Deutsche DWS Investments Vit Funds N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number: 811-07507

Deutsche DWS Investments VIT Funds

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code:(212) 454-4500

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	12/31
Date of reporting period:	12/31/2019

ITEM 1. REPORT TO STOCKHOLDERS

December 31, 2019

Annual Report

Deutsche DWS Investments VIT Funds

DWS Small Cap Index VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
4	Management Summary
5	Portfolio Summary
6	Investment Portfolio
26	Statement of Assets and Liabilities
26	Statement of Operations
27	Statements of Changes in Net Assets
28	Financial Highlights
29	Notes to Financial Statements
35	Report of Independent Registered Public Accounting Firm
36	Information About Your Fund’s Expenses
37	Tax Information
37	Proxy Voting
38	Advisory Agreement Board Considerations and Fee Evaluation
41	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

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.

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

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | DWS Small Cap Index VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recent month-end performance. Performance figures for Classes A and B differ because each class maintains a distinct expense structure. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 are 0.51% and 0.80% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

Russell 2000^® Index is an unmanaged, capitalization-weighted measure of approximately 2,000 of the smallest companies in the Russell 3000^® Index.   The Russell 3000^® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Small Cap Index VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$12,522	$12,709	$14,674	$29,927
	Average annual total return	25.22%	8.32%	7.97%	11.59%
Russell 2000 Index	Growth of $10,000	$12,552	$12,806	$14,849	$30,582
	Average annual total return	25.52%	8.59%	8.23%	11.83%
DWS Small Cap Index VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$12,487	$12,613	$14,486	$29,187
	Average annual total return	24.87%	8.05%	7.69%	11.31%
Russell 2000 Index	Growth of $10,000	$12,552	$12,806	$14,849	$30,582
	Average annual total return	25.52%	8.59%	8.23%	11.83%

The growth of $10,000 is cumulative.

DWS Small Cap Index VIP | 3

Management Summary December 31, 2019 (Unaudited)

For the 12 months ended December 31, 2019, the Fund returned 25.22% (Class A shares, unadjusted for contract charges), compared with the 25.52% return of the Russell 2000^® Index.

Risk assets including small-cap stocks exhibited mixed performance over the first nine months of 2019, amid signs of weakening global growth. Trade tensions exacerbated a slowdown that was already underway as market watchers struggled to predict the longer-term effect that the ongoing series of tariff increases would have on worldwide growth. The U.S. Federal Reserve (the Fed) halted its increases of the federal funds rate following its December rate hike, cut rates three times and ended the reduction of its balance sheet. Global manufacturing PMI figures fell into negative territory, and the Chinese and European economies weakened considerably. The overall heightened sense of uncertainty led many investors to pivot from traditional growth stocks to more defensive stocks viewed as being better positioned to withstand economic disruptions stemming from the trade war. However, U.S. equities surged in the fourth quarter, closing out what turned into an impressive year for the markets. Investors began to see evidence of improving economic growth both in United States and overseas, as well as progress in the U.S.-China trade talks. Although the Fed indicated that it was unlikely to enact any further rate cuts after its three quarter-point reductions at mid-year, its sizable injections of liquidity into the financial system boosted investor sentiment. For the 12-month period, small-cap growth stocks as represented by the Russell 2000 Growth Index outperformed small-cap value stocks as represented by the Russell 2000 Value Index.

To attempt to match the risk and return characteristics of the Russell 2000 Index as closely as possible, the Fund invests in a statistically selected sample of the securities found in the Russell 2000 Index, using a process known as “optimization.” This process selects stocks for the Fund so that industry weightings, market capitalizations and fundamental characteristics closely match those of the securities in the Russell 2000 Index without purchasing all of the stocks in the index. Going forward, we will continue to seek returns that approximate those of the index.

Brent Reeder

Senior Vice President, Northern Trust Investments, Inc., Subadvisor to the Fund

Portfolio Manager

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future fund holdings are subject to risk.

Terms to Know

TheRussell 2000 Indexis an unmanaged, capitalization-weighted measure of approximately 2,000 of the smallest companies in the Russell 3000^® Index. TheRussell 2000 Growth Index tracks the performance of those Russell 2000 Index stocks with higher price-to-book ratios and higher forecasted growth values. TheRussell 2000 Value Index tracks the performance of those Russell 2000 Index stocks with lower price-to-book ratios and lower forecasted growth values. Index returns assume reinvestment of dividends and, unlike portfolio returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Thefederal funds rateis the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee (FOMC) at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Maintained by the Institute for Supply Management (ISM), thePMI is a composite of information extracted from responses to surveys from more than 400 purchasing managers selected for their geographic and industry diversification. The survey measures responses to topics such as production levels, new orders from customers, supplier deliveries, inventories and employment levels.

4 | DWS Small Cap Index VIP

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		12/31/18
Common Stocks		98%		98%
Cash Equivalents		2%		1%
Government & Agency Obligations		0%		1%
Rights		0%		0%
		100%		100%
Sector Diversification(As a % of Common Stocks and Rights)	12/31/19		12/31/18
Health Care		18%		16%
Financials		18%		18%
Industrials		16%		15%
Information Technology		13%		15%
Consumer Discretionary		11%		12%
Real Estate		8%		7%
Materials		4%		4%
Utilities		4%		4%
Energy		3%		3%
Consumer Staples		3%		3%
Communication Services		2%		3%
		100%		100%

Ten Largest Equity Holdings (2.8% of Net Assets)		Percent
1	Novocure Ltd.
	Researches and develops novel technologies for the treatment of cancer	0.3%
2	Medicines Co.
	Developer of biopharmaceutical products in the late stages	0.3%
3	Generac Holdings, Inc.
	Manufactures automatic, stationary standby and portable generators	0.3%
4	Lumentum Holdings, Inc.
	Provider of optical and photonic products	0.3%
5	Teladoc Health, Inc.
	Provider of healthcare services	0.3%
6	Arrowhead Pharmaceuticals, Inc.
	Operates as a biotechnology company	0.3%
7	Haemonetics Corp.
	Manufactures and markets automated blood processing systems	0.3%
8	Marriott Vacations Worldwide Corp.
	Seller and manager of vacation ownership resorts and vacation club	0.3%
9	Performance Food Group Co.
	Markets and distributes food and food-related products	0.2%
10	Trex Co., Inc.
	Manufacturer of non-wood decking alternative products	0.2%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 6.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

DWS Small Cap Index VIP | 5

Investment Portfolio as of December 31, 2019

	Shares		Value ($)
Common Stocks 98.1%
Communication Services 2.2%
Diversified Telecommunication Services 0.5%
Anterix, Inc.*		1,891		81,710
ATN International, Inc.		1,968		109,008
Bandwidth, Inc. “A”*		2,905		186,065
Cincinnati Bell, Inc.*		9,221		96,544
Cogent Communications Holdings, Inc.		7,664		504,368
Consolidated Communications Holdings, Inc.		13,133		50,956
Frontier Communications Corp.* (a)		18,655		16,595
IDT Corp. “B”*		3,076		22,178
Intelsat SA* (a)		12,138		85,330
Iridium Communications, Inc.*		17,908		441,253
Ooma, Inc.*		3,425		45,313
Orbcomm, Inc.*		14,001		58,944
Pareteum Corp.*		19,839		8,676
Vonage Holdings Corp.*		40,370		298,334
				2,005,274
Entertainment 0.2%
AMC Entertainment Holdings, Inc. “A” (a)		9,555		69,178
Eros International PLC* (a)		12,889		43,694
Gaia, Inc.*		2,099		16,771
Glu Mobile, Inc.*		20,803		125,858
IMAX Corp.*		9,512		194,330
Liberty Media Corp.-Liberty Braves “A”*		1,868		55,386
Liberty Media Corp.-Liberty Braves “C”*		6,423		189,736
LiveXLive Media, Inc.*		5,338		8,247
Marcus Corp.		4,000		127,080
Reading International, Inc. “A”*		2,637		29,508
				859,788
Interactive Media & Services 0.4%
Care.com, Inc.*		4,045		60,796
Cargurus, Inc.*		13,543		476,443
Cars.com, Inc.*		11,892		145,320
DHI Group, Inc.*		9,464		28,487
Eventbrite, Inc. “A”* (a)		6,476		130,621
EverQuote, Inc. “A”*		1,566		53,792
Liberty TripAdvisor Holdings, Inc. “A”*		13,010		95,623
Meet Group, Inc.*		11,821		59,223
QuinStreet, Inc.*		8,092		123,889
Travelzoo*		892		9,544
TrueCar, Inc.*		18,330		87,068
Yelp, Inc.*		12,230		425,971
				1,696,777
Media 0.9%
Boston Omaha Corp. “A”*		1,860		39,134
Cardlytics, Inc.*		2,514		158,030
Central European Media Enterprises Ltd. “A”*		15,555		70,464
Clear Channel Outdoor Holdings, Inc.*		8,193		23,432
comScore, Inc.*		9,045		44,682
Cumulus Media, Inc. “A”*		2,638		46,350

	Shares		Value ($)
Daily Journal Corp.* (a)		205		59,536
Emerald Expositions Events, Inc.		4,554		48,045
Entercom Communications Corp. “A”		22,065		102,382
Entravision Communications Corp. “A”		11,617		30,437
Fluent, Inc.*		7,895		19,737
Gannett Co., Inc.		21,275		135,734
Gray Television, Inc.*		16,347		350,480
Hemisphere Media Group, Inc.*		3,256		48,352
Lee Enterprises, Inc.*		9,951		14,130
Liberty Latin America Ltd. “A”*		8,288		159,958
Liberty Latin America Ltd. “C”*		20,496		398,852
Loral Space & Communications, Inc.*		2,231		72,106
Marchex, Inc. “B”*		6,430		24,305
MDC Partners, Inc. “A”*		10,611		29,499
Meredith Corp.		7,100		230,537
MSG Networks, Inc. “A”*		7,665		133,371
National CineMedia, Inc.		11,569		84,338
Saga Communications, Inc. “A”		704		21,402
Scholastic Corp.		5,264		202,401
TechTarget, Inc.*		4,011		104,687
TEGNA, Inc.		39,129		653,063
The E.W. Scripps Co. “A”		9,849		154,728
Tribune Publishing Co.		3,218		42,349
WideOpenWest, Inc.*		4,517		33,516
				3,536,037
Wireless Telecommunication Services 0.2%
Boingo Wireless, Inc.*		7,774		85,126
Gogo, Inc.* (a)		10,268		65,715
Shenandoah Telecommunications Co.		8,626		358,928
Spok Holdings, Inc.		3,174		38,818
				548,587
Consumer Discretionary 10.7%
Auto Components 1.0%
Adient PLC*		15,795		335,644
American Axle & Manufacturing Holdings, Inc.*		20,378		219,267
Cooper Tire & Rubber Co.		8,961		257,629
Cooper-Standard Holdings, Inc.*		3,051		101,171
Dana, Inc.		25,883		471,071
Dorman Products, Inc.*		4,862		368,151
Fox Factory Holding Corp.*		6,773		471,198
Gentherm, Inc.*		5,943		263,810
LCI Industries		4,373		468,479
Modine Manufacturing Co.*		8,565		65,950
Motorcar Parts of America, Inc.*		3,448		75,959
Standard Motor Products, Inc.		3,799		202,183
Stoneridge, Inc.*		4,670		136,924
Tenneco, Inc. “A”		9,329		122,210
Visteon Corp.*		5,009		433,729
				3,993,375
Automobiles 0.1%
Winnebago Industries, Inc.		5,559		294,516
Distributors 0.1%
Core-Mark Holding Co., Inc.		8,089		219,940
Funko, Inc. “A”*		3,893		66,804

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

6 | DWS Small Cap Index VIP

	Shares		Value ($)
Greenlane Holdings, Inc. “A”*		1,164		3,789
Weyco Group, Inc.		1,183		31,290
				321,823
Diversified Consumer Services 0.9%
Adtalem Global Education, Inc.*		9,656		337,670
American Public Education, Inc.*		2,711		74,254
Carriage Services, Inc.		3,049		78,054
Chegg, Inc.*		21,305		807,673
Collectors Universe, Inc.		1,484		34,206
Houghton Mifflin Harcourt Co.*		18,628		116,425
K12, Inc.*		7,046		143,386
Laureate Education, Inc. “A”*		21,152		372,487
OneSpaWorld Holdings Ltd.*		8,097		136,354
Perdoceo Education Corp.*		12,297		226,142
Regis Corp.*		4,169		74,500
Select Interior Concepts, Inc. “A”*		3,956		35,565
Strategic Education, Inc.		3,836		609,540
WW International, Inc.*		8,452		322,951
				3,369,207
Hotels, Restaurants & Leisure 2.6%
BBX Capital Corp.		12,037		57,416
Biglari Holdings, Inc. “B”*		164		18,765
BJ’s Restaurants, Inc.		3,402		129,140
Bloomin’ Brands, Inc.		15,628		344,910
Bluegreen Vacations Corp.		1,381		14,280
Boyd Gaming Corp.		14,561		435,956
Brinker International, Inc.		6,675		280,350
Carrols Restaurant Group, Inc.*		6,069		42,786
Century Casinos, Inc.*		4,779		37,850
Churchill Downs, Inc.		6,318		866,830
Chuy’s Holdings, Inc.*		2,979		77,216
Cracker Barrel Old Country Store, Inc. (a)		4,322		664,464
Dave & Buster’s Entertainment, Inc.		5,526		221,979
Del Taco Restaurants, Inc.*		4,880		38,576
Denny’s Corp.*		10,330		205,360
Dine Brands Global, Inc.		2,850		238,032
Drive Shack, Inc.*		11,610		42,493
El Pollo Loco Holdings, Inc.*		3,501		53,005
Eldorado Resorts, Inc.*		11,857		707,151
Everi Holdings, Inc.*		12,155		163,242
Fiesta Restaurant Group, Inc.*		4,413		43,645
Golden Entertainment, Inc.*		3,233		62,138
Inspired Entertainment, Inc.*		1,634		11,029
J. Alexander’s Holdings, Inc.*		2,340		22,370
Jack in the Box, Inc.		4,661		363,698
Kura Sushi USA, Inc.*		598		15,219
Lindblad Expeditions Holdings, Inc.*		3,991		65,253
Marriott Vacations Worldwide Corp.		7,438		957,717
Monarch Casino & Resort, Inc.*		1,978		96,032
Nathan’s Famous, Inc.		536		37,992
Noodles & Co.*		5,278		29,240
Papa John’s International, Inc.		3,995		252,284
Penn National Gaming, Inc.*		19,789		505,807
PlayAGS, Inc.*		4,708		57,108
Potbelly Corp.*		4,143		17,483
RCI Hospitality Holdings, Inc.		1,715		35,157
Red Lion Hotels Corp.*		4,390		16,375
Red Robin Gourmet Burgers, Inc.*		2,426		80,107

	Shares		Value ($)
Red Rock Resorts, Inc. “A”		12,455		298,297
Ruth’s Hospitality Group, Inc.		5,002		108,869
Scientific Games Corp. “A”*		9,983		267,345
SeaWorld Entertainment, Inc.*		8,452		268,013
Shake Shack, Inc. “A”*		5,194		309,407
Target Hospitality Corp.*		6,100		30,500
Texas Roadhouse, Inc.		11,887		669,476
The Cheesecake Factory, Inc. (a)		7,532		292,693
The Habit Restaurants, Inc. “A”*		3,818		39,822
Twin River Worldwide Holdings, Inc.		3,067		78,669
Wingstop, Inc.		5,271		454,518
				10,126,064
Household Durables 1.7%
Bassett Furniture Industries, Inc.		1,824		30,424
Beazer Homes U.S.A., Inc.*		5,078		71,752
Cavco Industries, Inc.*		1,562		305,184
Century Communities, Inc.*		4,780		130,733
Ethan Allen Interiors, Inc.		4,220		80,433
Flexsteel Industries, Inc.		1,324		26,374
GoPro, Inc. “A”* (a)		23,187		100,632
Green Brick Partners, Inc.*		4,485		51,488
Hamilton Beach Brands Holding Co. “A”		1,206		23,035
Helen of Troy Ltd.*		4,524		813,370
Hooker Furniture Corp.		2,130		54,720
Installed Building Products, Inc.*		4,047		278,717
iRobot Corp.* (a)		4,954		250,821
KB HOME		15,436		528,992
La-Z-Boy, Inc.		7,992		251,588
Legacy Housing Corp.*		766		12,746
LGI Homes, Inc.*		3,582		253,068
Lifetime Brands, Inc.		2,187		15,200
Lovesac Co.*		1,555		24,958
M.D.C. Holdings, Inc.		9,145		348,973
M/I Homes, Inc.*		4,793		188,604
Meritage Homes Corp.*		6,544		399,904
Purple Innovation, Inc.*		1,792		15,608
Skyline Champion Corp.*		9,127		289,326
Sonos, Inc.*		12,492		195,125
Taylor Morrison Home Corp. “A”*		18,930		413,810
TopBuild Corp.*		6,032		621,778
TRI Pointe Group, Inc.*		24,758		385,730
Tupperware Brands Corp.		8,754		75,109
Universal Electronics, Inc.*		2,430		126,992
William Lyon Homes “A”*		5,577		111,428
ZAGG, Inc.*		5,408		43,859
				6,520,481
Internet & Direct Marketing Retail 0.3%
1-800 FLOWERS.COM, Inc. “A”*		4,713		68,339
Duluth Holdings, Inc. “B”* (a)		1,991		20,965
Groupon, Inc.*		80,843		193,215
Lands’ End, Inc.*		1,999		33,583
Leaf Group Ltd.*		3,048		12,192
Liquidity Services, Inc.*		4,921		29,329
Overstock.com, Inc.*		4,967		35,017
PetMed Express, Inc. (a)		3,402		80,015
Quotient Technology, Inc.*		13,757		135,644
RealReal, Inc.* (a)		3,096		58,360
Rubicon Project, Inc.*		8,858		72,281
Shutterstock, Inc.*		3,419		146,607
Stamps.com, Inc.*		2,985		249,307
Stitch Fix, Inc. “A”* (a)		7,452		191,218

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

DWS Small Cap Index VIP | 7

	Shares		Value ($)
Waitr Holdings, Inc.* (a)		9,695		3,122
				1,329,194
Leisure Products 0.4%
Acushnet Holdings Corp.		6,357		206,602
American Outdoor Brands Corp.*		9,408		87,306
Callaway Golf Co.		16,747		355,036
Clarus Corp.		4,339		58,837
Escalade, Inc.		1,919		18,864
Johnson Outdoors, Inc. “A”		910		69,797
Malibu Boats, Inc. “A”*		3,712		152,006
Marine Products Corp.		1,244		17,914
MasterCraft Boat Holdings, Inc.*		3,214		50,621
Sturm, Ruger & Co., Inc.		3,033		142,642
Vista Outdoor, Inc.*		9,972		74,591
YETI Holdings, Inc.* (a)		7,328		254,868
				1,489,084
Multiline Retail 0.1%
Big Lots, Inc.		7,065		202,907
Dillard’s, Inc. “A” (a)		1,836		134,909
J.C. Penney Co., Inc.* (a)		59,456		66,591
				404,407
Specialty Retail 2.5%
Aaron’s, Inc.		12,129		692,687
Abercrombie & Fitch Co. “A”		11,232		194,201
America’sCar-Mart, Inc.*		1,115		122,271
American Eagle Outfitters, Inc.		28,533		419,435
Asbury Automotive Group, Inc.*		3,477		388,694
Ascena Retail Group, Inc.*		1,486		11,390
At Home Group, Inc.*		8,850		48,675
Barnes & Noble Education, Inc.*		7,057		30,133
Bed Bath & Beyond, Inc. (a)		21,966		380,012
Boot Barn Holdings, Inc.*		5,060		225,322
Caleres, Inc.		7,202		171,048
Camping World Holdings, Inc. “A” (a)		6,112		90,091
Cato Corp. “A”		4,095		71,253
Chico’s FAS, Inc.		21,424		81,625
Citi Trends, Inc.		2,158		49,893
Conn’s, Inc.* (a)		3,031		37,554
Designer Brands, Inc. “A”		11,104		174,777
Express, Inc.*		12,308		59,940
GameStop Corp. “A” (a)		16,225		98,648
Genesco, Inc.*		2,577		123,490
GNC Holdings, Inc. “A”* (a)		15,167		40,951
Group 1 Automotive, Inc.		3,193		319,300
Guess?, Inc.		8,218		183,919
Haverty Furniture Companies, Inc.		3,107		62,637
Hibbett Sports, Inc.*		3,037		85,157
Hudson Ltd. “A”*		6,892		105,723
J. Jill, Inc. (a)		3,079		3,479
Lithia Motors, Inc. “A”		4,034		592,998
Lumber Liquidators Holdings, Inc.* (a)		5,184		50,648
MarineMax, Inc.*		3,762		62,788
Monro, Inc.		5,882		459,972
Murphy USA, Inc.*		5,240		613,080
National Vision Holdings, Inc.*		14,110		457,587
Office Depot, Inc.		98,790		270,685
Party City Holdco, Inc.* (a)		9,928		23,232
Rent-A-Center, Inc.		8,810		254,080
RH*		2,979		636,016
RTW RetailWinds, Inc.*		5,437		4,355

	Shares		Value ($)
Sally Beauty Holdings, Inc.*		21,634		394,821
Shoe Carnival, Inc. (a)		1,661		61,922
Signet Jewelers Ltd.		9,285		201,856
Sleep Number Corp.*		5,010		246,692
Sonic Automotive, Inc. “A”		4,272		132,432
Sportsman’s Warehouse Holdings, Inc.*		7,441		59,751
Tailored Brands, Inc. (a)		9,098		37,666
The Buckle, Inc. (a)		5,139		138,959
The Children’s Place, Inc. (a)		2,785		174,118
The Container Store Group, Inc.*		2,885		12,175
The Michaels Companies, Inc.*		15,360		124,262
Tilly’s, Inc. “A”		3,823		46,832
Winmark Corp.		425		84,278
Zumiez, Inc.*		3,542		122,341
				9,535,851
Textiles, Apparel & Luxury Goods 1.0%
Centric Brands, Inc.*		3,062		6,645
Crocs, Inc.*		12,397		519,310
Culp, Inc.		2,036		27,730
Deckers Outdoor Corp.*		5,051		852,912
Delta Apparel, Inc.*		1,158		36,014
Fossil Group, Inc.*		8,665		68,280
G-III Apparel Group Ltd.*		7,866		263,511
Kontoor Brands, Inc.*		8,011		336,382
Movado Group, Inc.		2,679		58,241
Oxford Industries, Inc.		3,006		226,713
Rocky Brands, Inc.		1,302		38,318
Steven Madden Ltd.		15,075		648,376
Superior Group of Company, Inc.		1,996		27,026
Unifi, Inc.*		2,631		66,459
Vera Bradley, Inc.*		3,753		44,285
Vince Holding Corp.*		581		10,057
Wolverine World Wide, Inc.		14,257		481,031
				3,711,290
Consumer Staples 3.0%
Beverages 0.3%
Celsius Holdings, Inc.*		4,260		20,576
Coca-Cola Bottling Co. Consolidated		854		242,579
Craft Brew Alliance, Inc.*		2,104		34,716
MGP Ingredients, Inc. (a)		2,349		113,809
National Beverage Corp.* (a)		2,161		110,254
New Age Beverages Corp.* (a)		13,362		24,319
Primo Water Corp.*		6,463		72,547
The Boston Beer Co., Inc. “A”*		1,504		568,286
				1,187,086
Food & Staples Retailing 0.7%
BJ’s Wholesale Club Holdings, Inc.*		20,061		456,187
HF Foods Group, Inc.*		1,393		27,164
Ingles Markets, Inc. “A”		2,582		122,671
Natural Grocers by Vitamin Cottage, Inc.		1,700		16,779
Performance Food Group Co.*		18,533		954,079
PriceSmart, Inc.		4,024		285,784
Rite Aid Corp.* (a)		9,731		150,539
SpartanNash Co.		6,455		91,919
The Andersons, Inc.		5,604		141,669
The Chefs’ Warehouse, Inc.*		4,343		165,512
United Natural Foods, Inc.*		9,533		83,509
Village Super Market, Inc. “A”		1,322		30,670

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

8 | DWS Small Cap Index VIP

	Shares		Value ($)
Weis Markets, Inc.		1,623		65,715
				2,592,197
Food Products 1.3%
Alico, Inc.		753		26,980
B&G Foods, Inc. (a)		11,258		201,856
Bridgford Foods Corp.*		322		7,982
Cal-Maine Foods, Inc.		5,637		240,982
Calavo Growers, Inc.		2,890		261,805
Darling Ingredients, Inc.*		29,528		829,146
Farmer Brothers Co.*		1,808		27,229
Fresh Del Monte Produce, Inc.		5,587		195,433
Freshpet, Inc.*		6,170		364,585
Hostess Brands, Inc.*		21,583		313,817
J & J Snack Foods Corp.		2,710		499,372
John B. Sanfilippo & Son, Inc.		1,543		140,845
Lancaster Colony Corp.		3,403		544,820
Landec Corp.*		4,873		55,114
Limoneira Co.		2,927		56,286
Sanderson Farms, Inc.		3,583		631,396
Seneca Foods Corp. “A”*		1,255		51,192
Simply Good Foods Co.*		14,761		421,279
Tootsie Roll Industries, Inc.		2,895		98,835
				4,968,954
Household Products 0.2%
Central Garden & Pet Co.*		1,894		58,847
Central Garden & Pet Co. “A”*		7,559		221,932
Oil-Dri Corp. of America		930		33,713
WD-40 Co.		2,458		477,196
				791,688
Personal Products 0.3%
Bellring Brands, Inc.*		7,136		151,925
Edgewell Personal Care Co.*		9,695		300,157
elf Beauty, Inc.*		4,846		78,166
Inter Parfums, Inc.		3,142		228,455
Lifevantage Corp.*		2,581		40,289
Medifast, Inc. (a)		1,977		216,640
Nature’s Sunshine Products, Inc.*		1,427		12,743
Revlon, Inc. “A”* (a)		1,271		27,225
USANA Health Sciences, Inc.*		2,284		179,408
Youngevity International, Inc.* (a)		1,522		4,962
				1,239,970
Tobacco 0.2%
22nd Century Group, Inc.*		22,026		24,229
Pyxus International, Inc.*		1,641		14,670
Turning Point Brands, Inc.		1,528		43,701
Universal Corp.		4,361		248,839
Vector Group Ltd.		20,011		267,947
				599,386
Energy 3.1%
Energy Equipment & Services 1.0%
Archrock, Inc.		23,285		233,781
Cactus, Inc. “A”		8,537		292,990
Covia Holdings Corp.*		8,367		17,069
Diamond Offshore Drilling, Inc.* (a)		11,403		81,988
DMC Global, Inc.		2,500		112,350
Dril-Quip, Inc.*		6,531		306,369
Era Group, Inc.*		3,183		32,371
Exterran Corp.*		5,668		44,380
Forum Energy Technologies, Inc.*		14,836		24,925

	Shares		Value ($)
Frank’s International NV*		18,955		97,997
FTS International, Inc.*		6,849		7,123
Geospace Technologies Corp.*		2,439		40,902
Helix Energy Solutions Group, Inc.*		25,845		248,887
Independence Contract Drilling, Inc.*		8,662		8,634
KLX Energy Services Holdings, Inc.*		3,918		25,232
Liberty Oilfield Services, Inc. “A”		9,499		105,629
Mammoth Energy Services, Inc.		2,252		4,954
Matrix Service Co.*		4,933		112,867
McDermott International, Inc.* (a)		33,351		22,565
Nabors Industries Ltd.		63,593		183,148
National Energy Services Reunited Corp.*		4,379		39,937
Natural Gas Services Group*		2,307		28,284
NCS Multistage Holdings, Inc.*		1,648		3,461
Newpark Resources, Inc.*		15,711		98,508
NexTier Oilfield Solutions, Inc.*		28,879		193,489
Nine Energy Service, Inc.*		2,961		23,155
Noble Corp. PLC*		42,122		51,389
Oceaneering International, Inc.*		18,012		268,559
Oil States International, Inc.*		10,756		175,430
Pacific Drilling SA*		5,514		22,497
Parker Drilling Co.*		1,718		38,655
ProPetro Holding Corp.*		14,174		159,458
RigNet, Inc.*		2,512		16,579
RPC, Inc.		10,105		52,950
SEACOR Holdings, Inc.*		3,122		134,714
SEACOR Marine Holdings, Inc.*		3,550		48,955
Seadrill Ltd.* (a)		10,816		27,473
Select Energy Services, Inc. “A”*		10,567		98,062
Smart Sand, Inc.*		4,246		10,700
Solaris Oilfield Infrastructure, Inc. “A”		5,366		75,124
TETRA Technologies, Inc.*		22,865		44,815
Tidewater, Inc.*		7,191		138,643
U.S. Silica Holdings, Inc.		13,188		81,106
U.S. Well Services, Inc.*		3,687		6,968
				3,843,072
Oil, Gas & Consumable Fuels 2.1%
Abraxas Petroleum Corp.*		28,532		10,018
Altus Midstream Co. “A”* (a)		9,286		26,558
Amplify Energy Corp.		2,781		18,382
Arch Coal, Inc. “A”		2,640		189,394
Ardmore Shipping Corp.*		5,527		50,019
Berry Petroleum Corp.		11,283		106,399
Bonanza Creek Energy, Inc.*		3,456		80,663
Brigham Minerals, Inc. “A”		2,964		63,548
California Resources Corp.* (a)		8,735		78,877
Callon Petroleum Co.*		69,609		336,211
Chaparral Energy, Inc. “A”*		5,732		10,088
Clean Energy Fuels Corp.*		25,303		59,209
CNX Resources Corp.*		33,323		294,909
Comstock Resources, Inc.* (a)		2,778		22,863
CONSOL Energy, Inc.*		4,093		59,389
Contura Energy, Inc.*		3,427		31,014
CVR Energy, Inc.		5,262		212,743
Delek U.S. Holdings, Inc.		13,166		441,456
Denbury Resources, Inc.*		86,203		121,546
DHT Holdings, Inc.		16,332		135,229
Diamond S Shipping, Inc.*		4,053		67,847
Dorian LPG Ltd.*		5,169		80,016

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

DWS Small Cap Index VIP | 9

	Shares		Value ($)
Earthstone Energy, Inc. “A”*		3,413		21,604
Energy Fuels, Inc.* (a)		17,075		32,613
Evolution Petroleum Corp.		5,348		29,254
Extraction Oil & Gas, Inc.* (a)		15,007		31,815
Falcon Minerals Corp.		7,120		50,267
GasLog Ltd.		7,038		68,902
Golar LNG Ltd.		17,225		244,939
Goodrich Petroleum Corp.*		1,605		16,114
Green Plains, Inc.		5,906		91,130
Gulfport Energy Corp.*		28,635		87,050
Hallador Energy Co.		4,074		12,100
HighPoint Resources Corp.*		20,079		33,934
International Seaways, Inc.*		4,431		131,867
Jagged Peak Energy, Inc.* (a)		11,591		98,408
Laredo Petroleum, Inc.*		33,379		95,798
Magnolia Oil & Gas Corp. “A”*		18,226		229,283
Matador Resources Co.*		20,102		361,233
Montage Resources Corp.*		3,954		31,395
NACCO Industries, Inc. “A”		660		30,908
NextDecade Corp*		2,234		13,717
Nordic American Tankers Ltd.		25,289		124,422
Northern Oil & Gas, Inc.*		53,138		124,343
Oasis Petroleum, Inc.*		58,101		189,409
Overseas Shipholding Group, Inc. “A”*		10,716		24,647
Panhandle Oil & Gas, Inc. “A”		2,953		33,103
Par Pacific Holdings, Inc.*		6,466		150,270
PDC Energy, Inc.*		11,222		293,680
Peabody Energy Corp.		11,159		101,770
Penn Virginia Corp.*		2,508		76,118
PrimeEnergy Resources Corp.*		96		14,521
QEP Resources, Inc.		43,528		195,876
Renewable Energy Group, Inc.*		6,701		180,592
REX American Resources Corp.*		977		80,075
Ring Energy, Inc.*		9,791		25,848
Rosehill Resources, Inc.*		1,938		2,481
SandRidge Energy, Inc.*		5,580		23,659
Scorpio Tankers, Inc.		7,988		314,248
SFL Corp. Ltd.		14,708		213,854
SilverBow Resources, Inc.*		1,315		13,018
SM Energy Co.		20,334		228,554
Southwestern Energy Co.*		98,776		239,038
SRC Energy, Inc.*		43,886		180,810
Talos Energy, Inc.*		3,473		104,711
Teekay Corp.		12,360		65,755
Teekay Tankers Ltd.*		4,265		102,232
Tellurian, Inc.* (a)		16,903		123,054
Unit Corp.*		9,955		6,925
Uranium Energy Corp.*		34,451		31,667
W&T Offshore, Inc.*		16,444		91,429
Whiting Petroleum Corp.* (a)		16,658		122,270
World Fuel Services Corp.		11,582		502,890
				8,189,978
Financials 17.4%
Banks 9.6%
1st Constitution Bancorp.		1,724		38,152
1st Source Corp.		2,488		129,077
ACNB Corp.		1,281		48,447
Allegiance Bancshares, Inc.*		3,460		130,096
Amalgamated Bank “A”		2,558		49,753
Amerant Bancorp, Inc.*		3,574		77,877
American National Bankshares, Inc.		1,852		73,284

	Shares		Value ($)
Ameris Bancorp.		10,992		467,600
Ames National Corp.		1,708		47,926
Arrow Financial Corp.		2,305		87,129
Atlantic Capital Bancshares, Inc.*		3,831		70,299
Atlantic Union Bankshares Corp.		14,199		533,172
Banc of California, Inc.		8,051		138,316
BancFirst Corp.		3,357		209,611
BancorpSouth Bank		17,574		551,999
Bank First Corp. (a)		1,066		74,631
Bank of Commerce Holdings		3,356		38,829
Bank of Marin Bancorp.		2,360		106,318
Bank of NT Butterfield & Son Ltd.		10,022		371,014
Bank of Princeton		1,086		34,198
Bank7 Corp.		588		11,148
BankFinancial Corp.		2,098		27,442
Bankwell Financial Group, Inc.		1,267		36,540
Banner Corp.		6,236		352,895
Bar Harbor Bankshares		2,785		70,711
Baycom Corp.*		2,093		47,595
BCB Bancorp., Inc.		2,455		33,854
Berkshire Hills Bancorp., Inc.		7,897		259,653
Boston Private Financial Holdings, Inc.		14,885		179,067
Bridge Bancorp., Inc.		3,014		101,059
Brookline Bancorp., Inc.		14,076		231,691
Bryn Mawr Bank Corp.		3,613		149,000
Business First Bancshares, Inc.		2,304		57,439
Byline Bancorp., Inc.		4,066		79,572
C&F Financial Corp.		613		33,917
Cadence BanCorp.		22,461		407,218
Cambridge Bancorp. (a)		792		63,479
Camden National Corp.		2,720		125,283
Capital Bancorp. Inc*		1,557		23,184
Capital City Bank Group, Inc.		2,479		75,610
Capstar Financial Holdings, Inc.		2,692		44,822
Carolina Financial Corp.		4,202		181,652
Carter Bank & Trust*		3,961		93,955
Cathay General Bancorp.		13,728		522,350
CBTX, Inc.		3,129		97,374
CenterState Bank Corp.		21,399		534,547
Central Pacific Financial Corp.		4,955		146,569
Central Valley Community Bancorp.		1,861		40,328
Century Bancorp., Inc. “A”		520		46,779
Chemung Financial Corp.		703		29,878
Citizens & Northern Corp.		2,289		64,664
City Holding Co.		2,887		236,590
Civista Bancshares, Inc.		2,832		67,968
CNB Financial Corp.		2,480		81,046
Coastal Financial Corp.*		1,496		24,639
Codorus Valley Bancorp., Inc.		1,807		41,615
Colony Bankcorp, Inc.		1,369		22,589
Columbia Banking System, Inc.		12,775		519,751
Community Bank System, Inc.		9,142		648,533
Community Bankers Trust Corp.		3,937		34,961
Community Financial Corp.		915		32,547
Community Trust Bancorp., Inc.		2,840		132,458
ConnectOne Bancorp., Inc.		5,904		151,851
CrossFirst Bankshares, Inc.*		1,227		17,693
Customers Bancorp., Inc.*		5,153		122,693
CVB Financial Corp.		24,112		520,337
Dime Community Bancshares		5,852		122,248
Eagle Bancorp., Inc.		5,787		281,422
Enterprise Bancorp., Inc.		1,681		56,935

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

10 | DWS Small Cap Index VIP

	Shares		Value ($)
Enterprise Financial Services Corp.		4,437		213,908
Equity Bancshares, Inc. “A”*		2,788		86,066
Esquire Financial Holdings, Inc.*		1,121		29,224
Evans Bancorp., Inc.		846		33,925
Farmers & Merchants Bancorp., Inc. (a)		1,862		56,139
Farmers National Banc Corp.		4,606		75,170
FB Financial Corp.		3,023		119,681
Fidelity D&D Bancorp, Inc.		532		33,096
Financial Institutions, Inc.		2,841		91,196
First BanCorp.		38,578		408,541
First BanCorp. — North Carolina		5,248		209,448
First Bancorp., Inc.		1,840		55,623
First Bancshares, Inc.		3,005		106,738
First Bank		3,074		33,968
First Busey Corp.		9,258		254,595
First Business Financial Services, Inc.		1,532		40,338
First Capital, Inc.		597		43,581
First Choice Bancorp.		1,884		50,793
First Commonwealth Financial Corp.		17,707		256,929
First Community Bancshares, Inc.		2,818		87,414
First Financial Bancorp.		17,602		447,795
First Financial Bankshares, Inc.		23,361		819,971
First Financial Corp. — Indiana		2,393		109,408
First Financial Northwest, Inc.		1,554		23,217
First Foundation, Inc.		7,094		123,436
First Guaranty Bancshares, Inc.		928		20,203
First Internet Bancorp.		1,792		42,488
First Interstate BancSystem, Inc. “A”		6,851		287,194
First Merchants Corp.		9,800		407,582
FirstMid-Illinois Bancshares, Inc.		2,536		89,394
First Midwest Bancorp., Inc.		19,227		443,375
First Northwest Bancorp.		1,649		29,896
First of Long Island Corp.		4,155		104,207
Flushing Financial Corp.		4,698		101,500
FNCB Bancorp, Inc.		3,161		26,710
Franklin Financial Network, Inc.		2,430		83,422
Franklin Financial Services Corp.		769		29,753
Fulton Financial Corp.		28,343		494,019
FVCBankcorp, Inc.*		2,234		39,028
German American Bancorp., Inc.		4,397		156,621
Glacier Bancorp., Inc.		15,617		718,226
Great Southern Bancorp., Inc.		2,026		128,286
Great Western Bancorp., Inc.		10,256		356,293
Guaranty Bancshares, Inc.		1,517		49,879
Hancock Whitney Corp.		15,440		677,507
Hanmi Financial Corp.		5,511		110,192
Harborone Bancorp, Inc.*		4,860		53,411
Hawthorn Bancshares, Inc.		1,043		26,597
HBT Financial, Inc.*		1,571		29,833
Heartland Financial U.S.A., Inc.		6,270		311,870
Heritage Commerce Corp.		9,540		122,398
Heritage Financial Corp.		6,528		184,742
Hilltop Holdings, Inc.		12,432		309,930
Home Bancshares, Inc.		28,062		551,699
HomeTrust Bancshares, Inc.		2,923		78,424
Hope Bancorp., Inc.		21,842		324,572
Horizon Bancorp, Inc.		6,491		123,329
Howard Bancorp., Inc.*		2,459		41,508
IBERIABANK Corp.		9,377		701,681
Independent Bank Corp.		5,964		496,503

	Shares		Value ($)
Independent Bank Corp./Michigan		3,769		85,368
Independent Bank Group, Inc.		6,432		356,590
International Bancshares Corp.		10,066		433,543
Investar Holding Corp.		1,810		43,440
Investors Bancorp., Inc.		40,601		483,761
Lakeland Bancorp., Inc.		8,606		149,572
Lakeland Financial Corp.		4,372		213,922
LCNB Corp.		2,301		44,409
Level One Bancorp, Inc.		921		23,172
Live Oak Bancshares, Inc. (a)		4,693		89,214
Macatawa Bank Corp.		4,809		53,524
Mackinac Financial Corp.		1,700		29,682
MainStreet Bancshares, Inc.*		1,307		30,061
Malvern Bancorp., Inc.*		1,433		33,088
Mercantile Bank Corp.		2,794		101,897
Metrocity Bankshares, Inc.		2,790		48,853
Metropolitan Bank Holding Corp.*		1,295		62,458
Mid Penn Bancorp, Inc.		1,273		36,662
Midland States Bancorp., Inc.		4,032		116,767
MidWestOne Financial Group, Inc.		2,192		79,416
MutualFirst Financial, Inc.		1,102		43,716
MVB Financial Corp.		1,640		40,869
National Bank Holdings Corp. “A”		5,326		187,582
National Bankshares, Inc.		1,117		50,187
NBT Bancorp., Inc.		7,735		313,732
Nicolet Bankshares, Inc.*		1,641		121,188
Northeast Bank*		1,409		30,984
Northrim BanCorp., Inc.		1,251		47,913
Norwood Financial Corp.		1,066		41,467
Oak Valley Bancorp.		1,299		25,279
OFG Bancorp.		9,006		212,632
Ohio Valley Banc Corp.		758		30,032
Old National Bancorp.		30,020		549,066
Old Second Bancorp., Inc.		4,930		66,407
Opus Bank		4,041		104,541
Origin Bancorp, Inc.		3,439		130,132
Orrstown Financial Services, Inc.		1,890		42,752
Pacific Mercantile Bancorp.*		3,591		29,159
Pacific Premier Bancorp., Inc.		10,331		336,842
Park National Corp.		2,366		242,231
Parke Bancorp., Inc.		1,664		42,249
PCB Bancorp.		2,369		40,936
Peapack-Gladstone Financial Corp.		3,300		101,970
Penns Woods Bancorp., Inc.		1,300		46,228
People’s Utah Bancorp.		2,909		87,619
Peoples Bancorp. of North Carolina, Inc.		847		27,824
Peoples Bancorp., Inc.		3,276		113,546
Peoples Financial Services Corp.		1,172		59,010
Preferred Bank		2,468		148,302
Premier Financial Bancorp., Inc.		2,273		41,232
QCR Holdings, Inc.		2,564		112,457
RBB Bancorp.		3,002		63,552
Red River Bancshares, Inc.*		826		46,306
Reliant Bancorp., Inc.		1,919		42,679
Renasant Corp.		9,800		347,116
Republic Bancorp., Inc. “A”		1,820		85,176
Republic First Bancorp., Inc.*		8,082		33,783
Richmond Mutual Bancorp., Inc.*		2,366		37,761
S&T Bancorp., Inc.		6,880		277,195
Sandy Spring Bancorp., Inc.		6,370		241,296
SB One Bancorp.		1,564		38,975
Seacoast Banking Corp. of Florida*		9,160		280,021

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

DWS Small Cap Index VIP | 11

	Shares		Value ($)
Select Bancorp, Inc.*		2,366		29,102
ServisFirst Bancshares, Inc.		8,568		322,842
Shore Bancshares, Inc.		2,346		40,727
Sierra Bancorp.		2,653		77,255
Silvergate Capital Corp.*		516		8,210
Simmons First National Corp. “A”		16,976		454,787
SmartFinancial, Inc.		2,347		55,507
South Plains Financial, Inc.		1,692		35,312
South State Corp.		5,940		515,295
Southern First Bancshares, Inc.*		1,305		55,449
Southern National Bancorp. of Virginia, Inc.		3,587		58,647
Southside Bancshares, Inc.		5,748		213,481
Spirit of Texas Bancshares, Inc.*		2,479		57,017
Stock Yards Bancorp., Inc.		3,605		148,021
Summit Financial Group, Inc.		2,091		56,645
The Bancorp., Inc.*		9,257		120,063
Tompkins Financial Corp.		2,585		236,528
TowneBank		12,018		334,341
TriCo Bancshares		4,771		194,705
TriState Capital Holdings, Inc.*		4,260		111,271
Triumph Bancorp., Inc.*		4,273		162,459
Trustmark Corp.		11,551		398,625
UMB Financial Corp.		7,946		545,413
Union Bankshares, Inc.		789		28,609
United Bankshares, Inc.		17,547		678,367
United Community Banks, Inc.		14,149		436,921
United Securities Bancshares		2,548		27,340
Unity Bancorp., Inc.		1,412		31,869
Univest Corp. of Pennsylvania		5,250		140,595
Valley National Bancorp.		69,699		798,054
Veritex Holdings, Inc.		8,954		260,830
Washington Trust Bancorp., Inc.		2,676		143,942
WesBanco, Inc.		11,624		439,271
West Bancorp.		2,677		68,612
Westamerica Bancorp.		4,663		316,012
				37,204,818
Capital Markets 1.4%
Ares Management Corp. “A”		12,856		458,831
Artisan Partners Asset Management, Inc. “A”		8,952		289,329
Assetmark Financial Holdings, Inc.*		2,475		71,824
Associated Capital Group, Inc. “A”		415		16,268
B. Riley Financial, Inc.		3,654		92,008
Blucora, Inc.*		8,576		224,177
Brightsphere Investment Group, Inc.*		11,611		118,664
Cohen & Steers, Inc.		4,135		259,513
Cowen, Inc.*		5,315		83,711
Diamond Hill Investment Group		564		79,219
Donnelley Financial Solution, Inc.*		5,454		57,103
Federated Investors, Inc. “B”		17,382		566,479
Focus Financial Partners, Inc. “A”*		5,443		160,405
Gain Capital Holdings, Inc.		3,505		13,845
GAMCO Investors, Inc. “A”		957		18,652
Greenhill & Co., Inc.		2,892		49,395
Hamilton Lane, Inc. “A”		3,939		234,764
Houlihan Lokey, Inc.		7,607		371,754
INTL. FCStone, Inc.*		2,820		137,701
Ladenburg Thalmann Financial Services, Inc.		21,943		76,362

	Shares		Value ($)
Moelis & Co. “A”		8,489		270,969
Oppenheimer Holdings, Inc. “A”		1,593		43,776
Piper Jaffray Companies, Inc.		2,481		198,331
PJT Partners, Inc. “A”		4,100		185,033
Pzena Investment Management, Inc. “A”		3,077		26,524
Safeguard Scientifics, Inc.		3,490		38,320
Sculptor Capital Management, Inc.		3,112		68,775
Siebert Financial Corp.*		1,389		12,015
Silvercrest Asset Management Group, Inc. “A”		1,608		20,229
Stifel Financial Corp.		11,910		722,341
Value Line, Inc.		187		5,406
Virtus Investment Partners, Inc.		1,158		140,952
Waddell & Reed Financial, Inc. “A” (a)		12,308		205,790
Westwood Holdings Group, Inc.		1,479		43,808
WisdomTree Investments, Inc.		23,939		115,865
				5,478,138
Consumer Finance 0.5%
Curo Group Holdings Corp.*		2,645		32,216
Elevate Credit, Inc.*		3,761		16,736
Encore Capital Group, Inc.*		5,509		194,798
Enova International, Inc.*		5,983		143,951
EZCORP, Inc. “A”*		9,415		64,210
FirstCash, Inc.		7,531		607,225
Green Dot Corp. “A”*		8,672		202,058
Lendingclub Corp.*		12,262		154,746
Medallion Financial Corp.*		3,810		27,699
Nelnet, Inc. “A”		3,268		190,328
Oportun Financial Corp.*		1,243		29,583
PRA Group, Inc.*		8,003		290,509
Regional Management Corp.*		1,560		46,847
World Acceptance Corp.*		969		83,722
				2,084,628
Diversified Financial Services 0.3%
Alerus Financial Corp.		450		10,282
Banco Latinoamericano de Comercio Exterior SA “E”		5,636		120,498
Cannae Holdings, Inc.*		12,119		450,706
FGL Holdings		26,309		280,191
GWG Holdings, Inc.* (a)		642		6,304
Marlin Business Services Corp.		1,586		34,860
On Deck Capital, Inc.*		10,457		43,292
				946,133
Insurance 2.2%
Ambac Financial Group, Inc.*		8,257		178,104
American Equity Investment Life Holding Co.		16,180		484,267
AMERISAFE, Inc.		3,418		225,691
Argo Group International Holdings Ltd.		5,899		387,859
BRP Group, Inc.*		2,669		42,837
Citizens, Inc.* (a)		8,319		56,153
CNO Financial Group, Inc.		26,830		486,428
Crawford & Co. “A”		3,038		34,846
Donegal Group, Inc. “A”		1,923		28,499
eHealth, Inc.*		4,123		396,138
Employers Holdings, Inc.		5,675		236,931
Enstar Group Ltd.*		2,076		429,441
FBL Financial Group, Inc. “A”		1,716		101,124
FedNat Holding, Co.		2,019		33,576

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

12 | DWS Small Cap Index VIP

	Shares		Value ($)
Genworth Financial, Inc. “A”*		91,216		401,350
Global Indemnity Ltd.		1,537		45,541
Goosehead Insurance, Inc. “A” (a)		2,010		85,224
Greenlight Capital Re Ltd. “A”*		5,111		51,672
Hallmark Financial Services, Inc.*		2,522		44,312
HCI Group, Inc.		1,086		49,576
Health Insurance Innovations, Inc. “A”* (a)		1,801		34,741
Heritage Insurance Holdings, Inc.		4,636		61,427
Horace Mann Educators Corp.		7,425		324,176
Independence Holding Co.		889		37,409
Investors Title Co.		242		38,526
James River Group Holdings Ltd.		5,385		221,916
Kinsale Capital Group, Inc.		3,680		374,109
MBIA, Inc.* (a)		13,058		121,439
National General Holdings Corp.		12,100		267,410
National Western Life Group, Inc. “A”		399		116,061
NI Holdings, Inc.*		1,683		28,948
Palomar Holdings, Inc.*		2,264		114,309
ProAssurance Corp.		9,586		346,438
ProSight Global, Inc.*		1,658		26,744
Protective Insurance Corp. “B”		1,579		25,406
RLI Corp.		7,179		646,254
Safety Insurance Group, Inc.		2,673		247,333
Selective Insurance Group, Inc.		10,523		685,994
State Auto Financial Corp.		3,043		94,394
Stewart Information Services Corp.		4,233		172,664
Third Point Reinsurance Ltd.*		13,552		142,567
Tiptree, Inc.		4,324		35,197
Trupanion, Inc.* (a)		5,121		191,833
United Fire Group, Inc.		3,843		168,054
United Insurance Holdings Corp.		3,590		45,270
Universal Insurance Holdings, Inc.		5,452		152,602
Watford Holdings Ltd.*		3,575		89,947
				8,610,737
Mortgage Real Estate Investment Trusts (REITs) 1.3%
AG Mortgage Investment Trust, Inc.		6,022		92,859
Anworth Mortgage Asset Corp.		18,024		63,445
Apollo Commercial Real Estate Finance, Inc.		27,660		505,901
Ares Commercial Real Estate Corp.		4,796		75,969
Arlington Asset Investment Corp. “A”		6,671		37,158
ARMOUR Residential REIT, Inc.		10,542		188,386
Blackstone Mortgage Trust, Inc. ,“A”		22,675		843,964
Capstead Mortgage Corp.		17,085		135,313
Cherry Hill Mortgage Investment Corp.		2,793		40,750
Colony Credit Real Estate, Inc.		14,495		190,754
Dynex Capital, Inc.		3,692		62,543
Ellington Financial, Inc.		5,297		97,094
Exantas Capital Corp.		5,677		67,045
Granite Point Mortgage Trust, Inc.		9,688		178,065
Great Ajax Corp.		2,898		42,919
Invesco Mortgage Capital, Inc.		25,855		430,486
KKR Real Estate Finance Trust, Inc.		4,446		90,787
Ladder Capital Corp.		18,421		332,315
New York Mortgage Trust, Inc.		47,309		294,735

	Shares		Value ($)
Orchid Island Capital, Inc.		11,280		65,988
PennyMac Mortgage Investment Trust		16,258		362,391
Ready Capital Corp.		5,862		90,392
Redwood Trust, Inc.		20,108		332,586
TPG RE Finance Trust, Inc.		8,986		182,146
Western Asset Mortgage Capital Corp.		9,007		93,042
				4,897,033
Thrifts & Mortgage Finance 2.1%
Axos Financial, Inc.*		10,327		312,702
Bridgewater Bancshares, Inc.*		3,819		52,626
Capitol Federal Financial, Inc.		23,666		324,934
Columbia Financial, Inc.*		9,475		160,506
Entegra Financial Corp.*		1,222		36,856
ESSA Bancorp., Inc.		1,656		28,069
Essent Group Ltd.		17,347		901,871
Federal Agricultural Mortgage Corp. “C”		1,612		134,602
First Defiance Financial Corp.		3,390		106,751
Flagstar Bancorp., Inc.		6,241		238,718
FS Bancorp, Inc.		707		45,100
Greene County Bancorp., Inc.		571		16,439
Hingham Institution for Savings		261		54,862
Home Bancorp., Inc.		1,408		55,179
HomeStreet, Inc.*		4,037		137,258
Kearny Financial Corp.		13,766		190,384
Luther Burbank Corp.		3,695		42,603
Merchants Bancorp.		1,599		31,516
Meridian Bancorp., Inc.		8,641		173,598
Meta Financial Group, Inc.		6,321		230,780
MMA Capital Holdings, Inc.*		909		28,906
Mr Cooper Group, Inc.*		13,533		169,298
NMI Holdings, Inc. “A”*		11,694		388,007
Northfield Bancorp., Inc.		7,852		133,170
Northwest Bancshares, Inc.		18,203		302,716
OceanFirst Financial Corp.		9,826		250,956
Ocwen Financial Corp.*		24,854		34,050
OP Bancorp.		2,318		24,038
PCSB Financial Corp.		2,998		60,709
PennyMac Financial Services, Inc.		4,428		150,729
Pioneer Bancorp. Inc.*		2,013		30,819
Ponce de Leon Federal Bank*		1,616		23,755
Provident Bancorp, Inc.*		1,687		21,003
Provident Financial Holdings, Inc.		1,084		23,740
Provident Financial Services, Inc.		10,707		263,928
Prudential Bancorp., Inc.		1,575		29,185
Radian Group, Inc.		36,301		913,333
Riverview Bancorp., Inc.		3,700		30,377
Southern Missouri Bancorp., Inc.		1,457		55,890
Sterling Bancorp., Inc.		3,148		25,499
Territorial Bancorp., Inc.		1,518		46,967
Timberland Bancorp., Inc.		1,398		41,576
TrustCo Bank Corp.		16,944		146,904
United Community Financial Corp.		8,554		99,740
Walker & Dunlop, Inc.		5,023		324,888
Washington Federal, Inc.		14,178		519,624
Waterstone Financial, Inc.		4,267		81,201
Western New England Bancorp, Inc.		4,291		41,322
WSFS Financial Corp.		9,137		401,937
				7,939,621

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

DWS Small Cap Index VIP | 13

	Shares		Value ($)
Health Care 17.8%
Biotechnology 8.0%
89bio, Inc.*		547		14,381
Abeona Therapeutics, Inc.*		5,806		18,986
ACADIA Pharmaceuticals, Inc.*		20,272		867,236
Acceleron Pharma, Inc.*		8,149		432,060
Achillion Pharmaceuticals, Inc.*		24,569		148,151
Acorda Therapeutics, Inc.*		8,544		17,430
Adamas Pharmaceuticals, Inc.*		4,257		16,134
ADMA Biologics, Inc.*		8,830		35,320
Aduro Biotech, Inc.*		11,642		13,738
Adverum Biotechnologies, Inc.*		9,683		111,548
Aeglea BioTherapeutics, Inc.*		4,819		36,817
Affimed NV*		13,800		37,812
Agenus, Inc.* (a)		19,312		78,600
AgeX Therapeutics, Inc.*		3,932		7,156
Aimmune Therapeutics, Inc.* (a)		7,971		266,789
Akcea Therapeutics, Inc.* (a)		2,318		39,267
Akebia Therapeutics, Inc.*		20,782		131,342
Akero Therapeutics, Inc.* (a)		803		17,823
Albireo Pharma, Inc.*		1,907		48,476
Aldeyra Therapeutics, Inc.*		4,070		23,647
Alector, Inc.*		5,351		92,198
Allakos, Inc.* (a)		3,485		332,330
Allogene Therapeutics, Inc.* (a)		7,022		182,432
AMAG Pharmaceuticals, Inc.* (a)		5,897		71,766
Amicus Therapeutics, Inc.*		46,400		451,936
AnaptysBio, Inc.*		4,467		72,589
Anavex Life Sciences Corp.* (a)		7,924		20,523
Anika Therapeutics, Inc.*		2,410		124,958
Apellis Pharmaceuticals, Inc.*		8,762		268,292
Applied Therapeutics, Inc.*		1,168		31,863
Aprea Therapeutics, Inc.*		1,170		53,691
Arcus Biosciences, Inc.*		6,084		61,448
Ardelyx, Inc.*		8,100		60,790
Arena Pharmaceuticals, Inc.*		9,147		415,457
ArQule, Inc.*		20,005		399,300
Arrowhead Pharmaceuticals, Inc.*		16,799		1,065,561
Assembly Biosciences, Inc.*		4,004		81,922
Atara Biotherapeutics, Inc.*		9,131		150,388
Athenex, Inc.*		12,124		185,133
Athersys, Inc.* (a)		23,640		29,077
Atreca, Inc.*		1,090		16,862
Audentes Therapeutics, Inc.*		8,082		483,627
Avid Bioservices, Inc.*		10,374		79,569
Avrobio, Inc.*		3,670		73,877
Axcella Health, Inc.*		543		2,177
Baudax Bio, Inc.*		1,421		9,833
Beyondspring, Inc.*		2,485		38,518
BioCryst Pharmaceuticals, Inc.*		26,622		91,846
Biohaven Pharmaceutical Holding Co., Ltd.*		6,991		380,590
BioSpecifics Technologies Corp.*		1,063		60,527
Bioxcel Therapeutics, Inc.*		1,113		16,261
Blueprint Medicines Corp.*		8,787		703,927
Bridgebio Pharma, Inc.* (a)		4,010		140,550
Cabaletta Bio, Inc.*		1,204		16,820
Calithera Biosciences, Inc.*		8,443		48,210
Calyxt, Inc.*		1,724		12,085
CareDx, Inc.*		7,434		160,351
CASI Pharmaceuticals, Inc.*		9,558		29,534
Castle Biosciences, Inc.*		634		21,791
Catalyst Pharmaceuticals, Inc.*		17,215		64,556
CEL-SCI Corp*		4,869		44,551

	Shares		Value ($)
Celcuity, Inc.*		1,097		11,672
Cellular Biomedicine Group, Inc.*		2,118		34,396
Checkpoint Therapeutics, Inc.*		4,256		7,320
ChemoCentryx, Inc.*		7,333		290,020
Chimerix, Inc.*		9,756		19,805
Clovis Oncology, Inc.* (a)		8,699		90,687
Coherus Biosciences, Inc.*		11,289		203,258
Concert Pharmaceuticals, Inc.*		3,953		36,466
Constellation Pharmaceuticals, Inc.*		2,696		127,009
Corbus Pharmaceuticals Holdings, Inc.* (a)		10,962		59,853
Cortexyme, Inc.* (a)		2,047		114,919
Crinetics Pharmaceuticals, Inc.*		2,040		51,184
Cue Biopharma, Inc.*		3,329		52,848
Cyclerion Therapeutics, Inc.*		4,363		11,867
Cytokinetics, Inc.*		9,748		103,426
CytomX Therapeutics, Inc.*		7,829		65,059
Deciphera Pharmaceuticals, Inc.*		3,563		221,761
Denali Therapeutics, Inc.*		8,661		150,875
Dicerna Pharmaceuticals, Inc.*		9,297		204,813
Dynavax Technologies Corp.* (a)		14,608		83,558
Eagle Pharmaceuticals, Inc.*		1,639		98,471
Editas Medicine, Inc.*		9,339		276,528
Eidos Therapeutics, Inc.*		2,078		119,256
Eiger BioPharmaceuticals, Inc.*		4,323		64,413
Emergent BioSolutions, Inc.*		8,213		443,091
Enanta Pharmaceuticals, Inc.*		3,124		193,001
Enochian Biosciences, Inc.* (a)		2,438		12,239
Epizyme, Inc.*		14,058		345,827
Esperion Therapeutics, Inc.*		4,542		270,839
Evelo Biosciences, Inc.*		2,496		10,134
Fate Therapeutics, Inc.*		10,936		214,018
FibroGen, Inc.*		14,146		606,722
Five Prime Therapeutics, Inc.*		6,656		30,551
Flexion Therapeutics, Inc.* (a)		6,269		129,768
Forty Seven, Inc.*		3,986		156,929
Frequency Therapeutics, Inc.*		1,059		18,564
G1 Therapeutics, Inc.*		6,088		160,906
Galectin Therapeutics, Inc.*		7,728		22,102
Galera Therapeutics, Inc.*		565		7,435
Geron Corp.*		33,517		45,583
Global Blood Therapeutics, Inc.*		10,425		828,683
GlycoMimetics, Inc.*		5,874		31,073
Gossamer Bio, Inc.*		7,638		119,382
Gritstone Oncology, Inc.*		4,603		41,289
Halozyme Therapeutics, Inc.*		25,913		459,437
Harpoon Therapeutics, Inc.*		1,094		16,180
Heron Therapeutics, Inc.*		15,157		356,189
Homology Medicines, Inc.*		4,491		92,964
Hookipa Pharma, Inc.*		1,786		21,843
IGM Biosciences, Inc.*		898		34,268
ImmunoGen, Inc.*		25,566		130,514
Immunomedics, Inc.*		31,493		666,392
Inovio Pharmaceuticals, Inc.* (a)		17,050		56,265
Insmed, Inc.*		15,888		379,405
Intellia Therapeutics, Inc.* (a)		6,870		100,783
Intercept Pharmaceuticals, Inc.*		4,552		564,084
Intrexon Corp.* (a)		12,708		69,640
Invitae Corp.* (a)		15,645		252,354
Iovance Biotherapeutics, Inc.*		21,104		584,159
Ironwood Pharmaceuticals, Inc.*		27,585		367,156
Jounce Therapeutics, Inc.*		2,760		24,095
Kadmon Holdings, Inc.* (a)		28,210		127,791

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

14 | DWS Small Cap Index VIP

	Shares		Value ($)
KalVista Pharmaceuticals, Inc.*		2,157		38,416
Karuna Therapeutics, Inc.*		764		57,560
Karyopharm Therapeutics, Inc.*		10,577		202,761
Kezar Life Sciences, Inc.*		2,871		11,513
Kindred Biosciences, Inc.*		6,155		52,194
Kiniksa Pharmaceuticals Ltd. “A”*		2,577		28,502
Kodiak Sciences, Inc.*		4,187		301,255
Krystal Biotech, Inc.*		1,871		103,616
Kura Oncology, Inc.*		6,045		83,119
La Jolla Pharmaceutical Co.*		4,075		16,015
Lexicon Pharmaceuticals, Inc.*		7,485		31,063
Ligand Pharmaceuticals, Inc.*		3,085		321,735
Lineage Cell Therapeutics, Inc.*		19,721		17,552
LogicBio Therapeutics, Inc.*		1,472		10,598
MacroGenics, Inc.*		8,532		92,828
Madrigal Pharmaceuticals, Inc.*		1,402		127,736
Magenta Therapeutics, Inc.*		3,598		54,546
MannKind Corp.* (a)		34,601		44,635
Marker Therapeutics, Inc.*		5,003		14,409
Medicines Co.* (a)		13,595		1,154,759
MediciNova, Inc.*		7,646		51,534
MEI Pharma, Inc.*		12,566		31,164
MeiraGTx Holdings PLC*		2,883		57,718
Mersana Therapeutics, Inc.*		6,635		38,019
Millendo Therapeutics, Inc.*		1,731		11,667
Minerva Neurosciences, Inc.*		5,484		38,991
Mirati Therapeutics, Inc.*		4,903		631,801
Mirum Pharmaceuticals, Inc.*		350		8,582
Molecular Templates, Inc.*		3,153		44,095
Momenta Pharmaceuticals, Inc.*		17,922		353,601
Morphic Holding, Inc.*		825		14,157
Mustang Bio, Inc.*		5,138		20,963
Myriad Genetics, Inc.*		12,894		351,104
Natera, Inc.*		11,240		378,676
Neon Therapeutics, Inc.*		2,468		2,912
NextCure, Inc.*		2,543		143,247
Novavax, Inc.* (a)		4,328		17,225
Oncocyte Corp.*		3,973		8,939
OPKO Health, Inc.* (a)		70,524		103,670
Organogenesis Holdings, Inc.*		1,949		9,375
Oyster Point Pharma, Inc.*		1,036		25,320
Palatin Technologies, Inc.* (a)		36,862		28,833
PDL BioPharma, Inc.*		20,120		65,289
Pfenex, Inc.*		5,552		60,961
PhaseBio Pharmaceuticals, Inc.*		2,535		15,489
Pieris Pharmaceuticals, Inc.*		8,549		30,947
PolarityTE, Inc.* (a)		2,587		6,726
Portola Pharmaceuticals, Inc.*		13,776		328,971
Precision BioSciences, Inc.*		6,473		89,910
Prevail Therapeutics, Inc.*		1,256		19,882
Principia Biopharma, Inc.*		3,315		181,596
Progenics Pharmaceuticals, Inc.*		16,249		82,707
Protagonist Therapeutics, Inc.*		2,800		19,740
Prothena Corp. PLC*		6,903		109,274
PTC Therapeutics, Inc.*		10,897		523,383
Puma Biotechnology, Inc.*		5,734		50,173
Ra Pharmaceuticals, Inc.*		6,201		291,013
Radius Health, Inc.*		8,158		164,465
RAPT Therapeutics, Inc.*		307		8,476
REGENXBIO, Inc.*		6,069		248,647
Replimune Group, Inc.*		2,057		29,518
Retrophin, Inc.*		7,465		106,003
Rhythm Pharmaceuticals, Inc.*		5,288		121,412
Rigel Pharmaceuticals, Inc.*		30,323		64,891

	Shares		Value ($)
Rocket Pharmaceuticals, Inc.*		5,495		125,066
Rubius Therapeutics, Inc.* (a)		6,158		58,501
Sangamo Therapeutics, Inc.*		20,879		174,757
Savara, Inc.* (a)		5,281		23,659
Scholar Rock Holding Corp.*		2,886		38,037
Seres Therapeutics, Inc.*		6,353		21,918
Solid Biosciences, Inc.*		3,463		15,410
Sorrento Therapeutics, Inc.* (a)		22,186		74,989
Spectrum Pharmaceuticals, Inc.*		20,078		73,084
Spero Therapeutics, Inc.*		1,891		18,182
SpringWorks Therapeutics*		1,886		72,592
Stemline Therapeutics, Inc.*		7,979		84,817
Stoke Therapeutics, Inc.*		1,603		45,397
Sutro Biopharma, Inc.*		2,010		22,110
Syndax Pharmaceuticals, Inc.*		3,711		32,583
Synlogic, Inc.*		2,897		7,474
Synthorx, Inc.*		1,677		117,206
Syros Pharmaceuticals, Inc.*		6,399		44,217
TCR2 Therapeutics, Inc.*		2,057		29,374
TG Therapeutics, Inc.*		15,544		172,538
Tocagen, Inc.*		3,709		1,978
Translate Bio, Inc.*		6,316		51,412
Turning Point Therapeutics, Inc.*		4,993		311,014
Twist Bioscience Corp.*		4,061		85,281
Tyme Technologies, Inc.* (a)		10,890		15,246
Ultragenyx Pharmaceutical, Inc.*		9,809		418,942
UNITY Biotechnology, Inc.*		5,127		36,966
UroGen Pharma Ltd.*		3,335		111,289
Vanda Pharmaceuticals, Inc.*		9,322		152,974
VBI Vaccines, Inc.*		15,486		21,371
Veracyte, Inc.*		8,540		238,437
Vericel Corp.*		7,909		137,617
Viela Bio, Inc.*		990		26,879
Viking Therapeutics, Inc.* (a)		11,483		92,094
Vir Biotechnology, Inc.*		1,320		16,599
Voyager Therapeutics, Inc.*		4,299		59,971
X4 Pharmaceuticals, Inc.*		2,077		22,224
XBiotech, Inc.* (a)		3,468		64,730
Xencor, Inc.*		8,459		290,905
Y-mAbs Therapeutics, Inc.*		4,272		133,500
ZIOPHARM Oncology, Inc.* (a)		28,949		136,639
				30,935,405
Health Care Equipment & Supplies 3.8%
Accuray, Inc.*		16,213		45,721
Alphatec Holdings, Inc.*		6,539		46,394
AngioDynamics, Inc.*		6,550		104,866
Antares Pharma, Inc.*		28,531		134,096
Apyx Medical Corp.*		6,141		51,953
AtriCure, Inc.*		6,858		222,954
Atrion Corp.		255		191,633
Avanos Medical, Inc.*		8,446		284,630
AxoGen, Inc.*		6,054		108,306
Axonics Modulation Technologies, Inc.* (a)		2,742		75,981
BioLife Solutions, Inc.*		1,230		19,901
BioSig Technologies, Inc.*		2,887		17,091
Cardiovascular Systems, Inc.*		6,276		304,951
Cerus Corp.*		24,337		102,702
ConforMIS, Inc.*		11,793		17,690
CONMED Corp.		4,904		548,414
CryoLife, Inc.*		6,627		179,525
CryoPort, Inc.*		5,605		92,258
Cutera, Inc.*		2,534		90,743

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

DWS Small Cap Index VIP | 15

	Shares		Value ($)
CytoSorbents Corp.*		6,162		23,724
ElectroCore, Inc.* (a)		2,066		3,285
GenMark Diagnostics, Inc.*		10,167		48,903
Glaukos Corp.*		6,989		380,691
Globus Medical, Inc. “A”*		13,692		806,185
Haemonetics Corp.*		9,220		1,059,378
Heska Corp.*		1,229		117,910
Inogen, Inc.*		3,318		226,719
Integer Holdings Corp.*		5,873		472,365
IntriCon, Corp.*		1,565		28,170
Invacare Corp.		6,316		56,970
iRadimed Corp.*		898		20,995
iRhythm Technologies, Inc.*		4,756		323,836
Lantheus Holdings, Inc.*		6,931		142,155
LeMaitre Vascular, Inc.		2,840		102,098
LivaNova PLC*		8,736		658,957
Meridian Bioscience, Inc.		7,763		75,845
Merit Medical Systems, Inc.*		9,667		301,804
Mesa Laboratories, Inc.		719		179,319
Misonix, Inc.*		1,354		25,198
Natus Medical, Inc.*		6,057		199,820
Neogen Corp.*		9,213		601,240
Neuronetics, Inc.*		2,597		11,661
Nevro Corp.*		5,377		632,013
Novocure Ltd.*		15,633		1,317,393
NuVasive, Inc.*		9,333		721,814
OraSure Technologies, Inc.*		10,882		87,383
Orthofix Medical, Inc.*		3,255		150,316
OrthoPediatrics Corp.*		1,617		75,983
Pulse Biosciences, Inc.*		2,158		28,939
Quidel Corp.*		6,378		478,541
Rockwell Medical, Inc.*		10,285		25,095
RTI Surgical, Inc.*		10,287		28,186
SeaSpine Holdings Corp.*		3,080		36,991
Senseonics Holdings, Inc.* (a)		19,640		17,990
Shockwave Medical, Inc.*		4,584		201,329
SI-BONE, Inc.*		2,960		63,640
Sientra, Inc.*		6,752		60,363
Silk Road Medical, Inc.*		2,890		116,698
Soliton, Inc.* (a)		1,120		12,298
STAAR Surgical Co.*		7,934		279,039
SurModics, Inc.*		2,401		99,473
Tactile Systems Technology, Inc.*		3,285		221,770
Tandem Diabetes Care, Inc.*		10,077		600,690
TransEnterix, Inc.* (a)		2,615		3,844
TransMedics Group, Inc.*		2,544		48,361
Utah Medical Products, Inc.		612		66,035
Vapotherm, Inc.*		2,521		30,655
Varex Imaging Corp.*		6,837		203,811
ViewRay, Inc.*		12,383		52,256
Wright Medical Group NV*		22,702		691,957
Zynex, Inc.* (a)		2,874		22,618
				14,882,518
Health Care Providers & Services 2.2%
Addus HomeCare Corp.*		2,250		218,745
Amedisys, Inc.*		5,645		942,263
American Renal Associates Holdings, Inc.*		3,389		35,144
AMN Healthcare Services, Inc.*		8,326		518,793
Apollo Medical Holdings, Inc.*		1,143		21,043
Avalon GloboCare Corp.* (a)		4,006		7,732
BioTelemetry, Inc.*		5,925		274,327
Brookdale Senior Living, Inc.*		33,446		243,152

	Shares		Value ($)
Catasys, Inc.*		1,304		21,268
Community Health Systems, Inc.*		15,932		46,203
CorVel Corp.*		1,607		140,387
Cross Country Healthcare, Inc.*		6,558		76,204
Diplomat Pharmacy, Inc.*		10,684		42,736
Enzo Biochem, Inc.*		8,562		22,518
Exagen, Inc.*		584		14,834
Genesis Healthcare, Inc.*		14,991		24,585
Hanger, Inc.*		6,455		178,223
HealthEquity, Inc.*		12,459		922,838
LHC Group, Inc.*		5,421		746,797
Magellan Health, Inc.*		3,968		310,496
National Healthcare Corp.		2,208		190,837
National Research Corp. “A”		2,150		141,771
Option Care Health, Inc.*		21,460		80,046
Owens & Minor, Inc.		10,583		54,714
Patterson Companies, Inc.		15,033		307,876
Pennant Group, Inc.*		4,520		149,476
PetIQ, Inc.*		3,405		85,295
Progyny, Inc.* (a)		2,095		57,508
Providence Service Corp.*		2,081		123,154
R1 RCM, Inc.*		18,687		242,557
RadNet, Inc.*		7,464		151,519
Select Medical Holdings Corp.*		19,821		462,622
Surgery Partners, Inc.*		4,424		69,258
Tenet Healthcare Corp.*		18,495		703,365
The Ensign Group, Inc.		9,088		412,323
The Joint Corp.*		2,412		38,930
Tivity Health, Inc.*		8,532		173,584
Triple-S Management Corp. “B”*		4,056		74,995
U.S. Physical Therapy, Inc.		2,246		256,830
				8,584,948
Health Care Technology 1.0%
Allscripts Healthcare Solutions, Inc.*		28,876		283,418
Castlight Health, Inc. “B”*		18,589		24,723
Computer Programs & Systems, Inc.		2,346		61,934
Evolent Health, Inc. “A”*		13,379		121,080
Health Catalyst, Inc.* (a)		1,446		50,176
HealthStream, Inc.*		4,638		126,154
HMS Holdings Corp.*		15,829		468,538
Inovalon Holdings, Inc. “A”*		13,168		247,822
Inspire Medical Systems, Inc.*		2,401		178,178
Livongo Health, Inc.* (a)		2,589		64,880
NextGen Healthcare, Inc.*		9,814		157,711
Omnicell, Inc.*		7,427		606,935
OptimizeRx Corp.*		2,214		22,738
Phreesia, Inc.*		1,819		48,458
Simulations Plus, Inc.		2,244		65,233
Tabula Rasa HealthCare, Inc.* (a)		3,528		171,743
Teladoc Health, Inc.* (a)		12,984		1,087,021
Vocera Communications, Inc.*		5,542		115,052
				3,901,794
Life Sciences Tools & Services 0.9%
Accelerate Diagnostics, Inc.* (a)		4,770		80,613
ChromaDex Corp.* (a)		7,218		31,110
Codexis, Inc.*		9,540		152,545
Fluidigm Corp.*		12,384		43,096
Luminex Corp.		7,538		174,580
Medpace Holdings, Inc.*		4,969		417,694
NanoString Technologies, Inc.*		5,958		165,752
NeoGenomics, Inc.*		17,181		502,544

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

16 | DWS Small Cap Index VIP

	Shares		Value ($)
Pacific Biosciences of California, Inc.*		25,526		131,204
Personalis, Inc.*		1,565		17,058
Quanterix Corp.*		2,289		54,089
Repligen Corp.*		9,410		870,425
Syneos Health, Inc.*		11,208		666,596
				3,307,306
Pharmaceuticals 1.9%
AcelRx Pharmaceuticals, Inc.*		14,440		30,468
Acer Therapeutics, Inc.*		1,214		4,868
Aclaris Therapeutics, Inc.*		5,273		9,966
Aerie Pharmaceuticals, Inc.* (a)		7,649		184,876
Akorn, Inc.*		17,243		25,865
Amneal Pharmaceuticals, Inc.*		21,168		102,030
Amphastar Pharmaceuticals, Inc.*		6,423		123,900
ANI Pharmaceuticals, Inc.*		1,633		100,707
Arvinas Holding Co. LLC*		3,821		157,005
Assertio Therapeutics, Inc.*		12,185		15,231
Axsome Therapeutics, Inc.* (a)		4,531		468,324
BioDelivery Sciences International, Inc.*		15,041		95,059
Cara Therapeutics, Inc.* (a)		7,069		113,882
cbdMD, Inc.*		1,747		3,948
Cerecor, Inc.*		3,952		21,301
Chiasma, Inc.*		6,557		32,523
Collegium Pharmaceutical, Inc.*		5,705		117,409
Corcept Therapeutics, Inc.*		17,284		209,136
CorMedix, Inc.* (a)		4,352		31,683
Cymabay Therapeutics, Inc.*		12,712		24,916
Dermira, Inc.* (a)		8,606		130,467
Eloxx Pharmaceuticals, Inc.* (a)		4,043		29,757
Endo International PLC*		40,939		192,004
Evofem Biosciences, Inc.*		2,606		16,079
Evolus, Inc.*		3,305		40,222
EyePoint Pharmaceuticals, Inc.*		11,389		17,653
Fulcrum Therapeutics, Inc.*		720		11,981
Innoviva, Inc.*		11,506		162,925
Intersect ENT, Inc.*		5,464		136,054
Intra-Cellular Therapies, Inc.* (a)		8,143		279,386
Kala Pharmaceuticals, Inc.*		4,016		14,819
Kaleido Biosciences, Inc.* (a)		2,314		11,616
Lannett Co., Inc.* (a)		5,971		52,664
Liquidia Technologies, Inc.*		2,474		10,576
Mallinckrodt PLC* (a)		15,017		52,409
Marinus Pharmaceuticals, Inc.*		9,640		20,822
Menlo Therapeutics, Inc.*		2,839		13,173
MyoKardia, Inc.*		7,994		582,643
NGM Biopharmaceuticals, Inc.* (a)		4,375		80,894
Ocular Therapeutix, Inc.* (a)		7,234		28,574
Odonate Therapeutics, Inc.*		2,080		67,496
Omeros Corp.* (a)		8,327		117,327
Optinose, Inc.*		4,592		42,338
Osmotica Pharmaceuticals PLC* (a)		1,755		12,267
Pacira BioSciences, Inc.*		7,298		330,599
Paratek Pharmaceuticals, Inc.*		5,751		23,177
Phathom Pharmaceuticals, Inc.*		1,920		59,789
Phibro Animal Health Corp. “A”		3,626		90,034
Prestige Consumer Healthcare, Inc.*		9,122		369,441
Reata Pharmaceuticals, Inc. “A”*		4,023		822,422
Recro Pharma, Inc.*		3,553		65,127
resTORbio, Inc.*		2,759		4,111

	Shares		Value ($)
Revance Therapeutics, Inc.*		8,210		133,248
Satsuma Pharmaceuticals, Inc.*		776		15,272
SIGA Technologies, Inc.*		10,568		50,409
Strongbridge Biopharma PLC*		6,681		13,963
Supernus Pharmaceuticals, Inc.*		8,972		212,816
TherapeuticsMD, Inc.* (a)		39,716		96,113
Theravance Biopharma, Inc.*		8,161		211,288
Tricida, Inc.*		3,903		147,299
Verrica Pharmaceuticals, Inc.*		2,378		37,786
WaVe Life Sciences Ltd.*		3,991		31,988
Xeris Pharmaceuticals, Inc.*		4,920		34,686
Zogenix, Inc.*		7,679		400,306
Zynerba Pharmaceuticals, Inc.*		3,839		23,188
				7,170,305
Industrials 15.5%
Aerospace & Defense 1.2%
AAR Corp.		6,062		273,396
Aerojet Rocketdyne Holdings, Inc.*		13,144		600,155
AeroVironment, Inc.*		3,877		239,366
Astronics Corp.*		4,025		112,499
Axon Enterprise, Inc.*		10,493		768,927
Cubic Corp.		5,625		357,581
Ducommun, Inc.*		1,905		96,260
Kratos Defense & Security Solutions, Inc.*		16,288		293,347
Maxar Technologies, Inc.* (a)		10,633		166,619
Mercury Systems, Inc.*		9,761		674,583
Moog, Inc. “A”		5,815		496,194
National Presto Industries, Inc.		857		75,750
Park Aerospace Corp.		3,539		57,580
Parsons Corp.*		3,466		143,076
Triumph Group, Inc.		9,016		227,834
Vectrus, Inc.*		1,973		101,136
Wesco Aircraft Holdings, Inc.*		9,767		107,632
				4,791,935
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*		10,604		248,770
Atlas Air Worldwide Holdings, Inc.*		4,223		116,428
Echo Global Logistics, Inc.*		4,696		97,207
Forward Air Corp.		5,049		353,178
Hub Group, Inc. “A”*		5,817		298,354
Radiant Logistics, Inc.*		7,206		40,137
				1,154,074
Airlines 0.5%
Allegiant Travel Co.		2,343		407,776
Hawaiian Holdings, Inc.		8,355		244,718
Mesa Air Group, Inc.*		3,860		34,508
SkyWest, Inc.		8,804		569,003
Spirit Airlines, Inc.*		12,324		496,780
				1,752,785
Building Products 1.5%
AAON, Inc.		7,426		366,919
Advanced Drainage Systems, Inc.		7,748		300,932
American Woodmark Corp.*		3,027		316,352
Apogee Enterprises, Inc.		4,781		155,383
Armstrong Flooring, Inc.*		3,852		16,448
Builders FirstSource, Inc.*		20,548		522,125
Caesarstone Ltd.		4,164		62,751

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

DWS Small Cap Index VIP | 17

	Shares		Value ($)
Continental Building Products, Inc.*		6,242		227,396
Cornerstone Building Brands, Inc.*		8,050		68,506
CSW Industrials, Inc.		2,695		207,515
Gibraltar Industries, Inc.*		5,784		291,745
Griffon Corp.		6,467		131,474
Insteel Industries, Inc.		3,409		73,259
JELD-WEN Holding, Inc.*		12,235		286,421
Masonite International Corp.*		4,381		316,352
Patrick Industries, Inc.		4,100		214,963
PGT Innovations, Inc.*		10,189		151,918
Quanex Building Products Corp.		5,766		98,483
Simpson Manufacturing Co., Inc.		8,070		647,456
Trex Co., Inc.*		10,573		950,301
Universal Forest Products, Inc.		10,715		511,106
				5,917,805
Commercial Services & Supplies 2.7%
ABM Industries, Inc.		12,016		453,123
Acco Brands Corp.		16,969		158,830
Advanced Disposal Services, Inc.*		13,097		430,498
Brady Corp. “A”		8,562		490,260
BrightView Holdings, Inc.*		5,527		93,240
Casella Waste Systems, Inc. “A”*		8,219		378,321
CECO Environmental Corp.*		5,409		41,433
Charah Solutions, Inc.*		1,307		3,189
Cimpress PLC*		3,570		448,999
CompX International, Inc.		395		5,763
Covanta Holding Corp.		21,091		312,990
Deluxe Corp.		7,533		376,047
Ennis, Inc.		4,687		101,474
Harsco Corp.*		13,889		319,586
Healthcare Services Group, Inc.		13,293		323,286
Heritage-Crystal Clean, Inc.*		2,646		83,005
Herman Miller, Inc.		10,611		441,948
HNI Corp.		7,635		286,007
Interface, Inc.		10,407		172,652
Kimball International, Inc. “B”		6,298		130,180
Knoll, Inc.		8,886		224,460
Matthews International Corp. “A”		5,559		212,187
McGrath RentCorp.		4,379		335,169
Mobile Mini, Inc.		7,821		296,494
MSA Safety, Inc.		6,363		804,029
NL Industries, Inc.*		1,487		5,814
PICO Holdings, Inc.*		2,794		31,069
Pitney Bowes, Inc.		30,260		121,948
Quad Graphics, Inc.		5,771		26,951
R.R. Donnelley & Sons Co.		12,460		49,217
SP Plus Corp.*		4,086		173,369
Steelcase, Inc. “A”		15,792		323,104
Team, Inc.*		5,479		87,500
Tetra Tech, Inc.		9,802		844,540
The Brink’s Co.		8,984		814,669
U.S. Ecology, Inc.		4,342		251,445
UniFirst Corp.		2,711		547,568
Viad Corp.		3,655		246,713
VSE Corp.		1,588		60,408
				10,507,485
Construction & Engineering 1.1%
Aegion Corp.*		5,437		121,626
Ameresco, Inc. “A”*		4,055		70,963
Arcosa, Inc.		8,780		391,149
Argan, Inc.		2,686		107,816

	Shares		Value ($)
Comfort Systems U.S.A., Inc.		6,586		328,312
Concrete Pumping Holdings, Inc.*		3,502		19,156
Construction Partners, Inc. “A”*		3,100		52,297
Dycom Industries, Inc.*		5,446		256,779
EMCOR Group, Inc.		10,046		866,970
Granite Construction, Inc.		8,517		235,665
Great Lakes Dredge & Dock Corp.*		10,871		123,168
IES Holdings, Inc.*		1,464		37,566
MasTec, Inc.*		10,805		693,249
MYR Group, Inc.*		2,804		91,382
Northwest Pipe Co.*		1,699		56,594
NV5 Holdings, Inc.*		1,830		92,323
Primoris Services Corp.		7,979		177,453
Sterling Construction Co., Inc.*		4,636		65,275
Tutor Perini Corp.*		7,088		91,152
Willscot Corp.*		9,265		171,310
				4,050,205
Electrical Equipment 0.9%
Allied Motion Technologies, Inc.		1,304		63,244
American Superconductor Corp.*		3,878		30,442
Atkore International Group, Inc.*		8,403		339,985
AZZ, Inc.		4,751		218,309
Bloom Energy Corp. “A”*		9,854		73,609
Encore Wire Corp.		3,636		208,706
Energous Corp.*		5,624		9,955
EnerSys		7,704		576,490
Generac Holdings, Inc.*		11,014		1,107,898
Plug Power, Inc.* (a)		44,574		140,854
Powell Industries, Inc.		1,557		76,277
Preformed Line Products Co.		538		32,468
Sunrun, Inc.*		20,452		282,442
Thermon Group Holdings, Inc.*		5,847		156,700
TPI Composites, Inc.*		5,166		95,623
Vicor Corp.*		3,162		147,729
Vivint Solar, Inc.*		8,048		58,429
				3,619,160
Industrial Conglomerates 0.1%
Raven Industries, Inc.		6,480		223,301
Machinery 3.7%
Actuant Corp. “A”		9,649		251,164
Alamo Group, Inc.		1,755		220,340
Albany International Corp. “A”		5,536		420,293
Altra Industrial Motion Corp.		11,520		417,139
Astec Industries, Inc.		4,105		172,410
Barnes Group, Inc.		8,489		525,978
Blue Bird Corp.*		2,537		58,148
Briggs & Stratton Corp.		7,536		50,190
Chart Industries, Inc.*		6,454		435,580
CIRCOR International, Inc.*		3,510		162,302
Columbus McKinnon Corp.		4,093		163,843
Commercial Vehicle Group, Inc.*		5,504		34,950
Douglas Dynamics, Inc.		4,025		221,375
Energy Recovery, Inc.*		7,028		68,804
EnPro Industries, Inc.		3,750		250,800
ESCO Technologies, Inc.		4,610		426,425
Evoqua Water Technologies Corp.*		13,506		255,939
Federal Signal Corp.		10,733		346,139
Franklin Electric Co., Inc.		8,297		475,584
Gencor Industries, Inc.*		1,725		20,131
Gorman-Rupp Co.		3,224		120,900

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

18 | DWS Small Cap Index VIP

	Shares		Value ($)
Graham Corp.		1,799		39,362
Greenbrier Companies, Inc.		5,789		187,737
Helios Technologies, Inc.		5,243		242,384
Hillenbrand, Inc.		13,103		436,461
Hurco Companies, Inc.		1,178		45,188
Hyster-Yale Materials Handling, Inc.		1,785		105,244
John Bean Technologies Corp.		5,617		632,811
Kadant, Inc.		1,977		208,257
Kennametal, Inc.		14,753		544,238
L.B. Foster Co. “A”*		1,846		35,776
Lindsay Corp.		1,944		186,605
Luxfer Holdings PLC		4,835		89,496
Lydall, Inc.*		3,147		64,576
Manitowoc Co., Inc.*		6,384		111,720
Meritor, Inc.*		13,363		349,977
Miller Industries, Inc.		1,885		69,990
Mueller Industries, Inc.		9,926		315,151
Mueller Water Products, Inc. “A”		28,466		341,023
Navistar International Corp.*		8,887		257,190
NN, Inc.		7,172		66,341
Omega Flex, Inc.		542		58,151
Park-Ohio Holdings Corp.		1,505		50,643
Proto Labs, Inc.*		4,873		494,853
RBC Bearings, Inc.*		4,369		691,787
REV Group, Inc.		4,650		56,870
Rexnord Corp.*		19,185		625,815
Spartan Motors, Inc.		5,864		106,021
SPX Corp.*		7,914		402,664
SPX FLOW, Inc.*		7,538		368,382
Standex International Corp.		2,242		177,903
Tennant Co.		3,262		254,175
Terex Corp.		11,401		339,522
The Eastern Co.		1,014		30,957
Titan International, Inc.		9,043		32,736
TriMas Corp.*		8,126		255,238
Twin Disc, Inc.*		2,015		22,205
Wabash National Corp.		9,550		140,290
Watts Water Technologies, Inc. “A”		4,952		494,012
Welbilt, Inc.*		23,399		365,258
				14,395,443
Marine 0.1%
Costamare, Inc.		9,549		91,002
Eagle Bulk Shipping, Inc.*		7,643		35,158
Genco Shipping & Trading Ltd.		2,821		29,959
Matson, Inc.		7,622		310,977
Safe Bulkers, Inc.*		9,520		16,184
Scorpio Bulkers, Inc.		10,057		64,063
				547,343
Professional Services 1.5%
Acacia Research Corp.*		8,909		23,698
ASGN, Inc.*		9,179		651,434
Barrett Business Services, Inc.		1,308		118,322
BG Staffing, Inc.		1,876		41,066
CBIZ, Inc.*		9,256		249,542
CRA International, Inc.		1,291		70,321
Exponent, Inc.		9,317		642,966
Forrester Research, Inc.		1,987		82,858
Franklin Covey Co.*		1,793		57,788
FTI Consulting, Inc.*		6,713		742,861
GP Strategies Corp.*		2,366		31,302

	Shares		Value ($)
Heidrick & Struggles International, Inc.		3,351		108,907
Huron Consulting Group, Inc.*		4,004		275,155
ICF International, Inc.		3,280		300,514
Innerworkings, Inc.*		8,230		45,347
Insperity, Inc.		6,738		579,737
Kelly Services, Inc. “A”		5,961		134,599
Kforce, Inc.		3,588		142,444
Korn/Ferry International		10,126		429,342
Mistras Group, Inc.*		2,950		42,096
Resources Connection, Inc.		5,352		87,398
TriNet Group, Inc.*		8,052		455,824
TrueBlue, Inc.*		6,731		161,948
Upwork, Inc.*		10,386		110,819
Willdan Group, Inc.*		1,863		59,206
				5,645,494
Road & Rail 0.5%
ArcBest Corp.		4,670		128,892
Avis Budget Group, Inc.*		10,283		331,524
Covenant Transportation Group, Inc. “A”*		2,308		29,831
Daseke, Inc.*		8,679		27,426
Heartland Express, Inc.		8,153		171,621
Hertz Global Holdings, Inc.*		18,201		286,666
Marten Transport Ltd.		7,079		152,128
P.A.M. Transportation Services, Inc.*		333		19,217
Roadrunner Transportation Systems, Inc.*		653		6,014
Saia, Inc.*		4,668		434,684
U.S. Xpress Enterprises, Inc. “A”*		3,914		19,687
Universal Logistics Holdings, Inc.		1,573		29,824
Werner Enterprises, Inc.		8,083		294,140
YRC Worldwide, Inc.*		6,102		15,560
				1,947,214
Trading Companies & Distributors 1.4%
Aircastle Ltd.		9,365		299,774
Applied Industrial Technologies, Inc.		6,885		459,161
Beacon Roofing Supply, Inc.*		12,303		393,450
BlueLinx Holdings, Inc.* (a)		1,673		23,840
BMC Stock Holdings, Inc.*		11,937		342,473
CAI International, Inc.*		3,038		88,041
DXP Enterprises, Inc.*		2,893		115,170
EVI Industries, Inc. (a)		839		22,687
Foundation Building Materials, Inc.*		3,640		70,434
GATX Corp.		6,219		515,244
General Finance Corp.*		1,969		21,797
GMS, Inc.*		7,135		193,216
H&E Equipment Services, Inc.		5,737		191,788
Herc Holdings, Inc.*		4,348		212,791
Kaman Corp.		4,934		325,249
Lawson Products, Inc.*		770		40,117
MRC Global, Inc.*		13,953		190,319
NOW, Inc.*		19,300		216,932
Rush Enterprises, Inc. “A”		4,962		230,733
Rush Enterprises, Inc. “B”		817		37,337
SiteOne Landscape Supply, Inc.*		7,330		664,464
Systemax, Inc.		2,247		56,534
Textainer Group Holdings Ltd.*	��	9,467		101,392
Titan Machinery, Inc.*		3,231		47,754
Transcat, Inc.*		1,257		40,048

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

DWS Small Cap Index VIP | 19

	Shares		Value ($)
Triton International Ltd.		9,590		385,518
Veritiv Corp.*		2,394		47,090
Willis Lease Finance Corp.*		491		28,925
				5,362,278
Information Technology 13.3%
Communications Equipment 1.1%
Acacia Communications, Inc.*		6,823		462,668
ADTRAN, Inc.		8,648		85,529
Applied Optoelectronics, Inc.* (a)		3,437		40,832
CalAmp Corp.*		5,697		54,577
Calix, Inc.*		8,610		68,880
Cambium Networks Corp.*		952		8,320
Casa Systems, Inc.*		5,871		24,012
Clearfield, Inc.*		2,171		30,264
Comtech Telecommunications Corp.		4,201		149,093
DASAN Zhone Solutions, Inc.*		1,081		9,578
Digi International, Inc.*		5,146		91,187
Extreme Networks, Inc.*		21,001		154,777
Harmonic, Inc.*		15,702		122,476
Infinera Corp.*		32,386		257,145
Inseego Corp.* (a)		8,243		60,421
InterDigital, Inc.		5,615		305,961
KVH Industries, Inc.*		2,950		32,834
Lumentum Holdings, Inc.*		13,895		1,101,874
NETGEAR, Inc.*		5,281		129,437
NetScout Systems, Inc.*		13,069		314,571
Plantronics, Inc.		6,095		166,637
Ribbon Communications, Inc.*		11,054		34,267
TESSCO Technologies, Inc.		1,151		12,914
Viavi Solutions, Inc.*		41,336		620,040
				4,338,294
Electronic Equipment, Instruments & Components 2.6%
Airgain, Inc.*		1,707		18,248
Akoustis Technologies, Inc.*		4,631		37,048
Anixter International, Inc.*		5,456		502,498
Arlo Technologies, Inc.*		12,790		53,846
AVX Corp.		8,432		172,603
Badger Meter, Inc.		5,148		334,260
Bel Fuse, Inc. “B”		1,744		35,752
Belden, Inc.		7,050		387,750
Benchmark Electronics, Inc.		6,524		224,165
Coda Octopus Group, Inc.*		856		7,165
CTS Corp.		5,816		174,538
Daktronics, Inc.		6,822		41,546
ePlus, Inc.*		2,398		202,127
Fabrinet*		6,570		425,999
FARO Technologies, Inc.*		3,093		155,733
Fitbit, Inc. “A”*		39,911		262,215
II-VI, Inc.*		16,146		543,636
Insight Enterprises, Inc.*		6,245		438,961
Iteris, Inc.*		7,226		36,058
Itron, Inc.*		6,153		516,544
KEMET Corp.		10,308		278,831
Kimball Electronics, Inc.*		4,366		76,623
Knowles Corp.*		14,580		308,367
Methode Electronics, Inc.		6,610		260,103
MTS Systems Corp.		3,251		156,146
Napco Security Technologies, Inc.*		2,167		63,688
nLight, Inc.*		6,084		123,383
Novanta, Inc.*		6,045		534,620
OSI Systems, Inc.*		3,002		302,421

	Shares		Value ($)
PAR Technology Corp.* (a)		2,181		67,044
PC Connection, Inc.		1,994		99,022
Plexus Corp.*		5,185		398,934
Rogers Corp.*		3,320		414,104
Sanmina Corp.*		12,230		418,755
ScanSource, Inc.*		4,634		171,226
Tech Data Corp.*		6,375		915,450
TTM Technologies, Inc.*		17,836		268,432
Vishay Intertechnology, Inc.		23,852		507,809
Vishay Precision Group, Inc.*		1,836		62,424
Wrap Technologies, Inc.* (a)		1,399		8,940
				10,007,014
IT Services 2.1%
Brightcove, Inc.*		7,156		62,186
Cardtronics PLC “A”*		6,698		299,066
Cass Information Systems, Inc.		2,482		143,311
Conduent, Inc.*		31,329		194,240
CSG Systems International, Inc.		5,909		305,968
Endurance International Group Holdings, Inc.*		12,326		57,932
EVERTEC, Inc.		10,932		372,125
Evo Payments, Inc. “A”*		6,374		168,337
Exela Technologies, Inc.*		9,127		3,721
Exlservice Holdings, Inc.*		6,046		419,955
GTT Communications, Inc.* (a)		5,869		66,613
I3 Verticals, Inc. “A”*		2,579		72,857
Information Services Group, Inc.*		5,870		14,851
International Money Express, Inc.*		3,207		38,612
KBR, Inc.		25,536		778,848
Limelight Networks, Inc.*		20,285		82,763
LiveRamp Holdings, Inc.*		12,063		579,868
ManTech International Corp. “A”		4,824		385,341
MAXIMUS, Inc.		11,461		852,584
NIC, Inc.		11,902		266,010
Paysign, Inc.* (a)		5,502		55,845
Perficient, Inc.*		5,677		261,539
Perspecta, Inc.		25,117		664,094
PRGX Global, Inc.*		3,855		18,967
Priority Technology Holdings, Inc.*		1,214		2,974
Science Applications International Corp.		10,400		905,008
StarTek, Inc.*		2,999		23,932
Sykes Enterprises, Inc.*		6,953		257,192
The Hackett Group, Inc.		4,501		72,646
TTEC Holdings, Inc.		2,622		103,884
Tucows, Inc. “A”* (a)		1,662		102,678
Unisys Corp.*		9,177		108,839
Verra Mobility Corp.*		22,932		320,819
Virtusa Corp.*		5,233		237,212
				8,300,817
Semiconductors & Semiconductor Equipment 2.8%
Adesto Technologies Corp.*		5,102		43,367
Advanced Energy Industries, Inc.*		6,874		489,429
Alpha & Omega Semiconductor Ltd.*		3,567		48,583
Ambarella, Inc.*		5,661		342,830
Amkor Technology, Inc.*		17,651		229,463
Axcelis Technologies, Inc.*		5,891		141,944
AXT, Inc.*		7,189		31,272
Brooks Automation, Inc.		12,754		535,158
Cabot Microelectronics Corp.		5,232		755,082

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

20 | DWS Small Cap Index VIP

	Shares		Value ($)
CEVA, Inc.*		3,841		103,553
Cirrus Logic, Inc.*		10,501		865,387
Cohu, Inc.		7,223		165,046
Diodes, Inc.*		7,350		414,319
DSP Group, Inc.*		4,006		63,054
Enphase Energy, Inc.* (a)		16,588		433,444
FormFactor, Inc.*		13,599		353,166
GSI Technology, Inc.*		2,812		19,937
Ichor Holdings Ltd.*		3,830		127,424
Impinj, Inc.*		3,008		77,787
Inphi Corp.*		8,093		599,044
Lattice Semiconductor Corp.*		22,500		430,650
MACOM Technology Solutions Holdings, Inc.*		8,228		218,865
MaxLinear, Inc.*		11,853		251,521
NeoPhotonics Corp.*		6,725		59,315
NVE Corp.		878		62,689
Onto Innovation, Inc.*		8,581		313,550
PDF Solutions, Inc.*		5,267		88,960
Photronics, Inc.*		11,567		182,296
Power Integrations, Inc.		5,099		504,342
Rambus, Inc.*		20,029		275,899
Semtech Corp.*		11,874		628,135
Silicon Laboratories, Inc.*		7,743		898,033
SMART Global Holdings, Inc.*		2,523		95,723
SunPower Corp.* (a)		11,279		87,976
Synaptics, Inc.*		6,025		396,264
Ultra Clean Holdings, Inc.*		7,031		165,018
Veeco Instruments, Inc.*		8,814		129,434
Xperi Corp.		8,901		164,668
				10,792,627
Software 4.5%
8x8, Inc.*		17,009		311,265
A10 Networks, Inc.*		8,729		59,968
ACI Worldwide, Inc.*		20,743		785,849
Agilysys, Inc.*		3,656		92,899
Alarm.com Holdings, Inc.*		6,589		283,129
Altair Engineering, Inc. “A”*		7,102		255,033
American Software, Inc. “A”		4,941		73,522
Appfolio, Inc. “A”*		2,824		310,499
Appian Corp.* (a)		6,131		234,265
Avaya Holdings Corp.*		19,816		267,516
Benefitfocus, Inc.*		5,313		116,567
Blackbaud, Inc.		8,808		701,117
Blackline, Inc.*		7,734		398,765
Bottomline Technologies de, Inc.*		7,815		418,884
Box, Inc. “A”*		25,829		433,411
ChannelAdvisor Corp.*		4,344		39,270
Cision Ltd.*		16,508		164,585
Cloudera, Inc.* (a)		43,302		503,602
CommVault Systems, Inc.*		7,287		325,292
Cornerstone OnDemand, Inc.*		10,255		600,430
Digimarc Corp.* (a)		2,043		68,563
Digital Turbine, Inc.*		14,294		101,916
Domo, Inc. “B”*		3,200		69,504
Ebix, Inc.		4,232		141,391
eGain Corp.*		3,408		26,991
Envestnet, Inc.*		8,716		606,895
Everbridge, Inc.*		5,969		466,059
Five9, Inc.*		10,772		706,428
ForeScout Technologies, Inc.*		7,666		251,445
GTY Technology Holdings, Inc.*		7,061		41,589
Ideanomics, Inc.*		9,455		8,091

	Shares		Value ($)
Instructure, Inc.*		6,175		297,697
Intelligent Systems Corp.* (a)		1,260		50,324
j2 Global, Inc.		8,410		788,101
LivePerson, Inc.*		11,240		415,880
Majesco*		1,211		9,991
MicroStrategy, Inc. “A”*		1,498		213,660
Mitek Systems, Inc.*		6,808		52,081
MobileIron, Inc.*		16,974		82,494
Model N, Inc.*		5,994		210,210
OneSpan, Inc.*		5,784		99,022
Phunware, Inc.* (a)		7,206		8,575
Ping Identity Holding Corp.* (a)		2,462		59,827
Progress Software Corp.		7,978		331,486
PROS Holdings, Inc.*		5,956		356,883
Q2 Holdings, Inc.*		7,875		638,505
QAD, Inc. “A”		2,085		106,189
Qualys, Inc.*		6,015		501,471
Rapid7, Inc.*		8,914		499,362
Rimini Street, Inc.*		3,637		14,112
Rosetta Stone, Inc.*		3,610		65,485
SailPoint Technologies Holding, Inc.*		15,345		362,142
SecureWorks Corp. “A”*		1,587		26,439
SharpSpring, Inc.*		1,580		18,123
ShotSpotter, Inc.*		1,482		37,791
SPS Commerce, Inc.*		6,301		349,201
SVMK, Inc.*		15,780		281,989
Synchronoss Technologies, Inc.*		7,059		33,530
Telaria, Inc.*		8,032		70,762
TeleNav, Inc.*		6,158		29,928
Tenable Holdings, Inc.*		6,709		160,748
TiVo Corp.		22,136		187,713
Upland Software, Inc.*		4,074		145,483
Varonis Systems, Inc.*		5,327		413,961
Verint Systems, Inc.*		11,931		660,500
Virnetx Holding Corp.* (a)		11,475		43,605
Workiva, Inc.*		6,591		277,152
Yext, Inc.* (a)		17,132		247,043
Zix Corp.*		9,484		64,301
Zuora, Inc. “A”*		16,101		230,727
				17,307,233
Technology Hardware, Storage & Peripherals 0.2%
3D Systems Corp.*		20,529		179,629
AstroNova, Inc.		1,262		17,315
Avid Technology, Inc.*		5,253		45,071
Diebold Nixdorf, Inc.*		13,734		145,031
Immersion Corp.*		5,748		42,707
Sonim Technologies, Inc.*		662		2,403
Stratasys Ltd.* (a)		9,344		188,982
				621,138
Materials 3.8%
Chemicals 1.8%
Advanced Emissions Solutions, Inc.		3,155		33,128
AdvanSix, Inc.*		4,949		98,782
American Vanguard Corp.		5,308		103,347
Amyris, Inc.* (a)		10,641		32,881
Balchem Corp.		5,774		586,812
Chase Corp.		1,305		154,616
Ferro Corp.*		14,540		215,628
Flotek Industries, Inc.*		9,983		19,966
FutureFuel Corp.		4,721		58,493

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

DWS Small Cap Index VIP | 21

	Shares		Value ($)
GCP Applied Technologies, Inc.*		9,632		218,743
H.B. Fuller Co.		9,183		473,567
Hawkins, Inc.		1,662		76,136
Ingevity Corp.*		7,577		662,078
Innophos Holdings, Inc.		3,606		115,320
Innospec, Inc.		4,387		453,791
Intrepid Potash, Inc.*		17,507		47,444
Koppers Holdings, Inc.*		3,432		131,171
Kraton Corp.*		5,678		143,767
Kronos Worldwide, Inc. (a)		4,054		54,324
Livent Corp.*		26,445		226,105
LSB Industries, Inc.*		3,974		16,691
Marrone Bio Innovations, Inc.*		10,223		10,325
Minerals Technologies, Inc.		6,315		363,933
Omnova Solutions, Inc.*		7,689		77,736
Orion Engineered Carbons SA		10,844		209,289
PolyOne Corp.		13,791		507,371
PQ Group Holdings, Inc.*		6,707		115,226
Quaker Chemical Corp.		2,365		389,090
Rayonier Advanced Materials, Inc.		9,091		34,909
Sensient Technologies Corp.		7,610		502,945
Stepan Co.		3,678		376,774
Trecora Resources*		4,191		29,966
Tredegar Corp.		4,494		100,441
Trinseo SA		6,967		259,242
Tronox Holdings PLC “A”*		16,333		186,523
Valhi, Inc.		4,843		9,056
				7,095,616
Construction Materials 0.2%
Forterra, Inc.*		3,226		37,293
Summit Materials, Inc. “A”*		20,223		483,330
U.S. Concrete, Inc.*		2,869		119,522
United States Lime & Minerals, Inc.		377		34,043
				674,188
Containers & Packaging 0.1%
Greif, Inc. “A”		4,640		205,088
Greif, Inc. “B”		1,062		54,980
Myers Industries, Inc.		6,330		105,584
UFP Technologies, Inc.*		1,266		62,806
				428,458
Metals & Mining 1.3%
AK Steel Holding Corp.*		56,320		185,293
Allegheny Technologies, Inc.*		22,572		466,337
Carpenter Technology Corp.		8,476		421,935
Century Aluminum Co.*		9,381		70,498
Cleveland-Cliffs, Inc. (a)		48,425		406,770
Coeur Mining, Inc.*		42,753		345,444
Commercial Metals Co.		21,228		472,747
Compass Minerals International, Inc.		6,130		373,685
Ferroglobe Representation & Warranty Insurance Trust (Beneficial Units) (b)		12,466		0
Gold Resource Corp.		11,352		62,890
Haynes International, Inc.		2,284		81,721
Hecla Mining Co.		89,021		301,781
Kaiser Aluminum Corp.		2,794		309,827
Materion Corp.		3,628		215,685
Mayville Engineering Co., Inc.*		1,165		10,928
Novagold Resources, Inc.*		41,886		375,299
Olympic Steel, Inc.		1,747		31,306

	Shares		Value ($)
Ramaco Resources, Inc.*		1,195		4,278
Ryerson Holding Corp.*		2,757		32,615
Schnitzer Steel Industries, Inc. “A”		4,482		97,170
SunCoke Energy, Inc.		12,551		78,193
Synalloy Corp.		1,549		19,998
TimkenSteel Corp.*		7,595		59,697
Warrior Met Coal, Inc.		9,213		194,671
Worthington Industries, Inc.		6,985		294,627
				4,913,395
Paper & Forest Products 0.4%
Boise Cascade Co.		7,007		255,966
Clearwater Paper Corp.*		2,964		63,311
Louisiana-Pacific Corp.		21,185		628,559
Neenah, Inc.		3,033		213,614
P.H. Glatfelter Co.		7,876		144,131
Schweitzer-Mauduit International, Inc.		5,597		235,018
Verso Corp. “A”*		6,228		112,291
				1,652,890
Real Estate 7.7%
Equity Real Estate Investment Trusts (REITs) 7.0%
Acadia Realty Trust		15,216		394,551
Agree Realty Corp.		7,502		526,415
Alexander & Baldwin, Inc.		12,405		260,009
Alexander’s, Inc.		383		126,524
American Assets Trust, Inc.		8,671		397,999
American Finance Trust, Inc.		19,149		253,916
Armada Hoffler Properties, Inc.		9,775		179,371
Ashford Hospitality Trust		15,552		43,390
Bluerock Residential Growth REIT, Inc.		3,897		46,959
Braemar Hotels & Resorts, Inc.		5,304		47,365
BRT Apartments Corp.		1,928		32,718
CareTrust REIT, Inc.		17,288		356,651
CatchMark Timber Trust, Inc. “A”		8,978		102,978
CBL & Associates Properties, Inc. (a)		29,680		31,164
Cedar Realty Trust, Inc.		15,977		47,132
Chatham Lodging Trust		8,213		150,626
CIM Commercial Trust Corp.		253		3,669
City Office REIT, Inc.		9,580		129,522
Clipper Realty, Inc.		2,541		26,935
Community Healthcare Trust, Inc.		3,369		144,395
CoreCivic, Inc.		21,272		369,707
CorEnergy Infrastructure Trust, Inc.		2,250		100,598
CorePoint Lodging, Inc.		7,155		76,415
DiamondRock Hospitality Co.		36,116		400,165
Easterly Government Properties, Inc.		13,407		318,148
EastGroup Properties, Inc.		6,843		907,861
Essential Properties Realty Trust, Inc.		14,644		363,318
Farmland Partners, Inc. (a)		5,124		34,741
First Industrial Realty Trust, Inc.		22,744		944,103
Four Corners Property Trust, Inc.		12,327		347,498
Franklin Street Properties Corp.		18,684		159,935
Front Yard Residential Corp.		9,039		111,541
Getty Realty Corp.		5,923		194,689
Gladstone Commercial Corp.		5,618		122,809
Gladstone Land Corp.		3,001		38,923
Global Medical REIT, Inc.		5,679		75,133

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

22 | DWS Small Cap Index VIP

	Shares		Value ($)
Global Net Lease, Inc.		16,050		325,494
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		11,391		366,562
Healthcare Realty Trust, Inc.		23,756		792,738
Hersha Hospitality Trust		6,188		90,035
Independence Realty Trust, Inc.		16,558		233,137
Industrial Logistics Properties Trust		11,627		260,677
Innovative Industrial Properties, Inc. (a)		2,036		154,471
Investors Real Estate Trust		2,097		152,033
iStar, Inc.		10,615		154,024
Jernigan Capital, Inc.		4,003		76,617
Kite Realty Group Trust		14,826		289,552
Lexington Realty Trust		43,397		460,876
LTC Properties, Inc.		7,079		316,927
Mack-Cali Realty Corp.		15,644		361,846
Monmouth Real Estate Investment Corp.		16,791		243,134
National Health Investors, Inc.		7,644		622,833
National Storage Affiliates Trust		10,718		360,339
New Senior Investment Group, Inc.		14,659		112,141
NexPoint Residential Trust, Inc.		3,555		159,975
Office Properties Income Trust		8,607		276,629
One Liberty Properties, Inc.		2,909		79,096
Pebblebrook Hotel Trust		23,347		625,933
Pennsylvania Real Estate Investment Trust (a)		12,065		64,306
Physicians Realty Trust		33,964		643,278
Piedmont Office Realty Trust, Inc. “A”		22,568		501,912
PotlatchDeltic Corp.		11,921		515,822
Preferred Apartment Communities, Inc. “A”		8,280		110,290
PS Business Parks, Inc.		3,602		593,862
QTS Realty Trust, Inc. “A”		10,351		561,749
Retail Opportunity Investments Corp.		20,651		364,697
Retail Value, Inc.		2,641		97,189
Rexford Industrial Realty, Inc.		19,981		912,532
RLJ Lodging Trust		30,054		532,557
RPT Realty		14,015		210,786
Ryman Hospitality Properties, Inc.		8,267		716,418
Sabra Health Care REIT, Inc.		34,752		741,608
Safehold, Inc.		1,867		75,240
Saul Centers, Inc.		2,125		112,158
Senior Housing Properties Trust		42,242		356,523
Seritage Growth Properties “A” (a)		6,087		243,967
STAG Industrial, Inc.		24,132		761,847
Summit Hotel Properties, Inc.		18,763		231,535
Sunstone Hotel Investors, Inc.		40,343		561,575
Tanger Factory Outlet Centers, Inc. (a)		16,089		236,991
Terreno Realty Corp.		11,915		645,078
The Geo Group, Inc.		21,533		357,663
UMH Properties, Inc.		6,454		101,521
Uniti Group, Inc. (a)		33,049		271,332
Universal Health Realty Income Trust		2,331		273,566
Urban Edge Properties		20,706		397,141
Urstadt Biddle Properties “A”		5,412		134,434
Washington Prime Group, Inc. (a)		33,511		121,980
Washington Real Estate Investment Trust		14,435		421,213

	Shares		Value ($)
Whitestone REIT		7,034		95,803
Xenia Hotels & Resorts, Inc.		20,377		440,347
				26,789,862
Real Estate Management & Development 0.7%
Altisource Portfolio Solutions SA*		1,075		20,780
American Realty Investors, Inc.*		447		7,657
Consolidated-Tomoka Land Co.		917		55,313
Cushman & Wakefield PLC*		20,172		412,316
EXP World Holdings, Inc.* (a)		3,620		41,015
Forestar Group, Inc.*		2,301		47,976
FRP Holdings, Inc.*		1,235		61,515
Griffin Land & Nurseries, Inc.		211		8,345
Kennedy-Wilson Holdings, Inc.		21,982		490,198
Marcus & Millichap, Inc.*		4,088		152,278
Maui Land & Pineapple Co., Inc.*		1,307		14,704
Newmark Group, Inc. “A”		25,972		349,453
Rafael Holdings, Inc. “B”*		1,946		34,717
RE/MAX Holdings, Inc. “A”		3,208		123,476
Realogy Holdings Corp. (a)		20,422		197,685
Redfin Corp.*		16,208		342,637
Stratus Properties, Inc.*		1,152		35,689
Tejon Ranch Co.*		3,627		57,959
The RMR Group, Inc. “A”		2,719		124,095
The St. Joe Co.*		6,049		119,952
Transcontinental Realty Investors, Inc.*		152		6,062
				2,703,822
Utilities 3.6%
Electric Utilities 1.0%
ALLETE, Inc.		9,320		756,504
El Paso Electric Co.		7,279		494,171
Genie Energy Ltd. “B”		2,658		20,546
MGE Energy, Inc.		6,281		495,068
Otter Tail Corp.		7,136		366,006
PNM Resources, Inc.		14,342		727,283
Portland General Electric Co.		16,150		901,009
Spark Energy, Inc. “A”		2,257		20,832
				3,781,419
Gas Utilities 1.1%
Chesapeake Utilities Corp.		2,898		277,715
New Jersey Resources Corp.		16,025		714,234
Northwest Natural Holding Co.		5,412		399,027
ONE Gas, Inc.		9,387		878,341
RGC Resources, Inc.		1,479		42,270
South Jersey Industries, Inc.		16,603		547,567
Southwest Gas Holdings, Inc.		9,768		742,075
Spire, Inc.		8,922		743,292
				4,344,521
Independent Power & Renewable Electricity Producers 0.4%
Atlantic Power Corp.*		17,412		40,570
Clearway Energy, Inc. “A”		6,239		119,290
Clearway Energy, Inc. “C”		13,235		264,038
Ormat Technologies, Inc.		7,146		532,520
Pattern Energy Group, Inc. “A”		15,808		422,943
Sunnova Energy International, Inc.*		2,391		26,683
TerraForm Power, Inc. “A”		14,207		218,646
				1,624,690

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

DWS Small Cap Index VIP | 23

	Shares		Value ($)
Multi-Utilities 0.6%
Avista Corp.		11,920		573,233
Black Hills Corp.		10,993		863,390
NorthWestern Corp.		9,090		651,480
Unitil Corp.		2,569		158,816
				2,246,919
Water Utilities 0.5%
American States Water Co.		6,617		573,297
AquaVenture Holdings Ltd.*		2,474		67,095
Artesian Resources Corp. “A”		1,335		49,675
Cadiz, Inc.* (a)		2,333		25,710
California Water Service Group		8,638		445,375
Consolidated Water Co., Ltd.		2,624		42,771
Global Water Resources, Inc.		2,048		26,931
Middlesex Water Co.		2,917		185,434
Pure Cycle Corp.*		3,157		39,747
SJW Group		4,711		334,764
York Water Co.		2,365		109,050
				1,899,849
Total Common Stocks(Cost $300,450,136)				378,534,744
Rights 0.0%
Health Care 0.0%
GTX, Inc.* (a) (b)		123		252
Omthera Pharmaceutical, Inc.* (b)		1,167		700
Tobira Therapeutics, Inc.* (b)		1,687		102
				1,054
Materials 0.0%
Schulman A, Inc., “A”* (b)		5,009		2,169
Total Rights (Cost $2,524)				3,223

	Principal Amount ($)			Value ($)
Government & Agency Obligations 0.4%
U.S. Treasury Obligation
U.S. Treasury Bill, 1.97% **, 1/9/2020 (c) (Cost $1,519,335)		1,520,000			1,519,585
	Shares			Value ($)
Securities Lending Collateral 3.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (d) (e) (Cost $14,803,664)		14,803,664			14,803,664
Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 1.62% (d) (Cost $5,850,788)		5,850,788			5,850,788
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $322,626,447)		103.8			400,712,004
Other Assets and Liabilities, Net		(3.8	)		(14,654,951	)
Net Assets		100.0			386,057,053

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Securities Lending Collateral 3.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (d) (e)
14,620,153		183,511	(f)		—		—		—		401,473		—		14,803,664		14,803,664
Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 1.62% (d)
4,694,157		124,182,991			123,026,360		—		—		114,560		—		5,850,788		5,850,788
19,314,310		124,366,502			123,026,360		—		—		516,033		—		20,654,452		20,654,452

* Non-income producing security.

** Annualized yield at time of purchase; not a coupon rate.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at December 31, 2019 amounted to $15,035,293, which is 3.9% of net assets.

(b) Investment was valued using significant unobservable inputs.

(c) At December 31, 2019, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $558,072.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2019.

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

24 | DWS Small Cap Index VIP

At December 31, 2019, open futures contracts purchased were as follows:

Futures

Currency

Expiration Date

Contracts

Notional Amount ($)

Notional Value ($)

Unrealized Appreciation ($)

Russell E Mini 2000 Index

USD

3/20/2020

93

7,766,631

7,768,290

1,659

Currency Abbreviation

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

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of December 31, 2019 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 (g)	$	378,534,744	$	—	$	0	$	378,534,744
Rights (g)		—		—		3,223		3,223
Government & Agency Obligation		—		1,519,585		—		1,519,585
Short-Term Investments (g)		20,654,452		—		—		20,654,452
Derivatives (h)
Futures Contracts		1,659		—		—		1,659
Total	$	399,190,855	$	1,519,585	$	3,223	$	400,713,663

(g) See Investment Portfolio for additional detailed categorizations.

(h) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

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

DWS Small Cap Index VIP | 25

Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments innon-affiliated securities, at value (cost $301,971,995) — including $15,035,293 of securities loaned	$	380,057,552
Investment in DWS Government & Agency Securities Portfolio (cost $14,803,664)*		14,803,664
Investment in DWS Central Cash Management Government Fund (cost $5,850,788)		5,850,788
Cash		5,280
Receivable for investments sold		8,893
Receivable for Fund shares sold		96,882
Dividends receivable		456,240
Interest receivable		47,084
Receivable for variation margin on futures contracts		10,515
Other assets		22,485
Total assets		401,359,383
Liabilities
Payable upon return of securities loaned		14,803,664
Payable for investments purchased		46,193
Payable for Fund shares redeemed		212,496
Accrued management fee		67,164
Accrued Trustees’ fees		5,115
Other accrued expenses and payables		167,698
Total liabilities		15,302,330
Net assets, at value	$	386,057,053
Net Assets Consist of
Distributable earnings (loss)		113,505,169
Paid-in capital		272,551,884
Net assets, at value	$	386,057,053
Net Asset Value
Class A
Net Asset Value and redemption price per share ($353,076,139 ÷ 20,802,116 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	16.97
Class B
Net Asset Value offering and redemption price per share ($32,980,914 ÷ 1,943,200 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	16.97

* Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $558,072.

Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Dividends (net of foreign taxes withheld of $1,548)	$	4,686,422
Interest		31,835
Income distributions — DWS Central Cash Management Government Fund		114,560
Securities lending income, net of borrower rebates		401,473
Total income		5,234,290
Expenses:
Management fee		1,279,759
Administration fee		365,645
Services to Shareholders		3,485
Recordkeeping fee (Class B)		8,851
Distribution service fee (Class B)		75,628
Custodian fee		53,521
Professional fees		65,777
Reports to shareholders		63,770
Trustees’ fees and expenses		19,829
Other		76,083
Total expenses before expense reductions		2,012,348
Expense reductions		(501,074	)
Total expenses after expense reductions		1,511,274
Net investment income		3,723,016
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		32,933,859
Futures		1,293,540
		34,227,399
Change in net unrealized appreciation (depreciation) on:
Investments		43,935,102
Futures		294,756
Foreign currency		55
		44,229,913
Net gain (loss)		78,457,312
Net increase (decrease) in net assets resulting from operations	$	82,180,328

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

26 | DWS Small Cap Index VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	3,723,016		$	4,120,982
Net realized gain (loss)		34,227,399			32,583,952
Change in net unrealized appreciation (depreciation)		44,229,913			(78,598,339	)
Net increase (decrease) in net assets resulting from operations		82,180,328			(41,893,405	)
Distributions to shareholders:
Class A		(33,194,342	)		(28,419,168	)
Class B		(2,947,799	)		(2,572,476	)
Total distributions		(36,142,141	)		(30,991,644	)
Fund share transactions:
Class A
Proceeds from shares sold		84,958,254			41,172,754
Reinvestment of distributions		33,194,342			28,419,168
Payments for shares redeemed		(115,504,018	)		(54,633,970	)
Net increase (decrease) in net assets from Class A share transactions		2,648,578			14,957,952
Class B
Proceeds from shares sold		5,070,105			18,227,770
Reinvestment of distributions		2,947,799			2,572,476
Payments for shares redeemed		(6,737,215	)		(21,601,323	)
Net increase (decrease) in net assets from Class B share transactions		1,280,689			(801,077	)
Increase (decrease) in net assets		49,967,454			(58,728,174	)
Net assets at beginning of period		336,089,599			394,817,773
Net assets at end of period	$	386,057,053		$	336,089,599
Other Information
Class A
Shares outstanding at beginning of period		20,590,649			19,690,579
Shares sold		5,220,842			2,269,653
Shares issued to shareholders in reinvestment of distributions		2,089,008			1,663,885
Shares redeemed		(7,098,383	)		(3,033,468	)
Net increase (decrease) in Class A shares		211,467			900,070
Shares outstanding at end of period		20,802,116			20,590,649
Class B
Shares outstanding at beginning of period		1,861,335			1,897,242
Shares sold		317,699			982,362
Shares issued to shareholders in reinvestment of distributions		185,163			150,437
Shares redeemed		(420,997	)		(1,168,706	)
Net increase (decrease) in Class B shares		81,865			(35,907	)
Shares outstanding at end of period		1,943,200			1,861,335

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

DWS Small Cap Index VIP | 27

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	14.97		$	18.29		$	16.78		$	15.18		$	17.33
Income (loss) from investment operations:
Net investment income (loss)a		.17			.19			.17			.18			.19
Net realized and unrealized gain (loss)		3.49			(2.06	)		2.16			2.76			(.87	)
Total from investment operations		3.66			(1.87	)		2.33			2.94			(.68	)
Less distributions from:
Net investment income		(.18	)		(.18	)		(.17	)		(.17	)		(.18	)
Net realized gains		(1.48	)		(1.27	)		(.65	)		(1.17	)		(1.29	)
Total distributions		(1.66	)		(1.45	)		(.82	)		(1.34	)		(1.47	)
Net asset value, end of period	$	16.97		$	14.97		$	18.29		$	16.78		$	15.18
Total Return (%)b		25.22			(11.23	)		14.33			21.03			(4.60	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		353			308			360			343			284
Ratio of expenses before expense reductions (%)c		.53			.51			.51			.53			.54
Ratio of expenses after expense reductions (%)c		.39			.41			.44			.45			.45
Ratio of net investment income (loss) (%)		1.04			1.03			1.00			1.25			1.14
Portfolio turnover rate (%)		22			17			15			18			21

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

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

	Years Ended December 31,
Class B	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	14.97		$	18.28		$	16.77		$	15.17		$	17.31
Income (loss) from investment operations:
Net investment income (loss)a		.12			.14			.13			.15			.14
Net realized and unrealized gain (loss)		3.49			(2.05	)		2.15			2.75			(.86	)
Total from investment operations		3.61			(1.91	)		2.28			2.90			(.72	)
Less distributions from:
Net investment income		(.13	)		(.13	)		(.12	)		(.13	)		(.13	)
Net realized gains		(1.48	)		(1.27	)		(.65	)		(1.17	)		(1.29	)
Total distributions		(1.61	)		(1.40	)		(.77	)		(1.30	)		(1.42	)
Net asset value, end of period	$	16.97		$	14.97		$	18.28		$	16.77		$	15.17
Total Return (%)b		24.87			(11.42	)		14.03			20.71			(4.85	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		33			28			35			30			25
Ratio of expenses before expense reductions (%)c		.81			.80			.78			.78			.79
Ratio of expenses after expense reductions (%)c		.65			.67			.70			.71			.71
Ratio of net investment income (loss) (%)		.76			.77			.76			.99			.88
Portfolio turnover rate (%)		22			17			15			18			21

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

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

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

28 | DWS Small Cap Index VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

Deutsche DWS Investments VIT Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. DWS 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 to investors: Class A shares and Class B shares. Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to an annual rate of 0.25% and up to 0.15%, respectively, of the Class B shares average daily net assets. 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 Rule 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. 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.

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.

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.

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 Fund’s Board. If the pricing services are unable to provide valuations, securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from one or more broker-dealers. 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 and other data, as well as broker quotes. 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 Board 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

DWS Small Cap Index VIP | 29

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.Brown Brothers Harriman & Co. serves as securities lending agent for the Fund, 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 either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) 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 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.

As of December 31, 2019, the Fund had securities on loan, which were classified as common stock and rights in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreementsas of December 31, 2019
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	14,803,620	$	—	$	—	$	558,072	$	15,361,692
Rights		44		—		—		—		44
Total Borrowings	$	14,803,664	$	—	$	—	$	558,072	$	15,361,736
Gross amount of recognized liabilities for securities lending transactions:									$	15,361,736

Federal Income Taxes.The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains.Net investment income of the Fund, if any, is 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.

30 | DWS Small Cap Index VIP

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 investments in futures contracts and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2019, the Fund’s components of distributable earnings (accumulated gains) on a tax basis were as follows:

Undistributed ordinary income*	$	5,592,765
Undistributed long-term capital gains	$	34,522,122
Net unrealized appreciation (depreciation) on investments	$	73,267,514

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $327,444,490. The net unrealized appreciation for all investments based on tax cost was $73,267,514. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $118,968,449 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $45,700,935.

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

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	6,299,165	$	6,449,285
Distributions from long-term capital gains	$	29,842,976	$	24,542,359

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

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

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 statement purposes and a recharacterization will be made within the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.

Other.Investment transactions are accounted for on a trade date plus one basis for daily net asset valuation 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 year ended December 31, 2019, 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

DWS Small Cap Index VIP | 31

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 disclosed in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of December 31, 2019, is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2019, the investment in futures contracts purchased had a total notional value generally indicative of a range from $4,388,000 to approximately $16,056,000.

The following tables summarize the value of the Fund’s derivative instruments held as of December 31, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivative	Futures Contracts
Equity Contracts (a)	$	1,659

The above derivative is located in the following Statement of Assets and Liabilities account:

(a) Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2019 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 Contracts
Equity Contracts (b)	$	1,293,540

The above derivative is located in the following Statement of Operations account:

(b) Net realized gain (loss) from futures

Change in Net Unrealized Appreciation (Depreciation)	Futures Contracts
Equity Contracts (c)	$	294,756

The above derivative is located in the following Statement of Operations account:

(c) Change in net unrealized appreciation (depreciation) on futures

C. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment securities (excluding short-term investments) aggregated $78,566,280 and $105,097,480, respectively.

D. Related Parties

Investment 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.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays the Advisor an annual fee based on its average daily net assets, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.35%.

32 | DWS Small Cap Index VIP

For the period from January 1, 2019 through September 30, 2020 (and through April 30, 2020 for Class B shares), the Advisor has contractually agreed to waive all or a portion of 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 and interest) of each class as follows:

Class A	.39	%
Class B	.65	%

For the year ended December 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	454,157
Class B		46,917
	$	501,074

Administration Fee.Pursuant to the Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $365,645, of which $32,260 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 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2019, the Distribution Service Fee was as follows:

Distribution Service Fee	Total Aggregated		Unpaid at December 31, 2019
Class B	$	75,628	$	6,902

Service Provider Fees.DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement among DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee they receive from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2019
Class A	$	1,062	$	176
Class B		223		37
	$	1,285	$	213

Typesetting and Filing Service Fees.Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $17,679, of which $5,455 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 and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market 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. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

DWS Small Cap Index VIP | 33

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

F. Ownership of the Fund

At December 31, 2019, four participating insurance companies were beneficial owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 40%, 17%, 12% and 11%, respectively. At December 31, 2019, three participating insurance companies were beneficial owners of record of 10% or more of the outstanding Class B shares of the Fund, each owning 44%, 20% and 16%, respectively.

G. Change of Independent Registered Public Accounting Firm

On May 14, 2019, PricewaterhouseCoopers LLP (“PwC”) resigned as the independent registered public accounting firm to the Fund. PwC communicated its resignation to the Registrant’s Board of Trustees (the “Board of Trustees”).

PwC’s reports on the Fund’s financial statements for the fiscal years ended December 31, 2018 and December 31, 2017 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle.

During the fiscal years ended December 31, 2018 and December 31, 2017 and during the subsequent interim period through May 14, 2019: (i) there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreements in connection with its reports on the Fund’s financial statements for such periods; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On May 15, 2019, the Audit Committee of the Board of Trustees and the Board of Trustees approved the selection of Ernst & Young LLP (“EY”) as the Fund’s independent registered public accounting firm for the fiscal year ending December 31, 2019. During the Fund’s fiscal years ended December 31, 2018 and December 31, 2017, and the subsequent interim period through May 15, 2019, neither the Fund, nor anyone on their behalf, consulted with EY on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund’s financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

34 | DWS Small Cap Index VIP

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Investments VIT Funds and Shareholders of DWS Small Cap Index VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Small Cap Index VIP (the “Fund”) (one of the funds constituting Deutsche DWS Investments VIT Funds) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statements of operations and changes in net assets and the financial highlights for the year then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Investments VIT Funds) at December 31, 2019, the results of its operations, the changes in its net assets and its financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

The statement of changes in net assets for the year ended December 31, 2018, and the financial highlights for the years ended December 31, 2015, December 31, 2016, December 31, 2017 and December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 14, 2019, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

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

Boston, Massachusetts

February 14, 2020

DWS Small Cap Index VIP | 35

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return		Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,071.30	$	1,070.00
Expenses Paid per $1,000*	$	2.04	$	3.39
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,023.24	$	1,021.93
Expenses Paid per $1,000*	$	1.99	$	3.31

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A			Class B
DWS Small Cap Index VIP		.39	%		.65	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

36 | DWS Small Cap Index VIP

Tax Information (Unaudited)

The Fund paid distributions of $1.37 per share from net long-term capital gains during its year ended

December 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $38,583,000 as capital gain dividends for its year ended December 31, 2019.

For corporate shareholders, 52% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2019 qualified for the dividends received deduction.

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

Proxy Voting

The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

DWS Small Cap Index VIP | 37

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”) andsub-advisory agreement (the“Sub-Advisory Agreement” and together with the Agreement, the “Agreements”) between DIMA and Northern Trust Investments, Inc. (“NTI”)in September 2019.

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’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– 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 addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and 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. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

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. Throughout the course of the year, the Board also received information regarding DIMA’s oversight of fundsub-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

38 | DWS Small Cap Index VIP

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 theone-, three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 2nd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

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”) and the Fee Consultant 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 0.10% 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, 2018). With respect to thesub-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, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-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 anysub-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, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-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 and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-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’ssub-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

DWS Small Cap Index VIP | 39

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 and NTI 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 and NTI 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.

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 and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel. The Board also considered the attention and resources dedicated by DIMA to the oversight of the investmentsub-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. 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. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

40 | DWS Small Cap Index VIP

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

DWS Small Cap Index VIP | 41

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

42 | DWS Small Cap Index VIP

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

DWS Small Cap Index VIP | 43

vit-scif-2 (R-025818-9 2/20)

ITEM 2.	CODE OF ETHICS
	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee.  An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

DWS Small Cap Index VIP

form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s current Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s fiscal year ended December 31, 2019 and the amount of fees that PricewaterhouseCoopers, LLP (“PwC”), the Fund’s prior Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s fiscal year ended December 31, 2018. The Audit Committee approved in advance all audit services and non-audit services that EY or PwC provided to the Fund while serving as the Independent Registered Public Accounting Firm.

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

Fiscal Year Ended December 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2019	$38,433	$0	$9,039	$0
2018	$54,468	$0	$0	$0

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

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s fiscal year ended December 31, 2019 and the amount of fees billed by PwC to the Adviser and any Affiliated Fund Service provider for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s fiscal year ended December 31, 2018.

Fiscal Year Ended December 31,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2019	$0	$740,482	$0
2018	$0	$0	$0

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures. EY also billed $470,936 for tax services during the Fund’s fiscal year ended December 31, 2018.

Non-Audit Services

The following table shows the amount of fees that EY billed during the Fund’s fiscal year ended December 31, 2019 and the amount of fees that PwC billed during the Fund’s fiscal year ended December 31, 2018 for non-audit services. The Audit Committee pre-approved all non-audit services that EY or PwC, while serving as Independent Registered Public Accounting Firm, provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY and PwC about any non-audit services that EY or PwC rendered to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s and PwC’s independence.

Fiscal Year Ended December 31,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2019	$9,039	$740,482	$0	$749,521
2018	$0	$0	$0	$0

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.EY also billed $984,066 for tax services during the Fund’s fiscal year ended December 31, 2018.

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

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

According to each principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

***

In connection with the audit of the 2019 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

***

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.

· EY advised the Fund’s Audit Committee of certain lending relationships of EY with owners of greater than 10% of the shares of certain investment companies within the DWS Funds Complex that EY had identified as inconsistent with Rule 2-01(c)(l)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, an audit client includes the Fund as well as all other investment companies in the DWS Funds Complex. EY’s lending relationships affect EY’s independence under the Loan Rule with respect to all investment companies in the DWS Funds Complex.

EY stated its belief that, in each lending relationship, the lender is or was not able to impact the impartiality of EY or assert any influence over the investment companies in the DWS Funds Complex whose shares the lender owns or owned, or the applicable investment company’s investment adviser. In addition, on June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex, Fidelity Management & Research Company et al., SEC Staff No-Action Letter (June 20, 2016) (the “Fidelity Letter”), related to similar Loan Rule issues as those described above. In the Fidelity Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. With respect to each lending relationship identified by EY, the circumstances described in the Fidelity Letter appear to be substantially similar to the circumstances that affected EY’s independence under the Loan Rule with respect to the Fund, and, in each case, EY confirmed to the Audit Committee that it meets the conditions of the Fidelity Letter.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not applicable
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	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.
ITEM 11.	CONTROLS AND PROCEDURES
	(a)	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.
	(b)	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.
ITEM 12.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
	Not applicable
ITEM 13.	EXHIBITS
	(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
	(a)(2)	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.
	(b)	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.

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.

Registrant:	DWS Small Cap Index VIP, a series of Deutsche DWS Investments VIT Funds
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	2/14/2020

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.

By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	2/14/2020
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	2/14/2020