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

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	12/31
Date of reporting period:	12/31/2020

ITEM 1.	REPORT TO STOCKHOLDERS
	(a)

December 31, 2020

Annual Report

Deutsche DWS Investments VIT Funds

DWS Equity 500 Index VIP

Contents

3	Performance Summary
4	Management Summary
6	Portfolio Summary
7	Investment Portfolio
14	Statement of Assets and Liabilities
14	Statement of Operations
15	Statements of Changes in Net Assets
16	Financial Highlights
18	Notes to Financial Statements
24	Report of Independent Registered Public Accounting Firm
25	Information About Your Fund’s Expenses
26	Tax Information
26	Proxy Voting
27	Advisory Agreement Board Considerations and Fee Evaluation
30	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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments.

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 Equity 500 Index VIP

Performance Summary December 31, 2020 (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, B and B2 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, 2020 are 0.35%, 0.72% and 0.74% for Class A, Class B and Class B2 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

S&P 500^® Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Equity 500 Index VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$11,810	$14,772	$20,038	$35,717
	Average annual total return	18.10%	13.89%	14.91%	13.58%
S&P 500 Index	Growth of $10,000	$11,840	$14,885	$20,304	$36,700
	Average annual total return	18.40%	14.18%	15.22%	13.88%
DWS Equity 500 Index VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$11,763	$14,611	$19,691	$34,654
	Average annual total return	17.63%	13.47%	14.51%	13.23%
S&P 500 Index	Growth of $10,000	$11,840	$14,885	$20,304	$36,700
	Average annual total return	18.40%	14.18%	15.22%	13.88%
DWS Equity 500 Index VIP		1-Year	3-Year	5-Year	10-Year
Class B2	Growth of $10,000	$11,764	$14,599	$19,653	$34,382
	Average annual total return	17.64%	13.44%	14.47%	13.14%
S&P 500 Index	Growth of $10,000	$11,840	$14,885	$20,304	$36,700
	Average annual total return	18.40%	14.18%	15.22%	13.88%

The growth of $10,000 is cumulative.

DWS Equity 500 Index VIP | 3

Management Summary December 31, 2020 (Unaudited)

The Fund returned 18.10% in 2020 (Class A shares, unadjusted for contract charges). Since the Fund’s investment strategy is to replicate the performance of the S&P 500^®. Its return is normally close to that of the index. The difference in performance is typically driven by transaction costs and Fund expenses. The Fund periodically invested in equity index futures in order to keep the portfolio’s exposures in line with those of the index. This strategy had a neutral impact on performance.

Although the S&P 500 Index finished 2020 with a positive return, the investment backdrop was in fact quite unsteady for much of the year. From the beginning of the reporting period through mid-February 2020, stocks moved gradually higher thanks to the combination of solid economic growth, supportive U.S. Federal Reserve policy, and signs the United States and China were moving closer to a resolution to their trade dispute. These favorable conditions changed suddenly in mid-February once it became evident that COVID-19 was spreading across the globe. As governments took steps to counter the virus by shutting down broad segments of their economies, equities suffered a large, rapid downturn.

The U.S. Federal Reserve responded to this development by cutting short-term interest rates to zero and initiating a number of programs intended to prop up the economy and arrest the decline in the financial markets. The government also provided fiscal support in the form of a $2 trillion-plus stimulus bill passed by the U.S. Congress. These measures, together with the gradual re-opening of the economy through the summer, contributed to a rally which lasted until the end of August and allowed the index to recapture much of its prior loss.

The positive environment gave way to a more cautious tone in September and October, as rising coronavirus cases sparked concerns about a “second wave.” In addition, the possibility of an uncertain result in the U.S. election began to weigh on sentiment. However, both of these issues moved into the background in November as the election passed and multiple coronavirus vaccines were approved for immediate use. These developments helped the index stage a strong rally in the final two months of the year to close near an all-time high.

Tesla, Inc. was added to the S&P 500 Index on December 21, 2020. The market capitalization of the electric car and battery producer stood at over $650 billion on that date, making it the largest company ever to join the S&P 500. It entered the index as the sixth-largest holding with a weighting of approximately 1.7%. Tesla’s inclusion led to a modest in increase in the valuation and historic volatility profile of the index, while slightly lowering its dividend.

Continuing a multi-year trend, the growth style outperformed value by a wide margin. For the majority of the year, investors responded to the economic uncertainty by gravitating to companies seen as having the most reliable earnings. This largely worked to the benefit of a narrow group of mega-cap technology- and consumer-related stocks, such as Apple, Inc., Alphabet, Inc. (parent of Google), Amazon.com, Inc., Netflix Corp., and Microsoft Corp. The value style strongly outperformed in November and December, however. Following the announcement that a vaccine for COVID-19 would soon be available, leadership broadened to encompass economically sensitive market segments that had failed to keep pace in the previous seven months. In total, this group accounted for over half of the S&P 500’s 18.40% gain in 2020.

At the sector level, information technology, consumer discretionary, communication services, and materials stocks outperformed the broader market. Health care and consumer staples, although registering positive absolute returns, failed to keep pace with the index. The financial, real estate, and utilities sectors experienced narrow losses, while the energy sector moved sharply lower.

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 portfolio holdings are subject to risk.

4 | DWS Equity 500 Index VIP

Terms to Know

The S&P 500 Index is an unmanaged, capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of

500 stocks representing all major industries. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Contribution and detraction incorporate both a stock’s total return and its weighting in the index.

The consumer discretionary sector represents industries that produce goods and services that are not necessities in everyday life.

Consumer staples are the industries that manufacture and sell products such as food and beverages, prescription drugs, and household products.

Futures contracts are contractual agreements to buy or sell a particular commodity or financial instrument at a predetermined price in the future.

DWS Equity 500 Index VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/20		12/31/19
Common Stocks		99%		98%
Cash Equivalents		1%		2%
Government & Agency Obligations		0%		0%
		100%		100%
Sector Diversification (As a % of Common Stocks)	12/31/20		12/31/19
Information Technology		28%		23%
Health Care		13%		14%
Consumer Discretionary		13%		10%
Communication Services		11%		10%
Financials		10%		13%
Industrials		8%		9%
Consumer Staples		7%		7%
Utilities		3%		3%
Materials		3%		3%
Real Estate		2%		3%
Energy		2%		5%
		100%		100%

Ten Largest Equity Holdings (28.1% of Net Assets)
	1.	Apple, Inc.	6.6%
		Designs, manufactures and markets personal computers and related computing and mobile communication devices
	2.	Microsoft Corp.	5.2%
		Develops, manufactures, licenses, sells and supports software products
	3.	Amazon.com, Inc.	4.3%
		Online retailer that offers a wide range of products, including books, music, videotapes, computers, electronics, home and garden, and numerous products
	4.	Alphabet, Inc.	3.2%
		Holding company with subsidiaries that provide web-based search, advertisements, maps, software applications, mobile operating systems and a variety of other products
	5.	Facebook, Inc.	2.0%
		Operates of a social networking web site
	6.	Tesla, Inc.	1.7%
		Designs, manufactures and sells high-perfomance electric vehicles and electric vehicle powertrain components
	7.	Berkshire Hathaway, Inc.	1.4%
		Holding company of insurance business and a variety of other businesses
	8.	Johnson & Johnson	1.3%
		Provider of health care products
	9.	JPMorgan Chase & Co.	1.2%
		Provider of global financial services
	10.	Visa, Inc.	1.2%
		Operates a retail electronic payments network and manages global financial services

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 7.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

6 | DWS Equity 500 Index VIP

Investment Portfolio as of December 31, 2020

	Shares		Value ($)
Common Stocks 98.8%
Communication Services 10.6%
Diversified Telecommunication Services 1.4%
AT&T, Inc.		148,194		4,262,059
CenturyLink, Inc.		20,970		204,458
Verizon Communications, Inc.		86,072		5,056,730
				9,523,247
Entertainment 2.2%
Activision Blizzard, Inc.		16,076		1,492,656
Electronic Arts, Inc.		6,033		866,339
Live Nation Entertainment, Inc.*		3,018		221,763
Netflix, Inc.*		9,188		4,968,227
Take-Two Interactive Software, Inc.*		2,389		496,410
Walt Disney Co.*		37,665		6,824,145
				14,869,540
Interactive Media & Services 5.4%
Alphabet, Inc. “A”*		6,259		10,969,774
Alphabet, Inc. “C”*		6,040		10,581,355
Facebook, Inc. “A”*		50,019		13,663,190
Twitter, Inc.*		16,530		895,100
				36,109,419
Media 1.3%
Charter Communications, Inc. “A”*		3,033		2,006,481
Comcast Corp. “A”		94,902		4,972,865
Discovery, Inc. “C”*		6,167		161,514
Discovery, Inc. “A”* (a)		3,114		93,700
DISH Network Corp. “A”*		5,223		168,912
Fox Corp. “A”		7,022		204,481
Fox Corp. “B”*		3,037		87,708
Interpublic Group of Companies, Inc.		8,278		194,698
News Corp. “A”		8,235		147,983
News Corp. “B”		2,595		46,113
Omnicom Group, Inc.		4,449		277,484
ViacomCBS, Inc. “B”		11,887		442,910
				8,804,849
Wireless Telecommunication Services 0.3%
T-Mobile U.S., Inc.*		12,130		1,635,731
Consumer Discretionary 12.6%
Auto Components 0.1%
Aptiv PLC		5,599		729,494
BorgWarner, Inc.		5,232		202,164
				931,658
Automobiles 2.0%
Ford Motor Co.		81,045		712,386
General Motors Co.		26,135		1,088,261
Tesla, Inc.* (a)		15,777		11,133,356
				12,934,003
Distributors 0.1%
Genuine Parts Co.		3,040		305,307
LKQ Corp.*		5,900		207,916
Pool Corp.		826		307,685
				820,908

	Shares		Value ($)
Hotels, Restaurants & Leisure 1.7%
Carnival Corp.		15,318		331,788
Chipotle Mexican Grill, Inc.*		580		804,292
Darden Restaurants, Inc.		2,754		328,056
Domino’s Pizza, Inc.		830		318,272
Hilton Worldwide Holdings, Inc.		5,725		636,963
Las Vegas Sands Corp.		6,768		403,373
Marriott International, Inc. “A”		5,503		725,956
McDonald’s Corp.		15,496		3,325,132
MGM Resorts International		8,731		275,114
Norwegian Cruise Line Holdings Ltd.*		6,755		171,779
Royal Caribbean Cruises Ltd.		3,938		294,129
Starbucks Corp.		24,414		2,611,810
Wynn Resorts Ltd.		2,042		230,399
Yum! Brands, Inc.		6,242		677,631
				11,134,694
Household Durables 0.4%
D.R. Horton, Inc.		6,881		474,238
Garmin Ltd.		3,130		374,536
Leggett & Platt, Inc.		2,887		127,894
Lennar Corp. “A”		5,683		433,215
Mohawk Industries, Inc.*		1,269		178,865
Newell Brands, Inc.		8,016		170,180
NVR, Inc.*		73		297,830
PulteGroup, Inc.		5,600		241,472
Whirlpool Corp.		1,328		239,691
				2,537,921
Internet & Direct Marketing Retail 4.9%
Amazon.com, Inc.*		8,873		28,898,740
Booking Holdings, Inc.*		851		1,895,407
eBay, Inc.		13,607		683,752
Etsy, Inc.*		2,617		465,590
Expedia Group, Inc.		2,875		380,650
				32,324,139
Leisure Products 0.0%
Hasbro, Inc.		2,700		252,558
Multiline Retail 0.5%
Dollar General Corp.		5,089		1,070,217
Dollar Tree, Inc.*		4,889		528,207
Target Corp.		10,415		1,838,560
				3,436,984
Specialty Retail 2.2%
Advance Auto Parts, Inc.		1,392		219,254
AutoZone, Inc.*		479		567,826
Best Buy Co., Inc.		4,763		475,300
CarMax, Inc.*		3,459		326,737
Home Depot, Inc.		22,398		5,949,357
L Brands, Inc.		4,974		184,983
Lowe’s Companies, Inc.		15,227		2,444,086
O’Reilly Automotive, Inc.*		1,497		677,497
Ross Stores, Inc.		7,388		907,320
The Gap, Inc.		4,339		87,604
Tiffany & Co.		2,280		299,706
TJX Companies, Inc.		24,967		1,704,997
Tractor Supply Co.		2,405		338,095
Ulta Beauty, Inc.*		1,189		341,433
				14,524,195

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

DWS Equity 500 Index VIP | 7

	Shares		Value ($)
Textiles, Apparel & Luxury Goods 0.7%
Hanesbrands, Inc.		7,380		107,600
NIKE, Inc. “B”		26,072		3,688,406
PVH Corp.		1,459		136,986
Ralph Lauren Corp.		987		102,391
Tapestry, Inc.		5,658		175,851
Under Armour, Inc. “A”*		4,284		73,556
Under Armour, Inc. “C”*		4,024		59,877
VF Corp.		6,594		563,194
				4,907,861
Consumer Staples 6.4%
Beverages 1.6%
Brown-Forman Corp. “B”		3,842		305,170
Coca-Cola Co.		80,429		4,410,726
Constellation Brands, Inc. “A”		3,510		768,866
Molson Coors Beverage Co. “B”		3,994		180,489
Monster Beverage Corp.*		7,672		709,507
PepsiCo, Inc.		28,764		4,265,701
				10,640,459
Food & Staples Retailing 1.4%
Costco Wholesale Corp.		9,185		3,460,724
Kroger Co.		16,037		509,335
Sysco Corp.		10,569		784,854
Walgreens Boots Alliance, Inc.		14,875		593,215
Walmart, Inc.		28,872		4,161,899
				9,510,027
Food Products 1.0%
Archer-Daniels-Midland Co.		11,481		578,757
Campbell Soup Co.		4,276		206,745
Conagra Brands, Inc.		10,328		374,493
General Mills, Inc.		12,653		743,996
Hormel Foods Corp.		5,918		275,838
J M Smucker Co.		2,411		278,712
Kellogg Co.		5,355		333,242
Kraft Heinz Co.		13,446		466,038
Lamb Weston Holdings, Inc.		3,084		242,834
McCormick & Co., Inc.		5,237		500,657
Mondelez International, Inc. “A”		29,723		1,737,904
The Hershey Co.		3,047		464,150
Tyson Foods, Inc. “A”		6,051		389,926
				6,593,292
Household Products 1.6%
Church & Dwight Co., Inc.		5,211		454,556
Clorox Co.		2,610		527,011
Colgate-Palmolive Co.		17,810		1,522,933
Kimberly-Clark Corp.		7,056		951,360
Procter & Gamble Co.		51,637		7,184,772
				10,640,632
Personal Products 0.2%
Estee Lauder Companies, Inc. “A”		4,709		1,253,489
Tobacco 0.6%
Altria Group, Inc.		38,584		1,581,944
Philip Morris International, Inc.		32,375		2,680,326
				4,262,270

	Shares		Value ($)
Energy 2.3%
Energy Equipment & Services 0.2%
Baker Hughes Co.		14,010		292,109
Halliburton Co.		18,363		347,061
Nov, Inc.		7,880		108,192
Schlumberger NV		29,214		637,742
TechnipFMC PLC		8,238		77,437
				1,462,541
Oil, Gas & Consumable Fuels 2.1%
Apache Corp.		8,109		115,067
Cabot Oil & Gas Corp.		8,492		138,250
Chevron Corp.		40,062		3,383,236
Concho Resources, Inc.		4,059		236,843
ConocoPhillips		22,307		892,057
Devon Energy Corp.		8,035		127,033
Diamondback Energy, Inc.		3,186		154,202
EOG Resources, Inc.		12,211		608,962
Exxon Mobil Corp.		88,023		3,628,308
Hess Corp.		5,696		300,692
HollyFrontier Corp.		2,933		75,818
Kinder Morgan, Inc.		40,334		551,366
Marathon Oil Corp.		15,786		105,293
Marathon Petroleum Corp.		13,505		558,567
Occidental Petroleum Corp.		17,263		298,822
ONEOK, Inc.		9,331		358,124
Phillips 66		9,074		634,635
Pioneer Natural Resources Co.		3,432		390,870
Valero Energy Corp.		8,459		478,526
Williams Companies, Inc.		25,194		505,140
				13,541,811
Financials 10.3%
Banks 3.8%
Bank of America Corp.		158,431		4,802,044
Citigroup, Inc.		43,308		2,670,371
Citizens Financial Group, Inc.		9,000		321,840
Comerica, Inc.		2,807		156,799
Fifth Third Bancorp.		14,598		402,467
First Republic Bank		3,643		535,266
Huntington Bancshares, Inc.		21,277		268,728
JPMorgan Chase & Co.		63,473		8,065,514
KeyCorp		20,578		337,685
M&T Bank Corp.		2,706		344,474
People’s United Financial, Inc.		8,619		111,444
PNC Financial Services Group, Inc.		8,806		1,312,094
Regions Financial Corp.		20,139		324,641
SVB Financial Group*		1,069		414,590
Truist Financial Corp.		27,944		1,339,356
U.S. Bancorp.		28,378		1,322,131
Wells Fargo & Co.		85,984		2,594,997
Zions Bancorp. NA		3,464		150,476
				25,474,917
Capital Markets 2.7%
Ameriprise Financial, Inc.		2,447		475,526
Bank of New York Mellon Corp.		16,866		715,793
BlackRock, Inc.		2,952		2,129,986
Cboe Global Markets, Inc.		2,229		207,564
Charles Schwab Corp.		31,035		1,646,096
CME Group, Inc.		7,470		1,359,913
Franklin Resources., Inc.		5,925		148,066
Intercontinental Exchange, Inc.		11,692		1,347,971
Invesco Ltd.		7,969		138,900

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

8 | DWS Equity 500 Index VIP

	Shares		Value ($)
MarketAxess Holdings, Inc.		788		449,601
Moody’s Corp.		3,358		974,626
Morgan Stanley		29,740		2,038,082
MSCI, Inc.		1,724		769,818
Nasdaq, Inc.		2,415		320,567
Northern Trust Corp.		4,398		409,630
Raymond James Financial, Inc.		2,505		239,653
S&P Global, Inc.		5,005		1,645,294
State Street Corp.		7,306		531,731
T. Rowe Price Group, Inc.		4,705		712,290
The Goldman Sachs Group, Inc.		7,159		1,887,900
				18,149,007
Consumer Finance 0.6%
American Express Co.		13,561		1,639,661
Capital One Financial Corp.		9,492		938,284
Discover Financial Services		6,356		575,409
Synchrony Financial		11,419		396,353
				3,549,707
Diversified Financial Services 1.4%
Berkshire Hathaway, Inc. “B”*		40,518		9,394,909
Insurance 1.8%
Aflac, Inc.		13,501		600,389
Allstate Corp.		6,326		695,417
American International Group, Inc.		17,866		676,407
Aon PLC “A”		4,758		1,005,223
Arthur J. Gallagher & Co.		3,984		492,860
Assurant, Inc.		1,258		171,365
Chubb Ltd.		9,390		1,445,309
Cincinnati Financial Corp.		3,190		278,710
Everest Re Group Ltd.		839		196,401
Globe Life, Inc.		2,031		192,864
Hartford Financial Services Group, Inc.		7,514		368,036
Lincoln National Corp.		3,855		193,945
Loews Corp.		4,783		215,331
Marsh & McLennan Companies, Inc.		10,568		1,236,456
MetLife, Inc.		15,836		743,500
Principal Financial Group, Inc.		5,394		267,596
Progressive Corp.		12,192		1,205,545
Prudential Financial, Inc.		8,156		636,739
The Travelers Companies, Inc.		5,259		738,206
Unum Group		4,102		94,100
W.R. Berkley Corp.		2,857		189,762
Willis Towers Watson PLC		2,681		564,833
				12,208,994
Health Care 13.3%
Biotechnology 1.9%
AbbVie, Inc.		36,724		3,934,976
Alexion Pharmaceuticals, Inc.*		4,553		711,361
Amgen, Inc.		12,114		2,785,251
Biogen, Inc.*		3,200		783,552
Gilead Sciences, Inc.		26,072		1,518,955
Incyte Corp.*		3,843		334,264
Regeneron Pharmaceuticals, Inc.*		2,179		1,052,697
Vertex Pharmaceuticals, Inc.*		5,410		1,278,599
				12,399,655
Health Care Equipment & Supplies 3.7%
Abbott Laboratories		36,852		4,034,926
ABIOMED, Inc.*		960		311,232
Align Technology, Inc.*		1,492		797,295

	Shares		Value ($)
Baxter International, Inc.		10,585		849,341
Becton, Dickinson & Co.		6,029		1,508,577
Boston Scientific Corp.*		29,700		1,067,715
Danaher Corp.		13,142		2,919,364
DENTSPLY SIRONA, Inc.		4,635		242,689
DexCom, Inc.*		1,993		736,852
Edwards Lifesciences Corp.*		12,944		1,180,881
Hologic, Inc.*		5,323		387,674
IDEXX Laboratories, Inc.*		1,767		883,270
Intuitive Surgical, Inc.*		2,443		1,998,618
Medtronic PLC		27,981		3,277,694
ResMed, Inc.		3,006		638,955
STERIS PLC		1,798		340,793
Stryker Corp.		6,789		1,663,577
Teleflex, Inc.		984		404,985
The Cooper Companies, Inc.		1,010		366,953
Varian Medical Systems, Inc.*		1,927		337,244
West Pharmaceutical Services, Inc.		1,555		440,547
Zimmer Biomet Holdings, Inc.		4,282		659,813
				25,048,995
Health Care Providers & Services 2.6%
AmerisourceBergen Corp.		3,123		305,304
Anthem, Inc.		5,164		1,658,109
Cardinal Health, Inc.		6,137		328,698
Centene Corp.*		12,038		722,641
Cigna Corp.		7,503		1,561,975
CVS Health Corp.		27,205		1,858,101
DaVita, Inc.*		1,587		186,314
HCA Healthcare, Inc.		5,476		900,583
Henry Schein, Inc.*		3,018		201,783
Humana, Inc.		2,745		1,126,191
Laboratory Corp. of America Holdings*		2,011		409,339
McKesson Corp.		3,327		578,632
Quest Diagnostics, Inc.		2,833		337,609
UnitedHealth Group, Inc.		19,760		6,929,437
Universal Health Services, Inc. “B”		1,645		226,187
				17,330,903
Health Care Technology 0.1%
Cerner Corp.		6,457		506,745
Life Sciences Tools & Services 1.2%
Agilent Technologies, Inc.		6,361		753,715
Bio-Rad Laboratories, Inc. “A”*		448		261,157
Illumina, Inc.*		3,038		1,124,060
IQVIA Holdings, Inc.*		3,982		713,455
Mettler-Toledo International, Inc.*		493		561,862
PerkinElmer, Inc.		2,360		338,660
Thermo Fisher Scientific, Inc.		8,241		3,838,493
Waters Corp.*		1,307		323,378
				7,914,780
Pharmaceuticals 3.8%
Bristol-Myers Squibb Co.		46,969		2,913,487
Catalent, Inc.*		3,482		362,372
Eli Lilly & Co.		16,527		2,790,419
Johnson & Johnson		54,815		8,626,785
Merck & Co., Inc.		52,653		4,307,015
Perrigo Co. PLC		2,774		124,053
Pfizer, Inc.		115,645		4,256,892

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

DWS Equity 500 Index VIP | 9

	Shares		Value ($)
Viatris, Inc.*		25,002		468,538
Zoetis, Inc.		9,874		1,634,147
				25,483,708
Industrials 8.3%
Aerospace & Defense 1.6%
Boeing Co.		11,036		2,362,366
General Dynamics Corp.		4,826		718,205
Howmet Aerospace, Inc.		8,027		229,091
Huntington Ingalls Industries, Inc.		857		146,101
L3Harris Technologies, Inc.		4,362		824,505
Lockheed Martin Corp.		5,125		1,819,272
Northrop Grumman Corp.		3,226		983,027
Raytheon Technologies Corp.		31,562		2,256,999
Teledyne Technologies, Inc.*		776		304,176
Textron, Inc.		4,820		232,951
TransDigm Group, Inc.*		1,129		698,682
				10,575,375
Air Freight & Logistics 0.7%
C.H. Robinson Worldwide, Inc.		2,865		268,938
Expeditors International of Washington, Inc.		3,539		336,594
FedEx Corp.		5,023		1,304,071
United Parcel Service, Inc. “B”		14,882		2,506,129
				4,415,732
Airlines 0.3%
Alaska Air Group, Inc.		2,554		132,808
American Airlines Group, Inc. (a)		12,565		198,150
Delta Air Lines, Inc.		13,111		527,194
Southwest Airlines Co.		12,389		577,451
United Airlines Holdings, Inc.*		6,192		267,804
				1,703,407
Building Products 0.4%
A.O. Smith Corp.		2,784		152,619
Allegion PLC		1,943		226,126
Carrier Global Corp.		16,913		637,959
Fortune Brands Home & Security, Inc.		2,908		249,274
Johnson Controls International PLC		15,019		699,735
Masco Corp.		5,543		304,477
Trane Technologies PLC		4,982		723,187
				2,993,377
Commercial Services & Supplies 0.4%
Cintas Corp.		1,822		644,004
Copart, Inc.*		4,304		547,684
Republic Services, Inc.		4,383		422,083
Rollins, Inc.		4,543		177,495
Waste Management, Inc.		8,059		950,398
				2,741,664
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		2,754		300,076
Quanta Services, Inc.		2,888		207,993
				508,069
Electrical Equipment 0.5%
AMETEK, Inc.		4,731		572,167
Eaton Corp. PLC		8,244		990,434
Emerson Electric Co.		12,389		995,704
Rockwell Automation, Inc.		2,439		611,726
				3,170,031

	Shares		Value ($)
Industrial Conglomerates 1.2%
3M Co.		12,007		2,098,703
General Electric Co.		182,259		1,968,397
Honeywell International, Inc.		14,607		3,106,909
Roper Technologies, Inc.		2,177		938,483
				8,112,492
Machinery 1.6%
Caterpillar, Inc.		11,302		2,057,190
Cummins, Inc.		3,068		696,743
Deere & Co.		6,516		1,753,130
Dover Corp.		2,995		378,119
Flowserve Corp.		2,739		100,932
Fortive Corp.		6,971		493,686
IDEX Corp.		1,594		317,525
Illinois Tool Works, Inc.		5,993		1,221,853
Ingersoll Rand, Inc.*		7,671		349,491
Otis Worldwide Corp.		8,436		569,852
PACCAR, Inc.		7,191		620,439
Parker-Hannifin Corp.		2,671		727,607
Pentair PLC		3,390		179,975
Snap-on, Inc.		1,130		193,388
Stanley Black & Decker, Inc.		3,316		592,105
Westinghouse Air Brake Technologies Corp.		3,761		275,305
Xylem, Inc.		3,776		384,359
				10,911,699
Professional Services 0.3%
Equifax, Inc.		2,531		488,078
IHS Markit Ltd.		7,726		694,027
Nielsen Holdings PLC		7,557		157,715
Robert Half International, Inc.		2,404		150,202
Verisk Analytics, Inc.		3,350		695,426
				2,185,448
Road & Rail 1.0%
CSX Corp.		15,881		1,441,201
J.B. Hunt Transport Services, Inc.		1,759		240,367
Kansas City Southern		1,932		394,379
Norfolk Southern Corp.		5,268		1,251,730
Old Dominion Freight Line, Inc.		2,028		395,825
Union Pacific Corp.		14,014		2,917,995
				6,641,497
Trading Companies & Distributors 0.2%
Fastenal Co.		11,931		582,590
United Rentals, Inc.*		1,525		353,663
W.W. Grainger, Inc.		929		379,348
				1,315,601
Information Technology 27.3%
Communications Equipment 0.8%
Arista Networks, Inc.*		1,122		326,019
Cisco Systems, Inc.		87,917		3,934,286
F5 Networks, Inc.*		1,298		228,370
Juniper Networks, Inc.		7,058		158,876
Motorola Solutions, Inc.		3,515		597,761
				5,245,312
Electronic Equipment, Instruments & Components 0.6%
Amphenol Corp. “A”		6,191		809,597
CDW Corp.		3,016		397,479
Corning, Inc.		15,785		568,260
FLIR Systems, Inc.		2,670		117,026

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

10 | DWS Equity 500 Index VIP

	Shares		Value ($)
IPG Photonics Corp.*		752		168,290
Keysight Technologies, Inc.*		3,835		506,565
TE Connectivity Ltd.		6,848		829,087
Vontier Corp.*		2,873		95,958
Zebra Technologies Corp. “A”*		1,124		431,987
				3,924,249
IT Services 5.4%
Accenture PLC “A”		13,182		3,443,270
Akamai Technologies, Inc.*		3,368		353,606
Automatic Data Processing, Inc.		8,912		1,570,294
Broadridge Financial Solutions, Inc.		2,431		372,429
Cognizant Technology Solutions Corp. “A”		11,093		909,071
DXC Technology Co.		5,417		139,488
Fidelity National Information Services, Inc.		12,882		1,822,288
Fiserv, Inc.*		11,937		1,359,147
FleetCor Technologies, Inc.*		1,720		469,268
Gartner, Inc.*		1,888		302,439
Global Payments, Inc.		6,208		1,337,327
International Business Machines Corp.		18,504		2,329,283
Jack Henry & Associates, Inc.		1,620		262,424
Leidos Holdings, Inc.		2,830		297,490
Mastercard, Inc. “A”		18,304		6,533,430
Paychex, Inc.		6,605		615,454
PayPal Holdings, Inc.*		24,378		5,709,327
VeriSign, Inc.*		2,079		449,896
Visa, Inc. “A” (a)		35,282		7,717,232
Western Union Co.		8,650		189,781
				36,182,944
Semiconductors & Semiconductor Equipment 5.1%
Advanced Micro Devices, Inc.*		25,023		2,294,859
Analog Devices, Inc.		7,677		1,134,123
Applied Materials, Inc.		19,012		1,640,736
Broadcom, Inc.		8,416		3,684,946
Intel Corp.		85,270		4,248,151
KLA Corp.		3,210		831,101
Lam Research Corp.		2,996		1,414,921
Maxim Integrated Products, Inc.		5,631		499,188
Microchip Technology, Inc.		5,401		745,932
Micron Technology, Inc.*		23,158		1,741,019
NVIDIA Corp.		12,878		6,724,892
Qorvo, Inc.*		2,352		391,067
QUALCOMM, Inc.		23,530		3,584,560
Skyworks Solutions, Inc.		3,441		526,060
Teradyne, Inc.		3,446		413,141
Texas Instruments, Inc.		19,120		3,138,166
Xilinx, Inc.		5,099		722,885
				33,735,747
Software 8.5%
Adobe, Inc.*		9,983		4,992,698
ANSYS, Inc.*		1,777		646,473
Autodesk, Inc.*		4,570		1,395,404
Cadence Design Systems, Inc.*		5,782		788,838
Citrix Systems, Inc.		2,557		332,666
Fortinet, Inc.*		2,842		422,122
Intuit, Inc.		5,465		2,075,880
Microsoft Corp.		157,329		34,993,116
NortonLifeLock, Inc.		12,582		261,454
Oracle Corp.		39,474		2,553,573

	Shares		Value ($)
Paycom Software, Inc.*		1,011		457,225
salesforce.com, Inc.*		19,033		4,235,413
ServiceNow, Inc.*		4,058		2,233,645
Synopsys, Inc.*		3,165		820,495
Tyler Technologies, Inc.*		846		369,296
				56,578,298
Technology Hardware, Storage & Peripherals 6.9%
Apple, Inc.		332,518		44,121,813
Hewlett Packard Enterprise Co.		27,298		323,481
HP, Inc.		28,472		700,127
NetApp, Inc.		4,663		308,877
Seagate Technology PLC		4,746		295,011
Western Digital Corp.		6,335		350,896
Xerox Holding Corp.		3,287		76,226
				46,176,431
Materials 2.6%
Chemicals 1.8%
Air Products & Chemicals, Inc.		4,598		1,256,266
Albemarle Corp.		2,249		331,772
Celanese Corp.		2,387		310,167
CF Industries Holdings, Inc.		4,540		175,743
Corteva, Inc.		15,460		598,611
Dow, Inc.		15,375		853,312
DuPont de Nemours, Inc.		15,260		1,085,139
Eastman Chemical Co.		2,832		283,993
Ecolab, Inc.		5,172		1,119,014
FMC Corp.		2,728		313,529
International Flavors & Fragrances, Inc. (a)		2,262		246,196
Linde PLC		10,923		2,878,320
LyondellBasell Industries NV “A”		5,310		486,715
PPG Industries, Inc.		4,896		706,101
The Mosaic Co.		7,119		163,808
The Sherwin-Williams Co.		1,701		1,250,082
				12,058,768
Construction Materials 0.1%
Martin Marietta Materials, Inc.		1,309		371,717
Vulcan Materials Co.		2,737		405,924
				777,641
Containers & Packaging 0.4%
Amcor PLC		32,285		379,994
Avery Dennison Corp.		1,739		269,736
Ball Corp.		6,765		630,363
International Paper Co.		8,283		411,831
Packaging Corp. of America		1,992		274,717
Sealed Air Corp.		3,129		143,277
Westrock Co.		5,480		238,544
				2,348,462
Metals & Mining 0.3%
Freeport-McMoRan Copper & Gold, Inc.		30,212		786,116
Newmont Corp.		16,724		1,001,601
Nucor Corp.		6,343		337,384
				2,125,101
Real Estate 2.4%
Equity Real Estate Investment Trusts (REITs) 2.3%
Alexandria Real Estate Equities, Inc.		2,566		457,313
American Tower Corp.		9,238		2,073,561

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

DWS Equity 500 Index VIP | 11

	Shares		Value ($)
AvalonBay Communities, Inc.		2,871		460,595
Boston Properties, Inc.		2,997		283,306
Crown Castle International Corp.		8,963		1,426,820
Digital Realty Trust, Inc.		5,820		811,948
Duke Realty Corp.		7,800		311,766
Equinix, Inc.		1,852		1,322,661
Equity Residential		7,048		417,805
Essex Property Trust, Inc.		1,383		328,352
Extra Space Storage, Inc.		2,746		318,152
Federal Realty Investment Trust		1,414		120,360
Healthpeak Properties, Inc.		11,351		343,141
Host Hotels & Resorts, Inc.		14,645		214,256
Iron Mountain, Inc. (a)		5,940		175,111
Kimco Realty Corp.		8,970		134,640
Mid-America Apartment Communities, Inc.		2,394		303,296
Prologis, Inc.		15,363		1,531,077
Public Storage		3,155		728,584
Realty Income Corp.		7,290		453,219
Regency Centers Corp.		3,325		151,587
SBA Communications Corp.		2,305		650,310
Simon Property Group, Inc.		6,881		586,812
SL Green Realty Corp.		1,456		86,748
UDR, Inc.		6,094		234,192
Ventas, Inc.		7,900		387,416
Vornado Realty Trust		3,281		122,513
Welltower, Inc.		8,621		557,089
Weyerhaeuser Co.		15,491		519,413
				15,512,043
Real Estate Management & Development 0.1%
CBRE Group, Inc. “A”*		6,935		434,963
Utilities 2.7%
Electric Utilities 1.7%
Alliant Energy Corp.		5,264		271,254
American Electric Power Co., Inc.		10,315		858,930
Duke Energy Corp.		15,313		1,402,058
Edison International		7,825		491,567
Entergy Corp.		4,221		421,425
Evergy, Inc.		4,801		266,504
Eversource Energy		7,104		614,567
Exelon Corp.		20,261		855,419
FirstEnergy Corp.		11,187		342,434
NextEra Energy, Inc.		40,797		3,147,489
NRG Energy, Inc.		5,149		193,345
Pinnacle West Capital Corp.		2,311		184,764
PPL Corp.		15,777		444,911
Southern Co.		21,961		1,349,064
Xcel Energy, Inc.		10,895		726,370
				11,570,101
Gas Utilities 0.0%
Atmos Energy Corp.		2,617		249,740
Independent Power & Renewable Electricity Producers 0.1%
AES Corp.		14,062		330,457
Multi-Utilities 0.8%
Ameren Corp.		5,206		406,380
CenterPoint Energy, Inc.		11,437		247,497
CMS Energy Corp.		6,017		367,097
Consolidated Edison, Inc.		7,123		514,779
Dominion Energy, Inc		16,959		1,275,317
DTE Energy Co.		4,079		495,231
NiSource, Inc.		7,832		179,666

	Shares			Value ($)
Public Service Enterprise Group, Inc.		10,485			611,276
Sempra Energy		5,975			761,275
WEC Energy Group, Inc.		6,537			601,600
					5,460,118
Water Utilities 0.1%
American Water Works Co., Inc.		3,750			575,512
Total Common Stocks (Cost $262,463,125)					658,674,827
	Principal Amount ($)			Value ($)
Government & Agency Obligations 0.1%
U.S. Treasury Obligation
U.S. Treasury Bills, 0.11% **, 1/28/2021 (b) (Cost $924,923)		925,000			924,964
	Shares			Value ($)
Securities Lending Collateral 3.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c) (d) (Cost $19,765,158)		19,765,158			19,765,158
Cash Equivalents 1.0%
DWS Central Cash Management Government Fund, 0.08% (c) (Cost $6,798,528)		6,798,528			6,798,528
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $289,951,734)		102.9			686,163,477
Other Assets and Liabilities, Net		(2.9	)		(19,401,660	)
Net Assets		100.0			666,761,817

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

12 | DWS Equity 500 Index VIP

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2020 are as follows:

Value ($) at 12/31/2019	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2020		Value ($) at 12/31/2020
Securities Lending Collateral 3.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c) (d)
251,422		19,513,736	(e)		—		—		—		9,602		—		19,765,158		19,765,158
Cash Equivalents 1.0%
DWS Central Cash Management Government Fund, 0.08% (c)
11,512,814		57,002,739			61,717,025		—		—		17,932		—		6,798,528		6,798,528
11,764,236		76,516,475			61,717,025		—		—		27,534		—		26,563,686		26,563,686

* 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, 2020 amounted to $19,550,909, which is 2.9% of net assets.

(b) At December 31, 2020, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2020.

S&P: Standard & Poor’s

At December 31, 2020, open futures contracts purchased were as follows:

Futures

Currency

Expiration Date

Contracts

Notional Amount ($)

Notional Value ($)

Unrealized Appreciation ($)

S&P 500 E-Mini Index

USD

3/19/2021

43

7,873,528

8,059,920

186,392

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, 2020 in valuing the Fund’s investments.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (f)	$	658,674,827	$	—	$	��  —	$	658,674,827
Government & Agency Obligations		—		924,964		—		924,964
Short-Term Investments (f)		26,563,686		—		—		26,563,686
Derivatives (g)
Futures Contracts		186,392		—		—		186,392
Total	$	685,424,905	$	924,964	$	—	$	686,349,869

(f) See Investment Portfolio for additional detailed categorizations.

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

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

DWS Equity 500 Index VIP | 13

Statement of

Assets and Liabilities

as of December 31, 2020
Assets
Investments in non-affiliated securities, at value (cost $263,388,048) — including $19,550,909 of securities loaned	$	659,599,791
Investment in DWS Government & Agency Securities Portfolio (cost $19,765,158)*		19,765,158
Investment in DWS Central Cash Management Government Fund (cost $6,798,528)		6,798,528
Cash		10,000
Receivable for Fund shares sold		125,111
Dividends receivable		489,882
Interest receivable		930
Receivable for variation margin on futures contracts		52,889
Other assets		12,123
Total assets		686,854,412
Liabilities
Payable upon return of securities loaned		19,765,158
Payable for Fund shares redeemed		86,419
Accrued management fee		79,217
Accrued Trustees’ fees		5,611
Other accrued expenses and payables		156,190
Total liabilities		20,092,595
Net assets, at value	$	666,761,817
Net Assets Consist of
Distributable earnings (loss)		428,567,114
Paid-in capital		238,194,703
Net assets, at value	$	666,761,817
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($606,707,610 ÷ 24,298,803 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	24.97
Class B
Net Asset Value, offering and redemption price per share ($41,805,848 ÷ 1,675,259 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	24.95
Class B2
Net Asset Value, offering and redemption price per share ($18,248,359 ÷ 730,615 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	24.98

* Represents collateral on securities loaned.

     Statement of Operations

for the year ended December 31, 2020
Investment Income
Income:
Dividends	$	10,614,591
Interest		2,669
Income distributions — DWS Central Cash Management Government Fund		17,932
Securities lending income, net of borrower rebates		9,602
Total income		10,644,794
Expenses:
Management fee		1,172,488
Administration fee		571,677
Services to shareholders		1,152
Recordkeeping fee (Class B and Class B-2)		70,231
Distribution service fees (Class B and Class B-2)		128,013
Custodian fee		9,440
Professional fees		74,369
Reports to shareholders		49,690
Trustees’ fees and expenses		20,636
Other		31,297
Total expenses before expense reductions		2,128,993
Expense reductions		(407,830	)
Total expenses after expense reductions		1,721,163
Net investment income (loss)		8,923,631
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		30,347,974
Futures		760,428
		31,108,402
Change in net unrealized appreciation (depreciation) on:
Investments		61,734,646
Futures		49,948
		61,784,594
Net gain (loss)		92,892,996
Net increase (decrease) in net assets resulting from operations	$	101,816,627

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

14 | DWS Equity 500 Index VIP

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Years Ended December 31,
	2020			2019
Operations:
Net investment income (loss)	$	8,923,631		$	9,389,401
Net realized gain (loss)		31,108,402			35,798,268
Change in net unrealized appreciation (depreciation)		61,784,594			107,301,276
Net increase (decrease) in net assets resulting from operations		101,816,627			152,488,945
Distributions to shareholders:
Class A		(40,621,912	)		(36,093,488	)
Class B		(2,466,115	)		(1,569,495	)
Class B2		(1,183,053	)		(1,061,799	)
Total distributions		(44,271,080	)		(38,724,782	)
Fund share transactions:
Class A
Proceeds from shares sold		19,014,191			15,867,889
Reinvestment of distributions		40,621,912			36,093,488
Payments for shares redeemed		(66,299,729	)		(67,585,767	)
Net increase (decrease) in net assets from Class A share transactions		(6,663,626	)		(15,624,390	)
Class B
Proceeds from shares sold		8,754,512			10,003,444
Reinvestment of distributions		2,466,115			1,569,495
Payments for shares redeemed		(6,399,660	)		(4,895,248	)
Net increase (decrease) in net assets from Class B share transactions		4,820,967			6,677,691
Class B2
Proceeds from shares sold		198,779			373,269
Reinvestment of distributions		1,183,053			1,061,799
Payments for shares redeemed		(1,848,331	)		(2,353,334	)
Net increase (decrease) in net assets from Class B2 share transaction		(466,499	)		(918,266	)
Increase (decrease) in net assets		55,236,389			103,899,198
Net assets at beginning of period		611,525,428			507,626,230
Net assets at end of period	$	666,761,817		$	611,525,428

	Years Ended December 31,
Other Information	2020			2019
Class A
Shares outstanding at beginning of period		24,258,385			24,962,490
Shares sold		919,928			755,485
Shares issued to shareholders in reinvestment of distributions		2,207,713			1,743,647
Shares redeemed		(3,087,223	)		(3,203,237	)
Net increase (decrease) in Class A shares		40,418			(704,105	)
Shares outstanding at end of period		24,298,803			24,258,385
Class B
Shares outstanding at beginning of period		1,426,637			1,109,669
Shares sold		403,823			475,525
Shares issued to shareholders in reinvestment of distributions		133,737			75,675
Shares redeemed		(288,938	)		(234,232	)
Net increase (decrease) in Class B shares		248,622			316,968
Shares outstanding at end of period		1,675,259			1,426,637
Class B2
Shares outstanding at beginning of period		742,685			784,684
Shares sold		9,662			18,043
Shares issued to shareholders in reinvestment of distributions		64,087			51,146
Shares redeemed		(85,819	)		(111,188	)
Net increase (decrease) in Class B2 shares		(12,070	)		(41,999	)
Shares outstanding at end of period		730,615			742,685

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

DWS Equity 500 Index VIP | 15

Financial Highlights

DWS Equity 500 Index VIP — Class A
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	23.14			$18.90		$	22.19		$	19.58		$	19.40
Income (loss) from investment operations:
Net investment income (loss)a		.34			.35			.37			.34			.35
Net realized and unrealized gain (loss)		3.23			5.37			(1.31	)		3.69			1.74
Total from investment operations		3.57			5.72			(.94	)		4.03			2.09
Less distributions from:
Net investment income		(.39	)		(.43	)		(.38	)		(.37	)		(.40	)
Net realized gains		(1.35	)		(1.05	)		(1.97	)		(1.05	)		(1.51	)
Total distributions		(1.74	)		(1.48	)		(2.35	)		(1.42	)		(1.91	)
Net asset value, end of period	$	24.97			$23.14		$	18.90		$	22.19		$	19.58
Total Return (%)b		18.10			31.19			(4.65	)		21.53			11.61
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		607			561			472			541			519
Ratio of expenses before expense reductions (%)c		.33			.35			.34			.34			.34
Ratio of expenses after expense reductions (%)c		.26			.27			.30			.33			.33
Ratio of net investment income (%)		1.56			1.68			1.73			1.67			1.88
Portfolio turnover rate (%)		4			3			3			3			4

^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.

DWS Equity 500 Index VIP — Class B
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	23.12			$18.89		$	22.17		$	19.58		$	19.40
Income (loss) from investment operations:
Net investment income (loss)a		.26			.28			.29			.28			.30
Net realized and unrealized gain (loss)		3.23			5.35			(1.29	)		3.67			1.74
Total from investment operations		3.49			5.63			(1.00	)		3.95			2.04
Less distributions from:
Net investment income		(.31	)		(.35	)		(.31	)		(.31	)		(.35	)
Net realized gains		(1.35	)		(1.05	)		(1.97	)		(1.05	)		(1.51	)
Total distributions		(1.66	)		(1.40	)		(2.28	)		(1.36	)		(1.86	)
Net asset value, end of period	$	24.95			$23.12		$	18.89		$	22.17		$	19.58
Total Return (%)b		17.63			30.66			(4.94	)		21.07			11.32
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		42			33			21			25			18
Ratio of expenses before expense reductions (%)c		.71			.72			.71			.71			.69
Ratio of expenses after expense reductions (%)c		.64			.65			.65			.65			.61
Ratio of net investment income (%)		1.17			1.31			1.38			1.35			1.61
Portfolio turnover rate (%)		4			3			3			3			4

^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.

16 | DWS Equity 500 Index VIP

DWS Equity 500 Index VIP — Class B2
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	23.14		$	18.90		$	22.18		$	19.57		$	19.39
Income (loss) from investment operations:
Net investment income (loss)a		.25			.27			.28			.26			.28
Net realized and unrealized gain (loss)		3.24			5.36			(1.30	)		3.69			1.74
Total from investment operations		3.49			5.63			(1.02	)		3.95			2.02
Less distributions from:
Net investment income		(.30	)		(.34	)		(.29	)		(.29	)		(.33	)
Net realized gains		(1.35	)		(1.05	)		(1.97	)		(1.05	)		(1.51	)
Total distributions		(1.65	)		(1.39	)		(2.26	)		(1.34	)		(1.84	)
Net asset value, end of period	$	24.98		$	23.14		$	18.90		$	22.18		$	19.57
Total Return (%)b		17.64			30.64			(5.00	)		21.06			11.20
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		18			17			15			17			17
Ratio of expenses before expense reductions (%)c		.72			.74			.73			.74			.74
Ratio of expenses after expense reductions (%)c		.65			.67			.70			.72			.71
Ratio of net investment income (%)		1.17			1.28			1.32			1.27			1.50
Portfolio turnover rate (%)		4			3			3			3			4

^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.

DWS Equity 500 Index VIP | 17

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

Multiple Classes of Shares of Beneficial Interest. The Fund offers three classes of shares to investors: Class A shares, Class B shares and Class B2 shares. Class B and Class B2 shares are subject to Rule 12b-1 distribution fees under the 1940 Act equal to an annual rate of up to 0.25% of Class B and Class B2 shares average daily net assets. In addition, Class B and Class B2 shares are subject to recordkeeping fees equal to an annual rate of up to 0.15% of 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 12b-1 distribution fees and record keeping 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

18 | DWS Equity 500 Index VIP

and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets 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. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2020, 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 (0.06% annualized effective rate as of December 31, 2020) 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, 2020, the Fund had securities on loan, which were classified as common stock in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

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, 2020 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 declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to 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.

DWS Equity 500 Index VIP | 19

At December 31, 2020, the Fund’s components of distributable earnings (accumulated gains) on a tax basis were as follows:

Undistributed ordinary income*	$	10,597,926
Undistributed long-term capital gains	$	30,546,079
Net unrealized appreciation (depreciation) on investments	$	387,382,678

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $298,780,799. The net unrealized appreciation for all investments based on tax cost was $387,382,678. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $412,266,712 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $24,884,034.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income*	$	10,532,208	$	11,299,761
Distributions from long-term capital gains	$	33,738,872	$	27,425,021

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

B. Derivative Instruments

A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2020, the Fund invested in futures to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.

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

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

20 | DWS Equity 500 Index VIP

A summary of the open futures contracts as of December 31, 2020, is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2020, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $2,698,000 to $12,763,000.

The following tables summarize the value of the Fund’s derivative instruments held as of December 31, 2020 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)	$	186,392

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, 2020 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)	$	760,428

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)	$	49,948

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, 2020, purchases and sales of investment securities (excluding short-term investments) aggregated $21,668,068 and $52,985,172, respectively.

D. Related Parties

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

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

First $1 billion of the Fund’s average daily net assets	.200	%
Next $1 billion of such net assets	.175	%
Over $2 billion of such net assets	.150	%

Accordingly, for the year ended December 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.20% of the Fund’s average daily net assets.

For the period from January 1, 2020 through September 30, 2021 (and through April 30, 2021 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

DWS Equity 500 Index VIP | 21

(excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each classes as follows:

Class A	.26	%
Class B	.64	%
Class B2	.66	%

For the year ended December 31, 2020, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	370,778
Class B		25,744
Class B2		11,308
	$	407,830

Administration Fee. Under the Administrative Services Agreement, DIMA provides most administrative services to the Fund. Prior to March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund paid the Advisor an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. Effective March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual Administration Fee of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2020, the Administration Fee was $571,677, of which $53,902 is unpaid.

Distribution Service Agreement. DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, is the Fund’s distributor. In accordance with the Distribution Plan, DDI receives 12b-1 fees of up to 0.25% of the average daily net assets of Class B and B2 shares. For the year ended December 31, 2020, the Distribution Service Fees were as follows:

Distribution Service Fees	Total Aggregated		Unpaid at December 31, 2020
Class B	$	87,475	$	8,685
Class B2		40,538		3,802
	$	128,013	$	12,487

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 between 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 it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2020
Class A	$	514	$	96
Class B		91		17
Class B2		59		11
	$	664	$	124

Other 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, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $15,655, of which $3,549 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

22 | DWS Equity 500 Index VIP

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.

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2020, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $723.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $350 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, 2020.

F. Ownership of the Fund

At December 31, 2020, two participating insurance companies were beneficial owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 52% and 14%, respectively. At December 31, 2020, one participating insurance company was beneficial owner of record of 10% or more of the total outstanding Class B shares of the Fund, owning 89%. At December 31, 2020, two participating insurance companies were beneficial owners of record of 10% or more of the total outstanding Class B2 shares of the Fund, each owning 84% and 16%, respectively.

G. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

DWS Equity 500 Index VIP | 23

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Equity 500 Index VIP (the “Fund”) (one of the funds constituting Deutsche DWS Investments VIT Funds) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Investments VIT Funds) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the years ended 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 12, 2021

24 | DWS Equity 500 Index VIP

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, 2020 to December 31, 2020).

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, 2020
Actual Fund Return	Class A		Class B		Class B2
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,220.40	$	1,217.70	$	1,217.90
Expenses Paid per $1,000*	$	1.45	$	3.57	$	3.62
Hypothetical 5% Fund Return	Class A		Class B		Class B2
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,023.83	$	1,021.92	$	1,021.87
Expenses Paid per $1,000*	$	1.32	$	3.25	$	3.30

* 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 366.

Annualized Expense Ratios	Class A			Class B			Class B2
DWS Equity 500 Index VIP		.26	%		.64	%		.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.

DWS Equity 500 Index VIP | 25

Tax Information (Unaudited)

The Fund paid distributions of $1.32 per share from net long-term capital gains during its year ended December 31, 2020.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $33,710,000 as capital gain dividends for its year ended December 31, 2020.

For corporate shareholders, 98% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2020 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.

26 | DWS Equity 500 Index VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Equity 500 Index VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) and sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Agreement, the “Agreements”) between DIMA and Northern Trust Investments, Inc. (“NTI”) in September 2020.

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

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. 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”).

– 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 Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

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

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

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and NTI provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA’s oversight of fund sub-advisors, including NTI. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate,

DWS Equity 500 Index VIP | 27

DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 2nd quartile, 2nd quartile and 1st quartile, respectively, 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 (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. With respect to the sub-advisory fee paid to NTI, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2019, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

Other Benefits to DIMA and NTI and Their Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and NTI and their affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for

28 | DWS Equity 500 Index VIP

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 investment sub-advisor’s compliance program and compliance with the applicable fund policies and procedures.

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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.

DWS Equity 500 Index VIP | 29

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, MA 02199-3600. 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 the 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: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
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		73	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)		73	—
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)		73	Director, Aberdeen Japan Fund (since 2007)
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		73	—

30 | DWS Equity 500 Index VIP

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
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); 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); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	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)		73	—

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 Director3, 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); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999��present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

DWS Equity 500 Index VIP | 31

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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: 100 Summer Street, 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 following toll-free number: (800) 728-3337.

32 | DWS Equity 500 Index VIP

Notes

Notes

Notes

vit-equ500-2 (R-025817-10 2/21)

	(b) Not applicable
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 Equity 500 INdex VIP

form n-csr disclosure re: AUDIT FEES

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

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

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
2020	$41,433	$0	$7,206	$0
2019	$41,433	$0	$7,833	$0

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

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

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

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
2020	$0	$650,763	$0
2019	$0	$740,482	$0

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

Non-Audit Services

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

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)
2020	$7,206	$650,763	$0	$657,969
2019	$7,833	$740,482	$0	$748,315

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

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

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

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

***

In connection with the audit of the 2019 and 2020 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 that various covered persons within EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any investments in the Fund or any professionals who were part of the audit engagement team for the Fund. In addition, EY noted that the independence breaches did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.

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 Equity 500 Index VIP, a series of Deutsche DWS Investments VIT Funds
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	2/12/2021

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:	2/12/2021
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	2/12/2021