NPORT-EX 2 NPORT_KE3B_70498472_0923.htm EDGAR HTML
Investment Portfolioas of September 30, 2023 (Unaudited)
DWS Small Mid Cap Growth VIP  
 
 
Shares
Value ($)
 
Common Stocks 97.2%
Communication Services 1.3%
Diversified Telecommunication Services 0.7%
Iridium Communications, Inc.
7,300
332,077
Entertainment 0.6%
Take-Two Interactive Software, Inc.*
2,174
305,208
Consumer Discretionary 10.7%
Automobile Components 0.8%
Gentherm, Inc.*
7,364
399,571
Diversified Consumer Services 0.6%
Bright Horizons Family Solutions, Inc.*
3,398
276,801
Hotels, Restaurants & Leisure 2.1%
Hilton Grand Vacations, Inc.*
12,491
508,383
Jack in the Box, Inc.
7,229
499,235
 
1,007,618
Household Durables 3.2%
Helen of Troy Ltd.*
1,963
228,807
iRobot Corp.*
1,573
59,617
LGI Homes, Inc.*
3,089
307,324
TopBuild Corp.*
3,773
949,287
 
1,545,035
Leisure Products 1.6%
YETI Holdings, Inc.*
15,522
748,471
Specialty Retail 2.4%
Burlington Stores, Inc.*
2,883
390,070
Camping World Holdings, Inc. "A"
22,907
467,532
Valvoline, Inc.
9,900
319,176
 
1,176,778
Consumer Staples 2.8%
Consumer Staples Distribution & Retail 2.4%
Casey's General Stores, Inc.
4,371
1,186,814
Household Products 0.4%
Spectrum Brands Holdings, Inc.
2,282
178,795
Energy 5.4%
Energy Equipment & Services 0.4%
Liberty Energy, Inc.
9,546
176,792
Oil, Gas & Consumable Fuels 5.0%
Crescent Energy Co. "A"
6,384
80,694
Denbury, Inc.*
7,100
695,871
Kosmos Energy Ltd.*
48,000
392,640
Matador Resources Co.
8,300
493,684
Ovintiv, Inc.
9,711
461,952
Southwestern Energy Co.*
43,176
278,485
 
2,403,326
Financials 8.3%
Banks 2.0%
Pinnacle Financial Partners, Inc.
5,944
398,486
SouthState Corp.
3,504
236,030
Synovus Financial Corp.
11,493
319,505
 
954,021
Capital Markets 3.6%
FactSet Research Systems, Inc.
1,036
453,001
Lazard Ltd. "A"
12,317
381,950
LPL Financial Holdings, Inc.
2,100
499,065
Moelis & Co. "A"
9,136
412,308
 
1,746,324
Financial Services 1.1%
WEX, Inc.*
2,797
526,088
Insurance 1.6%
Kinsale Capital Group, Inc.
1,900
786,847
Health Care 18.8%
Biotechnology 4.3%
Apellis Pharmaceuticals, Inc.*
3,951
150,296
Beam Therapeutics, Inc.*
1,593
38,312
Biohaven Ltd.*
1,787
46,480
Blueprint Medicines Corp.*
4,684
235,230
Catalyst Pharmaceuticals, Inc.*
7,600
88,844
Halozyme Therapeutics, Inc.*
3,100
118,420
Insmed, Inc.*
6,610
166,903
Kiniksa Pharmaceuticals Ltd. "A"*
8,769
152,318
Neurocrine Biosciences, Inc.*
7,085
797,062
Travere Therapeutics, Inc.*
18,778
167,875
Ultragenyx Pharmaceutical, Inc.*
3,057
108,982
 
2,070,722
Health Care Equipment & Supplies 3.1%
Alphatec Holdings, Inc.*
7,420
96,237
Axonics, Inc.*
5,613
315,002
Globus Medical, Inc. "A"*
2,224
110,422
Haemonetics Corp.*
1,353
121,202
Inari Medical, Inc.*
2,000
130,800
Inspire Medical Systems, Inc.*
300
59,532
Masimo Corp.*
1,627
142,655
Merit Medical Systems, Inc.*
4,200
289,884
Omnicell, Inc.*
2,300
103,592
Shockwave Medical, Inc.*
500
99,550
STAAR Surgical Co.*
975
39,175
 
1,508,051
Health Care Providers & Services 9.4%
AMN Healthcare Services, Inc.*
13,141
1,119,350
HealthEquity, Inc.*
4,529
330,843
ModivCare, Inc.*
4,799
151,217
Molina Healthcare, Inc.*
2,619
858,744
Option Care Health, Inc.*
18,864
610,250
Privia Health Group, Inc.*
8,600
197,800
RadNet, Inc.*
44,177
1,245,350
 
4,513,554
Life Sciences Tools & Services 0.1%
OmniAb, Inc.*
13,092
67,948
Pharmaceuticals 1.9%
Arvinas, Inc.*
2,000
39,280
Intra-Cellular Therapies, Inc.*
7,000
364,630
Ligand Pharmaceuticals, Inc.*
2,672
160,106
Pacira BioSciences, Inc.*
11,807
362,239
 
926,255
Industrials 21.4%
Aerospace & Defense 1.4%
HEICO Corp.
4,176
676,220
Building Products 5.6%
Allegion PLC
7,499
781,396
Builders FirstSource, Inc.*
11,306
1,407,484
Masonite International Corp.*
5,705
531,820
 
2,720,700
Commercial Services & Supplies 3.6%
MSA Safety, Inc.
2,392
377,099
Tetra Tech, Inc.
3,819
580,602
The Brink's Co.
11,036
801,655
 
1,759,356
Construction & Engineering 0.5%
MasTec, Inc.*
3,160
227,425
Electrical Equipment 0.9%
Generac Holdings, Inc.*
1,478
161,043
Thermon Group Holdings, Inc.*
9,149
251,323
 
412,366
Machinery 0.8%
IDEX Corp.
1,802
374,852
Professional Services 4.4%
Broadridge Financial Solutions, Inc.
3,982
712,977
Kforce, Inc.
13,025
777,072
Maximus, Inc.
8,556
638,962
 
2,129,011
Trading Companies & Distributors 4.2%
H&E Equipment Services, Inc.
16,406
708,575
Rush Enterprises, Inc. "A"
24,885
1,016,054
Titan Machinery, Inc.*
11,743
312,129
 
2,036,758
Information Technology 21.3%
Communications Equipment 0.8%
Calix, Inc.*
8,844
405,409
Electronic Equipment, Instruments & Components 3.4%
Advanced Energy Industries, Inc.
12,629
1,302,302
Cognex Corp.
7,873
334,130
 
1,636,432
Semiconductors & Semiconductor Equipment 5.0%
Entegris, Inc.
6,121
574,823
FormFactor, Inc.*
7,627
266,487
Impinj, Inc.*
2,530
139,226
Monolithic Power Systems, Inc.
947
437,514
Semtech Corp.*
7,632
196,524
SiTime Corp.*
4,087
466,940
Ultra Clean Holdings, Inc.*
10,873
322,602
 
2,404,116
Software 11.8%
Aspen Technology, Inc.*
3,737
763,320
Dynatrace, Inc.*
7,679
358,840
Envestnet, Inc.*
9,852
433,783
Five9, Inc.*
9,547
613,872
Rapid7, Inc.*
6,849
313,547
Tenable Holdings, Inc.*
12,141
543,917
Tyler Technologies, Inc.*
3,276
1,264,995
Varonis Systems, Inc.*
35,677
1,089,575
Workiva, Inc.*
3,058
309,898
 
5,691,747
Technology Hardware, Storage & Peripherals 0.3%
Super Micro Computer, Inc.*
600
164,532
Materials 4.8%
Construction Materials 2.0%
Eagle Materials, Inc.
5,901
982,635
Containers & Packaging 0.9%
Berry Global Group, Inc.
6,828
422,721
Metals & Mining 1.9%
Arch Resources, Inc.
2,200
375,452
Cleveland-Cliffs, Inc.*
34,787
543,721
 
919,173
Real Estate 2.4%
Diversified REITs 1.0%
Essential Properties Realty Trust, Inc.
21,678
468,895
Industrial REITs 0.8%
EastGroup Properties, Inc.
2,208
367,698
Specialized REITs 0.6%
Four Corners Property Trust, Inc.
13,954
309,640
Total Common Stocks (Cost $30,584,125)
46,946,782
 
Other Investments 0.0%
Health Care 0.0%
Life Sciences Tools & Services 0.0%
OmniAb, Inc. $12.50 Earnout* (a) (b)
1,013
0
OmniAb, Inc. $15.00 Earnout* (a) (b)
1,013
0
Total Other Investments (Cost $0)
0
 
Cash Equivalents 3.1%
DWS Central Cash Management Government Fund, 5.36% (c) (Cost $1,527,381)
1,527,381
1,527,381
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $32,111,506)
100.3
48,474,163
Other Assets and Liabilities, Net
(0.3
)
(168,787
)
Net Assets
100.0
48,305,376
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2023 are as follows: 
Value ($) at
12/31/2022
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
9/30/2023
Value ($) at
9/30/2023
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.25% (c) (d)
735,203
—
735,203 (e)
—
—
3,193
—
—
—
Cash Equivalents 3.1%
DWS Central Cash Management Government Fund, 5.36% (c)
1,969,280
3,481,726
3,923,625
—
—
44,748
—
1,527,381
1,527,381
2,704,483
3,481,726
4,658,828
—
—
47,941
—
1,527,381
1,527,381
 
*
Non-income producing security.
(a)
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.
(b)
Investment was valued using significant unobservable inputs.
(c)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
(d)
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(e)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period
ended September 30, 2023.
 
REIT: Real Estate Investment Trust
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 September 30, 2023 in valuing the Fund’s investments. 
Assets
Level 1
Level 2
Level 3
Total
Common Stocks (a)
$46,946,782
$—
$—
$46,946,782
Other Investments
—
—
0
0
Short-Term Investments
1,527,381
—
—
1,527,381
Total
$48,474,163
$—
$0
$48,474,163
 
(a)
See Investment Portfolio for additional detailed categorizations.
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
VS2SMCG-PH3
R-080548-2 (1/25)