Group, <br> Inc.\* (a)<br>| 3627 | &nbsp;&nbsp; 6166 |
| IMAX Corp.\* | 6624 | &nbsp;&nbsp; 185207 |
| Lionsgate Studios Corp.\* | 29461 | &nbsp;&nbsp; 171168 |
| Madison Square Garden <br> Entertainment Corp.\*<br>| 6083 | &nbsp;&nbsp; 243138 |
| Marcus Corp. | 3636 | &nbsp;&nbsp; 61303 |
| Playstudios, Inc.\* | 13461 | &nbsp;&nbsp; 17634 |
| Playtika Holding Corp. | 8601 | &nbsp;&nbsp; 40683 |
| Reservoir Media, Inc.\* | 2965 | &nbsp;&nbsp; 22742 |
| Sphere Entertainment Co.\* | 4263 | &nbsp;&nbsp; 178193 |
| Starz Entertainment Corp.\* | 1969 | &nbsp;&nbsp; 31642 |
| Vivid Seats, Inc. "A"\* | 9683 | &nbsp;&nbsp; 16364 |
|  |  | &nbsp;&nbsp; **2123154** |
| **Interactive Media & Services 0.7%** | **Interactive Media & Services 0.7%** |  |
| Angi, Inc.\* | 6644 | &nbsp;&nbsp; 101387 |
| Arena Group Holdings, Inc.\* | 2001 | &nbsp;&nbsp; 12406 |
| Bumble, Inc. "A"\* | 11161 | &nbsp;&nbsp; 73551 |
| Cargurus, Inc.\* | 12616 | &nbsp;&nbsp; 422258 |
| Cars.com, Inc.\* | 8920 | &nbsp;&nbsp; 105702 |
| EverQuote, Inc. "A"\* | 4198 | &nbsp;&nbsp; 101508 |
| fuboTV, Inc.\* | 51438 | &nbsp;&nbsp; 198551 |
| Getty Images Holdings, <br> Inc.\* (a)<br>| 15858 | &nbsp;&nbsp; 26324 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Grindr, Inc.\* | 5122 | &nbsp;&nbsp; 116269 |
| MediaAlpha, Inc. "A"\* | 5118 | &nbsp;&nbsp; 56042 |
| Nextdoor Holdings, Inc.\* | 32311 | &nbsp;&nbsp; 53636 |
| QuinStreet, Inc.\* | 8193 | &nbsp;&nbsp; 131907 |
| Rumble, Inc.\* | 12072 | &nbsp;&nbsp; 108407 |
| Shutterstock, Inc. | 3815 | &nbsp;&nbsp; 72332 |
| Teads Holding Co.\* | 6035 | &nbsp;&nbsp; 14967 |
| Travelzoo\* | 977 | &nbsp;&nbsp; 12437 |
| TripAdvisor, Inc.\* | 17827 | &nbsp;&nbsp; 232642 |
| TrueCar, Inc.\* | 13390 | &nbsp;&nbsp; 25441 |
| Vimeo, Inc.\* | 24113 | &nbsp;&nbsp; 97417 |
| VTEX "A"\* | 8838 | &nbsp;&nbsp; 58331 |
| Webtoon Entertainment, <br> Inc.\*<br>| 2397 | &nbsp;&nbsp; 21765 |
| Yelp, Inc.\* | 9573 | &nbsp;&nbsp; 328067 |
| Ziff Davis, Inc.\* | 6529 | &nbsp;&nbsp; 197633 |
| ZipRecruiter, Inc. "A"\* | 10123 | &nbsp;&nbsp; 50716 |
|  |  | &nbsp;&nbsp; **2619696** |
| **Media 0.8%** | **Media 0.8%** |  |
| Advantage Solutions, Inc.\* | 16906 | &nbsp;&nbsp; 22316 |
| Altice USA, Inc. "A"\* | 40066 | &nbsp;&nbsp; 85741 |
| AMC Networks, Inc. "A"\* (a) | 4957 | &nbsp;&nbsp; 31080 |
| Boston Omaha Corp. "A"\* | 3337 | &nbsp;&nbsp; 46851 |
| Cable One, Inc. | 790 | &nbsp;&nbsp; 107290 |
| EchoStar Corp. "A"\* | 20784 | &nbsp;&nbsp; 575717 |
| Emerald Holding, Inc. (a) | 2534 | &nbsp;&nbsp; 12290 |
| Entravision Communications <br> Corp. "A"<br>| 9494 | &nbsp;&nbsp; 22026 |
| Gambling.com Group Ltd.\* | 2441 | &nbsp;&nbsp; 29023 |
| Gannett Co., Inc.\* | 22127 | &nbsp;&nbsp; 79215 |
| Gray Media, Inc. | 13358 | &nbsp;&nbsp; 60512 |
| Ibotta, Inc. "A"\* (a) | 2001 | &nbsp;&nbsp; 73236 |
| iHeartMedia, Inc. "A"\* | 16153 | &nbsp;&nbsp; 28429 |
| Integral Ad Science Holding <br> Corp.\*<br>| 11672 | &nbsp;&nbsp; 96994 |
| John Wiley & Sons, Inc. "A" | 6309 | &nbsp;&nbsp; 281571 |
| Magnite, Inc.\* | 21452 | &nbsp;&nbsp; 517422 |
| National CineMedia, Inc. | 9809 | &nbsp;&nbsp; 47525 |
| Newsmax, Inc.\* | 1160 | &nbsp;&nbsp; 17551 |
| Nexxen International Ltd.\* | 5815 | &nbsp;&nbsp; 60534 |
| PubMatic, Inc. "A"\* | 6391 | &nbsp;&nbsp; 79504 |
| Scholastic Corp. | 3319 | &nbsp;&nbsp; 69633 |
| Sinclair, Inc. | 5941 | &nbsp;&nbsp; 82105 |
| Stagwell, Inc.\* | 17759 | &nbsp;&nbsp; 79915 |
| TechTarget, Inc.\* | 4134 | &nbsp;&nbsp; 32121 |
| TEGNA, Inc. | 24716 | &nbsp;&nbsp; 414240 |
| The E.W. Scripps Co. "A"\* | 9031 | &nbsp;&nbsp; 26551 |
| Thryv Holdings, Inc.\* | 5779 | &nbsp;&nbsp; 70273 |
| WideOpenWest, Inc.\* | 7728 | &nbsp;&nbsp; 31376 |
|  |  | &nbsp;&nbsp; **3081041** |
| **Wireless Telecommunication Services 0.2%** | **Wireless Telecommunication Services 0.2%** |  |
| Gogo, Inc.\* | 10491 | &nbsp;&nbsp; 154008 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Spok Holdings, Inc. | 3150 | &nbsp;&nbsp; 55692 |
| Telephone & Data Systems, <br> Inc.<br>| 15045 | &nbsp;&nbsp; 535301 |
|  |  | &nbsp;&nbsp; **745001** |
| **Consumer Discretionary 9.9%** | **Consumer Discretionary 9.9%** |  |
| **Automobile Components 1.2%** | **Automobile Components 1.2%** |  |
| Adient PLC\* | 12869 | &nbsp;&nbsp; 250431 |
| American Axle & <br> Manufacturing Holdings, <br> Inc.\*<br>| 17964 | &nbsp;&nbsp; 73293 |
| Cooper-Standard Holdings, <br> Inc.\*<br>| 2694 | &nbsp;&nbsp; 57921 |
| Dana, Inc. | 20278 | &nbsp;&nbsp; 347768 |
| Dorman Products, Inc.\* | 4225 | &nbsp;&nbsp; 518281 |
| Fox Factory Holding Corp.\* | 6412 | &nbsp;&nbsp; 166327 |
| Garrett Motion, Inc. | 19431 | &nbsp;&nbsp; 204220 |
| Gentherm, Inc.\* | 4639 | &nbsp;&nbsp; 131237 |
| Goodyear Tire & Rubber <br> Co.\*<br>| 40003 | &nbsp;&nbsp; 414831 |
| Holley, Inc.\* | 7454 | &nbsp;&nbsp; 14908 |
| LCI Industries | 3788 | &nbsp;&nbsp; 345428 |
| Luminar Technologies, <br> Inc.\* (a)<br>| 6046 | &nbsp;&nbsp; 17352 |
| Modine Manufacturing Co.\* | 8029 | &nbsp;&nbsp; 790857 |
| Motorcar Parts of America, <br> Inc.\*<br>| 2784 | &nbsp;&nbsp; 31181 |
| Patrick Industries, Inc. | 4987 | &nbsp;&nbsp; 460150 |
| Phinia, Inc. | 6024 | &nbsp;&nbsp; 268008 |
| Solid Power, Inc.\* (a) | 21728 | &nbsp;&nbsp; 47584 |
| Standard Motor Products, <br> Inc.<br>| 3265 | &nbsp;&nbsp; 100301 |
| Strattec Security Corp.\* | 592 | &nbsp;&nbsp; 36828 |
| Visteon Corp.\* | 4201 | &nbsp;&nbsp; 391953 |
| XPEL, Inc. 144A\* | 3770 | &nbsp;&nbsp; 135343 |
|  |  | &nbsp;&nbsp; **4804202** |
| **Automobiles 0.0%** | **Automobiles 0.0%** |  |
| Faraday Future Intelligent <br> Electric, Inc.\*<br>| 13328 | &nbsp;&nbsp; 22391 |
| Livewire Group, Inc.\* (a) | 5587 | &nbsp;&nbsp; 25700 |
| Winnebago Industries, Inc. | 4072 | &nbsp;&nbsp; 118088 |
|  |  | &nbsp;&nbsp; **166179** |
| **Broadline Retail 0.1%** | **Broadline Retail 0.1%** |  |
| Groupon, Inc.\* (a) | 3832 | &nbsp;&nbsp; 128181 |
| Kohl's Corp. | 16659 | &nbsp;&nbsp; 141268 |
| Savers Value Village, Inc.\* | 3789 | &nbsp;&nbsp; 38648 |
|  |  | &nbsp;&nbsp; **308097** |
| **Distributors 0.1%** | **Distributors 0.1%** |  |
| A-Mark Precious Metals, Inc. | 2926 | &nbsp;&nbsp; 64899 |
| GigaCloud Technology, Inc. <br> "A"\* (a)<br>| 4065 | &nbsp;&nbsp; 80406 |
| Weyco Group, Inc. | 947 | &nbsp;&nbsp; 31402 |
|  |  | &nbsp;&nbsp; **176707** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Diversified Consumer Services 1.3%** | **Diversified Consumer Services 1.3%** |  |
| Adtalem Global Education, <br> Inc.\*<br>| 5653 | &nbsp;&nbsp; 719231 |
| American Public Education, <br> Inc.\*<br>| 2672 | &nbsp;&nbsp; 81389 |
| Carriage Services, Inc. | 2130 | &nbsp;&nbsp; 97426 |
| Coursera, Inc.\* | 20934 | &nbsp;&nbsp; 183382 |
| European Wax Center, Inc. <br> "A"\*<br>| 4243 | &nbsp;&nbsp; 23888 |
| Frontdoor, Inc.\* | 11406 | &nbsp;&nbsp; 672270 |
| Graham Holdings Co. "B" | 493 | &nbsp;&nbsp; 466462 |
| Kindercare Learning <br> Companies, Inc.\*<br>| 4846 | &nbsp;&nbsp; 48945 |
| Laureate Education, Inc.\* | 19750 | &nbsp;&nbsp; 461755 |
| Lincoln Educational Services <br> Corp.\*<br>| 4554 | &nbsp;&nbsp; 104970 |
| Matthews International <br> Corp. "A"<br>| 4613 | &nbsp;&nbsp; 110297 |
| Mister Car Wash, Inc.\* | 14784 | &nbsp;&nbsp; 88852 |
| Nerdy, Inc.\* | 8820 | &nbsp;&nbsp; 14377 |
| OneSpaWorld Holdings Ltd. | 14577 | &nbsp;&nbsp; 297225 |
| Perdoceo Education Corp. | 9435 | &nbsp;&nbsp; 308430 |
| Strategic Education, Inc. | 3692 | &nbsp;&nbsp; 314300 |
| Stride, Inc.\* | 6550 | &nbsp;&nbsp; 950994 |
| Udemy, Inc.\* | 14878 | &nbsp;&nbsp; 104592 |
| Universal Technical Institute, <br> Inc.\*<br>| 6842 | &nbsp;&nbsp; 231875 |
|  |  | &nbsp;&nbsp; **5280660** |
| **Hotels, Restaurants & Leisure 2.3%** | **Hotels, Restaurants & Leisure 2.3%** |  |
| Accel Entertainment, Inc.\* | 8005 | &nbsp;&nbsp; 94219 |
| Bally's Corp.\* | 1158 | &nbsp;&nbsp; 11094 |
| Biglari Holdings, Inc. "B"\* | 101 | &nbsp;&nbsp; 29513 |
| BJ's Restaurants, Inc.\* | 3287 | &nbsp;&nbsp; 146600 |
| Bloomin' Brands, Inc. | 12848 | &nbsp;&nbsp; 110621 |
| Brinker International, Inc.\* | 6787 | &nbsp;&nbsp; 1223900 |
| Cracker Barrel Old Country <br> Store, Inc.<br>| 3411 | &nbsp;&nbsp; 208344 |
| Dave & Buster's <br> Entertainment, Inc.\* (a)<br>| 4166 | &nbsp;&nbsp; 125313 |
| Denny's Corp.\* | 7779 | &nbsp;&nbsp; 31894 |
| Dine Brands Global, Inc. | 2364 | &nbsp;&nbsp; 57516 |
| El Pollo Loco Holdings, Inc.\* | 4050 | &nbsp;&nbsp; 44591 |
| Everi Holdings, Inc.\* | 12948 | &nbsp;&nbsp; 184380 |
| First Watch Restaurant <br> Group, Inc.\*<br>| 6254 | &nbsp;&nbsp; 100314 |
| Genius Sports Ltd.\* | 33943 | &nbsp;&nbsp; 353007 |
| Global Business Travel Group <br> I\*<br>| 14493 | &nbsp;&nbsp; 91306 |
| Golden Entertainment, Inc. | 2906 | &nbsp;&nbsp; 85524 |
| Hilton Grand Vacations, Inc.\* | 9428 | &nbsp;&nbsp; 391545 |
| Inspired Entertainment, <br> Inc.\*<br>| 3366 | &nbsp;&nbsp; 27500 |
| International Game <br> Technology PLC<br>| 17172 | &nbsp;&nbsp; 271489 |
| Jack in the Box, Inc. (a) | 2878 | &nbsp;&nbsp; 50250 |
| Krispy Kreme, Inc. (a) | 12768 | &nbsp;&nbsp; 37155 |
| Kura Sushi USA, Inc. "A"\* (a) | 1008 | &nbsp;&nbsp; 86769 |

---

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

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

---

| | |
|:---|:---|
| **4** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Life Time Group Holdings, <br> Inc.\*<br>| 20814 | &nbsp;&nbsp; 631289 |
| Lindblad Expeditions <br> Holdings, Inc.\*<br>| 5621 | &nbsp;&nbsp; 65597 |
| Marriott Vacations <br> Worldwide Corp.<br>| 4911 | &nbsp;&nbsp; 355114 |
| Monarch Casino & Resort, <br> Inc.<br>| 2005 | &nbsp;&nbsp; 173312 |
| Nathan's Famous, Inc. | 401 | &nbsp;&nbsp; 44343 |
| Papa John's International, <br> Inc.<br>| 5060 | &nbsp;&nbsp; 247636 |
| PlayAGS, Inc.\* | 6081 | &nbsp;&nbsp; 75952 |
| Portillo's, Inc. "A"\* (a) | 8433 | &nbsp;&nbsp; 98413 |
| Potbelly Corp.\* | 3846 | &nbsp;&nbsp; 47113 |
| Pursuit Attractions & <br> Hospitality, Inc.\*<br>| 3185 | &nbsp;&nbsp; 91824 |
| RCI Hospitality Holdings, <br> Inc.<br>| 1231 | &nbsp;&nbsp; 46926 |
| Red Rock Resorts, Inc. "A" | 7441 | &nbsp;&nbsp; 387155 |
| Rush Street Interactive, <br> Inc.\*<br>| 13638 | &nbsp;&nbsp; 203206 |
| Sabre Corp.\* | 55580 | &nbsp;&nbsp; 175633 |
| Serve Robotics, Inc.\* | 7181 | &nbsp;&nbsp; 82151 |
| Shake Shack, Inc. "A"\* | 5958 | &nbsp;&nbsp; 837695 |
| Six Flags Entertainment <br> Corp.\*<br>| 14719 | &nbsp;&nbsp; 447899 |
| Super Group SGHC Ltd. | 24469 | &nbsp;&nbsp; 268425 |
| Sweetgreen, Inc. "A"\* | 15856 | &nbsp;&nbsp; 235937 |
| Target Hospitality Corp.\* | 5126 | &nbsp;&nbsp; 36497 |
| The Cheesecake Factory, <br> Inc. (a)<br>| 7090 | &nbsp;&nbsp; 444259 |
| United Parks & Resorts, <br> Inc.\*<br>| 4183 | &nbsp;&nbsp; 197228 |
| Xponential Fitness, Inc. "A"\* | 3868 | &nbsp;&nbsp; 28971 |
|  |  | &nbsp;&nbsp; **8985419** |
| **Household Durables 1.7%** | **Household Durables 1.7%** |  |
| Bassett Furniture Industries, <br> Inc.<br>| 1254 | &nbsp;&nbsp; 19061 |
| Beazer Homes U.S.A., Inc.\* | 4413 | &nbsp;&nbsp; 98719 |
| Cavco Industries, Inc.\* | 1169 | &nbsp;&nbsp; 507849 |
| Century Communities, Inc. | 4119 | &nbsp;&nbsp; 231982 |
| Champion Homes, Inc.\* | 8277 | &nbsp;&nbsp; 518223 |
| Cricut, Inc. "A" | 7406 | &nbsp;&nbsp; 50139 |
| Dream Finders Homes, Inc. <br> "A"\* (a)<br>| 4621 | &nbsp;&nbsp; 116126 |
| Ethan Allen Interiors, Inc. | 3552 | &nbsp;&nbsp; 98923 |
| Flexsteel Industries, Inc. | 568 | &nbsp;&nbsp; 20465 |
| Green Brick Partners, Inc.\* | 4839 | &nbsp;&nbsp; 304276 |
| Hamilton Beach Brands <br> Holding Co. "A"<br>| 1082 | &nbsp;&nbsp; 19357 |
| Helen of Troy Ltd.\* | 3458 | &nbsp;&nbsp; 98138 |
| Hovnanian Enterprises, Inc. <br> "A"\*<br>| 774 | &nbsp;&nbsp; 80922 |
| Installed Building Products, <br> Inc.<br>| 3580 | &nbsp;&nbsp; 645545 |
| KB Home | 10685 | &nbsp;&nbsp; 565984 |
| La-Z-Boy, Inc. | 6263 | &nbsp;&nbsp; 232796 |
| Legacy Housing Corp.\* | 1295 | &nbsp;&nbsp; 29345 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Leggett & Platt, Inc. | 20439 | &nbsp;&nbsp; 182316 |
| LGI Homes, Inc.\* | 3181 | &nbsp;&nbsp; 163885 |
| Lovesac Co.\* | 2234 | &nbsp;&nbsp; 40659 |
| M/I Homes, Inc.\* | 4054 | &nbsp;&nbsp; 454534 |
| Meritage Homes Corp. | 10904 | &nbsp;&nbsp; 730241 |
| Sonos, Inc.\* | 17901 | &nbsp;&nbsp; 193510 |
| Taylor Morrison Home <br> Corp.\*<br>| 15081 | &nbsp;&nbsp; 926275 |
| Traeger, Inc.\* | 5469 | &nbsp;&nbsp; 9352 |
| Tri Pointe Home, Inc.\* | 13798 | &nbsp;&nbsp; 440846 |
|  |  | &nbsp;&nbsp; **6779468** |
| **Leisure Products 0.4%** | **Leisure Products 0.4%** |  |
| Acushnet Holdings Corp. (a) | 4325 | &nbsp;&nbsp; 314947 |
| American Outdoor Brands, <br> Inc.\*<br>| 1896 | &nbsp;&nbsp; 19813 |
| Clarus Corp. | 4834 | &nbsp;&nbsp; 16774 |
| Escalade, Inc. | 1507 | &nbsp;&nbsp; 21068 |
| Funko, Inc. "A"\* | 4871 | &nbsp;&nbsp; 23186 |
| JAKKS Pacific, Inc. | 1239 | &nbsp;&nbsp; 25746 |
| Johnson Outdoors, Inc. "A" | 692 | &nbsp;&nbsp; 20947 |
| Latham Group, Inc.\* | 6503 | &nbsp;&nbsp; 41489 |
| Malibu Boats, Inc. "A"\* | 2834 | &nbsp;&nbsp; 88818 |
| Marine Products Corp. | 1298 | &nbsp;&nbsp; 11046 |
| MasterCraft Boat Holdings, <br> Inc.\*<br>| 2603 | &nbsp;&nbsp; 48364 |
| Outdoor Holding Co.\* | 12983 | &nbsp;&nbsp; 16618 |
| Peloton Interactive, Inc. "A"\* | 56500 | &nbsp;&nbsp; 392110 |
| Polaris, Inc. | 8135 | &nbsp;&nbsp; 330688 |
| Smith & Wesson Brands, <br> Inc.<br>| 6561 | &nbsp;&nbsp; 56949 |
| Sturm Ruger & Co., Inc. | 2446 | &nbsp;&nbsp; 87811 |
| Topgolf Callaway Brands <br> Corp.\*<br>| 20223 | &nbsp;&nbsp; 162795 |
|  |  | &nbsp;&nbsp; **1679169** |
| **Specialty Retail 2.2%** | **Specialty Retail 2.2%** |  |
| 1-800-Flowers.com, Inc. <br> "A"\* (a)<br>| 3967 | &nbsp;&nbsp; 19518 |
| Abercrombie & Fitch Co. <br> "A"\*<br>| 7220 | &nbsp;&nbsp; 598177 |
| Academy Sports & <br> Outdoors, Inc.<br>| 10244 | &nbsp;&nbsp; 459034 |
| Advance Auto Parts, Inc. | 9192 | &nbsp;&nbsp; 427336 |
| American Eagle Outfitters, <br> Inc.<br>| 24835 | &nbsp;&nbsp; 238913 |
| America's Car-Mart, Inc.\* | 1110 | &nbsp;&nbsp; 62204 |
| Arhaus, Inc.\* | 7669 | &nbsp;&nbsp; 66490 |
| Arko Corp. | 11592 | &nbsp;&nbsp; 49034 |
| Asbury Automotive Group, <br> Inc.\*<br>| 3009 | &nbsp;&nbsp; 717767 |
| Bark, Inc.\* | 20418 | &nbsp;&nbsp; 17958 |
| Barnes & Noble Education, <br> Inc.\*<br>| 2279 | &nbsp;&nbsp; 26824 |
| Beyond, Inc.\* | 8429 | &nbsp;&nbsp; 57992 |
| Boot Barn Holdings, Inc.\* | 4717 | &nbsp;&nbsp; 716984 |
| Build-a-bear Workshop, Inc. | 1940 | &nbsp;&nbsp; 100026 |
| Caleres, Inc. | 5071 | &nbsp;&nbsp; 61968 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Camping World Holdings, <br> Inc. "A"<br>| 9205 | &nbsp;&nbsp; 158234 |
| Citi Trends, Inc.\* | 723 | &nbsp;&nbsp; 24141 |
| Designer Brands, Inc. "A" (a) | 4835 | &nbsp;&nbsp; 11507 |
| Envela Corp.\* | 930 | &nbsp;&nbsp; 5692 |
| Evgo, Inc.\* (a) | 19791 | &nbsp;&nbsp; 72237 |
| Foot Locker, Inc.\* (a) | 13106 | &nbsp;&nbsp; 321097 |
| Genesco, Inc.\* | 1493 | &nbsp;&nbsp; 29397 |
| Group 1 Automotive, Inc. | 1931 | &nbsp;&nbsp; 843287 |
| Haverty Furniture <br> Companies, Inc.<br>| 2256 | &nbsp;&nbsp; 45910 |
| J Jill, Inc. | 929 | &nbsp;&nbsp; 13601 |
| Lands' End, Inc.\* | 1979 | &nbsp;&nbsp; 21195 |
| MarineMax, Inc.\* | 2893 | &nbsp;&nbsp; 72730 |
| Monro, Inc. | 4635 | &nbsp;&nbsp; 69108 |
| National Vision Holdings, <br> Inc.\*<br>| 11945 | &nbsp;&nbsp; 274854 |
| ODP Corp.\* | 4363 | &nbsp;&nbsp; 79101 |
| OneWater Marine, Inc. <br> "A"\* (a)<br>| 1905 | &nbsp;&nbsp; 25508 |
| Petco Health & Wellness <br> Co., Inc.\*<br>| 13171 | &nbsp;&nbsp; 37274 |
| RealReal, Inc.\* | 14579 | &nbsp;&nbsp; 69833 |
| Revolve Group, Inc.\* | 6208 | &nbsp;&nbsp; 124470 |
| Sally Beauty Holdings, Inc.\* | 15548 | &nbsp;&nbsp; 143974 |
| Shoe Carnival, Inc. | 2806 | &nbsp;&nbsp; 52500 |
| Signet Jewelers Ltd. | 6398 | &nbsp;&nbsp; 508961 |
| Sleep Number Corp.\* (a) | 3341 | &nbsp;&nbsp; 22568 |
| Sonic Automotive, Inc. "A" | 2261 | &nbsp;&nbsp; 180722 |
| Stitch Fix, Inc. "A"\* | 15770 | &nbsp;&nbsp; 58349 |
| The Buckle, Inc. | 4818 | &nbsp;&nbsp; 218496 |
| ThredUp, Inc. "A"\* | 13943 | &nbsp;&nbsp; 104433 |
| Tile Shop Holdings, Inc.\* | 4425 | &nbsp;&nbsp; 28143 |
| Torrid Holdings, Inc.\* (a) | 3093 | &nbsp;&nbsp; 9124 |
| Upbound Group, Inc. | 8001 | &nbsp;&nbsp; 200825 |
| Urban Outfitters, Inc.\* | 9692 | &nbsp;&nbsp; 703058 |
| Victoria's Secret & Co.\* | 10488 | &nbsp;&nbsp; 194238 |
| Warby Parker, Inc. "A"\* | 15052 | &nbsp;&nbsp; 330090 |
| Winmark Corp. | 455 | &nbsp;&nbsp; 171813 |
| Zumiez, Inc.\* | 2400 | &nbsp;&nbsp; 31824 |
|  |  | &nbsp;&nbsp; **8878519** |
| **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** |  |
| Capri Holdings Ltd.\* | 17837 | &nbsp;&nbsp; 315715 |
| Carter's, Inc. | 5462 | &nbsp;&nbsp; 164570 |
| Ermenegildo Zegna NV | 9471 | &nbsp;&nbsp; 80977 |
| Figs, Inc. "A"\* | 13543 | &nbsp;&nbsp; 76383 |
| G-III Apparel Group Ltd.\* | 5909 | &nbsp;&nbsp; 132362 |
| Hanesbrands, Inc.\* | 53941 | &nbsp;&nbsp; 247050 |
| Kontoor Brands, Inc. | 8450 | &nbsp;&nbsp; 557446 |
| Lakeland Industries, Inc. | 1410 | &nbsp;&nbsp; 19190 |
| Movado Group, Inc. | 2433 | &nbsp;&nbsp; 37103 |
| Oxford Industries, Inc. | 2254 | &nbsp;&nbsp; 90723 |
| Rocky Brands, Inc. | 1178 | &nbsp;&nbsp; 26140 |
| Steven Madden Ltd. | 10692 | &nbsp;&nbsp; 256394 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Superior Group of <br> Companies, Inc.<br>| 2074 | &nbsp;&nbsp; 21362 |
| Wolverine World Wide, Inc. | 12361 | &nbsp;&nbsp; 223487 |
|  |  | &nbsp;&nbsp; **2248902** |
| **Consumer Staples 2.2%** | **Consumer Staples 2.2%** |  |
| **Beverages 0.1%** | **Beverages 0.1%** |  |
| MGP Ingredients, Inc. | 2201 | &nbsp;&nbsp; 65964 |
| National Beverage Corp.\* | 3675 | &nbsp;&nbsp; 158907 |
| The Vita Coco Co., Inc\* | 6160 | &nbsp;&nbsp; 222376 |
| Zevia PBC "A"\* | 4824 | &nbsp;&nbsp; 15533 |
|  |  | &nbsp;&nbsp; **462780** |
| **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** |  |
| Grocery Outlet Holding <br> Corp.\*<br>| 14515 | &nbsp;&nbsp; 180276 |
| Guardian Pharmacy <br> Services, Inc. "A"\* (a)<br>| 1954 | &nbsp;&nbsp; 41640 |
| HF Foods Group, Inc.\* | 6093 | &nbsp;&nbsp; 19376 |
| Ingles Markets, Inc. "A" | 2244 | &nbsp;&nbsp; 142225 |
| Natural Grocers by Vitamin <br> Cottage, Inc.<br>| 1961 | &nbsp;&nbsp; 76969 |
| PriceSmart, Inc. | 3924 | &nbsp;&nbsp; 412177 |
| SpartanNash Co. | 5227 | &nbsp;&nbsp; 138463 |
| The Andersons, Inc. | 5039 | &nbsp;&nbsp; 185183 |
| The Chefs' Warehouse, Inc.\* | 5591 | &nbsp;&nbsp; 356762 |
| United Natural Foods, Inc.\* | 9194 | &nbsp;&nbsp; 214312 |
| Village Super Market, Inc. <br> "A"<br>| 1335 | &nbsp;&nbsp; 51398 |
| Weis Markets, Inc. | 2506 | &nbsp;&nbsp; 181660 |
|  |  | &nbsp;&nbsp; **2000441** |
| **Food Products 0.9%** | **Food Products 0.9%** |  |
| Alico, Inc. | 811 | &nbsp;&nbsp; 26504 |
| B&G Foods, Inc. (a) | 11637 | &nbsp;&nbsp; 49225 |
| Beyond Meat, Inc.\* (a) | 11228 | &nbsp;&nbsp; 39186 |
| BRC, Inc. "A"\* (a) | 8222 | &nbsp;&nbsp; 10771 |
| Calavo Growers, Inc. | 2599 | &nbsp;&nbsp; 69107 |
| Cal-Maine Foods, Inc. | 7042 | &nbsp;&nbsp; 701595 |
| Dole PLC | 10200 | &nbsp;&nbsp; 142698 |
| Forafric Global PLC\* (a) | 793 | &nbsp;&nbsp; 6185 |
| Fresh Del Monte Produce, <br> Inc.<br>| 5072 | &nbsp;&nbsp; 164434 |
| Hain Celestial Group, Inc.\* | 13916 | &nbsp;&nbsp; 21152 |
| J & J Snack Foods Corp. | 2376 | &nbsp;&nbsp; 269462 |
| John B. Sanfilippo & Son, <br> Inc.<br>| 1184 | &nbsp;&nbsp; 74876 |
| Lancaster Colony Corp. | 3078 | &nbsp;&nbsp; 531786 |
| Lifeway Foods, Inc.\* | 716 | &nbsp;&nbsp; 17649 |
| Limoneira Co. | 2568 | &nbsp;&nbsp; 40189 |
| Mama's Creations, Inc.\* | 5175 | &nbsp;&nbsp; 42953 |
| Mission Produce, Inc.\* | 7383 | &nbsp;&nbsp; 86529 |
| Seneca Foods Corp. "A"\* | 690 | &nbsp;&nbsp; 69987 |
| Simply Good Foods Co.\* | 14380 | &nbsp;&nbsp; 454264 |
| Sunopta, Inc.\* | 14080 | &nbsp;&nbsp; 81664 |
| Tootsie Roll Industries, Inc. | 2692 | &nbsp;&nbsp; 90047 |
| TreeHouse Foods, Inc.\* | 7713 | &nbsp;&nbsp; 149787 |
| Utz Brands, Inc. | 11081 | &nbsp;&nbsp; 139067 |

---

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

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

---

| | |
|:---|:---|
| **6** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Vital Farms, Inc.\* | 5225 | &nbsp;&nbsp; 201267 |
| Westrock Coffee Co.\* | 5351 | &nbsp;&nbsp; 30661 |
| WK Kellogg Co. (a) | 9544 | &nbsp;&nbsp; 152131 |
|  |  | &nbsp;&nbsp; **3663176** |
| **Household Products 0.3%** | **Household Products 0.3%** |  |
| Central Garden & Pet Co.\* | 1496 | &nbsp;&nbsp; 52629 |
| Central Garden & Pet Co. <br> "A"\*<br>| 7824 | &nbsp;&nbsp; 244813 |
| Energizer Holdings, Inc. | 10161 | &nbsp;&nbsp; 204846 |
| Oil-Dri Corp. of America | 1524 | &nbsp;&nbsp; 89901 |
| Spectrum Brands Holdings, <br> Inc.<br>| 3927 | &nbsp;&nbsp; 208131 |
| WD-40 Co. | 2085 | &nbsp;&nbsp; 475567 |
|  |  | &nbsp;&nbsp; **1275887** |
| **Personal Care Products 0.3%** | **Personal Care Products 0.3%** |  |
| Edgewell Personal Care Co. | 7131 | &nbsp;&nbsp; 166937 |
| FitLife Brands, Inc.\* | 595 | &nbsp;&nbsp; 7747 |
| Herbalife Ltd.\* | 15182 | &nbsp;&nbsp; 130869 |
| Honest Co., Inc.\* | 14274 | &nbsp;&nbsp; 72655 |
| Interparfums, Inc. | 2809 | &nbsp;&nbsp; 368850 |
| Lifevantage Corp. | 1629 | &nbsp;&nbsp; 21307 |
| Medifast, Inc.\* | 1657 | &nbsp;&nbsp; 23281 |
| Nature's Sunshine Products, <br> Inc.\*<br>| 2289 | &nbsp;&nbsp; 33854 |
| Nu Skin Enterprises, Inc. "A" | 7755 | &nbsp;&nbsp; 61962 |
| Olaplex Holdings, Inc.\* (a) | 22126 | &nbsp;&nbsp; 30976 |
| The Beauty Health Co.\* | 17543 | &nbsp;&nbsp; 33507 |
| USANA Health Sciences, <br> Inc.\*<br>| 1757 | &nbsp;&nbsp; 53641 |
| Waldencast PLC "A"\* (a) | 6370 | &nbsp;&nbsp; 15607 |
|  |  | &nbsp;&nbsp; **1021193** |
| **Tobacco 0.1%** | **Tobacco 0.1%** |  |
| Ispire Technology, Inc.\* (a) | 3304 | &nbsp;&nbsp; 8458 |
| Turning Point Brands, Inc. | 2636 | &nbsp;&nbsp; 199730 |
| Universal Corp. | 3709 | &nbsp;&nbsp; 216012 |
|  |  | &nbsp;&nbsp; **424200** |
| **Energy 4.8%** | **Energy 4.8%** |  |
| **Energy Equipment & Services 1.7%** | **Energy Equipment & Services 1.7%** |  |
| Archrock, Inc. | 25392 | &nbsp;&nbsp; 630483 |
| Aris Water Solutions, Inc. "A" | 4732 | &nbsp;&nbsp; 111912 |
| Atlas Energy Solutions, <br> Inc. (a)<br>| 11879 | &nbsp;&nbsp; 158822 |
| Borr Drilling Ltd.\* (a) | 34434 | &nbsp;&nbsp; 63014 |
| Bristow Group, Inc.\* | 4358 | &nbsp;&nbsp; 143683 |
| Cactus, Inc. "A" | 10494 | &nbsp;&nbsp; 458798 |
| ChampionX Corp. | 29376 | &nbsp;&nbsp; 729700 |
| Core Laboratories, Inc. | 7349 | &nbsp;&nbsp; 84661 |
| DMC Global, Inc.\* | 3167 | &nbsp;&nbsp; 25526 |
| Energy Services of America <br> Corp.<br>| 1822 | &nbsp;&nbsp; 18111 |
| Expro Group Holdings NV\* | 15796 | &nbsp;&nbsp; 135688 |
| Flowco Holdings, Inc. "A" | 2821 | &nbsp;&nbsp; 50242 |
| Forum Energy Technologies, <br> Inc.\*<br>| 1774 | &nbsp;&nbsp; 34540 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Helix Energy Solutions <br> Group, Inc.\*<br>| 21891 | &nbsp;&nbsp; 136600 |
| Helmerich & Payne, Inc. | 14821 | &nbsp;&nbsp; 224686 |
| Innovex International, Inc.\* | 5932 | &nbsp;&nbsp; 92658 |
| Kodiak Gas Services, Inc. | 8270 | &nbsp;&nbsp; 283413 |
| Liberty Energy, Inc. | 24217 | &nbsp;&nbsp; 278011 |
| Mammoth Energy Services, <br> Inc.\*<br>| 3702 | &nbsp;&nbsp; 10366 |
| Nabors Industries Ltd.\* | 2165 | &nbsp;&nbsp; 60663 |
| National Energy Services <br> Reunited Corp.\*<br>| 9340 | &nbsp;&nbsp; 56227 |
| Natural Gas Services Group, <br> Inc.\*<br>| 1701 | &nbsp;&nbsp; 43903 |
| Noble Corp. PLC | 19339 | &nbsp;&nbsp; 513450 |
| Oceaneering International, <br> Inc.\*<br>| 14404 | &nbsp;&nbsp; 298451 |
| Oil States International, Inc.\* | 9417 | &nbsp;&nbsp; 50475 |
| Patterson-UTI Energy, Inc. | 54005 | &nbsp;&nbsp; 320250 |
| ProFrac Holding Corp. <br> "A"\* (a)<br>| 1883 | &nbsp;&nbsp; 14612 |
| ProPetro Holding Corp.\* | 12559 | &nbsp;&nbsp; 74977 |
| Ranger Energy Services, Inc. <br> "A"<br>| 2545 | &nbsp;&nbsp; 30387 |
| RPC, Inc. | 13648 | &nbsp;&nbsp; 64555 |
| SEACOR Marine Holdings, <br> Inc.\*<br>| 3814 | &nbsp;&nbsp; 19451 |
| Seadrill Ltd.\* | 9601 | &nbsp;&nbsp; 252026 |
| Select Water Solutions, Inc. | 13876 | &nbsp;&nbsp; 119889 |
| Solaris Energy Infrastructure, <br> Inc.<br>| 5588 | &nbsp;&nbsp; 158085 |
| TETRA Technologies, Inc.\* | 19418 | &nbsp;&nbsp; 65244 |
| Tidewater, Inc.\* | 7747 | &nbsp;&nbsp; 357369 |
| Transocean Ltd.\* | 114108 | &nbsp;&nbsp; 295540 |
| Valaris Ltd.\* | 9766 | &nbsp;&nbsp; 411246 |
|  |  | &nbsp;&nbsp; **6877714** |
| **Oil, Gas & Consumable Fuels 3.1%** | **Oil, Gas & Consumable Fuels 3.1%** |  |
| Ardmore Shipping Corp. | 5284 | &nbsp;&nbsp; 50726 |
| Berry Corp. | 11945 | &nbsp;&nbsp; 33088 |
| BKV Corp.\* | 2564 | &nbsp;&nbsp; 61844 |
| California Resources Corp. | 10017 | &nbsp;&nbsp; 457476 |
| Calumet, Inc.\* | 10572 | &nbsp;&nbsp; 166562 |
| Centrus Energy Corp. <br> "A"\* (a)<br>| 2266 | &nbsp;&nbsp; 415086 |
| Clean Energy Fuels Corp.\* | 26495 | &nbsp;&nbsp; 51665 |
| CNX Resources Corp.\* | 21835 | &nbsp;&nbsp; 735403 |
| Comstock Resources, Inc.\* | 11355 | &nbsp;&nbsp; 314193 |
| Core Natural Resources, Inc. | 8112 | &nbsp;&nbsp; 565731 |
| Crescent Energy Co. "A" | 27420 | &nbsp;&nbsp; 235812 |
| CVR Energy, Inc. | 4758 | &nbsp;&nbsp; 127752 |
| Delek U.S. Holdings, Inc. | 9296 | &nbsp;&nbsp; 196889 |
| DHT Holdings, Inc. | 19529 | &nbsp;&nbsp; 211108 |
| Diversified Energy Co. PLC <br> REG S<br>| 8422 | &nbsp;&nbsp; 123551 |
| Dorian LPG Ltd. | 5694 | &nbsp;&nbsp; 138820 |
| Empire Petroleum Corp.\* (a) | 2521 | &nbsp;&nbsp; 13311 |
| Encore Energy Corp.\* (a) | 28338 | &nbsp;&nbsp; 81047 |
| Energy Fuels, Inc.\* (a) | 31881 | &nbsp;&nbsp; 183316 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Epsilon Energy Ltd. | 2933 | &nbsp;&nbsp; 21646 |
| Evolution Petroleum Corp. | 4805 | &nbsp;&nbsp; 22583 |
| Excelerate Energy, Inc. "A" | 3542 | &nbsp;&nbsp; 103851 |
| FLEX LNG Ltd. (a) | 4734 | &nbsp;&nbsp; 104053 |
| FutureFuel Corp. | 4335 | &nbsp;&nbsp; 16820 |
| Gevo, Inc.\* | 35502 | &nbsp;&nbsp; 46863 |
| Golar LNG Ltd. | 15320 | &nbsp;&nbsp; 631031 |
| Granite Ridge Resources, <br> Inc.<br>| 8330 | &nbsp;&nbsp; 53062 |
| Green Plains, Inc.\* | 9398 | &nbsp;&nbsp; 56670 |
| Gulfport Energy Corp.\* | 2336 | &nbsp;&nbsp; 469933 |
| Hallador Energy Co.\* (a) | 4762 | &nbsp;&nbsp; 75382 |
| HighPeak Energy, Inc. (a) | 2800 | &nbsp;&nbsp; 27440 |
| Infinity Natural Resources, <br> Inc. "A"\*<br>| 2234 | &nbsp;&nbsp; 40905 |
| International Seaways, Inc. | 6073 | &nbsp;&nbsp; 221543 |
| Kinetik Holdings, Inc. | 6791 | &nbsp;&nbsp; 299144 |
| Kolibri Global Energy, Inc.\* | 5423 | &nbsp;&nbsp; 37148 |
| Kosmos Energy Ltd.\* | 71387 | &nbsp;&nbsp; 122786 |
| Lightbridge Corp.\* | 2868 | &nbsp;&nbsp; 38345 |
| Magnolia Oil & Gas Corp. "A" | 28560 | &nbsp;&nbsp; 642029 |
| Murphy Oil Corp. | 20833 | &nbsp;&nbsp; 468742 |
| NACCO Industries, Inc. "A" | 683 | &nbsp;&nbsp; 30264 |
| Navigator Holdings Ltd. | 5024 | &nbsp;&nbsp; 71090 |
| New Fortress Energy, Inc. | 25936 | &nbsp;&nbsp; 86108 |
| NextDecade Corp\* | 20490 | &nbsp;&nbsp; 182566 |
| NextNRG, Inc.\* | 2635 | &nbsp;&nbsp; 7299 |
| Nordic American Tankers <br> Ltd.<br>| 30191 | &nbsp;&nbsp; 79402 |
| Northern Oil and Gas, Inc. | 14167 | &nbsp;&nbsp; 401634 |
| OPAL Fuels, Inc. "A"\* | 3219 | &nbsp;&nbsp; 7790 |
| Par Pacific Holdings, Inc.\* | 8149 | &nbsp;&nbsp; 216193 |
| PBF Energy, Inc. "A" | 12843 | &nbsp;&nbsp; 278308 |
| Peabody Energy Corp. | 18769 | &nbsp;&nbsp; 251880 |
| Prairie Operating Co.\* (a) | 3277 | &nbsp;&nbsp; 9815 |
| PrimeEnergy Resources <br> Corp.\*<br>| 100 | &nbsp;&nbsp; 14638 |
| REX American Resources <br> Corp.\*<br>| 2313 | &nbsp;&nbsp; 112666 |
| Riley Exploration Permian, <br> Inc.<br>| 2021 | &nbsp;&nbsp; 53011 |
| Sable Offshore Corp.\* | 10484 | &nbsp;&nbsp; 230438 |
| Sandridge Energy, Inc. | 5537 | &nbsp;&nbsp; 59910 |
| Scorpio Tankers, Inc. | 6689 | &nbsp;&nbsp; 261741 |
| SFL Corp. Ltd. | 18585 | &nbsp;&nbsp; 154813 |
| Sitio Royalties Corp. "A" | 11808 | &nbsp;&nbsp; 217031 |
| SM Energy Co. | 17499 | &nbsp;&nbsp; 432400 |
| Summit Midstream Corp.\* | 1525 | &nbsp;&nbsp; 37408 |
| Talos Energy, Inc.\* | 18465 | &nbsp;&nbsp; 156583 |
| Teekay Corp. Ltd. | 8026 | &nbsp;&nbsp; 66214 |
| Teekay Tankers Ltd. "A" | 3704 | &nbsp;&nbsp; 154531 |
| Uranium Energy Corp.\* | 65202 | &nbsp;&nbsp; 443374 |
| Vaalco Energy, Inc. | 15545 | &nbsp;&nbsp; 56117 |
| Verde Clean Fuels, Inc.\* | 668 | &nbsp;&nbsp; 2298 |
| Vital Energy, Inc.\* | 4450 | &nbsp;&nbsp; 71600 |
| Vitesse Energy, Inc. (a) | 4490 | &nbsp;&nbsp; 99184 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| W&T Offshore, Inc. (a) | 15459 | &nbsp;&nbsp; 25507 |
| World Kinect Corp. | 8459 | &nbsp;&nbsp; 239813 |
|  |  | &nbsp;&nbsp; **12174982** |
| **Financials 19.0%** | **Financials 19.0%** |  |
| **Banks 10.4%** | **Banks 10.4%** |  |
| 1st Source Corp. | 2924 | &nbsp;&nbsp; 181493 |
| ACNB Corp. | 1578 | &nbsp;&nbsp; 67602 |
| Amalgamated Financial <br> Corp.<br>| 3603 | &nbsp;&nbsp; 112414 |
| Amerant Bancorp, Inc. | 5663 | &nbsp;&nbsp; 103236 |
| Ameris Bancorp. | 10158 | &nbsp;&nbsp; 657223 |
| Ames National Corp. | 1323 | &nbsp;&nbsp; 23563 |
| Arrow Financial Corp. | 2485 | &nbsp;&nbsp; 65654 |
| Associated Banc-Corp. | 25506 | &nbsp;&nbsp; 622091 |
| Atlantic Union Bankshares <br> Corp.<br>| 21846 | &nbsp;&nbsp; 683343 |
| Axos Financial, Inc.\* | 7992 | &nbsp;&nbsp; 607712 |
| Banc of California, Inc. | 21233 | &nbsp;&nbsp; 298324 |
| BancFirst Corp. | 3203 | &nbsp;&nbsp; 395955 |
| Bank First Corp. | 1410 | &nbsp;&nbsp; 165886 |
| Bank of Hawaii Corp. | 6032 | &nbsp;&nbsp; 407341 |
| Bank of Marin Bancorp. | 2243 | &nbsp;&nbsp; 51230 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 6756 | &nbsp;&nbsp; 299156 |
| Bank7 Corp. | 638 | &nbsp;&nbsp; 26688 |
| BankFinancial Corp. | 1667 | &nbsp;&nbsp; 19287 |
| BankUnited, Inc. | 11592 | &nbsp;&nbsp; 412559 |
| Bankwell Financial Group, <br> Inc.<br>| 984 | &nbsp;&nbsp; 35454 |
| Banner Corp. | 5226 | &nbsp;&nbsp; 335248 |
| Bar Harbor Bankshares | 2368 | &nbsp;&nbsp; 70945 |
| BayCom Corp. | 1659 | &nbsp;&nbsp; 45971 |
| BCB Bancorp., Inc. | 2434 | &nbsp;&nbsp; 20494 |
| Berkshire Hills Bancorp., Inc. | 7127 | &nbsp;&nbsp; 178460 |
| Blue Foundry Bancorp.\* | 2679 | &nbsp;&nbsp; 25638 |
| Blue Ridge Bankshares, <br> Inc.\*<br>| 9750 | &nbsp;&nbsp; 35002 |
| Bridgewater Bancshares, <br> Inc.\*<br>| 3058 | &nbsp;&nbsp; 48653 |
| Brookline Bancorp., Inc. | 13332 | &nbsp;&nbsp; 140653 |
| Burke & Herbert Financial <br> Services Corp.<br>| 2039 | &nbsp;&nbsp; 121789 |
| Business First Bancshares, <br> Inc.<br>| 4377 | &nbsp;&nbsp; 107893 |
| BV Financial, Inc.\* | 1334 | &nbsp;&nbsp; 20317 |
| Byline Bancorp., Inc. | 4197 | &nbsp;&nbsp; 112186 |
| C&F Financial Corp. | 472 | &nbsp;&nbsp; 29137 |
| Cadence Bank | 26879 | &nbsp;&nbsp; 859590 |
| California BanCorp.\* | 3391 | &nbsp;&nbsp; 53442 |
| Camden National Corp. | 2568 | &nbsp;&nbsp; 104209 |
| Capital Bancorp., Inc | 1804 | &nbsp;&nbsp; 60578 |
| Capital City Bank Group, Inc. | 2123 | &nbsp;&nbsp; 83540 |
| Capitol Federal Financial, Inc. | 18937 | &nbsp;&nbsp; 115516 |
| Carter Bankshares, Inc.\* | 3536 | &nbsp;&nbsp; 61314 |
| Cathay General Bancorp. | 10319 | &nbsp;&nbsp; 469824 |
| CB Financial Services, Inc. | 713 | &nbsp;&nbsp; 20320 |

---

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

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

---

| | |
|:---|:---|
| **8** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Central Pacific Financial <br> Corp.<br>| 4074 | &nbsp;&nbsp; 114194 |
| CF Bankshares, Inc. | 590 | &nbsp;&nbsp; 14142 |
| Chain Bridge Bancorp, Inc. <br> "A"\*<br>| 368 | &nbsp;&nbsp; 9483 |
| Chemung Financial Corp. | 636 | &nbsp;&nbsp; 30827 |
| ChoiceOne Financial <br> Services, Inc.<br>| 2190 | &nbsp;&nbsp; 62853 |
| Citizens & Northern Corp. | 2323 | &nbsp;&nbsp; 43998 |
| Citizens Community <br> Bancorp, Inc.<br>| 1482 | &nbsp;&nbsp; 20452 |
| Citizens Financial Services, <br> Inc.<br>| 679 | &nbsp;&nbsp; 39871 |
| City Holding Co. | 2219 | &nbsp;&nbsp; 271650 |
| Civista Bancshares, Inc. | 2323 | &nbsp;&nbsp; 53894 |
| CNB Financial Corp. | 3195 | &nbsp;&nbsp; 73038 |
| Coastal Financial Corp.\* | 1980 | &nbsp;&nbsp; 191803 |
| Colony Bankcorp, Inc. | 2651 | &nbsp;&nbsp; 43662 |
| Columbia Financial, Inc.\* | 4278 | &nbsp;&nbsp; 62074 |
| Community Financial <br> System, Inc.<br>| 8103 | &nbsp;&nbsp; 460818 |
| Community Trust Bancorp., <br> Inc.<br>| 2440 | &nbsp;&nbsp; 129125 |
| Community West <br> Bancshares<br>| 2472 | &nbsp;&nbsp; 48229 |
| ConnectOne Bancorp., Inc. | 7310 | &nbsp;&nbsp; 169297 |
| Customers Bancorp., Inc.\* | 4506 | &nbsp;&nbsp; 264682 |
| CVB Financial Corp. | 20221 | &nbsp;&nbsp; 400174 |
| Dime Community <br> Bancshares, Inc.<br>| 6109 | &nbsp;&nbsp; 164576 |
| Eagle Bancorp Montana, Inc. | 1135 | &nbsp;&nbsp; 18920 |
| Eagle Bancorp., Inc. | 4604 | &nbsp;&nbsp; 89686 |
| Eagle Financial Services, Inc. | 698 | &nbsp;&nbsp; 21373 |
| Eastern Bankshares, Inc. | 30082 | &nbsp;&nbsp; 459352 |
| ECB Bancorp, Inc.\* | 1180 | &nbsp;&nbsp; 18219 |
| Enterprise Bancorp., Inc. | 1528 | &nbsp;&nbsp; 60570 |
| Enterprise Financial Services <br> Corp.<br>| 5633 | &nbsp;&nbsp; 310378 |
| Equity Bancshares, Inc. "A" | 2433 | &nbsp;&nbsp; 99266 |
| Esquire Financial Holdings, <br> Inc.<br>| 1102 | &nbsp;&nbsp; 104315 |
| ESSA Bancorp., Inc. | 1317 | &nbsp;&nbsp; 25550 |
| Farmers & Merchants <br> Bancorp., Inc.<br>| 1991 | &nbsp;&nbsp; 50332 |
| Farmers National Banc Corp. | 5427 | &nbsp;&nbsp; 74838 |
| FB Bancorp, Inc.\* | 2733 | &nbsp;&nbsp; 30746 |
| FB Financial Corp. | 5412 | &nbsp;&nbsp; 245164 |
| Fidelity D&D Bancorp, Inc. | 736 | &nbsp;&nbsp; 33856 |
| Financial Institutions, Inc. | 3027 | &nbsp;&nbsp; 77733 |
| Finward Bancorp | 522 | &nbsp;&nbsp; 14418 |
| Finwise Bancorp\* | 1395 | &nbsp;&nbsp; 20939 |
| First BanCorp. | 24773 | &nbsp;&nbsp; 516022 |
| First BanCorp. - North <br> Carolina<br>| 6189 | &nbsp;&nbsp; 272873 |
| First Bancorp., Inc. | 1673 | &nbsp;&nbsp; 42511 |
| First Bank | 3075 | &nbsp;&nbsp; 47570 |
| First Busey Corp. | 13094 | &nbsp;&nbsp; 299656 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| First Business Financial <br> Services, Inc.<br>| 1224 | &nbsp;&nbsp; 62008 |
| First Capital, Inc. | 502 | &nbsp;&nbsp; 20728 |
| First Commonwealth <br> Financial Corp.<br>| 15486 | &nbsp;&nbsp; 251338 |
| First Community <br> Bancshares, Inc.<br>| 2380 | &nbsp;&nbsp; 93225 |
| First Community Corp. | 1126 | &nbsp;&nbsp; 27452 |
| First Financial Bancorp. | 14587 | &nbsp;&nbsp; 353881 |
| First Financial Bankshares, <br> Inc.<br>| 20592 | &nbsp;&nbsp; 740900 |
| First Financial Corp. | 1775 | &nbsp;&nbsp; 96187 |
| First Financial Northwest, <br> Inc.\* (b)<br>| 1109 | &nbsp;&nbsp; 621 |
| First Foundation, Inc.\* | 9923 | &nbsp;&nbsp; 50607 |
| First Internet Bancorp. | 1289 | &nbsp;&nbsp; 34674 |
| First Interstate BancSystem, <br> Inc. "A"<br>| 13463 | &nbsp;&nbsp; 388004 |
| First Merchants Corp. | 8950 | &nbsp;&nbsp; 342785 |
| First Mid Bancshares, Inc. | 3163 | &nbsp;&nbsp; 118581 |
| First National Corp. | 1191 | &nbsp;&nbsp; 23189 |
| First Savings Financial <br> Group, Inc.<br>| 858 | &nbsp;&nbsp; 21484 |
| First United Corp. | 928 | &nbsp;&nbsp; 28777 |
| First Western Financial, Inc.\* | 1244 | &nbsp;&nbsp; 28065 |
| Firstsun Capital Bancorp\* | 1937 | &nbsp;&nbsp; 67311 |
| Five Star Bancorp. | 2399 | &nbsp;&nbsp; 68467 |
| Flagstar Financial, Inc. | 46563 | &nbsp;&nbsp; 493568 |
| Flushing Financial Corp. | 5060 | &nbsp;&nbsp; 60113 |
| Franklin Financial Services <br> Corp.<br>| 642 | &nbsp;&nbsp; 22229 |
| FS Bancorp, Inc. | 1028 | &nbsp;&nbsp; 40483 |
| Fulton Financial Corp. | 27957 | &nbsp;&nbsp; 504344 |
| FVCBankcorp, Inc.\* | 2677 | &nbsp;&nbsp; 31589 |
| GBank Financial Holdings, <br> Inc.\*<br>| 1384 | &nbsp;&nbsp; 49007 |
| German American Bancorp., <br> Inc.<br>| 5544 | &nbsp;&nbsp; 213499 |
| Glacier Bancorp., Inc. | 17512 | &nbsp;&nbsp; 754417 |
| Great Southern Bancorp., <br> Inc.<br>| 1343 | &nbsp;&nbsp; 78942 |
| Greene County Bancorp., <br> Inc.<br>| 991 | &nbsp;&nbsp; 22020 |
| Guaranty Bancshares, Inc. | 1373 | &nbsp;&nbsp; 58270 |
| Hancock Whitney Corp. | 13141 | &nbsp;&nbsp; 754293 |
| Hanmi Financial Corp. | 4694 | &nbsp;&nbsp; 115848 |
| Hanover Bancorp, Inc. | 729 | &nbsp;&nbsp; 16687 |
| HarborOne Bancorp, Inc. | 5533 | &nbsp;&nbsp; 64625 |
| Hawthorn Bancshares, Inc. | 892 | &nbsp;&nbsp; 25993 |
| HBT Financial, Inc. | 1968 | &nbsp;&nbsp; 49613 |
| Heritage Commerce Corp. | 8889 | &nbsp;&nbsp; 88268 |
| Heritage Financial Corp. | 5243 | &nbsp;&nbsp; 124993 |
| Hilltop Holdings, Inc. | 7090 | &nbsp;&nbsp; 215181 |
| Hingham Institution For <br> Savings (a)<br>| 242 | &nbsp;&nbsp; 60101 |
| Home Bancorp., Inc. | 1102 | &nbsp;&nbsp; 57062 |
| Home BancShares, Inc. | 28817 | &nbsp;&nbsp; 820132 |
| HomeStreet, Inc.\* | 2935 | &nbsp;&nbsp; 38360 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| HomeTrust Bancshares, Inc. | 2453 | &nbsp;&nbsp; 91767 |
| Hope Bancorp., Inc. | 18028 | &nbsp;&nbsp; 193440 |
| Horizon Bancorp, Inc. | 6796 | &nbsp;&nbsp; 104522 |
| Independent Bank Corp. | 9651 | &nbsp;&nbsp; 512370 |
| International Bancshares <br> Corp.<br>| 8354 | &nbsp;&nbsp; 556042 |
| Investar Holding Corp. | 1254 | &nbsp;&nbsp; 24227 |
| John Marshall Bancorp, Inc. | 1953 | &nbsp;&nbsp; 36189 |
| Kearny Financial Corp. | 8884 | &nbsp;&nbsp; 57391 |
| Lakeland Financial Corp. | 3911 | &nbsp;&nbsp; 240331 |
| Landmark Bancorp, Inc. | 700 | &nbsp;&nbsp; 18508 |
| LCNB Corp. | 2080 | &nbsp;&nbsp; 30222 |
| LINKBANCORP, Inc. | 3545 | &nbsp;&nbsp; 25914 |
| Live Oak Bancshares, Inc. | 5418 | &nbsp;&nbsp; 161456 |
| MainStreet Bancshares, Inc. | 1071 | &nbsp;&nbsp; 20242 |
| Mercantile Bank Corp. | 2378 | &nbsp;&nbsp; 110363 |
| Meridian Corp. | 1406 | &nbsp;&nbsp; 18123 |
| Metrocity Bankshares, Inc. | 2880 | &nbsp;&nbsp; 82310 |
| Metropolitan Bank Holding <br> Corp.\*<br>| 1482 | &nbsp;&nbsp; 103740 |
| Mid Penn Bancorp, Inc. | 3033 | &nbsp;&nbsp; 85531 |
| Middlefield Banc Corp. | 1080 | &nbsp;&nbsp; 32519 |
| Midland States Bancorp., <br> Inc.<br>| 3192 | &nbsp;&nbsp; 55285 |
| MidWestOne Financial <br> Group, Inc.<br>| 3180 | &nbsp;&nbsp; 91489 |
| MVB Financial Corp. | 1790 | &nbsp;&nbsp; 40329 |
| National Bank Holdings <br> Corp. "A"<br>| 5801 | &nbsp;&nbsp; 218176 |
| National Bankshares, Inc. | 895 | &nbsp;&nbsp; 24344 |
| NB Bancorp, Inc.\* | 5376 | &nbsp;&nbsp; 96015 |
| NBT Bancorp., Inc. | 7848 | &nbsp;&nbsp; 326084 |
| Nicolet Bankshares, Inc. | 2047 | &nbsp;&nbsp; 252764 |
| Northeast Bank | 1098 | &nbsp;&nbsp; 97711 |
| Northeast Community <br> Bancorp, Inc.<br>| 1936 | &nbsp;&nbsp; 45002 |
| Northfield Bancorp., Inc. | 5917 | &nbsp;&nbsp; 67927 |
| Northpointe Bancshares, Inc. | 1613 | &nbsp;&nbsp; 22114 |
| Northrim BanCorp., Inc. | 830 | &nbsp;&nbsp; 77406 |
| Northwest Bancshares, Inc. | 19338 | &nbsp;&nbsp; 247140 |
| Norwood Financial Corp. | 1325 | &nbsp;&nbsp; 34158 |
| Oak Valley Bancorp. | 1057 | &nbsp;&nbsp; 28793 |
| OceanFirst Financial Corp. | 8706 | &nbsp;&nbsp; 153313 |
| OFG Bancorp. | 6947 | &nbsp;&nbsp; 297332 |
| Ohio Valley Banc Corp. | 583 | &nbsp;&nbsp; 18790 |
| Old National Bancorp. | 49160 | &nbsp;&nbsp; 1049074 |
| Old Point Financial Corp. | 615 | &nbsp;&nbsp; 24139 |
| Old Second Bancorp., Inc. | 6773 | &nbsp;&nbsp; 120153 |
| OP Bancorp. | 1823 | &nbsp;&nbsp; 23681 |
| Orange County Bancorp, Inc. | 1598 | &nbsp;&nbsp; 41292 |
| Origin Bancorp, Inc. | 4562 | &nbsp;&nbsp; 163046 |
| Orrstown Financial Services, <br> Inc.<br>| 2792 | &nbsp;&nbsp; 88869 |
| Pacific Premier Bancorp., <br> Inc.<br>| 14691 | &nbsp;&nbsp; 309833 |
| Park National Corp. | 2272 | &nbsp;&nbsp; 380015 |
| Parke Bancorp., Inc. (a) | 1456 | &nbsp;&nbsp; 29659 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Pathward Financial, Inc. | 3630 | &nbsp;&nbsp; 287206 |
| Patriot National Bancorp, <br> Inc.\*<br>| 6794 | &nbsp;&nbsp; 10327 |
| PCB Bancorp. | 1703 | &nbsp;&nbsp; 35729 |
| Peapack-Gladstone Financial <br> Corp.<br>| 2456 | &nbsp;&nbsp; 69382 |
| Penns Woods Bancorp., Inc. | 1131 | &nbsp;&nbsp; 34337 |
| Peoples Bancorp of North <br> Carolina, Inc.<br>| 732 | &nbsp;&nbsp; 21118 |
| Peoples Bancorp., Inc. | 5221 | &nbsp;&nbsp; 159449 |
| Peoples Financial Services <br> Corp.<br>| 1441 | &nbsp;&nbsp; 71142 |
| Pioneer Bancorp., Inc.\* | 1880 | &nbsp;&nbsp; 22616 |
| Plumas Bancorp. | 843 | &nbsp;&nbsp; 37480 |
| Ponce Financial Group, Inc.\* | 3041 | &nbsp;&nbsp; 42087 |
| Preferred Bank | 1887 | &nbsp;&nbsp; 163310 |
| Primis Financial Corp. | 3225 | &nbsp;&nbsp; 34991 |
| Princeton Bancorp, Inc. | 844 | &nbsp;&nbsp; 25776 |
| Provident Bancorp, Inc.\* | 2516 | &nbsp;&nbsp; 31425 |
| Provident Financial Services, <br> Inc.<br>| 19725 | &nbsp;&nbsp; 345779 |
| QCR Holdings, Inc. | 2488 | &nbsp;&nbsp; 168935 |
| RBB Bancorp. | 2605 | &nbsp;&nbsp; 44832 |
| Red River Bancshares, Inc. | 664 | &nbsp;&nbsp; 38977 |
| Renasant Corp. | 14463 | &nbsp;&nbsp; 519656 |
| Republic Bancorp., Inc. "A" | 1283 | &nbsp;&nbsp; 93800 |
| Rhinebeck Bancorp, Inc.\* | 672 | &nbsp;&nbsp; 7883 |
| Richmond Mutual Bancorp., <br> Inc.<br>| 1391 | &nbsp;&nbsp; 19196 |
| Riverview Bancorp., Inc. | 3140 | &nbsp;&nbsp; 17270 |
| S&T Bancorp., Inc. | 5806 | &nbsp;&nbsp; 219583 |
| SB Financial Group, Inc. | 919 | &nbsp;&nbsp; 17553 |
| Seacoast Banking Corp. of <br> Florida<br>| 13002 | &nbsp;&nbsp; 359115 |
| ServisFirst Bancshares, Inc. | 7907 | &nbsp;&nbsp; 612872 |
| Shore Bancshares, Inc. | 4738 | &nbsp;&nbsp; 74481 |
| Sierra Bancorp. | 2012 | &nbsp;&nbsp; 59736 |
| Simmons First National <br> Corp. "A"<br>| 19229 | &nbsp;&nbsp; 364582 |
| SmartFinancial, Inc. | 2240 | &nbsp;&nbsp; 75667 |
| Sound Financial Bancorp, <br> Inc.<br>| 324 | &nbsp;&nbsp; 14904 |
| South Plains Financial, Inc. | 1978 | &nbsp;&nbsp; 71287 |
| Southern First Bancshares, <br> Inc.\*<br>| 1184 | &nbsp;&nbsp; 45028 |
| Southern Missouri Bancorp., <br> Inc.<br>| 1482 | &nbsp;&nbsp; 81184 |
| Southern States <br> Bancshares, Inc.<br>| 1310 | &nbsp;&nbsp; 47645 |
| Southside Bancshares, Inc. | 4468 | &nbsp;&nbsp; 131493 |
| SR Bancorp, Inc. | 1199 | &nbsp;&nbsp; 16187 |
| Stellar Bancorp, Inc. | 7212 | &nbsp;&nbsp; 201792 |
| Sterling Bancorp., Inc.\* (b) | 3460 | &nbsp;&nbsp; 0 |
| Stock Yards Bancorp., Inc. | 4033 | &nbsp;&nbsp; 318526 |
| Texas Capital Bancshares, <br> Inc.\*<br>| 6971 | &nbsp;&nbsp; 553497 |
| The Bancorp, Inc.\* | 6991 | &nbsp;&nbsp; 398277 |

---

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

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

---

| | |
|:---|:---|
| **10** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Third Coast Bancshares, <br> Inc.\*<br>| 1985 | &nbsp;&nbsp; 64850 |
| Timberland Bancorp., Inc. | 1157 | &nbsp;&nbsp; 36098 |
| Tompkins Financial Corp. | 2066 | &nbsp;&nbsp; 129600 |
| TowneBank | 10825 | &nbsp;&nbsp; 369998 |
| TriCo Bancshares | 4737 | &nbsp;&nbsp; 191801 |
| Triumph Financial, Inc.\* | 3430 | &nbsp;&nbsp; 189027 |
| TrustCo Bank Corp. NY | 2898 | &nbsp;&nbsp; 96851 |
| Trustmark Corp. | 8712 | &nbsp;&nbsp; 317640 |
| UMB Financial Corp. | 11147 | &nbsp;&nbsp; 1172219 |
| Union Bankshares, Inc. | 561 | &nbsp;&nbsp; 14934 |
| United Bankshares, Inc. | 21685 | &nbsp;&nbsp; 789985 |
| United Community Banks, <br> Inc.<br>| 18460 | &nbsp;&nbsp; 549923 |
| United Security Bancshares | 2092 | &nbsp;&nbsp; 18096 |
| Unity Bancorp., Inc. | 1114 | &nbsp;&nbsp; 52447 |
| Univest Financial Corp. | 4348 | &nbsp;&nbsp; 130614 |
| USCB Financial Holdings, <br> Inc.<br>| 1626 | &nbsp;&nbsp; 26894 |
| Valley National Bancorp. | 74328 | &nbsp;&nbsp; 663749 |
| Veritex Holdings, Inc. | 8125 | &nbsp;&nbsp; 212062 |
| Virginia National Bankshares <br> Corp.<br>| 728 | &nbsp;&nbsp; 26936 |
| WaFd, Inc. | 12329 | &nbsp;&nbsp; 360993 |
| Washington Trust Bancorp., <br> Inc.<br>| 2995 | &nbsp;&nbsp; 84699 |
| WesBanco, Inc. | 14509 | &nbsp;&nbsp; 458920 |
| West BanCorp, Inc. | 2509 | &nbsp;&nbsp; 49252 |
| Westamerica BanCorp. | 3913 | &nbsp;&nbsp; 189546 |
| Western New England <br> Bancorp, Inc.<br>| 2823 | &nbsp;&nbsp; 26056 |
| WSFS Financial Corp. | 8905 | &nbsp;&nbsp; 489775 |
|  |  | &nbsp;&nbsp; **41146197** |
| **Capital Markets 1.7%** | **Capital Markets 1.7%** |  |
| Acadian Asset Management, <br> Inc.<br>| 4270 | &nbsp;&nbsp; 150475 |
| AlTi Global, Inc.\* | 6575 | &nbsp;&nbsp; 27286 |
| Artisan Partners Asset <br> Management, Inc. "A"<br>| 9518 | &nbsp;&nbsp; 421933 |
| Bakkt Holdings, Inc.\* | 780 | &nbsp;&nbsp; 10881 |
| BGC Group, Inc. "A" | 54955 | &nbsp;&nbsp; 562189 |
| Cohen & Steers, Inc. | 4256 | &nbsp;&nbsp; 320689 |
| Diamond Hill Investment <br> Group, Inc.<br>| 410 | &nbsp;&nbsp; 59577 |
| DigitalBridge Group, Inc. | 26268 | &nbsp;&nbsp; 271874 |
| Donnelley Financial <br> Solutions, Inc.\*<br>| 4077 | &nbsp;&nbsp; 251347 |
| Forge Global Holdings, Inc.\* | 1555 | &nbsp;&nbsp; 29607 |
| GCM Grosvenor, Inc. "A" | 6589 | &nbsp;&nbsp; 76169 |
| Marex Group PLC | 4889 | &nbsp;&nbsp; 192969 |
| MarketWise, Inc. | 356 | &nbsp;&nbsp; 7045 |
| Moelis & Co. "A" | 11396 | &nbsp;&nbsp; 710199 |
| Open Lending Corp.\* | 15988 | &nbsp;&nbsp; 31017 |
| P10, Inc. "A" | 8308 | &nbsp;&nbsp; 84908 |
| Patria Investments Ltd. "A" | 9195 | &nbsp;&nbsp; 129282 |
| Perella Weinberg Partners | 9351 | &nbsp;&nbsp; 181596 |
| Piper Sandler Companies | 2685 | &nbsp;&nbsp; 746269 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| PJT Partners, Inc. "A" | 3528 | &nbsp;&nbsp; 582155 |
| Siebert Financial Corp.\* | 2202 | &nbsp;&nbsp; 9733 |
| Silvercrest Asset <br> Management Group, Inc. <br> "A"<br>| 1221 | &nbsp;&nbsp; 19365 |
| StepStone Group, Inc. "A" | 9618 | &nbsp;&nbsp; 533799 |
| StoneX Group, Inc.\* | 6939 | &nbsp;&nbsp; 632420 |
| Value Line, Inc. (a) | 119 | &nbsp;&nbsp; 4659 |
| Victory Capital Holdings, Inc. <br> "A"<br>| 6797 | &nbsp;&nbsp; 432765 |
| Virtus Investment Partners, <br> Inc.<br>| 1012 | &nbsp;&nbsp; 183577 |
| Westwood Holdings Group, <br> Inc.<br>| 1138 | &nbsp;&nbsp; 17753 |
| WisdomTree, Inc. | 18468 | &nbsp;&nbsp; 212567 |
|  |  | &nbsp;&nbsp; **6894105** |
| **Consumer Finance 1.1%** | **Consumer Finance 1.1%** |  |
| Atlanticus Holdings Corp.\* | 853 | &nbsp;&nbsp; 46702 |
| Bread Financial Holdings, <br> Inc.<br>| 7163 | &nbsp;&nbsp; 409150 |
| Consumer Portfolio <br> Services, Inc.\*<br>| 1314 | &nbsp;&nbsp; 12917 |
| Dave, Inc.\* | 1421 | &nbsp;&nbsp; 381411 |
| Encore Capital Group, Inc.\* | 3539 | &nbsp;&nbsp; 136995 |
| Enova International, Inc.\* | 3763 | &nbsp;&nbsp; 419650 |
| FirstCash Holdings, Inc. | 6076 | &nbsp;&nbsp; 821111 |
| Green Dot Corp. "A"\* | 7988 | &nbsp;&nbsp; 86111 |
| LendingClub Corp.\* | 17379 | &nbsp;&nbsp; 209069 |
| LendingTree, Inc.\* | 1714 | &nbsp;&nbsp; 63538 |
| Medallion Financial Corp. | 2502 | &nbsp;&nbsp; 23844 |
| Navient Corp. | 10949 | &nbsp;&nbsp; 154381 |
| Nelnet, Inc. "A" | 2130 | &nbsp;&nbsp; 257985 |
| NerdWallet, Inc. "A"\* | 6344 | &nbsp;&nbsp; 69594 |
| Oportun Financial Corp.\* | 5156 | &nbsp;&nbsp; 36917 |
| OppFi, Inc. | 3732 | &nbsp;&nbsp; 52211 |
| PRA Group, Inc.\* | 5825 | &nbsp;&nbsp; 85919 |
| PROG Holdings, Inc. | 6255 | &nbsp;&nbsp; 183584 |
| Regional Management Corp. | 1321 | &nbsp;&nbsp; 38586 |
| Upstart Holdings, Inc.\* | 12903 | &nbsp;&nbsp; 834566 |
| Vroom, Inc.\* | 177 | &nbsp;&nbsp; 5046 |
| World Acceptance Corp.\* | 496 | &nbsp;&nbsp; 81899 |
|  |  | &nbsp;&nbsp; **4411186** |
| **Financial Services 2.6%** | **Financial Services 2.6%** |  |
| Acacia Research Corp.\* | 6132 | &nbsp;&nbsp; 21953 |
| Alerus Financial Corp. | 3346 | &nbsp;&nbsp; 72407 |
| AvidXchange Holdings, Inc.\* | 26087 | &nbsp;&nbsp; 255392 |
| Banco Latinoamericano de <br> Comercio Exterior SA<br>| 4467 | &nbsp;&nbsp; 180020 |
| Better Home & Finance <br> Holding Co.\*<br>| 750 | &nbsp;&nbsp; 9292 |
| Burford Capital Ltd. | 29431 | &nbsp;&nbsp; 419686 |
| Cannae Holdings, Inc. | 8812 | &nbsp;&nbsp; 183730 |
| Cantaloupe, Inc.\* | 8143 | &nbsp;&nbsp; 89492 |
| Cass Information Systems, <br> Inc.<br>| 1839 | &nbsp;&nbsp; 79905 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Compass Diversified <br> Holdings<br>| 10138 | &nbsp;&nbsp; 63667 |
| Enact Holdings, Inc. | 4440 | &nbsp;&nbsp; 164946 |
| Essent Group Ltd. | 15236 | &nbsp;&nbsp; 925282 |
| EVERTEC, Inc. | 9870 | &nbsp;&nbsp; 355813 |
| Federal Agricultural <br> Mortgage Corp. "C"<br>| 1438 | &nbsp;&nbsp; 279375 |
| Finance of America <br> Companies, Inc. "A"\*<br>| 690 | &nbsp;&nbsp; 16091 |
| Flywire Corp.\* | 18118 | &nbsp;&nbsp; 211981 |
| HA Sustainable <br> Infrastructure Capital, Inc.<br>| 18760 | &nbsp;&nbsp; 503894 |
| International Money <br> Express, Inc.\*<br>| 4500 | &nbsp;&nbsp; 45405 |
| Jackson Financial, Inc. "A" | 10977 | &nbsp;&nbsp; 974648 |
| loanDepot, Inc. "A"\* | 12496 | &nbsp;&nbsp; 15870 |
| Marqeta, Inc. "A"\* | 58925 | &nbsp;&nbsp; 343533 |
| Merchants Bancorp. | 3977 | &nbsp;&nbsp; 131519 |
| NCR Atleos Corp.\* | 11237 | &nbsp;&nbsp; 320592 |
| NewtekOne, Inc. | 3778 | &nbsp;&nbsp; 42616 |
| NMI Holdings, Inc.\* | 11986 | &nbsp;&nbsp; 505689 |
| Onity Group, Inc.\* | 1032 | &nbsp;&nbsp; 39391 |
| Pagseguro Digital Ltd. "A" | 27193 | &nbsp;&nbsp; 262140 |
| Payoneer Global, Inc.\* | 42688 | &nbsp;&nbsp; 292413 |
| Paysafe Ltd.\* | 4812 | &nbsp;&nbsp; 60727 |
| Paysign, Inc.\* | 5141 | &nbsp;&nbsp; 37015 |
| PennyMac Financial <br> Services, Inc.<br>| 4482 | &nbsp;&nbsp; 446586 |
| Priority Technology Holdings, <br> Inc.\*<br>| 3835 | &nbsp;&nbsp; 29836 |
| Radian Group, Inc. | 21657 | &nbsp;&nbsp; 780085 |
| Remitly Global, Inc.\* | 23767 | &nbsp;&nbsp; 446107 |
| Repay Holdings Corp.\* | 12373 | &nbsp;&nbsp; 59638 |
| Security National Financial <br> Corp. "A"\*<br>| 2274 | &nbsp;&nbsp; 22399 |
| Sezzle, Inc.\* (a) | 2263 | &nbsp;&nbsp; 405643 |
| StoneCo., Ltd. "A"\* | 37157 | &nbsp;&nbsp; 595998 |
| SWK Holdings Corp. | 529 | &nbsp;&nbsp; 7797 |
| Triller Group, Inc.\* | 15616 | &nbsp;&nbsp; 14531 |
| Velocity Financial, Inc.\* | 1727 | &nbsp;&nbsp; 32019 |
| Walker & Dunlop, Inc. | 5049 | &nbsp;&nbsp; 355853 |
| Waterstone Financial, Inc. | 2474 | &nbsp;&nbsp; 34166 |
|  |  | &nbsp;&nbsp; **10135142** |
| **Insurance 2.3%** | **Insurance 2.3%** |  |
| Ambac Financial Group, <br> Inc.\*<br>| 7052 | &nbsp;&nbsp; 50069 |
| American Coastal Insurance <br> Corp. "C"<br>| 3816 | &nbsp;&nbsp; 42434 |
| AMERISAFE, Inc. | 2961 | &nbsp;&nbsp; 129484 |
| Baldwin Insurance Group, <br> Inc.\*<br>| 10771 | &nbsp;&nbsp; 461106 |
| Bowhead Specialty <br> Holdings, Inc.\*<br>| 2487 | &nbsp;&nbsp; 93337 |
| Citizens, Inc.\* | 6958 | &nbsp;&nbsp; 24283 |
| CNO Financial Group, Inc. | 15245 | &nbsp;&nbsp; 588152 |
| Crawford & Co. "A" | 2341 | &nbsp;&nbsp; 24768 |
| Donegal Group, Inc. "A" | 2368 | &nbsp;&nbsp; 47419 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| eHealth, Inc.\* | 4416 | &nbsp;&nbsp; 19210 |
| Employers Holdings, Inc. | 3649 | &nbsp;&nbsp; 172160 |
| Enstar Group Ltd.\* | 1826 | &nbsp;&nbsp; 614193 |
| F&G Annuities & Life, Inc. | 3267 | &nbsp;&nbsp; 104479 |
| Fidelis Insurance Holdings <br> Ltd.<br>| 9154 | &nbsp;&nbsp; 151773 |
| Genworth Financial, Inc.\* | 63074 | &nbsp;&nbsp; 490716 |
| GoHealth, Inc. "A"\* | 701 | &nbsp;&nbsp; 3891 |
| Goosehead Insurance, Inc. <br> "A"<br>| 3656 | &nbsp;&nbsp; 385745 |
| Greenlight Capital Re Ltd. <br> "A"\*<br>| 3997 | &nbsp;&nbsp; 57437 |
| Hamilton Insurance Group <br> Ltd. "B"\*<br>| 6920 | &nbsp;&nbsp; 149610 |
| HCI Group, Inc. | 1317 | &nbsp;&nbsp; 200447 |
| Heritage Insurance Holdings, <br> Inc.\*<br>| 3373 | &nbsp;&nbsp; 84123 |
| Hippo Holdings, Inc.\* | 2740 | &nbsp;&nbsp; 76528 |
| Horace Mann Educators <br> Corp.<br>| 6279 | &nbsp;&nbsp; 269809 |
| Investors Title Co. | 219 | &nbsp;&nbsp; 46275 |
| James River Group Holdings <br> Ltd.<br>| 5779 | &nbsp;&nbsp; 33865 |
| Kestrel Group Ltd.\* | 256 | &nbsp;&nbsp; 6794 |
| Kingstone Companies, Inc.\* | 1708 | &nbsp;&nbsp; 26320 |
| Kingsway Financial Services, <br> Inc.\*<br>| 2771 | &nbsp;&nbsp; 37519 |
| Lemonade, Inc.\* (a) | 8525 | &nbsp;&nbsp; 373480 |
| MBIA, Inc.\* | 7039 | &nbsp;&nbsp; 30549 |
| Mercury General Corp. | 4082 | &nbsp;&nbsp; 274882 |
| NI Holdings, Inc.\* | 1163 | &nbsp;&nbsp; 14817 |
| Oscar Health, Inc. "A"\* | 28065 | &nbsp;&nbsp; 601714 |
| Palomar Holdings, Inc.\* | 4043 | &nbsp;&nbsp; 623633 |
| ProAssurance Corp.\* | 7828 | &nbsp;&nbsp; 178713 |
| Root, Inc. "A"\* | 1631 | &nbsp;&nbsp; 208719 |
| Safety Insurance Group, Inc. | 2258 | &nbsp;&nbsp; 179263 |
| Selective Insurance Group, <br> Inc.<br>| 9324 | &nbsp;&nbsp; 807925 |
| Selectquote, Inc.\* | 21145 | &nbsp;&nbsp; 50325 |
| SiriusPoint Ltd.\* | 15730 | &nbsp;&nbsp; 320735 |
| Skyward Specialty Insurance <br> Group, Inc.\*<br>| 5487 | &nbsp;&nbsp; 317094 |
| Stewart Information <br> Services Corp.<br>| 4263 | &nbsp;&nbsp; 277521 |
| Tiptree, Inc. | 3622 | &nbsp;&nbsp; 85407 |
| Trupanion, Inc.\* | 5685 | &nbsp;&nbsp; 314665 |
| United Fire Group, Inc. | 3158 | &nbsp;&nbsp; 90635 |
| Universal Insurance <br> Holdings, Inc.<br>| 3913 | &nbsp;&nbsp; 108507 |
|  |  | &nbsp;&nbsp; **9250530** |
| **Mortgage Real Estate Investment Trusts** <br> **(REITs) 0.9%** | **Mortgage Real Estate Investment Trusts** <br> **(REITs) 0.9%** |  |
| ACRES Commercial Realty <br> Corp. \*<br>| 980 | &nbsp;&nbsp; 17581 |
| Advanced Flower Capital, <br> Inc. (a)<br>| 2753 | &nbsp;&nbsp; 12333 |
| AG Mortgage Investment <br> Trust, Inc.<br>| 4591 | &nbsp;&nbsp; 34662 |

---

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

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

---

| | |
|:---|:---|
| **12** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Angel Oak Mortgage REIT, <br> Inc.<br>| 1894 | &nbsp;&nbsp; 17841 |
| Apollo Commercial Real <br> Estate Finance, Inc.<br>| 21448 | &nbsp;&nbsp; 207617 |
| Arbor Realty Trust, Inc. (a) | 29271 | &nbsp;&nbsp; 313200 |
| Ares Commercial Real <br> Estate Corp. (a)<br>| 8243 | &nbsp;&nbsp; 39319 |
| ARMOUR Residential REIT, <br> Inc. (a)<br>| 12639 | &nbsp;&nbsp; 212462 |
| Blackstone Mortgage Trust, <br> Inc. "A" (a)<br>| 24973 | &nbsp;&nbsp; 480730 |
| BrightSpire Capital, Inc. | 20174 | &nbsp;&nbsp; 101879 |
| Chicago Atlantic Real Estate <br> Finance, Inc.<br>| 2723 | &nbsp;&nbsp; 38013 |
| Chimera Investment Corp. | 12199 | &nbsp;&nbsp; 169200 |
| Claros Mortgage Trust, Inc. | 13672 | &nbsp;&nbsp; 38965 |
| Dynex Capital, Inc. (a) | 16193 | &nbsp;&nbsp; 197878 |
| Ellington Financial, Inc. (a) | 14200 | &nbsp;&nbsp; 184458 |
| Franklin BSP Realty Trust, <br> Inc. (a)<br>| 12457 | &nbsp;&nbsp; 133165 |
| Invesco Mortgage Capital, <br> Inc.<br>| 9681 | &nbsp;&nbsp; 75899 |
| KKR Real Estate Finance <br> Trust, Inc.<br>| 9110 | &nbsp;&nbsp; 79895 |
| Ladder Capital Corp. | 17303 | &nbsp;&nbsp; 186007 |
| Lument Finance Trust, Inc. | 7165 | &nbsp;&nbsp; 15835 |
| MFA Financial, Inc. | 15534 | &nbsp;&nbsp; 146952 |
| New York Mortgage Trust, <br> Inc.<br>| 13061 | &nbsp;&nbsp; 87509 |
| Nexpoint Real Estate <br> Finance, Inc.<br>| 1251 | &nbsp;&nbsp; 17251 |
| Orchid Island Capital, Inc. (a) | 16492 | &nbsp;&nbsp; 115609 |
| PennyMac Mortgage <br> Investment Trust<br>| 13218 | &nbsp;&nbsp; 169984 |
| Ready Capital Corp. (a) | 25530 | &nbsp;&nbsp; 111566 |
| Redwood Trust, Inc. | 20422 | &nbsp;&nbsp; 120694 |
| Rithm Property Trust, Inc. | 6261 | &nbsp;&nbsp; 16905 |
| Seven Hills Realty Trust | 1986 | &nbsp;&nbsp; 23971 |
| Sunrise Realty Trust, Inc. (a) | 1527 | &nbsp;&nbsp; 16186 |
| TPG RE Finance Trust, Inc. | 10540 | &nbsp;&nbsp; 81369 |
| Two Harbors Investment <br> Corp.<br>| 16086 | &nbsp;&nbsp; 173246 |
|  |  | &nbsp;&nbsp; **3638181** |
| **Health Care 15.6%** | **Health Care 15.6%** |  |
| **Biotechnology 7.1%** | **Biotechnology 7.1%** |  |
| 4D Molecular Therapeutics, <br> Inc.\*<br>| 6537 | &nbsp;&nbsp; 24252 |
| 89bio, Inc.\* | 19105 | &nbsp;&nbsp; 187611 |
| Abeona Therapeutics, Inc.\* | 6680 | &nbsp;&nbsp; 37942 |
| Absci Corp.\* (a) | 16674 | &nbsp;&nbsp; 42852 |
| ACADIA Pharmaceuticals, <br> Inc.\*<br>| 19066 | &nbsp;&nbsp; 411254 |
| Actuate Therapeutics, Inc.\* | 905 | &nbsp;&nbsp; 5530 |
| ADC Therapeutics SA\* | 11327 | &nbsp;&nbsp; 30356 |
| ADMA Biologics, Inc.\* | 35520 | &nbsp;&nbsp; 646819 |
| Agios Pharmaceuticals, Inc.\* | 8668 | &nbsp;&nbsp; 288298 |
| Akebia Therapeutics, Inc.\* | 38289 | &nbsp;&nbsp; 139372 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Akero Therapeutics, Inc.\* | 10705 | &nbsp;&nbsp; 571219 |
| Aldeyra Therapeutics, Inc.\* | 7876 | &nbsp;&nbsp; 30165 |
| Alector, Inc.\* | 12780 | &nbsp;&nbsp; 17892 |
| Alkermes PLC\* | 24858 | &nbsp;&nbsp; 711187 |
| Allogene Therapeutics, <br> Inc.\* (a)<br>| 23977 | &nbsp;&nbsp; 27094 |
| Altimmune, Inc.\* (a) | 11829 | &nbsp;&nbsp; 45778 |
| Amicus Therapeutics, Inc.\* | 42652 | &nbsp;&nbsp; 244396 |
| AnaptysBio, Inc.\* | 2983 | &nbsp;&nbsp; 66223 |
| Anavex Life <br> Sciences Corp.\* (a)<br>| 12804 | &nbsp;&nbsp; 118053 |
| Anika Therapeutics, Inc.\* | 2025 | &nbsp;&nbsp; 21425 |
| Annexon, Inc.\* | 15203 | &nbsp;&nbsp; 36487 |
| Apogee Therapeutics, Inc.\* | 4888 | &nbsp;&nbsp; 212286 |
| Arbutus Biopharma Corp.\* | 22659 | &nbsp;&nbsp; 70016 |
| Arcellx, Inc.\* | 5606 | &nbsp;&nbsp; 369155 |
| Arcturus Therapeutics <br> Holdings, Inc.\*<br>| 3963 | &nbsp;&nbsp; 51559 |
| Arcus Biosciences, Inc.\* | 10536 | &nbsp;&nbsp; 85763 |
| Arcutis Biotherapeutics, <br> Inc.\*<br>| 16183 | &nbsp;&nbsp; 226886 |
| Ardelyx, Inc.\* | 35709 | &nbsp;&nbsp; 139979 |
| ArriVent Biopharma, Inc.\* | 3519 | &nbsp;&nbsp; 76609 |
| Arrowhead Pharmaceuticals, <br> Inc.\*<br>| 18468 | &nbsp;&nbsp; 291794 |
| ARS Pharmaceuticals, <br> Inc.\* (a)<br>| 8398 | &nbsp;&nbsp; 146545 |
| Astria Therapeutics, Inc.\* | 7209 | &nbsp;&nbsp; 38640 |
| aTyr Pharma, Inc.\* | 13311 | &nbsp;&nbsp; 67487 |
| Aura Biosciences, Inc.\* | 5709 | &nbsp;&nbsp; 35738 |
| Aurinia Pharmaceuticals, <br> Inc.\*<br>| 18044 | &nbsp;&nbsp; 152833 |
| Avidity Biosciences, Inc.\* | 17528 | &nbsp;&nbsp; 497795 |
| Avita Medical, Inc.\* (a) | 3965 | &nbsp;&nbsp; 20975 |
| Beam Therapeutics, Inc.\* | 14640 | &nbsp;&nbsp; 249026 |
| Benitec Biopharma, Inc.\* | 2214 | &nbsp;&nbsp; 25904 |
| Bicara Therapeutics, Inc.\* | 5239 | &nbsp;&nbsp; 48670 |
| BioCryst Pharmaceuticals, <br> Inc.\*<br>| 32100 | &nbsp;&nbsp; 287616 |
| Biohaven Ltd.\* | 13849 | &nbsp;&nbsp; 195409 |
| Blueprint Medicines Corp.\* | 9805 | &nbsp;&nbsp; 1256805 |
| Bridgebio Pharma, Inc.\* | 23950 | &nbsp;&nbsp; 1034161 |
| Bright Minds Biosciences, <br> Inc.\*<br>| 704 | &nbsp;&nbsp; 18381 |
| Candel Therapeutics, <br> Inc.\* (a)<br>| 6018 | &nbsp;&nbsp; 30451 |
| Capricor Therapeutics, <br> Inc.\* (a)<br>| 5722 | &nbsp;&nbsp; 56819 |
| Cardiff Oncology, Inc.\* (a) | 8596 | &nbsp;&nbsp; 27077 |
| CareDx, Inc.\* | 8351 | &nbsp;&nbsp; 163179 |
| Cargo Therapeutics, Inc.\* | 5349 | &nbsp;&nbsp; 22038 |
| Cartesian Therapeutics, <br> Inc.\* (a)<br>| 1600 | &nbsp;&nbsp; 16624 |
| Catalyst Pharmaceuticals, <br> Inc.\*<br>| 17749 | &nbsp;&nbsp; 385153 |
| Celcuity, Inc.\* | 4376 | &nbsp;&nbsp; 58420 |
| Celldex Therapeutics, Inc.\* | 9880 | &nbsp;&nbsp; 201058 |
| CG oncology, Inc.\* | 8553 | &nbsp;&nbsp; 222378 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Cidara Therapeutics, Inc.\* | 2575 | &nbsp;&nbsp; 125428 |
| Cogent Biosciences, Inc.\* | 16234 | &nbsp;&nbsp; 116560 |
| Coherus Oncology, Inc.\* (a) | 17544 | &nbsp;&nbsp; 12830 |
| Compass Therapeutics, <br> Inc.\* (a)<br>| 13638 | &nbsp;&nbsp; 35459 |
| Corvus Pharmaceuticals, <br> Inc.\*<br>| 8010 | &nbsp;&nbsp; 32040 |
| Crinetics Pharmaceuticals, <br> Inc.\*<br>| 13795 | &nbsp;&nbsp; 396744 |
| CRISPR Therapeutics AG\* | 12674 | &nbsp;&nbsp; 616463 |
| Cullinan Therapeutics, Inc.\* | 8062 | &nbsp;&nbsp; 60707 |
| Cytokinetics, Inc.\* | 17891 | &nbsp;&nbsp; 591119 |
| Day One <br> Biopharmaceuticals, Inc.\*<br>| 10988 | &nbsp;&nbsp; 71422 |
| Denali Therapeutics, Inc.\* | 20274 | &nbsp;&nbsp; 283633 |
| Design Therapeutics, Inc.\* | 5097 | &nbsp;&nbsp; 17177 |
| DiaMedica Therapeutics, <br> Inc.\*<br>| 4047 | &nbsp;&nbsp; 15783 |
| Dianthus Therapeutics, <br> Inc.\* (a)<br>| 2988 | &nbsp;&nbsp; 55666 |
| Disc Medicine, Inc.\* | 3774 | &nbsp;&nbsp; 199871 |
| Dynavax Technologies Corp.\* | 16105 | &nbsp;&nbsp; 159762 |
| Dyne Therapeutics, Inc.\* | 14369 | &nbsp;&nbsp; 136793 |
| Editas Medicine, Inc.\* (a) | 13132 | &nbsp;&nbsp; 28890 |
| Eledon Pharmaceuticals, <br> Inc.\*<br>| 8957 | &nbsp;&nbsp; 24273 |
| Emergent BioSolutions, <br> Inc.\*<br>| 8268 | &nbsp;&nbsp; 52750 |
| Enanta Pharmaceuticals, <br> Inc.\*<br>| 3096 | &nbsp;&nbsp; 23406 |
| Entrada Therapeutics, Inc.\* | 3900 | &nbsp;&nbsp; 26208 |
| Erasca, Inc.\* | 28586 | &nbsp;&nbsp; 36304 |
| Fate Therapeutics, Inc.\* | 15858 | &nbsp;&nbsp; 17761 |
| Fennec Pharmaceuticals, <br> Inc.\*<br>| 3733 | &nbsp;&nbsp; 30984 |
| Foghorn Therapeutics, Inc.\* | 5062 | &nbsp;&nbsp; 23791 |
| Geron Corp.\* | 90728 | &nbsp;&nbsp; 127927 |
| Gossamer Bio, Inc.\* | 29055 | &nbsp;&nbsp; 35738 |
| GRAIL, Inc.\* | 4672 | &nbsp;&nbsp; 240234 |
| Greenwich Lifesciences, <br> Inc.\* (a)<br>| 959 | &nbsp;&nbsp; 8698 |
| Gyre Therapeutics, Inc.\* (a) | 2083 | &nbsp;&nbsp; 15310 |
| Heron Therapeutics, Inc.\* (a) | 23391 | &nbsp;&nbsp; 48419 |
| Humacyte, Inc.\* (a) | 19128 | &nbsp;&nbsp; 39978 |
| Ideaya Biosciences, Inc.\* | 12948 | &nbsp;&nbsp; 272167 |
| ImmunityBio, Inc.\* (a) | 35193 | &nbsp;&nbsp; 92910 |
| Immunome, Inc.\* | 11268 | &nbsp;&nbsp; 104792 |
| Immunovant, Inc.\* | 10431 | &nbsp;&nbsp; 166896 |
| Inhibikase Therapeutics, <br> Inc.\*<br>| 9223 | &nbsp;&nbsp; 17985 |
| Inhibrx Biosciences, Inc.\* | 1379 | &nbsp;&nbsp; 19678 |
| Inmune Bio, Inc.\* (a) | 1958 | &nbsp;&nbsp; 4523 |
| Intellia Therapeutics, Inc.\* (a) | 15870 | &nbsp;&nbsp; 148861 |
| Iovance Biotherapeutics, <br> Inc.\* (a)<br>| 39182 | &nbsp;&nbsp; 67393 |
| Ironwood Pharmaceuticals, <br> Inc.\*<br>| 22309 | &nbsp;&nbsp; 16000 |
| iTeos Therapeutics, Inc.\* | 4596 | &nbsp;&nbsp; 45822 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Jade Biosciences, Inc. | 4954 | &nbsp;&nbsp; 49490 |
| Janux Therapeutics, Inc.\* | 6028 | &nbsp;&nbsp; 139247 |
| KalVista Pharmaceuticals, <br> Inc.\*<br>| 5835 | &nbsp;&nbsp; 65965 |
| Keros Therapeutics, Inc.\* | 5206 | &nbsp;&nbsp; 69500 |
| Kodiak Sciences, Inc.\* | 5061 | &nbsp;&nbsp; 18878 |
| Korro Bio, Inc.\* | 966 | &nbsp;&nbsp; 12065 |
| Krystal Biotech, Inc.\* | 3798 | &nbsp;&nbsp; 522073 |
| Kura Oncology, Inc.\* | 12108 | &nbsp;&nbsp; 69863 |
| Kymera Therapeutics, Inc.\* | 7180 | &nbsp;&nbsp; 313335 |
| Larimar Therapeutics, Inc.\* | 6639 | &nbsp;&nbsp; 19187 |
| Lexeo Therapeutics, Inc.\* (a) | 3644 | &nbsp;&nbsp; 14649 |
| Madrigal Pharmaceuticals, <br> Inc.\*<br>| 2586 | &nbsp;&nbsp; 782627 |
| MannKind Corp.\* | 46404 | &nbsp;&nbsp; 173551 |
| MeiraGTx Holdings PLC\* | 6362 | &nbsp;&nbsp; 41480 |
| Metsera, Inc.\* (a) | 2718 | &nbsp;&nbsp; 77327 |
| MiMedx Group, Inc.\* | 17555 | &nbsp;&nbsp; 107261 |
| Mineralys Therapeutics, <br> Inc.\*<br>| 5991 | &nbsp;&nbsp; 81058 |
| Mirum Pharmaceuticals, <br> Inc.\*<br>| 6658 | &nbsp;&nbsp; 338826 |
| Monopar Therapeutics, Inc.\* | 624 | &nbsp;&nbsp; 22327 |
| Monte Rosa Therapeutics, <br> Inc.\*<br>| 6415 | &nbsp;&nbsp; 28932 |
| Myriad Genetics, Inc.\* | 13476 | &nbsp;&nbsp; 71558 |
| Neurogene, Inc.\* (a) | 1599 | &nbsp;&nbsp; 23905 |
| Nkarta, Inc.\* | 8379 | &nbsp;&nbsp; 13909 |
| Novavax, Inc.\* (a) | 23423 | &nbsp;&nbsp; 147565 |
| Nurix Therapeutics, Inc.\* | 11268 | &nbsp;&nbsp; 128343 |
| Nuvalent, Inc. "A"\* | 6581 | &nbsp;&nbsp; 502130 |
| Nuvectis Pharma, Inc.\* | 1973 | &nbsp;&nbsp; 14738 |
| Olema Pharmaceuticals, <br> Inc.\*<br>| 9108 | &nbsp;&nbsp; 38800 |
| Organogenesis Holdings, <br> Inc.\*<br>| 10232 | &nbsp;&nbsp; 37449 |
| ORIC Pharmaceuticals, Inc.\* | 6857 | &nbsp;&nbsp; 69599 |
| Oruka Therapeutics, Inc. | 4152 | &nbsp;&nbsp; 46544 |
| Palvella Therapeutics, Inc.\* | 1050 | &nbsp;&nbsp; 23667 |
| Perspective Therapeutics, <br> Inc.\* (a)<br>| 8205 | &nbsp;&nbsp; 28225 |
| Praxis Precision Medicines, <br> Inc.\*<br>| 2726 | &nbsp;&nbsp; 114628 |
| Precigen, Inc.\* (a) | 21415 | &nbsp;&nbsp; 30409 |
| Prime Medicine, Inc.\* (a) | 8984 | &nbsp;&nbsp; 22190 |
| Protagonist Therapeutics, <br> Inc.\*<br>| 8963 | &nbsp;&nbsp; 495385 |
| Protalix BioTherapeutics, <br> Inc.\*<br>| 10693 | &nbsp;&nbsp; 15826 |
| Protara Therapeutics, Inc.\* | 4940 | &nbsp;&nbsp; 14968 |
| Prothena Corp. PLC\* | 6358 | &nbsp;&nbsp; 38593 |
| PTC Therapeutics, Inc.\* | 11905 | &nbsp;&nbsp; 581440 |
| Puma Biotechnology, Inc.\* | 6653 | &nbsp;&nbsp; 22820 |
| Recursion Pharmaceuticals, <br> Inc. "A"\* (a)<br>| 51991 | &nbsp;&nbsp; 263074 |
| REGENXBIO, Inc.\* | 6923 | &nbsp;&nbsp; 56838 |
| Relay Therapeutics, Inc.\* | 20479 | &nbsp;&nbsp; 70857 |
| Replimune Group, Inc.\* | 10316 | &nbsp;&nbsp; 95836 |

---

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

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

---

| | |
|:---|:---|
| **14** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Rezolute, Inc.\* | 10222 | &nbsp;&nbsp; 45590 |
| Rhythm Pharmaceuticals, <br> Inc.\*<br>| 8336 | &nbsp;&nbsp; 526752 |
| Rigel Pharmaceuticals, Inc.\* | 2674 | &nbsp;&nbsp; 50084 |
| Rocket Pharmaceuticals, <br> Inc.\*<br>| 12148 | &nbsp;&nbsp; 29763 |
| Sage Therapeutics, Inc.\* | 8454 | &nbsp;&nbsp; 77101 |
| Sana Biotechnology, Inc.\* (a) | 20838 | &nbsp;&nbsp; 56888 |
| Savara, Inc.\* | 17815 | &nbsp;&nbsp; 40618 |
| Scholar Rock Holding Corp.\* | 12434 | &nbsp;&nbsp; 440412 |
| SELLAS Life <br> Sciences Group, Inc.\*<br>| 14600 | &nbsp;&nbsp; 31974 |
| Sionna Therapeutics, Inc.\* | 1881 | &nbsp;&nbsp; 32635 |
| Soleno Therapeutics, Inc.\* | 6155 | &nbsp;&nbsp; 515666 |
| Solid Biosciences, Inc.\* | 10070 | &nbsp;&nbsp; 49041 |
| SpringWorks Therapeutics, <br> Inc.\*<br>| 11144 | &nbsp;&nbsp; 523657 |
| Spyre Therapeutics, Inc.\* | 7630 | &nbsp;&nbsp; 114221 |
| Stoke Therapeutics, Inc.\* | 6266 | &nbsp;&nbsp; 71119 |
| Syndax Pharmaceuticals, <br> Inc.\*<br>| 13038 | &nbsp;&nbsp; 122101 |
| Tango Therapeutics, Inc.\* (a) | 11710 | &nbsp;&nbsp; 59955 |
| Taysha Gene Therapies, Inc.\* | 25254 | &nbsp;&nbsp; 58337 |
| Tectonic Therapeutic, Inc.\* | 1681 | &nbsp;&nbsp; 33401 |
| Tevogen Bio Holdings, <br> Inc.\* (a)<br>| 3193 | &nbsp;&nbsp; 3991 |
| TG Therapeutics, Inc.\* | 22249 | &nbsp;&nbsp; 800742 |
| Tonix Pharmaceuticals <br> Holding Corp.\*<br>| 1155 | &nbsp;&nbsp; 41557 |
| Tourmaline Bio, Inc.\* | 2911 | &nbsp;&nbsp; 46547 |
| Travere Therapeutics, Inc.\* | 13510 | &nbsp;&nbsp; 199948 |
| TriSalus Life Sciences, Inc.\* | 2415 | &nbsp;&nbsp; 13162 |
| TuHURA Biosciences, Inc.\* | 3913 | &nbsp;&nbsp; 8726 |
| Twist Bioscience Corp.\* | 9063 | &nbsp;&nbsp; 333428 |
| Tyra Biosciences, Inc.\* | 3679 | &nbsp;&nbsp; 35208 |
| Upstream Bio, Inc.\* (a) | 5326 | &nbsp;&nbsp; 58480 |
| UroGen Pharma Ltd.\* (a) | 5813 | &nbsp;&nbsp; 79638 |
| Vanda Pharmaceuticals, <br> Inc.\*<br>| 8913 | &nbsp;&nbsp; 42069 |
| Vaxcyte, Inc.\* | 19264 | &nbsp;&nbsp; 626273 |
| Vera Therapeutics, Inc.\* | 7878 | &nbsp;&nbsp; 185606 |
| Veracyte, Inc.\* | 12009 | &nbsp;&nbsp; 324603 |
| Verastem, Inc.\* (a) | 6177 | &nbsp;&nbsp; 25635 |
| Vericel Corp.\* | 7719 | &nbsp;&nbsp; 328443 |
| Verve Therapeutics, Inc.\* | 10503 | &nbsp;&nbsp; 117949 |
| Vir Biotechnology, Inc.\* | 14077 | &nbsp;&nbsp; 70948 |
| Viridian Therapeutics, Inc.\* | 10628 | &nbsp;&nbsp; 148579 |
| Voyager Therapeutics, Inc.\* | 7297 | &nbsp;&nbsp; 22694 |
| Xencor, Inc.\* | 10775 | &nbsp;&nbsp; 84692 |
| Xenon Pharmaceuticals, <br> Inc.\*<br>| 11630 | &nbsp;&nbsp; 364019 |
| XOMA Royalty Corp.\* | 1449 | &nbsp;&nbsp; 36515 |
| Y-mAbs Therapeutics, Inc.\* | 5810 | &nbsp;&nbsp; 26203 |
| Zenas Biopharma, Inc.\* | 2436 | &nbsp;&nbsp; 23605 |
| Zymeworks, Inc.\* | 7498 | &nbsp;&nbsp; 94100 |
|  |  | &nbsp;&nbsp; **28092201** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Health Care Equipment & Supplies 2.9%** | **Health Care Equipment & Supplies 2.9%** |  |
| Accuray, Inc.\* | 15017 | &nbsp;&nbsp; 20573 |
| Alphatec Holdings, Inc.\* | 17781 | &nbsp;&nbsp; 197369 |
| AngioDynamics, Inc.\* | 6008 | &nbsp;&nbsp; 59599 |
| Anteris Technologies Global <br> Corp.\*<br>| 3479 | &nbsp;&nbsp; 13185 |
| Artivion, Inc.\* | 5849 | &nbsp;&nbsp; 181904 |
| AtriCure, Inc.\* | 7416 | &nbsp;&nbsp; 243022 |
| Avanos Medical, Inc.\* | 6959 | &nbsp;&nbsp; 85178 |
| Axogen, Inc.\* | 6616 | &nbsp;&nbsp; 71784 |
| Beta Bionics, Inc.\* (a) | 1947 | &nbsp;&nbsp; 28348 |
| Bioventus, Inc. "A"\* | 7079 | &nbsp;&nbsp; 46863 |
| Butterfly Network, Inc.\* | 29432 | &nbsp;&nbsp; 58864 |
| Ceribell, Inc.\* | 3815 | &nbsp;&nbsp; 71455 |
| Cerus Corp.\* | 27766 | &nbsp;&nbsp; 39150 |
| ClearPoint Neuro, Inc.\* | 3996 | &nbsp;&nbsp; 47712 |
| CONMED Corp. | 4782 | &nbsp;&nbsp; 249047 |
| CVRx, Inc.\* | 2192 | &nbsp;&nbsp; 12889 |
| Delcath Systems, Inc.\* | 4624 | &nbsp;&nbsp; 62886 |
| Electromed, Inc.\* | 1066 | &nbsp;&nbsp; 23441 |
| Embecta Corp. | 8732 | &nbsp;&nbsp; 84613 |
| Enovis Corp.\* | 8779 | &nbsp;&nbsp; 275310 |
| Glaukos Corp.\* | 8565 | &nbsp;&nbsp; 884679 |
| Haemonetics Corp.\* | 7726 | &nbsp;&nbsp; 576437 |
| ICU Medical, Inc.\* | 3707 | &nbsp;&nbsp; 489880 |
| Inogen, Inc.\* | 3680 | &nbsp;&nbsp; 25870 |
| Integer Holdings Corp.\* | 5291 | &nbsp;&nbsp; 650634 |
| Integra <br> LifeSciences Holdings <br> Corp.\*<br>| 10285 | &nbsp;&nbsp; 126197 |
| iRadimed Corp. | 1250 | &nbsp;&nbsp; 74738 |
| iRhythm Technologies, Inc.\* | 4886 | &nbsp;&nbsp; 752249 |
| Kestra Medical Technologies <br> Ltd.\*<br>| 2023 | &nbsp;&nbsp; 33541 |
| KORU Medical Systems, <br> Inc.\*<br>| 6492 | &nbsp;&nbsp; 23241 |
| Lantheus Holdings, Inc.\* | 10334 | &nbsp;&nbsp; 845941 |
| LeMaitre Vascular, Inc. | 3201 | &nbsp;&nbsp; 265843 |
| LENSAR, Inc.\* | 1451 | &nbsp;&nbsp; 19110 |
| LivaNova PLC\* | 8357 | &nbsp;&nbsp; 376232 |
| Lucid Diagnostics, Inc.\* | 10564 | &nbsp;&nbsp; 12149 |
| Merit Medical Systems, <br> Inc.\*<br>| 8973 | &nbsp;&nbsp; 838796 |
| Myomo, Inc.\* | 4994 | &nbsp;&nbsp; 10787 |
| Neogen Corp.\* | 33687 | &nbsp;&nbsp; 161024 |
| Neuronetics, Inc.\* | 5578 | &nbsp;&nbsp; 19467 |
| NeuroPace, Inc.\* | 3698 | &nbsp;&nbsp; 41196 |
| Novocure Ltd.\* | 15564 | &nbsp;&nbsp; 277039 |
| Omnicell, Inc.\* | 7141 | &nbsp;&nbsp; 209945 |
| OraSure Technologies, Inc.\* | 11592 | &nbsp;&nbsp; 34776 |
| Orthofix Medical, Inc.\* | 5975 | &nbsp;&nbsp; 66621 |
| OrthoPediatrics Corp.\* | 2617 | &nbsp;&nbsp; 56213 |
| Outset Medical, Inc.\* | 2716 | &nbsp;&nbsp; 52174 |
| PROCEPT BioRobotics <br> Corp.\*<br>| 8049 | &nbsp;&nbsp; 463622 |
| Pro-Dex, Inc.\* | 328 | &nbsp;&nbsp; 14314 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Pulmonx Corp.\* | 5883 | &nbsp;&nbsp; 15237 |
| Pulse Biosciences, Inc.\* (a) | 2705 | &nbsp;&nbsp; 40819 |
| QuidelOrtho Corp.\* | 10394 | &nbsp;&nbsp; 299555 |
| RxSight, Inc.\* | 5705 | &nbsp;&nbsp; 74165 |
| Sanara Medtech, Inc.\* | 435 | &nbsp;&nbsp; 12350 |
| SANUWAVE Health, Inc.\* | 1076 | &nbsp;&nbsp; 35357 |
| Semler Scientific, Inc.\* | 1286 | &nbsp;&nbsp; 49820 |
| SI-BONE, Inc.\* | 5811 | &nbsp;&nbsp; 109363 |
| Sight Sciences, Inc.\* | 5608 | &nbsp;&nbsp; 23161 |
| STAAR Surgical Co.\* | 7664 | &nbsp;&nbsp; 128602 |
| Stereotaxis, Inc.\* | 8864 | &nbsp;&nbsp; 18792 |
| Surmodics, Inc.\* | 2144 | &nbsp;&nbsp; 63698 |
| Tactile Systems Technology, <br> Inc.\*<br>| 3677 | &nbsp;&nbsp; 37285 |
| Tandem Diabetes Care, Inc.\* | 10243 | &nbsp;&nbsp; 190930 |
| TransMedics Group, Inc.\* | 5094 | &nbsp;&nbsp; 682647 |
| Treace Medical Concepts, <br> Inc.\* (a)<br>| 7338 | &nbsp;&nbsp; 43148 |
| UFP Technologies, Inc.\* | 1154 | &nbsp;&nbsp; 281761 |
| Utah Medical Products, Inc. | 513 | &nbsp;&nbsp; 29200 |
| Varex Imaging Corp.\* | 6149 | &nbsp;&nbsp; 53312 |
| Zimvie, Inc.\* | 4249 | &nbsp;&nbsp; 39728 |
|  |  | &nbsp;&nbsp; **11504837** |
| **Health Care Providers & Services 3.2%** | **Health Care Providers & Services 3.2%** |  |
| AdaptHealth Corp.\* | 14191 | &nbsp;&nbsp; 133821 |
| Addus HomeCare Corp.\* | 2786 | &nbsp;&nbsp; 320919 |
| agilon health, Inc.\* | 47105 | &nbsp;&nbsp; 108341 |
| AirSculpt Technologies, <br> Inc.\* (a)<br>| 2042 | &nbsp;&nbsp; 9863 |
| Alignment Healthcare, Inc.\* | 19561 | &nbsp;&nbsp; 273854 |
| AMN Healthcare Services, <br> Inc.\*<br>| 5745 | &nbsp;&nbsp; 118749 |
| Ardent Health, Inc.\* | 3528 | &nbsp;&nbsp; 48192 |
| Astrana Health, Inc.\* | 6249 | &nbsp;&nbsp; 155475 |
| Aveanna Healthcare <br> Holdings, Inc.\*<br>| 7096 | &nbsp;&nbsp; 37112 |
| BrightSpring Health <br> Services, Inc.\*<br>| 12968 | &nbsp;&nbsp; 305915 |
| Brookdale Senior Living, <br> Inc.\*<br>| 35227 | &nbsp;&nbsp; 245180 |
| Castle Biosciences, Inc.\* | 4352 | &nbsp;&nbsp; 88868 |
| Clover Health Investments <br> Corp.\*<br>| 61870 | &nbsp;&nbsp; 172617 |
| Community Health Systems, <br> Inc.\*<br>| 19767 | &nbsp;&nbsp; 67208 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 17956 | &nbsp;&nbsp; 369355 |
| CorVel Corp.\* | 4468 | &nbsp;&nbsp; 459221 |
| Cross Country Healthcare, <br> Inc.\*<br>| 4735 | &nbsp;&nbsp; 61792 |
| Docgo, Inc.\* | 16162 | &nbsp;&nbsp; 25374 |
| Enhabit, Inc.\* | 7187 | &nbsp;&nbsp; 69283 |
| Fulgent Genetics, Inc.\* | 3179 | &nbsp;&nbsp; 63199 |
| GeneDx Holdings Corp.\* | 2878 | &nbsp;&nbsp; 265668 |
| Guardant Health, Inc.\* | 18298 | &nbsp;&nbsp; 952228 |
| HealthEquity, Inc.\* | 13077 | &nbsp;&nbsp; 1369946 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Hims & Hers Health, <br> Inc.\* (a)<br>| 29183 | &nbsp;&nbsp; 1454773 |
| Innovage Holding Corp.\* (a) | 2744 | &nbsp;&nbsp; 10125 |
| LifeStance Health Group, <br> Inc.\*<br>| 20744 | &nbsp;&nbsp; 107246 |
| Nano-X Imaging Ltd.\* (a) | 9837 | &nbsp;&nbsp; 50857 |
| National HealthCare Corp. | 1952 | &nbsp;&nbsp; 208884 |
| National Research Corp. | 1917 | &nbsp;&nbsp; 32206 |
| NeoGenomics, Inc.\* | 19773 | &nbsp;&nbsp; 144541 |
| Nutex Health, Inc.\* | 529 | &nbsp;&nbsp; 65855 |
| Oncology Institute, Inc.\* | 9143 | &nbsp;&nbsp; 18743 |
| OPKO Health, Inc.\* | 55381 | &nbsp;&nbsp; 73103 |
| Option Care Health, Inc.\* | 25265 | &nbsp;&nbsp; 820607 |
| Owens & Minor, Inc.\* | 11285 | &nbsp;&nbsp; 102693 |
| PACS Group, Inc.\* | 6755 | &nbsp;&nbsp; 87275 |
| Pediatrix Medical Group, <br> Inc.\*<br>| 13119 | &nbsp;&nbsp; 188258 |
| Performant Healthcare, Inc.\* | 10970 | &nbsp;&nbsp; 43880 |
| Premier, Inc. "A" | 14028 | &nbsp;&nbsp; 307634 |
| Privia Health Group, Inc.\* | 17649 | &nbsp;&nbsp; 405927 |
| Progyny, Inc.\* | 10522 | &nbsp;&nbsp; 231484 |
| RadNet, Inc.\* | 10197 | &nbsp;&nbsp; 580311 |
| Select Medical Holdings <br> Corp.<br>| 17165 | &nbsp;&nbsp; 260565 |
| Sonida Senior Living, Inc.\* | 729 | &nbsp;&nbsp; 18189 |
| Surgery Partners, Inc.\* | 11869 | &nbsp;&nbsp; 263848 |
| Talkspace, Inc.\* | 19456 | &nbsp;&nbsp; 54088 |
| The Ensign Group, Inc. | 8615 | &nbsp;&nbsp; 1328950 |
| The Joint Corp.\* | 2304 | &nbsp;&nbsp; 26588 |
| The Pennant Group, Inc.\* | 5060 | &nbsp;&nbsp; 151041 |
| U.S. Physical Therapy, Inc. | 2281 | &nbsp;&nbsp; 178374 |
| Viemed Healthcare, Inc.\* | 5337 | &nbsp;&nbsp; 36879 |
|  |  | &nbsp;&nbsp; **12975104** |
| **Health Care Technology 0.4%** | **Health Care Technology 0.4%** |  |
| Claritev Corp.\* | 1181 | &nbsp;&nbsp; 53298 |
| Definitive Healthcare Corp.\* | 5418 | &nbsp;&nbsp; 21130 |
| Evolent Health, Inc. "A"\* | 17984 | &nbsp;&nbsp; 202500 |
| Health Catalyst, Inc.\* | 9441 | &nbsp;&nbsp; 35593 |
| HealthStream, Inc. | 3804 | &nbsp;&nbsp; 105257 |
| LifeMD, Inc.\* | 5697 | &nbsp;&nbsp; 77593 |
| OptimizeRx Corp.\* | 2583 | &nbsp;&nbsp; 34870 |
| Phreesia, Inc.\* | 8657 | &nbsp;&nbsp; 246378 |
| Schrodinger, Inc.\* | 8472 | &nbsp;&nbsp; 170457 |
| Simulations Plus, Inc. | 2375 | &nbsp;&nbsp; 41444 |
| Teladoc Health, Inc.\* | 26953 | &nbsp;&nbsp; 234761 |
| TruBridge, Inc.\* | 1543 | &nbsp;&nbsp; 36137 |
| Waystar Holding Corp.\* | 13976 | &nbsp;&nbsp; 571199 |
|  |  | &nbsp;&nbsp; **1830617** |
| **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** |  |
| 10X Genomics, Inc. "A"\* | 16163 | &nbsp;&nbsp; 187168 |
| Adaptive Biotechnologies <br> Corp.\*<br>| 22888 | &nbsp;&nbsp; 266645 |
| Alpha Teknova, Inc.\* | 1675 | &nbsp;&nbsp; 8224 |
| Atlantic International Corp.\* | 1873 | &nbsp;&nbsp; 3802 |
| Azenta, Inc.\* | 6247 | &nbsp;&nbsp; 192283 |

---

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

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

---

| | |
|:---|:---|
| **16** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| BioLife Solutions, Inc.\* | 5817 | &nbsp;&nbsp; 125298 |
| Codexis, Inc.\* | 12516 | &nbsp;&nbsp; 30539 |
| CryoPort, Inc.\* | 7509 | &nbsp;&nbsp; 56017 |
| Cytek Biosciences, Inc.\* | 17869 | &nbsp;&nbsp; 60755 |
| Fortrea Holdings, Inc.\* | 13974 | &nbsp;&nbsp; 69032 |
| Lifecore Biomedical, Inc.\* | 4226 | &nbsp;&nbsp; 34315 |
| Maravai <br> LifeSciences Holdings, <br> Inc. "A"\*<br>| 17413 | &nbsp;&nbsp; 41965 |
| MaxCyte, Inc.\* | 14327 | &nbsp;&nbsp; 31233 |
| Mesa Laboratories, Inc. | 808 | &nbsp;&nbsp; 76130 |
| Niagen Bioscience, Inc.\* | 8000 | &nbsp;&nbsp; 115280 |
| OmniAb, Inc.\* | 14184 | &nbsp;&nbsp; 24680 |
| Pacific Biosciences of <br> California, Inc.\* (a)<br>| 42401 | &nbsp;&nbsp; 52577 |
| Personalis, Inc.\* | 7671 | &nbsp;&nbsp; 50322 |
| Quanterix Corp.\* | 5588 | &nbsp;&nbsp; 37160 |
| Quantum-Si, Inc.\* (a) | 21517 | &nbsp;&nbsp; 42173 |
| Standard BioTools, Inc.\* (a) | 45958 | &nbsp;&nbsp; 55150 |
|  |  | &nbsp;&nbsp; **1560748** |
| **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** |  |
| Aardvark Therapeutics, Inc.\* | 857 | &nbsp;&nbsp; 11587 |
| Aclaris Therapeutics, Inc.\* | 13826 | &nbsp;&nbsp; 19633 |
| Alumis, Inc.\* | 8661 | &nbsp;&nbsp; 25983 |
| Amneal Pharmaceuticals, <br> Inc.\*<br>| 23070 | &nbsp;&nbsp; 186636 |
| Amphastar Pharmaceuticals, <br> Inc.\*<br>| 5655 | &nbsp;&nbsp; 129839 |
| Amylyx Pharmaceuticals, <br> Inc.\*<br>| 10617 | &nbsp;&nbsp; 68055 |
| ANI Pharmaceuticals, Inc.\* | 2767 | &nbsp;&nbsp; 180547 |
| Aquestive Therapeutics, <br> Inc.\* (a)<br>| 13260 | &nbsp;&nbsp; 43891 |
| Arvinas, Inc.\* | 9757 | &nbsp;&nbsp; 71811 |
| Atea Pharmaceuticals, Inc.\* | 11799 | &nbsp;&nbsp; 42476 |
| Avadel Pharmaceuticals <br> PLC\*<br>| 13811 | &nbsp;&nbsp; 122227 |
| Axsome Therapeutics, Inc.\* | 6200 | &nbsp;&nbsp; 647218 |
| BioAge Labs, Inc.\* | 3604 | &nbsp;&nbsp; 14884 |
| Biote Corp. "A"\* | 4281 | &nbsp;&nbsp; 17210 |
| Collegium Pharmaceutical, <br> Inc.\*<br>| 4796 | &nbsp;&nbsp; 141818 |
| CorMedix, Inc.\* | 9849 | &nbsp;&nbsp; 121340 |
| Edgewise Therapeutics, <br> Inc.\*<br>| 10974 | &nbsp;&nbsp; 143869 |
| Enliven Therapeutics, Inc.\* | 4927 | &nbsp;&nbsp; 98836 |
| Esperion Therapeutics, <br> Inc.\* (a)<br>| 29757 | &nbsp;&nbsp; 29293 |
| Eton Pharmaceuticals, Inc.\* | 3939 | &nbsp;&nbsp; 56131 |
| Evolus, Inc.\* | 8089 | &nbsp;&nbsp; 74500 |
| EyePoint Pharmaceuticals, <br> Inc.\*<br>| 9474 | &nbsp;&nbsp; 89150 |
| Fulcrum Therapeutics, Inc.\* | 7799 | &nbsp;&nbsp; 53657 |
| Harmony <br> Biosciences Holdings, <br> Inc.\*<br>| 6705 | &nbsp;&nbsp; 211878 |
| Harrow, Inc.\* | 4835 | &nbsp;&nbsp; 147661 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Indivior PLC\* | 18580 | &nbsp;&nbsp; 273869 |
| Innoviva, Inc.\* | 9637 | &nbsp;&nbsp; 193607 |
| Journey Medical Corp.\* | 1859 | &nbsp;&nbsp; 13348 |
| LENZ Therapeutics, Inc.\* (a) | 2725 | &nbsp;&nbsp; 79870 |
| Ligand Pharmaceuticals, <br> Inc.\*<br>| 2922 | &nbsp;&nbsp; 332173 |
| Liquidia Corp.\* | 9843 | &nbsp;&nbsp; 122644 |
| Lyra Therapeutics, Inc.\* | 1 | &nbsp;&nbsp; 5 |
| Maze Therapeutics, Inc.\* (a) | 1286 | &nbsp;&nbsp; 15779 |
| MBX Biosciences, Inc.\* (a) | 2608 | &nbsp;&nbsp; 29757 |
| MediWound Ltd.\* (a) | 1269 | &nbsp;&nbsp; 24580 |
| Mind Medicine MindMed, <br> Inc.\* (a)<br>| 11016 | &nbsp;&nbsp; 71494 |
| Nuvation Bio, Inc.\* | 38195 | &nbsp;&nbsp; 74480 |
| Ocular Therapeutix, Inc.\* | 21523 | &nbsp;&nbsp; 199733 |
| Omeros Corp.\* (a) | 8726 | &nbsp;&nbsp; 26178 |
| Pacira BioSciences, Inc.\* | 7088 | &nbsp;&nbsp; 169403 |
| Phathom Pharmaceuticals, <br> Inc.\*<br>| 6090 | &nbsp;&nbsp; 58403 |
| Phibro Animal Health Corp. <br> "A"<br>| 3151 | &nbsp;&nbsp; 80477 |
| Prestige Consumer <br> Healthcare, Inc.\*<br>| 7583 | &nbsp;&nbsp; 605503 |
| Rapport Therapeutics, <br> Inc.\* (a)<br>| 2489 | &nbsp;&nbsp; 28300 |
| scPharmaceuticals, Inc.\* (a) | 5901 | &nbsp;&nbsp; 22483 |
| Septerna, Inc.\* (a) | 3361 | &nbsp;&nbsp; 35526 |
| SIGA Technologies, Inc. | 6290 | &nbsp;&nbsp; 41011 |
| Supernus Pharmaceuticals, <br> Inc.\*<br>| 8268 | &nbsp;&nbsp; 260607 |
| Tarsus Pharmaceuticals, <br> Inc.\*<br>| 5939 | &nbsp;&nbsp; 240589 |
| Terns Pharmaceuticals, Inc.\* | 10931 | &nbsp;&nbsp; 40773 |
| Theravance Biopharma, Inc.\* | 5650 | &nbsp;&nbsp; 62319 |
| Third Harmonic Bio, Inc.\* | 4043 | &nbsp;&nbsp; 21953 |
| Trevi Therapeutics, Inc.\* | 11195 | &nbsp;&nbsp; 61237 |
| Tvardi Therapeutics, Inc.\* | 521 | &nbsp;&nbsp; 12155 |
| WaVe Life Sciences Ltd.\* | 17155 | &nbsp;&nbsp; 111507 |
| Xeris Biopharma Holdings, <br> Inc.\*<br>| 22975 | &nbsp;&nbsp; 107293 |
| Zevra Therapeutics, Inc.\* | 8228 | &nbsp;&nbsp; 72489 |
|  |  | &nbsp;&nbsp; **6239675** |
| **Industrials 16.8%** | **Industrials 16.8%** |  |
| **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** |  |
| AAR Corp.\* | 5473 | &nbsp;&nbsp; 376488 |
| AeroVironment, Inc.\* | 4328 | &nbsp;&nbsp; 1233264 |
| AerSale Corp.\* | 5162 | &nbsp;&nbsp; 31024 |
| Archer Aviation, Inc. "A"\* (a) | 83531 | &nbsp;&nbsp; 906311 |
| Astronics Corp.\* | 4638 | &nbsp;&nbsp; 155280 |
| Byrna Technologies, Inc.\* | 2774 | &nbsp;&nbsp; 85661 |
| Cadre Holdings, Inc. | 4361 | &nbsp;&nbsp; 138898 |
| Ducommun, Inc.\* | 2113 | &nbsp;&nbsp; 174597 |
| Eve Holding, Inc.\* (a) | 7939 | &nbsp;&nbsp; 54461 |
| Intuitive Machines, Inc.\* | 16764 | &nbsp;&nbsp; 182225 |
| Kratos Defense & Security <br> Solutions, Inc.\*<br>| 25223 | &nbsp;&nbsp; 1171608 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Mercury Systems, Inc.\* | 7975 | &nbsp;&nbsp; 429533 |
| Moog, Inc. "A" | 4312 | &nbsp;&nbsp; 780343 |
| National Presto Industries, <br> Inc.<br>| 800 | &nbsp;&nbsp; 78368 |
| Park Aerospace Corp. | 2903 | &nbsp;&nbsp; 42877 |
| Redwire Corp.\* (a) | 5141 | &nbsp;&nbsp; 83798 |
| Satellogic, Inc. "A"\* | 10553 | &nbsp;&nbsp; 38202 |
| Triumph Group, Inc.\* | 11373 | &nbsp;&nbsp; 292855 |
| V2X, Inc.\* | 2641 | &nbsp;&nbsp; 128221 |
|  |  | &nbsp;&nbsp; **6384014** |
| **Air Freight & Logistics 0.1%** | **Air Freight & Logistics 0.1%** |  |
| Forward Air Corp.\* (a) | 3440 | &nbsp;&nbsp; 84417 |
| Hub Group, Inc. "A" | 9163 | &nbsp;&nbsp; 306319 |
| Radiant Logistics, Inc.\* | 5420 | &nbsp;&nbsp; 32954 |
|  |  | &nbsp;&nbsp; **423690** |
| **Building Products 1.4%** | **Building Products 1.4%** |  |
| American Woodmark Corp.\* | 2226 | &nbsp;&nbsp; 118802 |
| Apogee Enterprises, Inc. | 3317 | &nbsp;&nbsp; 134670 |
| AZZ, Inc. | 4554 | &nbsp;&nbsp; 430262 |
| CSW Industrials, Inc. | 2499 | &nbsp;&nbsp; 716788 |
| Gibraltar Industries, Inc.\* | 4594 | &nbsp;&nbsp; 271046 |
| Griffon Corp. | 6020 | &nbsp;&nbsp; 435667 |
| Insteel Industries, Inc. | 2894 | &nbsp;&nbsp; 107686 |
| Janus International Group, <br> Inc.\*<br>| 20543 | &nbsp;&nbsp; 167220 |
| JELD-WEN Holding, Inc.\* | 12529 | &nbsp;&nbsp; 49114 |
| Masterbrand, Inc.\* | 19490 | &nbsp;&nbsp; 213026 |
| Quanex Building Products <br> Corp.<br>| 7275 | &nbsp;&nbsp; 137497 |
| Resideo Technologies, Inc.\* | 22783 | &nbsp;&nbsp; 502593 |
| Tecnoglass, Inc. | 3734 | &nbsp;&nbsp; 288862 |
| UFP Industries, Inc. | 9260 | &nbsp;&nbsp; 920073 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 23052 | &nbsp;&nbsp; 843012 |
|  |  | &nbsp;&nbsp; **5336318** |
| **Commercial Services & Supplies 1.8%** | **Commercial Services & Supplies 1.8%** |  |
| ABM Industries, Inc. | 9488 | &nbsp;&nbsp; 447928 |
| ACCO Brands Corp. | 13386 | &nbsp;&nbsp; 47922 |
| Acme United Corp. | 517 | &nbsp;&nbsp; 21430 |
| ACV Auctions, Inc. "A"\* | 25734 | &nbsp;&nbsp; 417405 |
| BrightView Holdings, Inc.\* | 8991 | &nbsp;&nbsp; 149700 |
| Casella Waste Systems, Inc. <br> "A"\*<br>| 9628 | &nbsp;&nbsp; 1110879 |
| CECO Environmental Corp.\* | 4382 | &nbsp;&nbsp; 124054 |
| Cimpress PLC\* | 2301 | &nbsp;&nbsp; 108147 |
| CompX International, Inc. | 256 | &nbsp;&nbsp; 6802 |
| CoreCivic, Inc.\* | 16440 | &nbsp;&nbsp; 346391 |
| Deluxe Corp. | 6917 | &nbsp;&nbsp; 110049 |
| Driven Brands Holdings, <br> Inc.\*<br>| 9262 | &nbsp;&nbsp; 162641 |
| Ennis, Inc. | 3940 | &nbsp;&nbsp; 71472 |
| Enviri Corp.\* | 11633 | &nbsp;&nbsp; 100974 |
| Healthcare Services Group, <br> Inc.\*<br>| 11038 | &nbsp;&nbsp; 165901 |
| HNI Corp. | 7181 | &nbsp;&nbsp; 353162 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Interface, Inc. | 8756 | &nbsp;&nbsp; 183263 |
| Liquidity Services, Inc.\* | 3567 | &nbsp;&nbsp; 84146 |
| MillerKnoll, Inc. | 10349 | &nbsp;&nbsp; 200978 |
| Mobile Infrastructure Corp.\* | 2200 | &nbsp;&nbsp; 9966 |
| Montrose Environmental <br> Group, Inc.\*<br>| 4967 | &nbsp;&nbsp; 108728 |
| NL Industries, Inc. | 1218 | &nbsp;&nbsp; 7795 |
| OPENLANE, Inc.\* | 16292 | &nbsp;&nbsp; 398339 |
| Perma-Fix Environmental <br> Services, Inc.\* (a)<br>| 2746 | &nbsp;&nbsp; 28888 |
| Pitney Bowes, Inc. | 28062 | &nbsp;&nbsp; 306156 |
| Quad Graphics, Inc. | 4967 | &nbsp;&nbsp; 28064 |
| Steelcase, Inc. "A" | 12795 | &nbsp;&nbsp; 133452 |
| The Brink's Co. | 6634 | &nbsp;&nbsp; 592350 |
| The GEO Group, Inc.\* | 20957 | &nbsp;&nbsp; 501920 |
| UniFirst Corp. | 2311 | &nbsp;&nbsp; 434976 |
| Vestis Corp. | 17680 | &nbsp;&nbsp; 101306 |
| Virco Mfg. Corp. | 1655 | &nbsp;&nbsp; 13207 |
| VSE Corp. | 3113 | &nbsp;&nbsp; 407741 |
|  |  | &nbsp;&nbsp; **7286132** |
| **Construction & Engineering 2.1%** | **Construction & Engineering 2.1%** |  |
| Ameresco, Inc. "A"\* | 5009 | &nbsp;&nbsp; 76087 |
| Arcosa, Inc. | 7450 | &nbsp;&nbsp; 645989 |
| Argan, Inc. | 2033 | &nbsp;&nbsp; 448236 |
| Bowman Consulting Group <br> Ltd.\*<br>| 2155 | &nbsp;&nbsp; 61956 |
| Centuri Holdings, Inc.\* | 2646 | &nbsp;&nbsp; 59376 |
| Concrete Pumping Holdings, <br> Inc.<br>| 3638 | &nbsp;&nbsp; 22374 |
| Construction Partners, Inc. <br> "A"\*<br>| 7197 | &nbsp;&nbsp; 764897 |
| Dycom Industries, Inc.\* | 4290 | &nbsp;&nbsp; 1048433 |
| Fluor Corp.\* | 25658 | &nbsp;&nbsp; 1315486 |
| Granite Construction, Inc. | 6718 | &nbsp;&nbsp; 628200 |
| Great Lakes Dredge & Dock <br> Corp.\*<br>| 10236 | &nbsp;&nbsp; 124777 |
| IES Holdings, Inc.\* | 1385 | &nbsp;&nbsp; 410279 |
| Limbach Holdings, Inc.\* | 1628 | &nbsp;&nbsp; 228083 |
| Matrix Service Co.\* | 3902 | &nbsp;&nbsp; 52716 |
| MYR Group, Inc.\* | 2364 | &nbsp;&nbsp; 428948 |
| NWPX Infrastructure, Inc.\* | 1505 | &nbsp;&nbsp; 61720 |
| Orion Group Holdings, Inc.\* | 5648 | &nbsp;&nbsp; 51227 |
| Primoris Services Corp. | 8302 | &nbsp;&nbsp; 647058 |
| Southland Holdings, Inc.\* | 1694 | &nbsp;&nbsp; 7081 |
| Sterling Infrastructure, Inc.\* | 4573 | &nbsp;&nbsp; 1055128 |
| Tutor Perini Corp.\* | 6826 | &nbsp;&nbsp; 319320 |
|  |  | &nbsp;&nbsp; **8457371** |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |  |
| Allient, Inc. | 2150 | &nbsp;&nbsp; 78067 |
| American Superconductor <br> Corp.\*<br>| 5850 | &nbsp;&nbsp; 214637 |
| Amprius Technologies, <br> Inc.\* (a)<br>| 14235 | &nbsp;&nbsp; 59929 |
| Array Technologies, Inc.\* | 22943 | &nbsp;&nbsp; 135364 |
| Atkore, Inc. | 5224 | &nbsp;&nbsp; 368553 |
| Bloom Energy Corp. "A"\* | 31381 | &nbsp;&nbsp; 750634 |

---

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

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

---

| | |
|:---|:---|
| **18** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Complete Solaria, Inc.\* | 9191 | &nbsp;&nbsp; 16912 |
| EnerSys | 6027 | &nbsp;&nbsp; 516936 |
| Enovix Corp.\* (a) | 25306 | &nbsp;&nbsp; 261664 |
| Eos Energy Enterprises, <br> Inc.\*<br>| 34110 | &nbsp;&nbsp; 174643 |
| Fluence Energy, Inc.\* (a) | 11628 | &nbsp;&nbsp; 78024 |
| Hyliion Holdings Corp.\* (a) | 21760 | &nbsp;&nbsp; 28723 |
| KULR Technology Group, <br> Inc.\*<br>| 5054 | &nbsp;&nbsp; 36035 |
| LSI Industries, Inc. | 4083 | &nbsp;&nbsp; 69452 |
| NANO Nuclear Energy, <br> Inc.\* (a)<br>| 4097 | &nbsp;&nbsp; 141306 |
| Net Power, Inc.\* (a) | 5754 | &nbsp;&nbsp; 14212 |
| NEXTracker, Inc. "A"\* | 21784 | &nbsp;&nbsp; 1184396 |
| NuScale Power Corp.\* (a) | 19422 | &nbsp;&nbsp; 768334 |
| Plug Power, Inc.\* | 139909 | &nbsp;&nbsp; 208464 |
| Powell Industries, Inc. | 1464 | &nbsp;&nbsp; 308099 |
| Power Solutions <br> International, Inc.\*<br>| 1002 | &nbsp;&nbsp; 64809 |
| Preformed Line Products Co. | 351 | &nbsp;&nbsp; 56093 |
| Shoals Technologies Group, <br> Inc. "A"\*<br>| 25140 | &nbsp;&nbsp; 106845 |
| SKYX Platforms Corp.\* | 9343 | &nbsp;&nbsp; 9763 |
| Sunrun, Inc.\* | 32155 | &nbsp;&nbsp; 263028 |
| T1 Energy, Inc.\* (a) | 17899 | &nbsp;&nbsp; 22016 |
| Thermon Group Holdings, <br> Inc.\*<br>| 5034 | &nbsp;&nbsp; 141355 |
| Vicor Corp.\* | 3584 | &nbsp;&nbsp; 162570 |
|  |  | &nbsp;&nbsp; **6240863** |
| **Ground Transportation 0.4%** | **Ground Transportation 0.4%** |  |
| ArcBest Corp. | 3522 | &nbsp;&nbsp; 271229 |
| Covenant Logistics Group, <br> Inc.<br>| 2574 | &nbsp;&nbsp; 62059 |
| FTAI Infrastructure, Inc. | 14697 | &nbsp;&nbsp; 90680 |
| Heartland Express, Inc. | 7892 | &nbsp;&nbsp; 68187 |
| Hertz Global Holdings, <br> Inc.\* (a)<br>| 18211 | &nbsp;&nbsp; 124381 |
| Marten Transport Ltd. | 8709 | &nbsp;&nbsp; 113130 |
| PAMT Corp.\* | 1054 | &nbsp;&nbsp; 13565 |
| Proficient Auto Logistics, <br> Inc.\*<br>| 3157 | &nbsp;&nbsp; 22920 |
| RXO, Inc.\* | 24907 | &nbsp;&nbsp; 391538 |
| Universal Logistics Holdings, <br> Inc.<br>| 1097 | &nbsp;&nbsp; 27842 |
| Werner Enterprises, Inc. | 9199 | &nbsp;&nbsp; 251685 |
|  |  | &nbsp;&nbsp; **1437216** |
| **Industrial Conglomerates 0.0%** | **Industrial Conglomerates 0.0%** |  |
| Brookfield Business <br> Corp. "A"<br>| 3679 | &nbsp;&nbsp; **114785** |
| **Machinery 3.8%** | **Machinery 3.8%** |  |
| 3D Systems Corp.\* (a) | 19898 | &nbsp;&nbsp; 30643 |
| AirJoule Technologies Corp.\* | 3288 | &nbsp;&nbsp; 15223 |
| Alamo Group, Inc. | 1587 | &nbsp;&nbsp; 346569 |
| Albany International Corp. <br> "A"<br>| 4618 | &nbsp;&nbsp; 323860 |
| Astec Industries, Inc. | 3516 | &nbsp;&nbsp; 146582 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Atmus Filtration <br> Technologies, Inc.<br>| 12791 | &nbsp;&nbsp; 465848 |
| Blue Bird Corp.\* | 4856 | &nbsp;&nbsp; 209585 |
| Chart Industries, Inc.\* | 6935 | &nbsp;&nbsp; 1141848 |
| Columbus McKinnon Corp. | 4291 | &nbsp;&nbsp; 65524 |
| Douglas Dynamics, Inc. | 3531 | &nbsp;&nbsp; 104059 |
| Eastern Co. | 846 | &nbsp;&nbsp; 19306 |
| Energy Recovery, Inc.\* | 8362 | &nbsp;&nbsp; 106866 |
| Enerpac Tool Group Corp. | 8322 | &nbsp;&nbsp; 337540 |
| Enpro, Inc. | 3241 | &nbsp;&nbsp; 620814 |
| ESCO Technologies, Inc. | 3986 | &nbsp;&nbsp; 764794 |
| Federal Signal Corp. | 9207 | &nbsp;&nbsp; 979809 |
| Franklin Electric Co., Inc. | 6122 | &nbsp;&nbsp; 549388 |
| Gencor Industries, Inc.\* | 1639 | &nbsp;&nbsp; 22946 |
| Gorman-Rupp Co. | 3227 | &nbsp;&nbsp; 118495 |
| Graham Corp.\* | 1596 | &nbsp;&nbsp; 79018 |
| Greenbrier Companies, Inc. | 4721 | &nbsp;&nbsp; 217402 |
| Helios Technologies, Inc. | 5084 | &nbsp;&nbsp; 169653 |
| Hillenbrand, Inc. | 10820 | &nbsp;&nbsp; 217157 |
| Hillman Solutions Corp.\* | 30432 | &nbsp;&nbsp; 217285 |
| Hyster-Yale, Inc. | 1721 | &nbsp;&nbsp; 68461 |
| JBT Marel Corp. | 8008 | &nbsp;&nbsp; 963042 |
| Kadant, Inc. | 1806 | &nbsp;&nbsp; 573315 |
| Kennametal, Inc. | 11853 | &nbsp;&nbsp; 272145 |
| L.B. Foster Co. "A"\* | 1439 | &nbsp;&nbsp; 31471 |
| Lindsay Corp. | 1649 | &nbsp;&nbsp; 237868 |
| Luxfer Holdings PLC | 3954 | &nbsp;&nbsp; 48160 |
| Mayville Engineering Co., <br> Inc.\*<br>| 2088 | &nbsp;&nbsp; 33324 |
| Microvast Holdings, Inc.\* | 30474 | &nbsp;&nbsp; 110621 |
| Miller Industries, Inc. | 1735 | &nbsp;&nbsp; 77138 |
| Mueller Water Products, Inc. <br> "A"<br>| 23920 | &nbsp;&nbsp; 575037 |
| Omega Flex, Inc. | 547 | &nbsp;&nbsp; 17712 |
| Palladyne AI Corp.\* | 3899 | &nbsp;&nbsp; 33765 |
| Park-Ohio Holdings Corp. | 1378 | &nbsp;&nbsp; 24611 |
| Proto Labs, Inc.\* | 3665 | &nbsp;&nbsp; 146747 |
| REV Group, Inc. | 7882 | &nbsp;&nbsp; 375104 |
| Richtech Robotics, Inc. "B"\* | 10631 | &nbsp;&nbsp; 20730 |
| Shyft Group, Inc. | 5297 | &nbsp;&nbsp; 66424 |
| SPX Technologies, Inc.\* | 6996 | &nbsp;&nbsp; 1173089 |
| Standex International Corp. | 1817 | &nbsp;&nbsp; 284324 |
| Tennant Co. | 2891 | &nbsp;&nbsp; 223995 |
| Terex Corp. | 10038 | &nbsp;&nbsp; 468674 |
| The Manitowoc Co., Inc.\* | 5330 | &nbsp;&nbsp; 64067 |
| Titan International, Inc.\* | 7777 | &nbsp;&nbsp; 79870 |
| Trinity Industries, Inc. | 12563 | &nbsp;&nbsp; 339327 |
| Wabash National Corp. | 6267 | &nbsp;&nbsp; 66618 |
| Watts Water Technologies, <br> Inc. "A"<br>| 4212 | &nbsp;&nbsp; 1035689 |
| Worthington Enterprises, <br> Inc.<br>| 4832 | &nbsp;&nbsp; 307509 |
|  |  | &nbsp;&nbsp; **14989051** |
| **Marine Transportation 0.2%** | **Marine Transportation 0.2%** |  |
| Costamare Bulkers Holdings <br> Ltd.\*<br>| 1337 | &nbsp;&nbsp; 11592 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Costamare, Inc. | 6689 | &nbsp;&nbsp; 60937 |
| Genco Shipping & Trading <br> Ltd.<br>| 6003 | &nbsp;&nbsp; 78459 |
| Golden Ocean Group Ltd. (a) | 15651 | &nbsp;&nbsp; 114565 |
| Himalaya Shipping Ltd.\* | 4674 | &nbsp;&nbsp; 26969 |
| Matson, Inc. | 4985 | &nbsp;&nbsp; 555080 |
| Pangaea Logistics Solutions <br> Ltd.<br>| 4518 | &nbsp;&nbsp; 21234 |
| Safe Bulkers, Inc. | 9344 | &nbsp;&nbsp; 33732 |
|  |  | &nbsp;&nbsp; **902568** |
| **Passenger Airlines 0.5%** | **Passenger Airlines 0.5%** |  |
| Allegiant Travel Co.\* | 2216 | &nbsp;&nbsp; 121769 |
| Blade Air Mobility, Inc.\* | 9256 | &nbsp;&nbsp; 37302 |
| Frontier Group Holdings, <br> Inc.\*<br>| 12974 | &nbsp;&nbsp; 47096 |
| JetBlue Airways Corp.\* | 49321 | &nbsp;&nbsp; 208628 |
| Joby Aviation, Inc.\* (a) | 70700 | &nbsp;&nbsp; 745885 |
| SkyWest, Inc.\* | 6209 | &nbsp;&nbsp; 639341 |
| Spirit Aviation Holdings, <br> Inc.\*<br>| 2461 | &nbsp;&nbsp; 12280 |
| Sun Country Airlines <br> Holdings, Inc.\*<br>| 7856 | &nbsp;&nbsp; 92308 |
|  |  | &nbsp;&nbsp; **1904609** |
| **Professional Services 2.0%** | **Professional Services 2.0%** |  |
| Acuren Corp.\* | 15840 | &nbsp;&nbsp; 174874 |
| Alight, Inc. "A" | 66100 | &nbsp;&nbsp; 374126 |
| Asure Software, Inc.\* | 3770 | &nbsp;&nbsp; 36795 |
| Barrett Business Services, <br> Inc.<br>| 3878 | &nbsp;&nbsp; 161674 |
| BlackSky Technology, <br> Inc.\* (a)<br>| 4281 | &nbsp;&nbsp; 88103 |
| CBIZ, Inc.\* | 8030 | &nbsp;&nbsp; 575831 |
| Conduent, Inc.\* | 23359 | &nbsp;&nbsp; 61668 |
| CRA International, Inc. | 999 | &nbsp;&nbsp; 187183 |
| CSG Systems International, <br> Inc.<br>| 4267 | &nbsp;&nbsp; 278678 |
| Exponent, Inc. | 7779 | &nbsp;&nbsp; 581169 |
| First Advantage Corp.\* | 12130 | &nbsp;&nbsp; 201479 |
| Forrester Research, Inc.\* | 1783 | &nbsp;&nbsp; 17652 |
| Franklin Covey Co.\* | 1743 | &nbsp;&nbsp; 39775 |
| Heidrick & Struggles <br> International, Inc.<br>| 3153 | &nbsp;&nbsp; 144281 |
| HireQuest, Inc. | 827 | &nbsp;&nbsp; 8278 |
| Huron Consulting Group, <br> Inc.\*<br>| 2613 | &nbsp;&nbsp; 359392 |
| IBEX Holdings Ltd.\* | 1545 | &nbsp;&nbsp; 44960 |
| ICF International, Inc. | 2809 | &nbsp;&nbsp; 237950 |
| Innodata, Inc.\* | 4645 | &nbsp;&nbsp; 237917 |
| Insperity, Inc. | 5527 | &nbsp;&nbsp; 332283 |
| Kelly Services, Inc. "A" | 4817 | &nbsp;&nbsp; 56407 |
| Kforce, Inc. | 2722 | &nbsp;&nbsp; 111956 |
| Korn Ferry | 7914 | &nbsp;&nbsp; 580334 |
| Legalzoom.com, Inc.\* | 16987 | &nbsp;&nbsp; 151354 |
| Maximus, Inc. | 8638 | &nbsp;&nbsp; 606388 |
| Mistras Group, Inc.\* | 2547 | &nbsp;&nbsp; 20402 |
| NV5 Global, Inc.\* | 8904 | &nbsp;&nbsp; 205593 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Planet Labs PBC\* | 33239 | &nbsp;&nbsp; 202758 |
| RCM Technologies, Inc.\* | 755 | &nbsp;&nbsp; 17795 |
| Resolute Holdings <br> Management, Inc.\* (a)<br>| 639 | &nbsp;&nbsp; 20365 |
| Resources Connection, Inc. | 5152 | &nbsp;&nbsp; 27666 |
| Skillsoft Corp.\* | 693 | &nbsp;&nbsp; 11067 |
| Spire Global, Inc.\* (a) | 4203 | &nbsp;&nbsp; 50016 |
| TriNet Group, Inc. | 4586 | &nbsp;&nbsp; 335420 |
| TrueBlue, Inc.\* | 3857 | &nbsp;&nbsp; 24993 |
| TTEC Holdings, Inc.\* | 3010 | &nbsp;&nbsp; 14478 |
| Upwork, Inc.\* | 19132 | &nbsp;&nbsp; 257134 |
| Verra Mobility Corp.\* | 24479 | &nbsp;&nbsp; 621522 |
| Willdan Group, Inc.\* | 2128 | &nbsp;&nbsp; 133021 |
| WNS Holdings Ltd.\* | 6203 | &nbsp;&nbsp; 392278 |
|  |  | &nbsp;&nbsp; **7985015** |
| **Trading Companies & Distributors 1.3%** | **Trading Companies & Distributors 1.3%** |  |
| Alta Equipment Group, <br> Inc. (a)<br>| 3111 | &nbsp;&nbsp; 19662 |
| BlueLinx Holdings, Inc.\* | 1233 | &nbsp;&nbsp; 91711 |
| Boise Cascade Co. | 5856 | &nbsp;&nbsp; 508418 |
| Custom Truck One Source, <br> Inc.\*<br>| 9188 | &nbsp;&nbsp; 45389 |
| Distribution Solutions Group, <br> Inc.\*<br>| 1508 | &nbsp;&nbsp; 41425 |
| DNOW, Inc.\* | 16518 | &nbsp;&nbsp; 244962 |
| DXP Enterprises, Inc.\* | 1996 | &nbsp;&nbsp; 174949 |
| EVI Industries, Inc. | 956 | &nbsp;&nbsp; 20869 |
| GATX Corp. | 5505 | &nbsp;&nbsp; 845348 |
| Global Industrial Co. | 2112 | &nbsp;&nbsp; 57045 |
| GMS, Inc.\* | 5883 | &nbsp;&nbsp; 639776 |
| Herc Holdings, Inc. | 5010 | &nbsp;&nbsp; 659805 |
| Hudson Technologies, Inc.\* | 5972 | &nbsp;&nbsp; 48493 |
| Karat Packaging, Inc. | 1056 | &nbsp;&nbsp; 29737 |
| McGrath RentCorp. | 3764 | &nbsp;&nbsp; 436473 |
| MRC Global, Inc.\* | 12787 | &nbsp;&nbsp; 175310 |
| NPK International, Inc.\* | 12310 | &nbsp;&nbsp; 104758 |
| Rush Enterprises, Inc. "A" | 9579 | &nbsp;&nbsp; 493414 |
| Rush Enterprises, Inc. "B" | 1405 | &nbsp;&nbsp; 73734 |
| Titan Machinery, Inc.\* | 3258 | &nbsp;&nbsp; 64541 |
| Transcat, Inc.\* | 1404 | &nbsp;&nbsp; 120688 |
| Willis Lease Finance <br> Corp. (a)<br>| 549 | &nbsp;&nbsp; 78386 |
| Xometry, Inc. "A"\* | 6600 | &nbsp;&nbsp; 223014 |
|  |  | &nbsp;&nbsp; **5197907** |
| **Transportation Infrastructure 0.0%** | **Transportation Infrastructure 0.0%** |  |
| Sky Harbour Group <br> Corp.\* (a)<br>| 3256 | &nbsp;&nbsp; **31811** |
| **Information Technology 14.4%** | **Information Technology 14.4%** |  |
| **Communications Equipment 0.8%** | **Communications Equipment 0.8%** |  |
| ADTRAN Holdings, Inc.\* | 11363 | &nbsp;&nbsp; 101926 |
| Applied Optoelectronics, <br> Inc.\* (a)<br>| 8235 | &nbsp;&nbsp; 211557 |
| Aviat Networks, Inc.\* | 1788 | &nbsp;&nbsp; 43001 |
| BK Technologies Corp.\* | 416 | &nbsp;&nbsp; 19606 |
| Calix, Inc.\* | 9059 | &nbsp;&nbsp; 481848 |

---

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

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

---

| | |
|:---|:---|
| **20** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Clearfield, Inc.\* | 1881 | &nbsp;&nbsp; 81654 |
| CommScope Holding Co., <br> Inc.\*<br>| 32590 | &nbsp;&nbsp; 269845 |
| Digi International, Inc.\* | 5590 | &nbsp;&nbsp; 194868 |
| Extreme Networks, Inc.\* | 20217 | &nbsp;&nbsp; 362895 |
| Harmonic, Inc.\* | 17326 | &nbsp;&nbsp; 164077 |
| Inseego Corp.\* | 1900 | &nbsp;&nbsp; 15656 |
| NETGEAR, Inc.\* | 4196 | &nbsp;&nbsp; 121978 |
| NetScout Systems, Inc.\* | 10717 | &nbsp;&nbsp; 265889 |
| Ribbon Communications, <br> Inc.\*<br>| 14187 | &nbsp;&nbsp; 56890 |
| Viasat, Inc.\* | 17366 | &nbsp;&nbsp; 253544 |
| Viavi Solutions, Inc.\* | 33907 | &nbsp;&nbsp; 341444 |
|  |  | &nbsp;&nbsp; **2986678** |
| **Electronic Equipment, Instruments &** <br> **Components 3.5%** | **Electronic Equipment, Instruments &** <br> **Components 3.5%** |  |
| 908 Devices, Inc.\* | 3660 | &nbsp;&nbsp; 26096 |
| Advanced Energy Industries, <br> Inc.<br>| 5777 | &nbsp;&nbsp; 765453 |
| Aeva Technologies, Inc.\* | 4689 | &nbsp;&nbsp; 177197 |
| Arlo Technologies, Inc.\* | 15216 | &nbsp;&nbsp; 258063 |
| Badger Meter, Inc. | 4548 | &nbsp;&nbsp; 1114033 |
| Bel Fuse, Inc. "A" (a) | 271 | &nbsp;&nbsp; 24349 |
| Bel Fuse, Inc. "B" | 1597 | &nbsp;&nbsp; 156011 |
| Belden, Inc. | 6080 | &nbsp;&nbsp; 704064 |
| Benchmark Electronics, Inc. | 5459 | &nbsp;&nbsp; 211973 |
| Climb Global Solutions, Inc. | 623 | &nbsp;&nbsp; 66605 |
| CTS Corp. | 4455 | &nbsp;&nbsp; 189828 |
| Daktronics, Inc.\* | 6251 | &nbsp;&nbsp; 94515 |
| ePlus, Inc.\* | 4044 | &nbsp;&nbsp; 291572 |
| Evolv Technologies Holdings, <br> Inc.\*<br>| 17719 | &nbsp;&nbsp; 110567 |
| Fabrinet\* | 5537 | &nbsp;&nbsp; 1631643 |
| FARO Technologies, Inc.\* | 2830 | &nbsp;&nbsp; 124294 |
| Frequency Electronics, Inc. | 1010 | &nbsp;&nbsp; 22937 |
| Insight Enterprises, Inc.\* | 4254 | &nbsp;&nbsp; 587414 |
| Itron, Inc.\* | 6964 | &nbsp;&nbsp; 916671 |
| Kimball Electronics, Inc.\* | 3621 | &nbsp;&nbsp; 69632 |
| Knowles Corp.\* | 13242 | &nbsp;&nbsp; 233324 |
| Methode Electronics, Inc. | 5536 | &nbsp;&nbsp; 52647 |
| MicroVision, Inc.\* (a) | 37487 | &nbsp;&nbsp; 42735 |
| Mirion Technologies, Inc.\* | 32193 | &nbsp;&nbsp; 693115 |
| M-Tron Industries, Inc.\* | 380 | &nbsp;&nbsp; 15960 |
| Napco Security <br> Technologies, Inc.<br>| 5287 | &nbsp;&nbsp; 156971 |
| Neonode, Inc.\* | 1607 | &nbsp;&nbsp; 40979 |
| nLight, Inc.\* | 7370 | &nbsp;&nbsp; 145042 |
| Novanta, Inc.\* | 5532 | &nbsp;&nbsp; 713241 |
| OSI Systems, Inc.\* | 2460 | &nbsp;&nbsp; 553156 |
| Ouster, Inc.\* | 7780 | &nbsp;&nbsp; 188665 |
| PAR Technology Corp.\* | 6147 | &nbsp;&nbsp; 426417 |
| PC Connection, Inc. | 1748 | &nbsp;&nbsp; 114983 |
| Plexus Corp.\* | 4122 | &nbsp;&nbsp; 557748 |
| Powerfleet, Inc. NJ\* | 19057 | &nbsp;&nbsp; 82136 |
| Red Cat Holdings, Inc.\* | 11464 | &nbsp;&nbsp; 83458 |
| Richardson Electronics Ltd. | 1900 | &nbsp;&nbsp; 18335 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Rogers Corp.\* | 2809 | &nbsp;&nbsp; 192360 |
| Sanmina Corp.\* | 8015 | &nbsp;&nbsp; 784107 |
| ScanSource, Inc.\* | 3329 | &nbsp;&nbsp; 139185 |
| TTM Technologies, Inc.\* | 15448 | &nbsp;&nbsp; 630587 |
| Vishay Intertechnology, Inc. | 18773 | &nbsp;&nbsp; 298115 |
| Vishay Precision Group, <br> Inc.\*<br>| 1894 | &nbsp;&nbsp; 53221 |
| Vuzix Corp.\* | 9804 | &nbsp;&nbsp; 28628 |
|  |  | &nbsp;&nbsp; **13788032** |
| **IT Services 0.5%** | **IT Services 0.5%** |  |
| Applied Digital Corp.\* (a) | 27096 | &nbsp;&nbsp; 272857 |
| ASGN, Inc.\* | 6497 | &nbsp;&nbsp; 324395 |
| Backblaze, Inc. "A"\* | 8293 | &nbsp;&nbsp; 45611 |
| BigBear.ai Holdings, Inc.\* (a) | 44335 | &nbsp;&nbsp; 301035 |
| BigCommerce Holdings, <br> Inc.Series 1\*<br>| 10047 | &nbsp;&nbsp; 50235 |
| Couchbase, Inc.\* | 6593 | &nbsp;&nbsp; 160737 |
| Crexendo, Inc.\* | 2236 | &nbsp;&nbsp; 13573 |
| CSP, Inc. | 1064 | &nbsp;&nbsp; 13768 |
| DigitalOcean Holdings, Inc.\* | 10001 | &nbsp;&nbsp; 285629 |
| Fastly, Inc. "A"\* | 20996 | &nbsp;&nbsp; 148232 |
| Grid Dynamics Holdings, <br> Inc.\*<br>| 10128 | &nbsp;&nbsp; 116978 |
| Information Services Group, <br> Inc.<br>| 5366 | &nbsp;&nbsp; 25757 |
| Rackspace Technology, Inc.\* | 10639 | &nbsp;&nbsp; 13618 |
| The Hackett Group, Inc. | 3946 | &nbsp;&nbsp; 100307 |
| TSS, Inc.\* | 2796 | &nbsp;&nbsp; 80609 |
| Tucows, Inc. "A"\* | 1200 | &nbsp;&nbsp; 23652 |
| Unisys Corp.\* | 10200 | &nbsp;&nbsp; 46206 |
|  |  | &nbsp;&nbsp; **2023199** |
| **Semiconductors & Semiconductor** <br> **Equipment 2.7%** | **Semiconductors & Semiconductor** <br> **Equipment 2.7%** |  |
| ACM Research, Inc. "A"\* | 7741 | &nbsp;&nbsp; 200492 |
| Aehr Test Systems\* (a) | 4425 | &nbsp;&nbsp; 57215 |
| Aeluma, Inc.\* | 1485 | &nbsp;&nbsp; 24309 |
| Alpha & Omega <br> Semiconductor Ltd.\*<br>| 3797 | &nbsp;&nbsp; 97431 |
| Ambarella, Inc.\* | 6246 | &nbsp;&nbsp; 412642 |
| Atomera, Inc.\* | 4516 | &nbsp;&nbsp; 22761 |
| Axcelis Technologies, Inc.\* | 4911 | &nbsp;&nbsp; 342248 |
| CEVA, Inc.\* | 3485 | &nbsp;&nbsp; 76600 |
| Cohu, Inc.\* | 6979 | &nbsp;&nbsp; 134276 |
| Credo Technology Group <br> Holding Ltd.\*<br>| 22462 | &nbsp;&nbsp; 2079756 |
| Diodes, Inc.\* | 7047 | &nbsp;&nbsp; 372716 |
| FormFactor, Inc.\* | 11954 | &nbsp;&nbsp; 411337 |
| Ichor Holdings Ltd.\* | 4998 | &nbsp;&nbsp; 98161 |
| Impinj, Inc.\* | 3979 | &nbsp;&nbsp; 441947 |
| indie Semiconductor, Inc. <br> "A"\* (a)<br>| 29712 | &nbsp;&nbsp; 105775 |
| Kopin Corp.\* | 22938 | &nbsp;&nbsp; 35095 |
| Kulicke & Soffa Industries, <br> Inc.<br>| 8017 | &nbsp;&nbsp; 277388 |
| MaxLinear, Inc.\* | 12239 | &nbsp;&nbsp; 173916 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Navitas Semiconductor <br> Corp.\* (a)<br>| 20513 | &nbsp;&nbsp; 134360 |
| NVE Corp. | 751 | &nbsp;&nbsp; 55281 |
| PDF Solutions, Inc.\* | 4913 | &nbsp;&nbsp; 105040 |
| Penguin Solutions, Inc.\* | 8146 | &nbsp;&nbsp; 161372 |
| Photronics, Inc.\* | 9264 | &nbsp;&nbsp; 174441 |
| Power Integrations, Inc. | 8701 | &nbsp;&nbsp; 486386 |
| Rambus, Inc.\* | 16529 | &nbsp;&nbsp; 1058187 |
| Rigetti Computing, Inc.\* (a) | 43380 | &nbsp;&nbsp; 514487 |
| Semtech Corp.\* | 13366 | &nbsp;&nbsp; 603341 |
| Silicon Laboratories, Inc.\* | 4947 | &nbsp;&nbsp; 728990 |
| SiTime Corp.\* | 3234 | &nbsp;&nbsp; 689101 |
| SkyWater Technology, <br> Inc.\* (a)<br>| 4352 | &nbsp;&nbsp; 42824 |
| Synaptics, Inc.\* | 5963 | &nbsp;&nbsp; 386522 |
| Ultra Clean Holdings, Inc.\* | 6767 | &nbsp;&nbsp; 152731 |
| Veeco Instruments, Inc.\* | 8822 | &nbsp;&nbsp; 179263 |
| Wolfspeed, Inc.\* | 24232 | &nbsp;&nbsp; 9664 |
|  |  | &nbsp;&nbsp; **10846055** |
| **Software 6.3%** | **Software 6.3%** |  |
| 8x8, Inc.\* | 19767 | &nbsp;&nbsp; 38743 |
| A10 Networks, Inc. | 11313 | &nbsp;&nbsp; 218907 |
| ACI Worldwide, Inc.\* | 16171 | &nbsp;&nbsp; 742411 |
| Adeia, Inc. | 16565 | &nbsp;&nbsp; 234229 |
| Agilysys, Inc.\* | 3966 | &nbsp;&nbsp; 454662 |
| Airship AI Holdings, Inc.\* (a) | 3055 | &nbsp;&nbsp; 17994 |
| Alarm.com Holdings, Inc.\* | 7305 | &nbsp;&nbsp; 413244 |
| Alkami Technology, Inc.\* | 10457 | &nbsp;&nbsp; 315174 |
| Amplitude, Inc. "A"\* | 13339 | &nbsp;&nbsp; 165404 |
| Appian Corp. "A"\* | 6146 | &nbsp;&nbsp; 183520 |
| Arteris, Inc.\* | 4472 | &nbsp;&nbsp; 42618 |
| Asana, Inc. "A"\* | 14304 | &nbsp;&nbsp; 193104 |
| Audioeye, Inc.\* | 1160 | &nbsp;&nbsp; 13514 |
| Avepoint, Inc.\* | 20384 | &nbsp;&nbsp; 393615 |
| Bit Digital, Inc.\* | 27786 | &nbsp;&nbsp; 60851 |
| Bitdeer Technologies Group <br> "A"\*<br>| 13757 | &nbsp;&nbsp; 157930 |
| Blackbaud, Inc.\* | 5903 | &nbsp;&nbsp; 379032 |
| BlackLine, Inc.\* | 8079 | &nbsp;&nbsp; 457433 |
| Blend Labs, Inc. "A"\* | 32146 | &nbsp;&nbsp; 106082 |
| Box, Inc. "A"\* | 21535 | &nbsp;&nbsp; 735851 |
| Braze, Inc. "A"\* | 11695 | &nbsp;&nbsp; 328629 |
| C3.ai, Inc. "A"\* | 18544 | &nbsp;&nbsp; 455626 |
| Cerence, Inc.\* | 6385 | &nbsp;&nbsp; 65191 |
| Cipher Mining, Inc.\* | 40613 | &nbsp;&nbsp; 194130 |
| Cleanspark, Inc.\* (a) | 42524 | &nbsp;&nbsp; 469040 |
| Clear Secure, Inc. "A" | 12824 | &nbsp;&nbsp; 355994 |
| Clearwater Analytics <br> Holdings, Inc. "A"\*<br>| 37815 | &nbsp;&nbsp; 829283 |
| Commvault Systems, Inc.\* | 6783 | &nbsp;&nbsp; 1182480 |
| Consensus Cloud Solutions, <br> Inc.\*<br>| 2982 | &nbsp;&nbsp; 68765 |
| Core Scientific, Inc.\* | 42307 | &nbsp;&nbsp; 722180 |
| CoreCard Corp.\* | 859 | &nbsp;&nbsp; 24885 |
| CS Disco, Inc.\* | 4022 | &nbsp;&nbsp; 17576 |
| Daily Journal Corp.\* | 194 | &nbsp;&nbsp; 81917 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Digimarc Corp.\* (a) | 2398 | &nbsp;&nbsp; 31678 |
| Digital Turbine, Inc.\* | 15146 | &nbsp;&nbsp; 89361 |
| Domo, Inc. "B"\* | 5319 | &nbsp;&nbsp; 74306 |
| D-Wave Quantum, Inc.\* (a) | 44144 | &nbsp;&nbsp; 646268 |
| E2open Parent Holdings, <br> Inc.\*<br>| 27999 | &nbsp;&nbsp; 90437 |
| eGain Corp.\* | 2965 | &nbsp;&nbsp; 18531 |
| EverCommerce, Inc.\* | 2249 | &nbsp;&nbsp; 23615 |
| Expensify, Inc. "A"\* | 9159 | &nbsp;&nbsp; 23722 |
| Five9, Inc.\* | 11710 | &nbsp;&nbsp; 310081 |
| Freshworks, Inc. "A"\* | 31147 | &nbsp;&nbsp; 464402 |
| Hut 8 Corp.\* (a) | 14444 | &nbsp;&nbsp; 268658 |
| I3 Verticals, Inc. "A"\* | 3402 | &nbsp;&nbsp; 93487 |
| Intapp, Inc.\* | 8500 | &nbsp;&nbsp; 438770 |
| InterDigital, Inc. | 3971 | &nbsp;&nbsp; 890417 |
| Jamf Holding Corp.\* | 10322 | &nbsp;&nbsp; 98162 |
| Kaltura, Inc.\* | 12490 | &nbsp;&nbsp; 25105 |
| Life360, Inc.\* | 2466 | &nbsp;&nbsp; 160907 |
| LiveRamp Holdings, Inc.\* | 9906 | &nbsp;&nbsp; 327294 |
| MARA Holdings, Inc.\* (a) | 53179 | &nbsp;&nbsp; 833847 |
| Mercurity Fintech Holding, <br> Inc.\*<br>| 4927 | &nbsp;&nbsp; 18969 |
| Meridianlink, Inc.\* | 4840 | &nbsp;&nbsp; 78553 |
| Mitek Systems, Inc.\* | 6756 | &nbsp;&nbsp; 66884 |
| N-able, Inc.\* | 11232 | &nbsp;&nbsp; 90979 |
| NCR Voyix Corp.\* | 21241 | &nbsp;&nbsp; 249157 |
| NextNav, Inc.\* | 13491 | &nbsp;&nbsp; 205063 |
| Olo, Inc. "A"\* | 17701 | &nbsp;&nbsp; 157539 |
| ON24, Inc.\* | 5678 | &nbsp;&nbsp; 30832 |
| OneSpan, Inc. | 5698 | &nbsp;&nbsp; 95100 |
| Ooma, Inc.\* | 3885 | &nbsp;&nbsp; 50117 |
| Pagaya Technologies Ltd. <br> "A"\*<br>| 6437 | &nbsp;&nbsp; 137237 |
| PagerDuty, Inc.\* | 12920 | &nbsp;&nbsp; 197418 |
| Porch Group, Inc.\* | 12345 | &nbsp;&nbsp; 145548 |
| Progress Software Corp. | 6509 | &nbsp;&nbsp; 415535 |
| PROS Holdings, Inc.\* | 6755 | &nbsp;&nbsp; 105783 |
| Q2 Holdings, Inc.\* | 9538 | &nbsp;&nbsp; 892661 |
| Qualys, Inc.\* | 5605 | &nbsp;&nbsp; 800786 |
| Rapid7, Inc.\* | 9788 | &nbsp;&nbsp; 226396 |
| Red Violet, Inc. | 1699 | &nbsp;&nbsp; 83591 |
| ReposiTrak, Inc. (a) | 1857 | &nbsp;&nbsp; 36490 |
| Rezolve AI PLC\* | 13919 | &nbsp;&nbsp; 42801 |
| Rimini Street, Inc.\* | 8204 | &nbsp;&nbsp; 30929 |
| Riot Platforms, Inc.\* | 50645 | &nbsp;&nbsp; 572288 |
| Sapiens International Corp. <br> NV<br>| 4668 | &nbsp;&nbsp; 136539 |
| SEMrush Holdings, Inc. "A"\* | 7049 | &nbsp;&nbsp; 63793 |
| Silvaco Group, Inc.\* (a) | 1082 | &nbsp;&nbsp; 5107 |
| SoundHound AI, Inc. "A"\* (a) | 56133 | &nbsp;&nbsp; 602307 |
| SoundThinking, Inc.\* | 1538 | &nbsp;&nbsp; 20079 |
| Sprinklr, Inc. "A"\* | 16831 | &nbsp;&nbsp; 142390 |
| Sprout Social, Inc. "A"\* | 7916 | &nbsp;&nbsp; 165524 |
| SPS Commerce, Inc.\* | 5838 | &nbsp;&nbsp; 794493 |
| Synchronoss Technologies, <br> Inc.\*<br>| 1661 | &nbsp;&nbsp; 11378 |

---

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

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

---

| | |
|:---|:---|
| **22** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Telos Corp.\* | 8944 | &nbsp;&nbsp; 28352 |
| Tenable Holdings, Inc.\* | 18302 | &nbsp;&nbsp; 618242 |
| Terawulf, Inc.\* (a) | 40452 | &nbsp;&nbsp; 177180 |
| Varonis Systems, Inc.\* | 16914 | &nbsp;&nbsp; 858385 |
| Verint Systems, Inc.\* | 9576 | &nbsp;&nbsp; 188360 |
| Vertex, Inc. "A"\* | 9970 | &nbsp;&nbsp; 352290 |
| Viant Technology, Inc. "A"\* | 2474 | &nbsp;&nbsp; 32731 |
| Weave Communications, <br> Inc.\*<br>| 8941 | &nbsp;&nbsp; 74389 |
| WM Technology, Inc.\* | 13563 | &nbsp;&nbsp; 12152 |
| Workiva, Inc.\* | 7706 | &nbsp;&nbsp; 527476 |
| Xperi, Inc.\* | 6668 | &nbsp;&nbsp; 52744 |
| Yext, Inc.\* | 15896 | &nbsp;&nbsp; 135116 |
| Zeta Global Holdings Corp. <br> "A"\*<br>| 28840 | &nbsp;&nbsp; 446732 |
|  |  | &nbsp;&nbsp; **25205477** |
| **Technology Hardware, Storage &** <br> **Peripherals 0.6%** | **Technology Hardware, Storage &** <br> **Peripherals 0.6%** |  |
| Composecure, Inc. "A"\* (a) | 6738 | &nbsp;&nbsp; 94939 |
| Corsair Gaming, Inc.\* | 7209 | &nbsp;&nbsp; 67981 |
| CPI Card Group, Inc.\* | 751 | &nbsp;&nbsp; 17814 |
| Diebold Nixdorf, Inc.\* | 3890 | &nbsp;&nbsp; 215506 |
| Eastman Kodak Co.\* (a) | 9719 | &nbsp;&nbsp; 54912 |
| Immersion Corp. | 4808 | &nbsp;&nbsp; 37887 |
| IonQ, Inc.\* (a) | 36355 | &nbsp;&nbsp; 1562174 |
| Quantum Computing, Inc.\* | 17658 | &nbsp;&nbsp; 338504 |
| Turtle Beach Corp.\* | 2545 | &nbsp;&nbsp; 35197 |
| Xerox Holding Corp. (a) | 18196 | &nbsp;&nbsp; 95893 |
|  |  | &nbsp;&nbsp; **2520807** |
| **Materials 3.7%** | **Materials 3.7%** |  |
| **Chemicals 1.7%** | **Chemicals 1.7%** |  |
| AdvanSix, Inc. | 4007 | &nbsp;&nbsp; 95166 |
| American Vanguard Corp.\* | 4134 | &nbsp;&nbsp; 16205 |
| Arq, Inc.\* | 4348 | &nbsp;&nbsp; 23349 |
| Asp Isotopes, Inc.\* (a) | 8726 | &nbsp;&nbsp; 64223 |
| Aspen Aerogels, Inc.\* | 9642 | &nbsp;&nbsp; 57081 |
| Avient Corp. | 14108 | &nbsp;&nbsp; 455829 |
| Balchem Corp. | 5034 | &nbsp;&nbsp; 801413 |
| Cabot Corp. | 8319 | &nbsp;&nbsp; 623925 |
| Chemours Co. | 23086 | &nbsp;&nbsp; 264335 |
| Core Molding Technologies, <br> Inc.\*<br>| 1251 | &nbsp;&nbsp; 20754 |
| Ecovyst, Inc.\* | 16554 | &nbsp;&nbsp; 136239 |
| Flotek Industries, Inc.\* | 2192 | &nbsp;&nbsp; 32354 |
| Ginkgo Bioworks Holdings, <br> Inc.\*<br>| 5942 | &nbsp;&nbsp; 66848 |
| H.B. Fuller Co. | 8397 | &nbsp;&nbsp; 505080 |
| Hawkins, Inc. | 2993 | &nbsp;&nbsp; 425305 |
| Ingevity Corp.\* | 5542 | &nbsp;&nbsp; 238805 |
| Innospec, Inc. | 3848 | &nbsp;&nbsp; 323578 |
| Intrepid Potash, Inc.\* | 1673 | &nbsp;&nbsp; 59776 |
| Koppers Holdings, Inc. | 2884 | &nbsp;&nbsp; 92721 |
| Kronos Worldwide, Inc. | 3387 | &nbsp;&nbsp; 20999 |
| LSB Industries, Inc.\* | 8242 | &nbsp;&nbsp; 64288 |
| Mativ Holdings, Inc. | 8388 | &nbsp;&nbsp; 57206 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Minerals Technologies, Inc. | 4905 | &nbsp;&nbsp; 270118 |
| Orion SA | 8639 | &nbsp;&nbsp; 90623 |
| Perimeter Solutions, Inc.\* | 21341 | &nbsp;&nbsp; 297067 |
| PureCycle Technologies, <br> Inc.\* (a)<br>| 19889 | &nbsp;&nbsp; 272479 |
| Quaker Chemical Corp. | 2141 | &nbsp;&nbsp; 239664 |
| Rayonier Advanced <br> Materials, Inc.\*<br>| 9974 | &nbsp;&nbsp; 38400 |
| Sensient Technologies Corp. | 6481 | &nbsp;&nbsp; 638508 |
| Solesence, Inc.\* | 2884 | &nbsp;&nbsp; 12574 |
| Stepan Co. | 3310 | &nbsp;&nbsp; 180660 |
| Trinseo PLC | 5184 | &nbsp;&nbsp; 16174 |
| Tronox Holdings PLC | 18028 | &nbsp;&nbsp; 91402 |
| Valhi, Inc. | 368 | &nbsp;&nbsp; 5947 |
|  |  | &nbsp;&nbsp; **6599095** |
| **Construction Materials 0.2%** | **Construction Materials 0.2%** |  |
| Knife River Corp.\* | 8773 | &nbsp;&nbsp; 716228 |
| Smith-Midland Corp.\* (a) | 419 | &nbsp;&nbsp; 14062 |
| Titan America SA\* | 3743 | &nbsp;&nbsp; 46713 |
| United States Lime & <br> Minerals, Inc.<br>| 1662 | &nbsp;&nbsp; 165867 |
|  |  | &nbsp;&nbsp; **942870** |
| **Containers & Packaging 0.2%** | **Containers & Packaging 0.2%** |  |
| Ardagh Metal Packaging SA | 21427 | &nbsp;&nbsp; 91708 |
| Greif, Inc. "A" | 3854 | &nbsp;&nbsp; 250471 |
| Greif, Inc. "B" | 749 | &nbsp;&nbsp; 51688 |
| Myers Industries, Inc. | 5676 | &nbsp;&nbsp; 82245 |
| O-I Glass, Inc\* | 23613 | &nbsp;&nbsp; 348056 |
| Ranpak Holdings Corp.\* | 6787 | &nbsp;&nbsp; 24230 |
| TriMas Corp. | 5090 | &nbsp;&nbsp; 145625 |
|  |  | &nbsp;&nbsp; **994023** |
| **Metals & Mining 1.5%** | **Metals & Mining 1.5%** |  |
| Alpha Metallurgical <br> Resources, Inc.\*<br>| 1795 | &nbsp;&nbsp; 201902 |
| American Battery Technology <br> Co.\*<br>| 12384 | &nbsp;&nbsp; 20062 |
| Ascent Industries Co.\* | 1212 | &nbsp;&nbsp; 15283 |
| Caledonia Mining Corp. PLC | 2557 | &nbsp;&nbsp; 49401 |
| Century Aluminum Co.\* | 7991 | &nbsp;&nbsp; 143998 |
| Coeur Mining, Inc.\* | 98161 | &nbsp;&nbsp; 869707 |
| Commercial Metals Co. | 17383 | &nbsp;&nbsp; 850203 |
| Compass Minerals <br> International, Inc.\*<br>| 5394 | &nbsp;&nbsp; 108365 |
| Constellium SE\* | 21828 | &nbsp;&nbsp; 290312 |
| Contango ORE, Inc.\* | 1311 | &nbsp;&nbsp; 25538 |
| Critical Metals Corp.\* (a) | 4896 | &nbsp;&nbsp; 17528 |
| Dakota Gold Corp.\* | 13175 | &nbsp;&nbsp; 48616 |
| Ferroglobe PLC | 18478 | &nbsp;&nbsp; 67814 |
| Friedman Industries, Inc. | 1022 | &nbsp;&nbsp; 16924 |
| Hecla Mining Co. | 91981 | &nbsp;&nbsp; 550966 |
| Idaho Strategic Resources, <br> Inc.\*<br>| 1932 | &nbsp;&nbsp; 25271 |
| Ivanhoe Electric, Inc.\* (a) | 13134 | &nbsp;&nbsp; 119125 |
| Kaiser Aluminum Corp. | 2429 | &nbsp;&nbsp; 194077 |
| Lifezone Holdings Ltd.\* (a) | 4236 | &nbsp;&nbsp; 17452 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| MAC Copper Ltd. "A"\* | 10956 | &nbsp;&nbsp; 132458 |
| Materion Corp. | 3177 | &nbsp;&nbsp; 252159 |
| Metallus, Inc.\* | 5620 | &nbsp;&nbsp; 86604 |
| NioCorp Developments <br> Ltd.\*<br>| 7921 | &nbsp;&nbsp; 18456 |
| Novagold Resources, Inc.\* | 38241 | &nbsp;&nbsp; 156406 |
| Olympic Steel, Inc. | 1587 | &nbsp;&nbsp; 51720 |
| Perpetua Resources Corp.\* | 7063 | &nbsp;&nbsp; 85745 |
| Piedmont Lithium, Inc.\* | 2902 | &nbsp;&nbsp; 16890 |
| Radius Recycling, Inc. | 4255 | &nbsp;&nbsp; 126331 |
| Ramaco Resources, Inc. "A" | 5443 | &nbsp;&nbsp; 71521 |
| Ramaco Resources, Inc. "B" | 1 | &nbsp;&nbsp; 6 |
| Ryerson Holding Corp. | 4041 | &nbsp;&nbsp; 87164 |
| SSR Mining, Inc.\* | 31226 | &nbsp;&nbsp; 397819 |
| SunCoke Energy, Inc. | 12613 | &nbsp;&nbsp; 108346 |
| Tredegar Corp.\* | 4170 | &nbsp;&nbsp; 36696 |
| U.S. Antimony Corp.\* | 14084 | &nbsp;&nbsp; 30703 |
| U.S. Gold Corp.\* | 1695 | &nbsp;&nbsp; 20679 |
| Vox Royalty Corp. | 6237 | &nbsp;&nbsp; 19709 |
| Warrior Met Coal, Inc. | 7991 | &nbsp;&nbsp; 366228 |
| Worthington Steel, Inc. | 5045 | &nbsp;&nbsp; 150492 |
|  |  | &nbsp;&nbsp; **5848676** |
| **Paper & Forest Products 0.1%** | **Paper & Forest Products 0.1%** |  |
| Clearwater Paper Corp.\* | 2417 | &nbsp;&nbsp; 65839 |
| Magnera Corp.\* | 5101 | &nbsp;&nbsp; 61620 |
| Sylvamo Corp. | 5230 | &nbsp;&nbsp; 262023 |
|  |  | &nbsp;&nbsp; **389482** |
| **Real Estate 6.0%** | **Real Estate 6.0%** |  |
| **Diversified REITs 0.6%** | **Diversified REITs 0.6%** |  |
| Alexander & Baldwin, Inc. | 11128 | &nbsp;&nbsp; 198412 |
| Alpine Income Property <br> Trust, Inc.<br>| 1903 | &nbsp;&nbsp; 27993 |
| American Assets Trust, Inc. | 7967 | &nbsp;&nbsp; 157348 |
| Armada Hoffler Properties, <br> Inc.<br>| 12367 | &nbsp;&nbsp; 84961 |
| Broadstone Net Lease, Inc. | 29034 | &nbsp;&nbsp; 465996 |
| CTO Realty Growth, Inc. | 4512 | &nbsp;&nbsp; 77877 |
| Essential Properties Realty <br> Trust, Inc.<br>| 30457 | &nbsp;&nbsp; 971883 |
| Gladstone Commercial Corp. | 6969 | &nbsp;&nbsp; 99866 |
| Global Net Lease, Inc. | 30596 | &nbsp;&nbsp; 231000 |
| Modiv Industrial, Inc. | 1431 | &nbsp;&nbsp; 20149 |
| NexPoint Diversified Real <br> Estate Trust<br>| 5573 | &nbsp;&nbsp; 23351 |
| One Liberty Properties, Inc. | 2792 | &nbsp;&nbsp; 66617 |
|  |  | &nbsp;&nbsp; **2425453** |
| **Health Care REITs 0.9%** | **Health Care REITs 0.9%** |  |
| American Healthcare REIT, <br> Inc.<br>| 24422 | &nbsp;&nbsp; 897264 |
| CareTrust REIT, Inc. | 28950 | &nbsp;&nbsp; 885870 |
| Community Healthcare Trust, <br> Inc.<br>| 4240 | &nbsp;&nbsp; 70511 |
| Diversified Healthcare Trust | 32722 | &nbsp;&nbsp; 117145 |
| Global Medical REIT, Inc. | 9309 | &nbsp;&nbsp; 64511 |
| LTC Properties, Inc. | 6981 | &nbsp;&nbsp; 241612 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| National Health Investors, <br> Inc.<br>| 7087 | &nbsp;&nbsp; 496941 |
| Sabra Health Care REIT, Inc. | 36443 | &nbsp;&nbsp; 672009 |
| Sila Realty Trust, Inc. | 8531 | &nbsp;&nbsp; 201929 |
| Strawberry Fields REIT, Inc. | 1374 | &nbsp;&nbsp; 14482 |
| Universal Health Realty <br> Income Trust<br>| 1991 | &nbsp;&nbsp; 79580 |
|  |  | &nbsp;&nbsp; **3741854** |
| **Hotel & Resort REITs 0.7%** | **Hotel & Resort REITs 0.7%** |  |
| Apple Hospitality REIT, Inc. | 34173 | &nbsp;&nbsp; 398799 |
| Braemar Hotels & Resorts, <br> Inc.<br>| 10298 | &nbsp;&nbsp; 25230 |
| Chatham Lodging Trust | 7432 | &nbsp;&nbsp; 51801 |
| DiamondRock Hospitality <br> Co.<br>| 32044 | &nbsp;&nbsp; 245457 |
| Pebblebrook Hotel Trust | 18174 | &nbsp;&nbsp; 181558 |
| RLJ Lodging Trust | 22820 | &nbsp;&nbsp; 166129 |
| Ryman Hospitality <br> Properties, Inc.<br>| 9022 | &nbsp;&nbsp; 890201 |
| Service Properties Trust | 23426 | &nbsp;&nbsp; 55988 |
| Summit Hotel Properties, <br> Inc.<br>| 16440 | &nbsp;&nbsp; 83680 |
| Sunstone Hotel Investors, <br> Inc.<br>| 29410 | &nbsp;&nbsp; 255279 |
| Xenia Hotels & Resorts, Inc. | 15591 | &nbsp;&nbsp; 195979 |
|  |  | &nbsp;&nbsp; **2550101** |
| **Industrial REITs 0.4%** | **Industrial REITs 0.4%** |  |
| Industrial Logistics <br> Properties Trust<br>| 8189 | &nbsp;&nbsp; 37260 |
| Innovative Industrial <br> Properties, Inc.<br>| 4236 | &nbsp;&nbsp; 233912 |
| LXP Industrial Trust | 44589 | &nbsp;&nbsp; 368305 |
| Plymouth Industrial REIT, <br> Inc.<br>| 6233 | &nbsp;&nbsp; 100102 |
| Terreno Realty Corp. | 15673 | &nbsp;&nbsp; 878785 |
|  |  | &nbsp;&nbsp; **1618364** |
| **Office REITs 0.7%** | **Office REITs 0.7%** |  |
| Brandywine Realty Trust | 26368 | &nbsp;&nbsp; 113119 |
| City Office REIT, Inc. | 6319 | &nbsp;&nbsp; 33743 |
| COPT Defense Properties | 17468 | &nbsp;&nbsp; 481767 |
| Douglas Emmett, Inc. | 24836 | &nbsp;&nbsp; 373533 |
| Easterly Government <br> Properties, Inc.<br>| 6018 | &nbsp;&nbsp; 133600 |
| Empire State Realty Trust, <br> Inc. "A"<br>| 21169 | &nbsp;&nbsp; 171257 |
| Franklin Street Properties <br> Corp.<br>| 13550 | &nbsp;&nbsp; 22222 |
| Hudson Pacific Properties, <br> Inc. \*<br>| 48090 | &nbsp;&nbsp; 131767 |
| JBG SMITH Properties (a) | 11309 | &nbsp;&nbsp; 195646 |
| NET Lease Office Properties <br> \*<br>| 2213 | &nbsp;&nbsp; 72033 |
| Paramount Group, Inc. \* | 28622 | &nbsp;&nbsp; 174594 |
| Peakstone Realty Trust | 5652 | &nbsp;&nbsp; 74663 |
| Piedmont Realty Trust, Inc. <br> "A"<br>| 18712 | &nbsp;&nbsp; 136411 |

---

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

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

---

| | |
|:---|:---|
| **24** \|  | DWS Small Cap Index VIP  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Postal Realty Trust, Inc. "A" | 3529 | &nbsp;&nbsp; 51982 |
| SL Green Realty Corp. | 11008 | &nbsp;&nbsp; 681395 |
|  |  | &nbsp;&nbsp; **2847732** |
| **Real Estate Management &** <br> **Development 0.6%** | **Real Estate Management &** <br> **Development 0.6%** |  |
| American Realty Investors, <br> Inc.\*<br>| 207 | &nbsp;&nbsp; 2923 |
| Anywhere Real Estate, Inc.\* | 15286 | &nbsp;&nbsp; 55335 |
| Compass, Inc. "A"\* | 69851 | &nbsp;&nbsp; 438664 |
| Cushman & Wakefield PLC\* | 35533 | &nbsp;&nbsp; 393350 |
| Douglas Elliman, Inc.\* | 11207 | &nbsp;&nbsp; 26000 |
| eXp World Holdings, Inc. (a) | 12121 | &nbsp;&nbsp; 110301 |
| Forestar Group, Inc.\* | 3006 | &nbsp;&nbsp; 60120 |
| FRP Holdings, Inc.\* | 1778 | &nbsp;&nbsp; 47811 |
| Kennedy-Wilson Holdings, <br> Inc.<br>| 18478 | &nbsp;&nbsp; 125651 |
| Marcus & Millichap, Inc. | 3656 | &nbsp;&nbsp; 112276 |
| Maui Land & Pineapple Co., <br> Inc.\*<br>| 1228 | &nbsp;&nbsp; 22337 |
| Newmark Group, Inc. "A" | 20922 | &nbsp;&nbsp; 254202 |
| RE/MAX Holdings, Inc. "A"\* | 2855 | &nbsp;&nbsp; 23354 |
| Real Brokerage, Inc.\* | 15697 | &nbsp;&nbsp; 70794 |
| Seaport Entertainment <br> Group, Inc.\*<br>| 1145 | &nbsp;&nbsp; 21457 |
| Stratus Properties, Inc.\* | 861 | &nbsp;&nbsp; 16256 |
| Tejon Ranch Co.\* | 3300 | &nbsp;&nbsp; 55968 |
| The RMR Group, Inc. "A" | 2378 | &nbsp;&nbsp; 38880 |
| The St. Joe Co. | 5831 | &nbsp;&nbsp; 278139 |
| Transcontinental Realty <br> Investors, Inc. \*<br>| 302 | &nbsp;&nbsp; 12868 |
|  |  | &nbsp;&nbsp; **2166686** |
| **Residential REITs 0.4%** | **Residential REITs 0.4%** |  |
| Apartment Investment and <br> Management Co. "A"<br>| 20551 | &nbsp;&nbsp; 177766 |
| BRT Apartments Corp. | 1764 | &nbsp;&nbsp; 27589 |
| Centerspace | 2596 | &nbsp;&nbsp; 156253 |
| Clipper Realty, Inc. | 2020 | &nbsp;&nbsp; 7413 |
| Elme Communities | 13418 | &nbsp;&nbsp; 213346 |
| Independence Realty Trust, <br> Inc.<br>| 35660 | &nbsp;&nbsp; 630826 |
| NexPoint Residential Trust, <br> Inc.<br>| 3402 | &nbsp;&nbsp; 113355 |
| UMH Properties, Inc. | 11928 | &nbsp;&nbsp; 200271 |
| Veris Residential, Inc. | 11948 | &nbsp;&nbsp; 177906 |
|  |  | &nbsp;&nbsp; **1704725** |
| **Retail REITs 1.2%** | **Retail REITs 1.2%** |  |
| Acadia Realty Trust | 20226 | &nbsp;&nbsp; 375597 |
| Alexander's, Inc. | 332 | &nbsp;&nbsp; 74806 |
| Cbl & Associates Properties, <br> Inc.<br>| 2808 | &nbsp;&nbsp; 71295 |
| Curbline Properties Corp. | 14922 | &nbsp;&nbsp; 340669 |
| FrontView REIT, Inc. | 2702 | &nbsp;&nbsp; 32424 |
| Getty Realty Corp. | 7934 | &nbsp;&nbsp; 219296 |
| Inventrust Properties Corp. | 11948 | &nbsp;&nbsp; 327375 |
| Kite Realty Group Trust | 33827 | &nbsp;&nbsp; 766182 |
| NETSTREIT Corp. (a) | 12559 | &nbsp;&nbsp; 212624 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Phillips Edison & Co., Inc. | 19352 | &nbsp;&nbsp; 677901 |
| Saul Centers, Inc. | 1875 | &nbsp;&nbsp; 64013 |
| SITE Centers Corp. | 7698 | &nbsp;&nbsp; 87064 |
| Tanger, Inc. | 17147 | &nbsp;&nbsp; 524355 |
| The Macerich Co. | 38929 | &nbsp;&nbsp; 629871 |
| Urban Edge Properties | 19486 | &nbsp;&nbsp; 363609 |
| Whitestone REIT | 6907 | &nbsp;&nbsp; 86199 |
|  |  | &nbsp;&nbsp; **4853280** |
| **Specialized REITs 0.5%** | **Specialized REITs 0.5%** |  |
| Farmland Partners, Inc. | 6346 | &nbsp;&nbsp; 73042 |
| Four Corners Property Trust, <br> Inc.<br>| 15258 | &nbsp;&nbsp; 410593 |
| Gladstone Land Corp. | 5345 | &nbsp;&nbsp; 54359 |
| Outfront Media, Inc. | 21374 | &nbsp;&nbsp; 348824 |
| PotlatchDeltic Corp. | 12003 | &nbsp;&nbsp; 460555 |
| Safehold, Inc. | 8600 | &nbsp;&nbsp; 133816 |
| Smartstop Self Storage REIT, <br> Inc.<br>| 4346 | &nbsp;&nbsp; 157455 |
| Uniti Group, Inc. \* | 36990 | &nbsp;&nbsp; 159797 |
|  |  | &nbsp;&nbsp; **1798441** |
| **Utilities 3.1%** | **Utilities 3.1%** |  |
| **Electric Utilities 1.1%** | **Electric Utilities 1.1%** |  |
| ALLETE, Inc. | 8946 | &nbsp;&nbsp; 573170 |
| Genie Energy Ltd. "B" | 3256 | &nbsp;&nbsp; 87521 |
| Hawaiian Electric Industries, <br> Inc.\*<br>| 26722 | &nbsp;&nbsp; 284055 |
| MGE Energy, Inc. | 5657 | &nbsp;&nbsp; 500305 |
| Oklo, Inc.\* | 15734 | &nbsp;&nbsp; 880947 |
| Otter Tail Corp. | 5907 | &nbsp;&nbsp; 455371 |
| Portland General Electric Co. | 16919 | &nbsp;&nbsp; 687419 |
| TXNM Energy, Inc. | 14219 | &nbsp;&nbsp; 800814 |
|  |  | &nbsp;&nbsp; **4269602** |
| **Gas Utilities 1.0%** | **Gas Utilities 1.0%** |  |
| Brookfield Infrastructure <br> Corp. "A"<br>| 18461 | &nbsp;&nbsp; 767978 |
| Chesapeake Utilities Corp. | 3504 | &nbsp;&nbsp; 421251 |
| New Jersey Resources <br> Corp.<br>| 15486 | &nbsp;&nbsp; 694082 |
| Northwest Natural Holding <br> Co.<br>| 6206 | &nbsp;&nbsp; 246502 |
| ONE Gas, Inc. | 9186 | &nbsp;&nbsp; 660106 |
| RGC Resources, Inc. | 1291 | &nbsp;&nbsp; 28893 |
| Southwest Gas Holdings, <br> Inc.<br>| 9921 | &nbsp;&nbsp; 738023 |
| Spire, Inc. | 8851 | &nbsp;&nbsp; 646034 |
|  |  | &nbsp;&nbsp; **4202869** |
| **Independent Power & Renewable Electricity** <br> **Producers 0.2%** | **Independent Power & Renewable Electricity** <br> **Producers 0.2%** |  |
| Montauk Renewables, Inc.\* | 10307 | &nbsp;&nbsp; 22882 |
| Ormat Technologies, Inc. | 9357 | &nbsp;&nbsp; 783742 |
|  |  | &nbsp;&nbsp; **806624** |
| **Multi-Utilities 0.4%** | **Multi-Utilities 0.4%** |  |
| Avista Corp. | 12338 | &nbsp;&nbsp; 468227 |
| Black Hills Corp. | 11149 | &nbsp;&nbsp; 625459 |

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **25**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Northwestern Energy Group, <br> Inc.<br>| 9460 | &nbsp;&nbsp; 485298 |
| Unitil Corp. | 2470 | &nbsp;&nbsp; 128810 |
|  |  | &nbsp;&nbsp; **1707794** |
| **Water Utilities 0.4%** | **Water Utilities 0.4%** |  |
| American States Water Co. | 5926 | &nbsp;&nbsp; 454287 |
| Cadiz, Inc.\* | 8362 | &nbsp;&nbsp; 25002 |
| California Water Service <br> Group<br>| 9163 | &nbsp;&nbsp; 416733 |
| Consolidated Water Co., Ltd. | 2346 | &nbsp;&nbsp; 70427 |
| Global Water Resources, Inc. | 1753 | &nbsp;&nbsp; 17863 |
| H2O America | 4875 | &nbsp;&nbsp; 253354 |
| Middlesex Water Co. | 2670 | &nbsp;&nbsp; 144661 |
| Pure Cycle Corp.\* | 3223 | &nbsp;&nbsp; 34551 |
| York Water Co. | 2190 | &nbsp;&nbsp; 69204 |
|  |  | &nbsp;&nbsp; **1486082** |
| **Total Common Stocks** (Cost $349,300,285) | **Total Common Stocks** (Cost $349,300,285) | &nbsp;&nbsp; **390186234** |
| **Other Investments 0.0%** | **Other Investments 0.0%** |  |
| **Health Care 0.0%** | **Health Care 0.0%** |  |
| **Life Sciences Tools & Services 0.0%** | **Life Sciences Tools & Services 0.0%** |  |
| OmniAb, Inc. <br> $12.50 Earnout\* (b) (c)<br>| 862 | &nbsp;&nbsp; 0 |
| OmniAb, Inc. <br> $15.00 Earnout\* (b) (c)<br>| 862 | &nbsp;&nbsp; 0 |
| **Total Other Investments** (Cost $0) | **Total Other Investments** (Cost $0) | &nbsp;&nbsp; **0** |
| **Rights 0.0%** | **Rights 0.0%** |  |
| **Health Care** | **Health Care** |  |
| Aduro Biotech, Inc.\* (b) | 2328 | &nbsp;&nbsp; 0 |
| Cartesian Therapeutics, <br> Inc.\* (b)<br>| 17902 | &nbsp;&nbsp; 3222 |
| Chinook Therapeutics, <br> Inc.\* (b)<br>| 8604 | &nbsp;&nbsp; 3356 |
| GTX, Inc.\* (a) (b) | 123 | &nbsp;&nbsp; 252 |
| Inhibrx, Inc.\* (b) | 5183 | &nbsp;&nbsp; 3356 |
| Tobira Therapeutics, Inc.\* (b) | 1687 | &nbsp;&nbsp; 101 |
| **Total Rights** (Cost $6,540) |  | &nbsp;&nbsp; **10287** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Health Care** | **Health Care** |  |
| Pulse Biosciences, Inc., <br> Expiration Date <br> 6/27/2029\* (b) (Cost $0)<br>| 278 | &nbsp;&nbsp; **0** |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($)** | **Value ($)** |
| **Government & Agency Obligations 0.2%** | **Government & Agency Obligations 0.2%** | **Government & Agency Obligations 0.2%** |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |  |
| U.S. Treasury Bills, 4.136% <br> (d), 11/28/2025 (e) <br> (Cost $630,934)<br>| 642000 | &nbsp;&nbsp; **630963** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", <br> 4.25% (f) (g) <br> (Cost $16,995,483)<br>| 16995483 | &nbsp;&nbsp; **16995483** |
| **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** |
| DWS Central Cash <br> Management Government <br> Fund, 4.37% (f) <br> (Cost $6,709,845)<br>| 6709845 | &nbsp;&nbsp; **6709845** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $373,643,087)<br>| 104.3 | &nbsp;&nbsp; **414532812** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (4.3)<br>| &nbsp;&nbsp; **(16961135)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **397571677** |

---

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

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

---

| | |
|:---|:---|
| **26** \|  | DWS Small Cap Index VIP  |

---

------

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 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> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) |
| 13956783 | 3,038,700 (h) |  |  |  | 122273 |  | 16995483 | 16995483 |
| **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** |
| DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) |
| 2894238 | 40656789 | 36841182 |  |  | 102938 |  | 6709845 | 6709845 |
| **16851021** | **43695489** | **36841182** |  |  | **225211** |  | **23705328** | **23705328** |

---

&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 June 30, 2025 amounted to $16,725,546, which is 4.2% of net assets. 

(b) Investment was valued using significant unobservable inputs.

(c) Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved. 

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

(e) At June 30, 2025, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. 

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

(g) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(h) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025. 

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

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in <br> transactions exempt from registration, normally to qualified institutional buyers.<br>|
| REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or <br> benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the <br> Securities Act of 1933.<br>|
| REIT: Real Estate Investment Trust |

---

At June 30, 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>**Appreciation ($)**<br>|
| Russell E-Mini 2000 Index | USD | 9/19/2025 | 76 | 8137335 | 8328460 | **191125** |

---

**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;

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **27**  |

---

------

**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 June 30, 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 |  |  |  |  |
| Communication Services | &nbsp;&nbsp; $10284665 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10284665 |
| Consumer Discretionary | &nbsp;&nbsp; 39307322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39307322 |
| Consumer Staples | &nbsp;&nbsp; 8847677 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8847677 |
| Energy | &nbsp;&nbsp; 19052696 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19052696 |
| Financials | &nbsp;&nbsp; 75474720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 75475341 |
| Health Care | &nbsp;&nbsp; 62203182 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62203182 |
| Industrials | &nbsp;&nbsp; 66691350 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66691350 |
| Information Technology | &nbsp;&nbsp; 57370248 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57370248 |
| Materials | &nbsp;&nbsp; 14774146 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14774146 |
| Real Estate | &nbsp;&nbsp; 23706636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23706636 |
| Utilities | &nbsp;&nbsp; 12472971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12472971 |
| Other Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10287 | &nbsp;&nbsp; 10287 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 630963 | &nbsp;&nbsp; — | &nbsp;&nbsp; 630963 |
| Short-Term Investments (a) | &nbsp;&nbsp; 23705328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23705328 |
| Derivatives (b) |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 191125 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191125 |
| **Total** | &nbsp;&nbsp; **$414082066** | &nbsp;&nbsp; **$630963** | &nbsp;&nbsp; **$10908** | &nbsp;&nbsp; **$414723937** |
| During the year ended June 30, 2025, the amount of transfers between Level 1 and Level 3 was $40,535. Transfers between price <br> levels are recognized at the beginning of the reporting period. | During the year ended June 30, 2025, the amount of transfers between Level 1 and Level 3 was $40,535. Transfers between price <br> levels are recognized at the beginning of the reporting period. | During the year ended June 30, 2025, the amount of transfers between Level 1 and Level 3 was $40,535. Transfers between price <br> levels are recognized at the beginning of the reporting period. | During the year ended June 30, 2025, the amount of transfers between Level 1 and Level 3 was $40,535. Transfers between price <br> levels are recognized at the beginning of the reporting period. | During the year ended June 30, 2025, the amount of transfers between Level 1 and Level 3 was $40,535. Transfers between price <br> levels are recognized at the beginning of the reporting period. |

---

&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;

---

| | |
|:---|:---|
| **28** \|  | DWS Small Cap Index VIP  |

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $349,937,759) — including $16,725,546 of <br> securities loaned<br>| $390827484 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $16,995,483)\* <br>| 16995483 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $6,709,845)<br>| 6709845 |
| Cash | 724757 |
| Receivable for investments sold | 393226 |
| Receivable for Fund shares sold | 178392 |
| Dividends receivable | 375524 |
| Affiliated securities lending income receivable | 26414 |
| Other assets | 3428 |
| Total assets | 416234553 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 16995483 |
| Payable for investments purchased | 947482 |
| Payable for Fund shares redeemed | 311725 |
| Payable for variation margin on futures contracts | 220501 |
| Accrued management fee | 74089 |
| Accrued Trustees' fees | 2653 |
| Other accrued expenses and payables | 110943 |
| Total liabilities | 18662876 |
| **Net assets, at value** | **$397571677** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 48791505 |
| Paid-in capital | 348780172 |
| **Net assets, at value** | **$397571677** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($365,130,884 ÷ 27,914,430 <br> outstanding shares of beneficial interest, <br> no par value, unlimited number of <br> shares authorized)<br>| **$13.08** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($32,440,793 ÷ 2,474,437 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$13.11** |

---

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

\* Represents collateral on securities loaned.

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $5,235)<br>| $2850570 |
| Interest | 9092 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 102938 |
| Affiliated securities lending income | 122273 |
| Total income | 3084873 |
| Expenses: |  |
| Management fee | 545156 |
| Administration fee | 188858 |
| Services to shareholders | 1792 |
| Record keeping fee (Class B) | 4865 |
| Distribution service fee (Class B) | 38193 |
| Custodian fee | 13113 |
| Professional fees | 35470 |
| Reports to shareholders | 15774 |
| Trustees' fees and expenses | 8697 |
| Other | 33247 |
| Total expenses before expense reductions | 885165 |
| Expense reductions | (82540)<br>|
| Total expenses after expense reductions | 802625 |
| **Net investment income** | **2282248** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | 13007708 |
| Futures | (18356)<br>|
|  | 12989352 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | (23163395)<br>|
| Futures | 281670 |
|  | (22881725)<br>|
| **Net gain (loss)** | **(9892373)**<br>|
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$(7610125)**<br>|

---

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

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **29**  |

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024** |
| Operations: |  |  |
| Net investment income | $2282248 | $4059848 |
| Net realized gain (loss) | 12989352 | 24825347 |
| Change in net unrealized appreciation <br>(depreciation)<br>| (22881725)<br>| 14670868 |
| Net increase (decrease) in net assets resulting from operations | (7610125)<br>| 43556063 |
| Distributions to shareholders: |  |  |
| Class A | (27689988)<br>| (14517748)<br>|
| Class B | (2238398)<br>| (1179476)<br>|
| Total distributions | (29928386)<br>| (15697224)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 27974581 | 74600875 |
| Reinvestment of distributions | 27689988 | 14517748 |
| Payments for shares redeemed | (45929346)<br>| (84690525)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 9735223 | 4428098 |
| **Class B** |  |  |
| Proceeds from shares sold | 2067790 | 1161198 |
| Reinvestment of distributions | 2238398 | 1179476 |
| Payments for shares redeemed | (1251804)<br>| (5735882)<br>|
| Net increase (decrease) in net assets from Class B share transactions | 3054384 | (3395208)<br>|
| **Increase (decrease) in net assets** | (24748904)<br>| 28891729 |
| Net assets at beginning of period | 422320581 | 393428852 |
| **Net assets at end of period** | **$397571677** | **$422320581** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 26867617 | 26423969 |
| Shares sold | 2128894 | 5340257 |
| Shares issued to shareholders in reinvestment of distributions | 2356595 | 1134199 |
| Shares redeemed | (3438676)<br>| (6030808)<br>|
| Net increase (decrease) in Class A shares | 1046813 | 443648 |
| Shares outstanding at end of period | **27914430** | **26867617** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | 2217863 | 2450375 |
| Shares sold | 159387 | 84403 |
| Shares issued to shareholders in reinvestment of distributions | 190017 | 91931 |
| Shares redeemed | (92830)<br>| (408846)<br>|
| Net increase (decrease) in Class B shares | 256574 | (232512)<br>|
| Shares outstanding at end of period | **2474437** | **2217863** |

---

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

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

---

| | |
|:---|:---|
| **30** \|  | DWS Small Cap Index VIP  |

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Small Cap Index VIP** — **Class A** | **DWS Small Cap Index VIP** — **Class A** | **DWS Small Cap Index VIP** — **Class A** | **DWS Small Cap Index VIP** — **Class A** | **DWS Small Cap Index VIP** — **Class A** | **DWS Small Cap Index VIP** — **Class A** | **DWS Small Cap Index VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **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; **$14.52** | &nbsp;&nbsp; **$13.63** | &nbsp;&nbsp; **$12.12** | &nbsp;&nbsp; **$18.63** | &nbsp;&nbsp; **$17.39** | &nbsp;&nbsp; **$16.97** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| **Total from investment operations** | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.17)<br>|
| Net realized gains | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.58)<br>|
| **Total distributions** | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.75)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$13.08** | &nbsp;&nbsp; **$14.52** | &nbsp;&nbsp; **$13.63** | &nbsp;&nbsp; **$12.12** | &nbsp;&nbsp; **$18.63** | &nbsp;&nbsp; **$17.39** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp; (1.91 )<sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;16.76 | &nbsp;&nbsp; (20.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.50 | &nbsp;&nbsp;&nbsp;&nbsp;19.43 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 387 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .43 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .42 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .50 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .39 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .38 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .39 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.20 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .99 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 11 <br><sup>\*</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 |

---

&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> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

&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 Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **31**  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Small Cap Index VIP** — **Class B** | **DWS Small Cap Index VIP** — **Class B** | **DWS Small Cap Index VIP** — **Class B** | **DWS Small Cap Index VIP** — **Class B** | **DWS Small Cap Index VIP** — **Class B** | **DWS Small Cap Index VIP** — **Class B** | **DWS Small Cap Index VIP** — **Class B** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$14.52** | &nbsp;&nbsp; **$13.62** | &nbsp;&nbsp; **$12.12** | &nbsp;&nbsp; **$18.63** | &nbsp;&nbsp; **$17.39** | &nbsp;&nbsp; **$16.97** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .06 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| **Total from investment operations** | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.14)<br>|
| Net realized gains | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.58)<br>|
| **Total distributions** | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (1.72)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$13.11** | &nbsp;&nbsp; **$14.52** | &nbsp;&nbsp; **$13.62** | &nbsp;&nbsp; **$12.12** | &nbsp;&nbsp; **$18.63** | &nbsp;&nbsp; **$17.39** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp; (2.05 )<sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp; (20.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.18 | &nbsp;&nbsp;&nbsp;&nbsp;19.09 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 37 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .71 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .72 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .79 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .67 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .68 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .66 |
| Ratio of net investment income (%) | &nbsp;&nbsp; .93 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .72 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .71 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 11 <br><sup>\*</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 |

---

&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> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

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

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

---

| | |
|:---|:---|
| **32** \|  | DWS Small Cap Index VIP  |

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------

**Notes to Financial Statements (Unaudited)**

**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 Small Cap 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 annual rates 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). 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 which 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 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.

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **33**  |

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------

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 six months ended June 30, 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 (0.13% annualized effective rate as of June 30, 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;

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| | |
|:---|:---|
| **34** \|  | DWS Small Cap Index VIP  |

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------

As of June 30, 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 June 30, 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; $16995439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16995439 |
| Rights | &nbsp;&nbsp; 44 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 |
| **Total Borrowings** | &nbsp;&nbsp; **$16995483** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$16995483** |
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | &nbsp;&nbsp; $16995483 |

---

**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.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $381,238,647. The net unrealized appreciation for all investments based on tax cost was $33,294,165. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $103,828,468 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $70,534,303.

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, 2024, 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, income received from passive foreign investment companies, 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.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**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.

**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.

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **35**  |

---

------

**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 net of foreign withholding taxes. 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 six months ended June 30, 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.

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 June 30, 2025, is included in a table following the Fund's Investment Portfolio. For the six months ended June 30, 2025, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $3,375,000 to $8,328,000.

The following table summarizes the value of the Fund's derivative instruments held as of June 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Asset Derivatives** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | &nbsp;&nbsp; $191125 |
| 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 appreciation 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.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended June 30, 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; $(18356)<br>|
| 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; $281670 |
| 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

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

---

| | |
|:---|:---|
| **36** \|  | DWS Small Cap Index VIP  |

---

------

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

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

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $41,075,852 and $58,912,775, 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 annual rate (exclusive of any applicable waivers/reimbursements) of 0.28%.

For the period from January 1, 2025 through April 30, 2026, the Advisor has 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; .38% |
| Class B | &nbsp;&nbsp; .68% |

---

For the six months ended June 30, 2025, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; $76130 |
| Class B | &nbsp;&nbsp; 6410 |
|  | &nbsp;&nbsp; **$82540** |

---

**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 six months ended June 30, 2025, the Administration Fee was $188,858, of which $31,245 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 six months ended June 30, 2025, the Distribution Service Fee was as follows:

---

| | | |
|:---|:---|:---|
| **Distribution Service Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**June 30, 2025**<br>|
| Class B | &nbsp;&nbsp; $38193 | &nbsp;&nbsp; $6511 |

---

**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 six months ended June 30, 2025, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**June 30, 2025**<br>|
| Class A | &nbsp;&nbsp; $853 | &nbsp;&nbsp; $272 |
| Class B | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 52 |
|  | &nbsp;&nbsp; **$1016** | &nbsp;&nbsp; **$324** |

---

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **37**  |

---

------

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $760, of which $740 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 June 30, 2025, four Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 35%, 16%, 14% and 10%, respectively. Three Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 40%, 24% and 19%, respectively.

**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 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 June 30, 2025.

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

---

| | |
|:---|:---|
| **38** \|  | DWS Small Cap Index VIP  |

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Small Cap 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 2024.

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 Fund's 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, 2023, the Fund's performance (Class A shares) was in the 2nd quartile, 4th quartile and 3rd quartile, respectively, 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;

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **39**  |

---

------

**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 (4th quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that, effective October 1, 2021, in connection with the 2021 contract renewal process, DIMA agreed to reduce the Fund's contractual management fee by 0.07%. 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, 2023, 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 lower than 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. In this regard, the Board observed that while the Fund's current investment management fee schedule does not include breakpoints, 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;

---

| | |
|:---|:---|
| **40** \|  | DWS Small Cap Index VIP  |

---

------

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. 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, including the retention of compliance personnel; 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-scif-BFE2024

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

---

| | |
|:---|:---|
| DWS Small Cap Index VIP  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **41**  |

---

------

![](imgc2760c1b1.jpg)

vit-scif-NCSRS

------

---

| | |
|:---|:---|
|  | &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;Not applicable |
| &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 Small Cap 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;8/14/2025 |

---

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;8/14/2025 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/14/2025 |

---

## Ex-99.Cert

**Principal Executive Officer**

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

I, Hepsen Uzcan, certify that:

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

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.

8/14/2025   <br> Hepsen Uzcan <br> Principal Executive Officer

**Principal Financial Officer**

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

I, Diane Kenneally, certify that:

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

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.

8/14/2025   <br> Diane Kenneally <br> 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 Small Cap Index VIP, a series of Deutsche DWS Investments VIT Funds, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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.

8/14/2025   <br> Hepsen Uzcan <br> 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 Small Cap Index VIP, a series of Deutsche DWS Investments VIT Funds, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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.

8/14/2025   <br> Diane Kenneally <br> Principal Financial Officer