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Investment Portfolioas of March 31, 2024 (Unaudited)
DWS Small Mid Cap Growth VIP  
 
 
Shares
Value ($)
 
Common Stocks 98.3%
 
Communication Services 0.9%
 
Diversified Telecommunication Services 0.3%
 
Iridium Communications, Inc.
 
7,300
190,968
Entertainment 0.6%
 
Take-Two Interactive Software, Inc.*
 
2,174
322,817
Consumer Discretionary 11.7%
 
Automobile Components 0.8%
 
Gentherm, Inc.*
 
7,364
424,019
Diversified Consumer Services 0.7%
 
Bright Horizons Family Solutions, Inc.*
 
3,398
385,197
Hotels, Restaurants & Leisure 2.0%
 
Hilton Grand Vacations, Inc.*
 
12,491
589,700
Jack in the Box, Inc.
 
7,229
495,042
 
 
 
1,084,742
Household Durables 4.0%
 
Helen of Troy Ltd.*
 
1,963
226,216
LGI Homes, Inc.*
 
3,089
359,467
TopBuild Corp.*
 
3,773
1,662,875
 
 
 
2,248,558
Leisure Products 1.1%
 
YETI Holdings, Inc.*
 
15,522
598,373
Specialty Retail 3.1%
 
Burlington Stores, Inc.*
 
2,883
669,404
Camping World Holdings, Inc. "A"
 
22,907
637,960
Valvoline, Inc.*
 
9,900
441,243
 
 
 
1,748,607
Consumer Staples 2.9%
 
Consumer Staples Distribution & Retail 2.5%
 
Casey's General Stores, Inc.
 
4,371
1,391,945
Household Products 0.4%
 
Spectrum Brands Holdings, Inc.
 
2,282
203,121
Energy 3.5%
 
Energy Equipment & Services 0.4%
 
Liberty Energy, Inc.
 
9,546
197,793
Oil, Gas & Consumable Fuels 3.1%
 
Crescent Energy Co. "A"
 
6,384
75,970
Kosmos Energy Ltd.*
 
48,000
286,080
Matador Resources Co.
 
8,300
554,191
Ovintiv, Inc.
 
9,711
504,001
Southwestern Energy Co.*
 
43,176
327,274
 
 
 
1,747,516
Financials 8.8%
 
Banks 2.1%
 
Pinnacle Financial Partners, Inc.
 
5,944
510,471
Synovus Financial Corp.
 
11,493
460,409
The Bancorp, Inc.*
 
5,495
183,863
 
 
 
1,154,743
Capital Markets 3.7%
 
FactSet Research Systems, Inc.
 
1,036
470,748
Lazard, Inc.
 
12,317
515,713
LPL Financial Holdings, Inc.
 
2,100
554,820
Moelis & Co. "A"
 
9,136
518,651
 
 
 
2,059,932
Financial Services 1.2%
 
WEX, Inc.*
 
2,797
664,371
Insurance 1.8%
 
Kinsale Capital Group, Inc.
 
1,900
997,006
Health Care 18.9%
 
Biotechnology 5.1%
 
Apellis Pharmaceuticals, Inc.*
 
3,951
232,240
Beam Therapeutics, Inc.*
 
1,593
52,633
Biohaven Ltd.*
 
1,787
97,731
Blueprint Medicines Corp.*
 
3,884
368,436
Catalyst Pharmaceuticals, Inc.*
 
7,600
121,144
Halozyme Therapeutics, Inc.*
 
3,100
126,108
Insmed, Inc.*
 
6,610
179,329
Kiniksa Pharmaceuticals Ltd. "A"*
 
8,769
173,012
Neurocrine Biosciences, Inc.*
 
7,085
977,163
Travere Therapeutics, Inc.*
 
18,778
144,779
Ultragenyx Pharmaceutical, Inc.*
 
3,057
142,731
Vaxcyte, Inc.*
 
3,200
218,592
 
 
 
2,833,898
Health Care Equipment & Supplies 2.3%
 
Alphatec Holdings, Inc.*
 
9,320
128,523
Axonics, Inc.*
 
1,413
97,455
Globus Medical, Inc. "A"*
 
2,224
119,295
Haemonetics Corp.*
 
1,353
115,478
Inari Medical, Inc.*
 
2,000
95,960
Inspire Medical Systems, Inc.*
 
300
64,437
Masimo Corp.*
 
727
106,760
Merit Medical Systems, Inc.*
 
4,200
318,150
Shockwave Medical, Inc.*
 
500
162,815
STAAR Surgical Co.*
 
975
37,323
 
 
 
1,246,196
Health Care Providers & Services 9.2%
 
AMN Healthcare Services, Inc.*
 
13,141
821,444
HealthEquity, Inc.*
 
4,529
369,702
ModivCare, Inc.*
 
4,799
112,536
Molina Healthcare, Inc.*
 
2,619
1,075,964
Option Care Health, Inc.*
 
18,864
632,699
Privia Health Group, Inc.*
 
8,600
168,474
RadNet, Inc.*
 
40,077
1,950,147
 
 
 
5,130,966
Life Sciences Tools & Services 0.1%
 
OmniAb, Inc.*
 
13,092
70,959
Pharmaceuticals 2.2%
 
Arvinas, Inc.*
 
2,000
82,560
EyePoint Pharmaceuticals, Inc.*
 
5,600
115,752
Intra-Cellular Therapies, Inc.*
 
7,000
484,400
Ligand Pharmaceuticals, Inc.*
 
2,672
195,323
Pacira BioSciences, Inc.*
 
11,807
345,001
 
 
 
1,223,036
Industrials 21.9%
 
Aerospace & Defense 1.3%
 
HEICO Corp.
 
3,676
702,116
Building Products 6.2%
 
Allegion PLC
 
7,499
1,010,190
Builders FirstSource, Inc.*
 
10,106
2,107,607
Masonite International Corp.*
 
2,705
355,572
 
 
 
3,473,369
Commercial Services & Supplies 3.8%
 
MSA Safety, Inc.
 
2,392
463,067
Tetra Tech, Inc.
 
3,519
649,994
The Brink's Co.
 
11,036
1,019,506
 
 
 
2,132,567
Electrical Equipment 0.8%
 
Atkore, Inc.
 
930
177,035
Thermon Group Holdings, Inc.*
 
9,149
299,355
 
 
 
476,390
Machinery 1.3%
 
Chart Industries, Inc.*
 
1,600
263,552
IDEX Corp.
 
1,802
439,724
 
 
 
703,276
Professional Services 3.7%
 
Broadridge Financial Solutions, Inc.
 
2,582
528,949
Kforce, Inc.
 
11,225
791,587
Maximus, Inc.
 
8,556
717,848
 
 
 
2,038,384
Trading Companies & Distributors 4.8%
 
H&E Equipment Services, Inc.
 
16,406
1,052,937
Rush Enterprises, Inc. "A"
 
24,885
1,331,845
Titan Machinery, Inc.*
 
11,743
291,344
 
 
 
2,676,126
Information Technology 22.1%
 
Communications Equipment 0.6%
 
Calix, Inc.*
 
9,644
319,795
Electronic Equipment, Instruments & Components 3.2%
 
Advanced Energy Industries, Inc.
 
12,629
1,287,905
Cognex Corp.
 
7,873
333,973
Fabrinet*
 
900
170,118
 
 
 
1,791,996
Semiconductors & Semiconductor Equipment 5.9%
 
Entegris, Inc.
 
6,121
860,245
FormFactor, Inc.*
 
7,627
348,020
Impinj, Inc.*
 
2,530
324,877
Monolithic Power Systems, Inc.
 
947
641,517
Semtech Corp.*
 
7,632
209,804
SiTime Corp.*
 
4,087
381,031
Ultra Clean Holdings, Inc.*
 
10,873
499,506
 
 
 
3,265,000
Software 11.3%
 
Aspen Technology, Inc.*
 
3,737
797,027
Dynatrace, Inc.*
 
7,679
356,613
Envestnet, Inc.*
 
9,852
570,529
Five9, Inc.*
 
9,547
592,964
Rapid7, Inc.*
 
6,849
335,875
Tenable Holdings, Inc.*
 
12,141
600,130
Tyler Technologies, Inc.*
 
2,976
1,264,830
Varonis Systems, Inc.*
 
31,977
1,508,355
Workiva, Inc.*
 
3,058
259,318
 
 
 
6,285,641
Technology Hardware, Storage & Peripherals 1.1%
 
Super Micro Computer, Inc.*
 
600
606,018
Materials 5.3%
 
Construction Materials 2.9%
 
Eagle Materials, Inc.
 
5,901
1,603,597
Containers & Packaging 0.6%
 
Berry Global Group, Inc.
 
5,228
316,190
Metals & Mining 1.8%
 
Arch Resources, Inc.
 
2,200
353,738
Cleveland-Cliffs, Inc.*
 
29,787
677,356
 
 
 
1,031,094
Real Estate 2.3%
 
Diversified REITs 1.0%
 
Essential Properties Realty Trust, Inc.
 
20,278
540,612
Industrial REITs 0.7%
 
EastGroup Properties, Inc.
 
2,208
396,932
Specialized REITs 0.6%
 
Four Corners Property Trust, Inc.
 
13,954
341,454
Total Common Stocks (Cost $29,294,124)
54,625,320
 
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 1.5%
DWS Central Cash Management Government Fund, 5.36% (c) (Cost $825,455)
 
825,455
825,455
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $30,119,579)
 
99.8
55,450,775
Other Assets and Liabilities, Net
 
0.2
96,225
Net Assets
 
100.0
55,547,000
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2024 are as follows: 
Value ($) at
12/31/2023
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
3/31/2024
Value ($) at
3/31/2024
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
5.26% (c) (d)
—
0 (e)
—
—
—
30
—
—
—
Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 5.36% (c)
1,024,006
1,348,512
1,547,063
—
—
11,368
—
825,455
825,455
1,024,006
1,348,512
1,547,063
—
—
11,398
—
825,455
825,455
 
*
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 March 31, 2024.
 
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 March 31, 2024 in valuing the Fund’s investments. 
Assets
Level 1
Level 2
Level 3
Total
Common Stocks (a)
$54,625,320
$—
$—
$54,625,320
Other Investments
—
—
0
0
Short-Term Investments
825,455
—
—
825,455
Total
$55,450,775
$—
$0
$55,450,775
 
(a)
See Investment Portfolio for additional detailed categorizations.
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
VS2SMCG-PH1
R-080548-2 (1/25)