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 Small Cap Index VIP

Contents

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

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

Stocks may decline in value. Various factors, including costs, cash flows and security selection, may cause the Fund’s performance to differ from that of the index. Smaller company stocks tend to be more volatile than medium-sized or large company stocks. The Fund may lend securities to approved institutions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Please read the prospectus for details.

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 Small Cap 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 and B differ because each class maintains a distinct expense structure. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2020 are 0.53% and 0.81% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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

Growth of an Assumed $10,000 Investment

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

Comparative Results
DWS Small Cap Index VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$11,943	$13,276	$18,370	$28,279
	Average annual total return	19.43%	9.91%	12.93%	10.95%
Russell 2000 Index	Growth of $10,000	$11,996	$13,400	$18,636	$28,920
	Average annual total return	19.96%	10.25%	13.26%	11.20%
DWS Small Cap Index VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$11,909	$13,172	$18,131	$27,563
	Average annual total return	19.09%	9.62%	12.64%	10.67%
Russell 2000 Index	Growth of $10,000	$11,996	$13,400	$18,636	$28,920
	Average annual total return	19.96%	10.25%	13.26%	11.20%

The growth of $10,000 is cumulative.

DWS Small Cap Index VIP | 3

Management Summary December 31, 2020 (Unaudited)

For the 12 months ended December 31, 2020, the Fund returned 19.43% (Class A shares, unadjusted for contract charges), compared with the 19.96% return of the Russell 2000^® Index.

Following solid performance at the start of 2020, stocks suffered some of their sharpest short-term declines in history during February and March as the consequences of the spread of the novel coronavirus and the subsequent lockdowns and economic fallout became apparent. However, due to the swift and substantial monetary and fiscal response of the U.S. Federal Reserve (Fed) and Congress, markets quickly bounced back, leading to a strong year for equities. In mid-March, the Fed reduced short-term interest rates to 0.00%-0.25%, and repeatedly declared that the federal funds rate would be maintained near zero for the foreseeable future. Also in March, Congress’ $2 trillion dollar fiscal package helped to keep businesses, states and cities, individuals and financial markets largely afloat during the majority of the year, but by the fall it became clear that additional stimulus was needed. The economic and market sectors most affected by the outbreak of COVID-19 such as airlines, tourism and entertainment remained depressed through year end. Market performance diverged dramatically over the 12-month period as the biotechnology sub-sector soared, spurred by market speculation and economic stimulus. Consumer discretionary and information technology stocks also were top performers during the period. In an encouraging development, positive investor sentiment from March through year end was undeterred by a wave of adverse headlines, including a second wave of COVID-19 infections globally; worries over protracted Brexit negotiations; substantial political uncertainty in the United States; and the long wait for additional U.S. fiscal stimulus during the fourth quarter.

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

Brent Reeder

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

Portfolio Manager

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

Terms to Know

The Russell 2000 Index is an unmanaged, capitalization-weighted measure of approximately 2,000 of the smallest companies in the Russell 3000^® Index. Index returns assume reinvestment of dividends and, unlike portfolio returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

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

4 | DWS Small Cap Index VIP

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%
Rights		0%		0%
Warrants		0%		—
		100%		100%
Sector Diversification (As a % of Common Stocks, Rights and Warrants)	12/31/20		12/31/19
Health Care		21%		18%
Financials		16%		18%
Industrials		16%		16%
Information Technology		14%		13%
Consumer Discretionary		13%		11%
Real Estate		6%		8%
Materials		4%		4%
Consumer Staples		3%		3%
Utilities		3%		4%
Communication Services		2%		2%
Energy		2%		3%
		100%		100%

Ten Largest Equity Holdings (4.0% of Net Assets)			Percent
	1	Penn National Gaming, Inc.		0.5	%
		Owner and manager of gaming and racing facilities
	2	Caesars Entertainment, Inc.		0.5	%
		Owns and operates gaming facilities
	3	Plug Power, Inc.		0.5	%
		Provider of alternative energy technology that focused on development of hydrogen fuel cell systems
	4	Sunrun, Inc.		0.4	%
		Provider of solar energy solutions
	5	Mirati Therapeutics, Inc.		0.4	%
		Operates as a biopharmaceutical company
	6	Darling Ingredients, Inc.		0.4	%
		Producer of sustainable natural ingredients from edible and inedible-nutrients
	7	Ultragenyx Pharmaceutical, Inc.		0.4	%
		Provider of biotechnology services
	8	Deckers Outdoor Corp.		0.3	%
		Designs and markets function-oriented footwear and apparel
	9	II-VI, Inc.		0.3	%
		Manufacturer of electro-optical components, infrared missile guidance and nuclear radiation detection
	10	Arrowhead Pharmaceuticals, Inc.		0.3	%
		Operates as a biotechnology company

Portfolio holdings and characteristics are subject to change.

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

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is 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.

DWS Small Cap Index VIP | 5

Investment Portfolio as of December 31, 2020

	Shares		Value ($)
Common Stocks 99.4%
Communication Services 2.3%
Diversified Telecommunication Services 0.7%
Alaska Communications Systems Group, Inc.		8,698		32,096
Anterix, Inc.*		1,751		65,838
ATN International, Inc.		1,817		75,878
Bandwidth, Inc. “A”*		3,275		503,269
Cincinnati Bell, Inc.*		8,718		133,211
Cogent Communications Holdings, Inc.		7,200		431,064
Consolidated Communications Holdings, Inc.*		12,394		60,607
IDT Corp. “B”*		3,116		38,514
Iridium Communications, Inc.*		19,904		782,725
Liberty Latin America Ltd. “A”*		8,078		89,908
Liberty Latin America Ltd. “C”*		26,045		288,839
Ooma, Inc.*		3,608		51,955
Orbcomm, Inc.*		12,899		95,710
Vonage Holdings Corp.*		39,742		511,678
				3,161,292
Entertainment 0.3%
AMC Entertainment Holdings, Inc. “A” (a)		12,659		26,837
Cinemark Holdings, Inc. (a)		18,056		314,355
Eros STX Global Corp* (a)		26,261		47,795
Gaia, Inc.*		2,099		20,738
Glu Mobile, Inc.*		24,816		223,592
IMAX Corp.*		8,631		155,531
Liberty Media Corp.-Liberty Braves “A”*		1,773		44,094
Liberty Media Corp.-Liberty Braves “C”* (a)		6,072		151,071
LiveXLive Media, Inc.*		7,885		25,863
Marcus Corp.		3,616		48,744
				1,058,620
Interactive Media & Services 0.4%
Cargurus, Inc.*		14,949		474,332
Cars.com, Inc.*		11,167		126,187
DHI Group, Inc.*		8,677		19,263
Eventbrite, Inc. “A”* (a)		10,825		195,933
EverQuote, Inc. “A”*		2,442		91,209
Liberty TripAdvisor Holdings, Inc. “A”*		13,010		56,463
MediaAlpha, Inc. “A”*		1,753		68,490
QuinStreet, Inc.*		8,223		176,301
TrueCar, Inc.*		16,566		69,577
Yelp, Inc.*		12,114		395,764
				1,673,519
Media 0.8%
AMC Networks, Inc. “A”* (a)		4,709		168,441
Boston Omaha Corp. “A”*		2,173		60,083
Cardlytics, Inc.*		4,453		635,755
comScore, Inc.*		10,039		24,997
Daily Journal Corp.* (a)		205		82,820
Emerald Holding, Inc.		4,554		24,683
Entercom Communications Corp. “A”		20,061		49,551

	Shares		Value ($)
Entravision Communications Corp. “A”		10,318		28,374
Fluent, Inc.*		7,895		41,922
Gannett Co., Inc.*		21,472		72,146
Gray Television, Inc.*		14,710		263,162
Hemisphere Media Group, Inc.*		2,832		29,340
iHeartMedia, Inc. “A”*		10,409		135,109
Loral Space & Communications, Inc.		2,178		45,716
Meredith Corp.		6,915		132,768
MSG Networks, Inc. “A”*		4,831		71,209
National CineMedia, Inc.		10,791		40,143
Saga Communications, Inc. “A”		704		16,910
Scholastic Corp.		4,788		119,700
Sinclair Broadcast Group, Inc. “A”		7,396		235,563
TechTarget, Inc.*		4,047		239,218
TEGNA, Inc.		37,037		516,666
The E.W. Scripps Co. “A”		9,760		149,230
Tribune Publishing Co.		2,716		37,209
WideOpenWest, Inc.*		9,219		98,367
				3,319,082
Wireless Telecommunication Services 0.1%
Boingo Wireless, Inc.*		7,615		96,863
Gogo, Inc.* (a)		9,006		86,728
Shenandoah Telecommunications Co.		8,267		357,547
Spok Holdings, Inc.		2,968		33,034
				574,172
Consumer Discretionary 13.0%
Auto Components 1.4%
Adient PLC*		14,960		520,159
American Axle & Manufacturing Holdings, Inc.*		19,555		163,089
Cooper Tire & Rubber Co.		8,473		343,157
Cooper-Standard Holdings, Inc.*		2,920		101,236
Dana, Inc.		24,753		483,179
Dorman Products, Inc.*		4,531		393,381
Fox Factory Holding Corp.*		7,043		744,516
Gentherm, Inc.*		5,562		362,754
Goodyear Tire & Rubber Co.		39,608		432,123
LCI Industries		4,162		539,728
Modine Manufacturing Co.*		8,449		106,120
Motorcar Parts of America, Inc.*		3,305		64,844
Patrick Industries, Inc.		3,745		255,971
Standard Motor Products, Inc.		3,659		148,043
Stoneridge, Inc.*		4,535		137,093
Tenneco, Inc. “A”*		8,519		90,301
Visteon Corp.*		4,745		595,592
Workhorse Group, Inc.* (a)		16,021		316,895
Xpel, Inc.*		2,855		147,204
				5,945,385
Automobiles 0.1%
Winnebago Industries, Inc.		5,234		313,726
Distributors 0.1%
Core-Mark Holding Co., Inc.		7,577		222,537
Funko, Inc. “A”* (a)		4,377		45,433
Greenlane Holdings, Inc. “A”*		2,508		9,932
Weyco Group, Inc.		960		15,206
				293,108

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

6 | DWS Small Cap Index VIP

	Shares		Value ($)
Diversified Consumer Services 0.6%
Adtalem Global Education, Inc.*		8,732		296,451
American Public Education, Inc.*		2,481		75,621
Aspen Group Inc/co*		3,697		41,148
Carriage Services, Inc.		2,832		88,698
Collectors Universe, Inc.		1,598		120,489
Franchise Group, Inc.		3,646		111,021
Houghton Mifflin Harcourt Co.* (a)		18,628		62,031
Laureate Education, Inc. “A”*		18,244		265,633
OneSpaWorld Holdings Ltd.		7,816		79,254
Perdoceo Education Corp.*		12,027		151,901
Regis Corp.*		4,169		38,313
Strategic Education, Inc.		4,138		394,476
Stride, Inc.*		7,154		151,879
Universal Technical Institute, Inc.*		5,358		34,613
Vivint Smart Home, Inc.*		13,182		273,526
WW International, Inc.*		7,889		192,492
				2,377,546
Hotels, Restaurants & Leisure 3.7%
Accel Entertainment, Inc.*		8,203		82,850
Bally’s Corp.		3,021		151,745
Biglari Holdings, Inc. “A”*		15		8,775
Biglari Holdings, Inc. “B”*		164		18,237
BJ’s Restaurants, Inc.		3,662		140,950
Bloomin’ Brands, Inc.		14,862		288,620
Bluegreen Vacations Corp.		993		7,884
Bluegreen Vacations Holding Co.		2,204		29,820
Boyd Gaming Corp.		13,781		591,481
Brinker International, Inc.		7,592		429,479
Caesars Entertainment, Inc.*		30,655		2,276,747
Carrols Restaurant Group, Inc.*		6,279		39,432
Century Casinos, Inc.*		4,779		30,538
Churchill Downs, Inc.		6,481		1,262,434
Chuy’s Holdings, Inc.*		3,303		87,496
Cracker Barrel Old Country Store, Inc.		4,015		529,659
Dave & Buster’s Entertainment, Inc.		7,542		226,411
Del Taco Restaurants, Inc.*		4,606		41,730
Denny’s Corp.*		10,323		151,542
Dine Brands Global, Inc.		2,703		156,774
El Pollo Loco Holdings, Inc.*		3,155		57,106
Everi Holdings, Inc.*		13,667		188,741
Fiesta Restaurant Group, Inc.*		3,393		38,680
Gan Ltd.*		4,047		82,073
Golden Entertainment, Inc.*		2,965		58,974
Hilton Grand Vacations, Inc.*		14,556		456,331
International Game Technology PLC		16,644		281,949
Jack in the Box, Inc.		3,870		359,136
Kura Sushi USA, Inc. “A”*		598		11,661
Lindblad Expeditions Holdings, Inc.*		4,558		78,033
Marriott Vacations Worldwide Corp.		6,863		941,741
Monarch Casino & Resort, Inc.*		2,199		134,623
Nathan’s Famous, Inc.		497		27,444
Noodles & Co.*		5,453		43,079
Papa John’s International, Inc.		5,553		471,172
Penn National Gaming, Inc.*		26,521		2,290,619
PlayAGS, Inc.*		4,708		33,898
RCI Hospitality Holdings, Inc. (a)		1,466		57,819
Red Robin Gourmet Burgers, Inc.*		2,426		46,652
Red Rock Resorts, Inc. “A”		11,116		278,345

	Shares		Value ($)
Ruth’s Hospitality Group, Inc.		5,428		96,238
Scientific Games Corp. “A”*		9,694		402,204
SeaWorld Entertainment, Inc.*		8,523		269,242
Shake Shack, Inc. “A”*		5,966		505,797
Target Hospitality Corp.*		4,513		7,131
Texas Roadhouse, Inc.		11,184		874,141
The Cheesecake Factory, Inc.		7,101		263,163
Wingstop, Inc.		5,040		668,052
				15,576,648
Household Durables 2.0%
Beazer Homes U.S.A., Inc.*		4,962		75,174
Casper Sleep, Inc.*		4,361		26,820
Cavco Industries, Inc.*		1,580		277,211
Century Communities, Inc.*		5,066		221,789
Ethan Allen Interiors, Inc.		3,631		73,383
GoPro, Inc. “A”*		20,555		170,195
Green Brick Partners, Inc.*		4,160		95,514
Hamilton Beach Brands Holding Co. “A”		1,206		21,117
Helen of Troy Ltd.*		4,295		954,306
Hooker Furniture Corp.		2,049		66,080
Installed Building Products, Inc.*		3,920		399,566
iRobot Corp.*		4,731		379,852
KB HOME		14,889		499,079
La-Z-Boy, Inc.		7,567		301,469
Legacy Housing Corp.*		1,436		21,698
LGI Homes, Inc.*		3,830		405,406
Lifetime Brands, Inc.		2,187		33,242
Lovesac Co.*		1,575		67,867
M.D.C. Holdings, Inc.		8,829		429,089
M/I Homes, Inc.*		4,833		214,054
Meritage Homes Corp.*		6,279		520,027
Purple Innovation, Inc.*		2,777		91,474
Skyline Champion Corp.*		8,911		275,706
Sonos, Inc.*		13,684		320,069
Taylor Morrison Home Corp.*		21,318		546,807
TopBuild Corp.*		5,625		1,035,450
TRI Pointe Group, Inc.*		21,230		366,218
Tupperware Brands Corp.*		8,298		268,772
Turtle Beach Corp.*		2,381		51,311
Universal Electronics, Inc.* (a)		2,189		114,835
VOXX International Corp.*		3,503		44,698
				8,368,278
Internet & Direct Marketing Retail 0.8%
1-800 FLOWERS.COM, Inc. “A”*		4,330		112,580
CarParts.com, Inc.* (a)		5,688		70,474
Duluth Holdings, Inc. “B”* (a)		1,836		19,388
Groupon, Inc.*		4,026		152,968
Lands’ End, Inc.*		1,999		43,118
Liquidity Services, Inc.*		4,921		78,293
Magnite, Inc.*		18,215		559,383
Overstock.com, Inc.* (a)		7,238		347,207
PetMed Express, Inc. (a)		3,406		109,196
Quotient Technology, Inc.*		14,950		140,829
RealReal, Inc.*		10,708		209,234
Shutterstock, Inc.		3,688		264,430
Stamps.com, Inc.*		2,888		566,597
Stitch Fix, Inc. “A”*		10,265		602,761
Waitr Holdings, Inc.*		14,195		39,462
				3,315,920

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

DWS Small Cap Index VIP | 7

	Shares		Value ($)
Leisure Products 0.6%
Acushnet Holdings Corp.		5,728		232,213
American Outdoor Brands, Inc.*		2,303		39,220
Callaway Golf Co.		15,947		382,887
Clarus Corp.		4,358		67,113
Escalade, Inc.		1,819		38,508
Johnson Outdoors, Inc. “A”		912		102,719
Malibu Boats, Inc. “A”*		3,430		214,169
Marine Products Corp.		1,244		18,088
MasterCraft Boat Holdings, Inc.*		3,249		80,705
Nautilus, Inc.* (a)		5,123		92,931
Smith & Wesson Brands, Inc.		9,474		168,164
Sturm, Ruger & Co., Inc.		2,925		190,330
Vista Outdoor, Inc.*		10,110		240,214
YETI Holdings, Inc.*		13,604		931,466
				2,798,727
Multiline Retail 0.2%
Big Lots, Inc.		6,704		287,802
Dillard’s, Inc. “A” (a)		1,160		73,138
Macy’s, Inc.		53,520		602,100
				963,040
Specialty Retail 2.6%
Aaron’s Co., Inc.*		5,823		110,404
Abercrombie & Fitch Co. “A”		10,405		211,846
Academy Sports & Outdoors, Inc.* (a)		2,768		57,381
America’s Car-Mart, Inc.*		1,097		120,495
American Eagle Outfitters, Inc. (a)		25,875		519,311
Asbury Automotive Group, Inc.*		3,296		480,359
At Home Group, Inc.*		9,026		139,542
Bed Bath & Beyond, Inc. (a)		21,602		383,652
Boot Barn Holdings, Inc.*		4,757		206,264
Caleres, Inc.		5,837		91,349
Camping World Holdings, Inc. “A” (a)		5,509		143,509
Cato Corp. “A”		3,675		35,243
Chico’s FAS, Inc.		21,424		34,064
Citi Trends, Inc.		1,753		87,089
Conn’s, Inc.* (a)		3,031		35,432
Designer Brands, Inc. “A”		10,643		81,419
Envela Corp.*		1,440		7,488
Express, Inc.*		12,075		10,988
GameStop Corp. “A”* (a)		9,623		181,297
Genesco, Inc.*		2,548		76,669
Group 1 Automotive, Inc.		2,929		384,109
Growgeneration Corp.*		6,281		252,622
Guess?, Inc.		6,542		147,980
Haverty Furniture Companies, Inc.		2,641		73,076
Hibbett Sports, Inc.*		2,868		132,444
Lithia Motors, Inc. “A”		4,420		1,293,601
Lumber Liquidators Holdings, Inc.*		4,972		152,839
MarineMax, Inc.*		3,598		126,038
Monro, Inc.		5,598		298,373
Murphy USA, Inc.		4,572		598,338
National Vision Holdings, Inc.* (a)		13,646		618,027
Odp Corp.		8,739		256,053
OneWater Marine, Inc. “A”*		1,349		39,242
Rent-A-Center, Inc.		8,221		314,782
RH*		2,686		1,202,039
Sally Beauty Holdings, Inc.*		18,850		245,804
Shoe Carnival, Inc. (a)		1,604		62,845
Signet Jewelers Ltd.		8,776		239,322

	Shares		Value ($)
Sleep Number Corp.*		4,585		375,328
Sonic Automotive, Inc. “A”		3,871		149,305
Sportsman’s Warehouse Holdings, Inc.*		7,443		130,625
The Buckle, Inc.		5,045		147,314
The Children’s Place, Inc. (a)		2,474		123,947
The Container Store Group, Inc.*		3,348		31,940
The Michaels Companies, Inc.* (a)		12,477		162,326
Tilly’s, Inc. “A”		3,823		31,196
Urban Outfitters, Inc.*		11,746		300,698
Winmark Corp.		519		96,430
Zumiez, Inc.*		3,646		134,100
				11,134,544
Textiles, Apparel & Luxury Goods 0.9%
Crocs, Inc.*		11,323		709,499
Deckers Outdoor Corp.*		4,760		1,365,073
Fossil Group, Inc.*		8,253		71,553
G-III Apparel Group Ltd.*		7,661		181,872
Kontoor Brands, Inc.*		8,722		353,764
Lakeland Industries, Inc.*		1,339		36,488
Movado Group, Inc.		2,656		44,143
Oxford Industries, Inc.		2,853		186,900
Rocky Brands, Inc.		1,160		32,561
Steven Madden Ltd.		14,055		496,423
Superior Group of Company, Inc.		1,897		44,086
Unifi, Inc.*		2,446		43,392
Vera Bradley, Inc.*		3,753		29,874
Wolverine World Wide, Inc.		13,675		427,344
				4,022,972
Consumer Staples 3.2%
Beverages 0.3%
Celsius Holdings, Inc.*		5,972		300,451
Coca-Cola Bottling Co. Consolidated		816		217,276
MGP Ingredients, Inc. (a)		2,250		105,885
National Beverage Corp.		2,054		174,385
NewAge, Inc.*		16,576		43,595
Primo Water Corp.		26,794		420,130
				1,261,722
Food & Staples Retailing 0.8%
BJ’s Wholesale Club Holdings, Inc.*		23,307		868,885
HF Foods Group, Inc.* (a)		6,285		47,263
Ingles Markets, Inc. “A”		2,490		106,223
Natural Grocers by Vitamin Cottage, Inc.		1,516		20,830
Performance Food Group Co.*		22,266		1,060,084
PriceSmart, Inc.		3,871		352,609
Rite Aid Corp.* (a)		9,459		149,736
SpartanNash Co.		6,276		109,265
The Andersons, Inc.		5,430		133,089
The Chefs’ Warehouse, Inc.*		5,104		131,122
United Natural Foods, Inc.*		9,450		150,917
Village Super Market, Inc. “A”		1,509		33,289
Weis Markets, Inc.		1,668		79,747
				3,243,059
Food Products 1.4%
Alico, Inc.		894		27,732
B&G Foods, Inc. (a)		10,771		298,680
Bridgford Foods Corp.*		322		5,867
Cal-Maine Foods, Inc.*		6,189		232,335

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

8 | DWS Small Cap Index VIP

	Shares		Value ($)
Calavo Growers, Inc.		2,856		198,292
Darling Ingredients, Inc.*		27,397		1,580,259
Farmer Brothers Co.*		2,607		12,175
Fresh Del Monte Produce, Inc.		5,158		124,153
Freshpet, Inc.*		6,616		939,406
Hostess Brands, Inc.*		21,027		307,835
J & J Snack Foods Corp.		2,562		398,058
John B. Sanfilippo & Son, Inc.		1,424		112,297
Laird Superfood, Inc.*		478		22,619
Lancaster Colony Corp.		3,246		596,388
Landec Corp.*		4,455		48,337
Limoneira Co.		2,862		47,652
Mission Produce, Inc.*		930		13,996
Sanderson Farms, Inc.		3,415		451,463
Seneca Foods Corp. “A”*		1,117		44,568
Simply Good Foods Co.*		14,567		456,821
Tootsie Roll Industries, Inc. (a)		2,773		82,358
Vital Farms, Inc.*		1,610		40,749
				6,042,040
Household Products 0.2%
Central Garden & Pet Co.*		1,692		65,328
Central Garden & Pet Co. “A”*		6,605		239,960
Oil-Dri Corp. of America		876		29,854
WD-40 Co.		2,328		618,503
				953,645
Personal Products 0.4%
Bellring Brands, Inc. “A”*		6,916		168,128
Edgewell Personal Care Co.		9,286		321,110
elf Beauty, Inc.*		7,507		189,101
Inter Parfums, Inc.		3,092		187,035
Lifevantage Corp.*		2,417		22,526
Medifast, Inc.		1,923		377,562
Nature’s Sunshine Products, Inc.*		1,427		21,334
Revlon, Inc. “A”* (a)		1,271		15,099
USANA Health Sciences, Inc.*		2,009		154,894
Veru, Inc.* (a)		9,244		79,961
				1,536,750
Tobacco 0.1%
Turning Point Brands, Inc.		2,057		91,660
Universal Corp.		4,052		196,968
Vector Group Ltd.		24,022		279,856
				568,484
Energy 2.1%
Energy Equipment & Services 0.7%
Archrock, Inc.		22,389		193,889
Aspen Aerogels, Inc.*		3,619		60,401
Bristow Group, Inc.*		1,144		30,110
Cactus, Inc. “A” (a)		7,949		207,230
Championx Corp.*		31,732		485,500
DMC Global, Inc.		2,521		109,033
Dril-Quip, Inc.*		6,070		179,793
Exterran Corp.*		4,449		19,665
Frank’s International NV*		26,927		73,780
Helix Energy Solutions Group, Inc.*		24,419		102,560
Liberty Oilfield Services, Inc. “A”		12,229		126,081
Nabors Industries Ltd.		1,191		69,352
National Energy Services Reunited Corp.*		3,528		35,033
Newpark Resources, Inc.*		15,711		30,165
NexTier Oilfield Solutions, Inc.*		27,553		94,782

	Shares		Value ($)
Oceaneering International, Inc.*		17,225		136,939
Oil States International, Inc.*		10,756		53,995
Patterson-UTI Energy, Inc.		30,434		160,083
ProPetro Holding Corp.*		13,816		102,100
RPC, Inc.*		10,105		31,831
Select Energy Services, Inc. “A”*		10,078		41,320
Solaris Oilfield Infrastructure, Inc. “A”		5,066		41,237
Tidewater, Inc.*		7,121		61,525
Transocean Ltd.* (a)		100,902		233,084
U.S. Silica Holdings, Inc.		12,476		87,582
				2,767,070
Oil, Gas & Consumable Fuels 1.4%
Adams Resources & Energy, Inc.		404		9,736
Antero Resources Corp.*		40,467		220,545
Arch Resources, Inc.		2,628		115,028
Ardmore Shipping Corp.		5,725		18,721
Berry Corp.		11,986		44,109
Bonanza Creek Energy, Inc.*		3,240		62,629
Brigham Minerals, Inc. “A”		6,855		75,336
Clean Energy Fuels Corp.*		22,670		178,186
CNX Resources Corp.*		37,481		404,795
Comstock Resources, Inc.*		3,872		16,921
CONSOL Energy, Inc.*		5,093		36,721
Contango Oil & Gas Co.*		15,248		34,918
CVR Energy, Inc.		5,189		77,316
Delek U.S. Holdings, Inc.		10,865		174,601
DHT Holdings, Inc.		19,430		101,619
Diamond S Shipping, Inc.*		4,863		32,388
Dorian LPG Ltd.*		6,439		78,491
Earthstone Energy, Inc. “A”*		4,386		23,377
Energy Fuels, Inc.* (a)		21,828		92,987
Evolution Petroleum Corp.		4,486		12,785
Falcon Minerals Corp.		6,307		19,867
Frontline Ltd. (a)		20,503		127,529
Golar LNG Ltd.*		15,842		152,717
Goodrich Petroleum Corp.*		1,605		16,194
Green Plains, Inc.*		5,912		77,861
International Seaways, Inc.		4,209		68,733
Kosmos Energy Ltd.		69,910		164,289
Magnolia Oil & Gas Corp. “A”*		21,580		152,355
Matador Resources Co.*		18,439		222,374
NACCO Industries, Inc. “A”		660		17,358
NextDecade Corp*		3,742		7,821
Nordic American Tankers Ltd. (a)		24,782		73,107
Overseas Shipholding Group, Inc. “A”*		10,824		23,163
Ovintiv, Inc.		44,270		635,717
Par Pacific Holdings, Inc.*		7,050		98,559
PBF Energy, Inc. “A”		16,659		118,279
PDC Energy, Inc.*		16,766		344,206
Peabody Energy Corp.*		11,159		26,893
Penn Virginia Corp.*		2,310		23,447
PrimeEnergy Resources Corp.*		96		4,144
Range Resources Corp.		36,499		244,543
Renewable Energy Group, Inc.*		6,526		462,171
REX American Resources Corp.* (a)		969		71,192
Scorpio Tankers, Inc. (a)		8,920		99,815
SFL Corp. Ltd.		16,669		104,681
SM Energy Co.		19,416		118,826
Southwestern Energy Co.*		109,920		327,562
Talos Energy, Inc.*		2,061		16,983

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

DWS Small Cap Index VIP | 9

	Shares		Value ($)
Tellurian, Inc.* (a)		27,289		34,930
Uranium Energy Corp.*		32,394		57,013
W&T Offshore, Inc.* (a)		16,020		34,763
Whiting Petroleum Corp.*		222		5,550
World Fuel Services Corp.		10,635		331,387
				6,095,238
Financials 15.3%
Banks 7.7%
1st Constitution Bancorp.		1,555		24,678
1st Source Corp.		2,879		116,024
ACNB Corp.		1,442		36,050
Allegiance Bancshares, Inc. (a)		3,100		105,803
Altabancorp.		2,789		77,869
Amalgamated Bank “A”		2,393		32,880
Amerant Bancorp, Inc.*		3,608		54,842
American National Bankshares, Inc.		1,839		48,200
Ameris Bancorp.		11,180		425,623
Ames National Corp.		1,514		36,366
Arrow Financial Corp.		2,190		65,503
Atlantic Capital Bancshares, Inc.*		3,670		58,426
Atlantic Union Bankshares Corp.		13,236		435,994
Auburn National Bancorporation, Inc.		383		15,967
Banc of California, Inc.		7,527		110,722
BancFirst Corp.		3,217		188,838
BancorpSouth Bank		16,893		463,544
Bank First Corp. (a)		1,094		70,913
Bank of Commerce Holdings		2,721		26,938
Bank of Marin Bancorp.		2,309		79,291
Bank of NT Butterfield & Son Ltd.		8,541		266,138
Bank of Princeton		1,037		24,276
Bank7 Corp.		588		8,350
BankFinancial Corp.		2,380		20,896
BankUnited, Inc.		15,664		544,794
Bankwell Financial Group, Inc.		1,134		22,170
Banner Corp.		5,823		271,294
Bar Harbor Bankshares (a)		2,625		59,299
BayCom Corp.*		2,014		30,552
BCB Bancorp., Inc.		2,455		27,177
Berkshire Hills Bancorp., Inc.		7,855		134,478
Boston Private Financial Holdings, Inc.		14,272		120,598
Bridge Bancorp., Inc.		2,935		70,968
Brookline Bancorp., Inc.		13,492		162,444
Bryn Mawr Bank Corp.		3,438		105,186
Business First Bancshares, Inc.		3,086		62,831
Byline Bancorp., Inc. (a)		4,273		66,018
C&F Financial Corp.		613		22,748
Cadence BanCorp.		20,715		340,140
California Bancorp, Inc.*		1,239		19,279
Cambridge Bancorp.		1,085		75,679
Camden National Corp.		2,555		91,418
Capital Bancorp. Inc*		1,557		21,689
Capital City Bank Group, Inc.		2,365		58,132
Capstar Financial Holdings, Inc.		2,859		42,170
Carter Bankshares, Inc.		3,961		42,462
Cathay General Bancorp.		12,895		415,090
CB Financial Services, Inc.		818		16,368
CBTX, Inc.		3,108		79,285
Central Pacific Financial Corp.		4,808		91,400
Central Valley Community Bancorp.		1,861		27,710

	Shares		Value ($)
Century Bancorp., Inc. “A”		491		37,984
Chemung Financial Corp.		638		21,660
Choiceone Financial Services, Inc.		1,275		39,283
CIT Group, Inc.		16,679		598,776
Citizens & Northern Corp.		2,252		44,680
Citizens Holdings Co.		779		16,320
City Holding Co.		2,563		178,257
Civista Bancshares, Inc.		2,748		48,172
CNB Financial Corp.		2,541		54,098
Coastal Financial Corp.*		1,648		34,608
Codorus Valley Bancorp., Inc.		1,585		26,882
Colony Bankcorp, Inc.		1,369		20,056
Columbia Banking System, Inc.		12,224		438,842
Community Bank System, Inc.		8,937		556,864
Community Bankers Trust Corp.		3,937		26,575
Community Financial Corp.		915		24,229
Community Trust Bancorp., Inc.		2,653		98,294
ConnectOne Bancorp., Inc.		6,463		127,903
County Bancorp., Inc.		828		18,282
CrossFirst Bankshares, Inc.*		8,380		90,085
Customers Bancorp., Inc.*		5,034		91,518
CVB Financial Corp.		22,110		431,145
Dime Community Bancshares		5,032		79,355
Eagle Bancorp. Montana, Inc.		1,059		22,472
Eagle Bancorp., Inc.		5,344		220,707
Eastern Bankshares, Inc.*		27,965		456,109
Enterprise Bancorp., Inc.		1,527		39,015
Enterprise Financial Services Corp.		4,186		146,301
Equity Bancshares, Inc. “A”*		2,486		53,673
Esquire Financial Holdings, Inc.*		1,121		21,512
Evans Bancorp., Inc.		846		23,299
Farmers & Merchants Bancorp., Inc.		1,797		41,331
Farmers National Banc Corp.		4,549		60,365
FB Financial Corp. (a)		5,404		187,681
Fidelity D&D Bancorp, Inc. (a)		606		39,002
Financial Institutions, Inc.		2,797		62,932
First BanCorp.		36,155		333,349
First BanCorp. — North Carolina (a)		4,930		166,782
First Bancorp., Inc.		1,840		46,736
First Bancshares, Inc.		3,538		109,253
First Bank		2,774		26,020
First Busey Corp.		8,731		188,153
First Business Financial Services, Inc.		1,434		26,400
First Capital, Inc.		563		34,095
First Choice Bancorp.		1,780		32,912
First Commonwealth Financial Corp.		15,869		173,607
First Community Bancshares, Inc.		2,962		63,920
First Community Corp.		1,191		20,235
First Financial Bancorp.		16,263		285,090
First Financial Bankshares, Inc.		21,850		790,424
First Financial Corp. — Indiana		2,272		88,267
First Foundation, Inc.		6,772		135,440
First Guaranty Bancshares, Inc.		514		9,134
First Internet Bancorp.		1,676		48,168
First Interstate BancSystem, Inc. “A”		6,792		276,910
First Merchants Corp.		9,070		339,309
First Mid-Illinois Bancshares, Inc.		2,556		86,035
First Midwest Bancorp., Inc.		19,133		304,597
First Northwest Bancorp.		1,649		25,724

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

10 | DWS Small Cap Index VIP

	Shares			Value ($)
First of Long Island Corp.		3,996			71,329
First Savings Financial Group, Inc.		310			20,150
First United Corp.		1,088	��		16,864
First Western Financial, Inc.*		1,008			19,727
Flushing Financial Corp.		5,042			83,899
FNCB Bancorp, Inc.		2,830			18,112
Franklin Financial Services Corp.		679			18,353
Fulton Financial Corp.		26,887			342,003
FVCBankcorp, Inc.*		2,045			30,061
German American Bancorp., Inc. (a)		4,283			141,724
Glacier Bancorp., Inc.		16,210			745,822
Great Southern Bancorp., Inc.		1,757			85,917
Great Western Bancorp., Inc.		9,619			201,037
Guaranty Bancshares, Inc.		1,309			39,205
Hancock Whitney Corp.		14,547			494,889
Hanmi Financial Corp.		5,393			61,157
Harborone Bancorp, Inc.*		9,227			100,205
Hawthorn Bancshares, Inc.		979			21,440
HBT Financial, Inc.		1,777			26,922
Heartland Financial U.S.A., Inc.		5,813			234,671
Heritage Commerce Corp.		10,181			90,305
Heritage Financial Corp.		6,267			146,585
Hilltop Holdings, Inc.		12,106			333,036
Home Bancshares, Inc.		26,208			510,532
HomeTrust Bancshares, Inc.		2,772			53,527
Hope Bancorp., Inc.		19,586			213,683
Horizon Bancorp, Inc.		7,369			116,872
Howard Bancorp., Inc.*		2,292			27,069
Independent Bank Corp. (a)		5,595			408,659
Independent Bank Corp./Michigan		3,722			68,745
Independent Bank Group, Inc.		6,293			393,438
International Bancshares Corp.		9,039			338,420
Investar Holding Corp.		1,772			29,309
Investors Bancorp., Inc.		39,219			414,153
Lakeland Bancorp., Inc.		8,533			108,369
Lakeland Financial Corp.		4,127			221,125
Landmark Bancorp. Inc/manhattan Ks		728			16,635
LCNB Corp.		2,172			31,907
Level One Bancorp, Inc.		921			18,632
Limestone Bancorp, Inc.*		940			11,806
Live Oak Bancshares, Inc. (a)		4,874			231,320
Macatawa Bank Corp.		4,472			37,431
Mackinac Financial Corp.		1,498			19,114
MainStreet Bancshares, Inc.*		1,156			19,548
Mercantile Bank Corp.		2,779			75,505
Meridian Corp.		884			18,387
Metrocity Bankshares, Inc. (a)		3,063			44,168
Metropolitan Bank Holding Corp.*		1,230			44,612
Mid Penn Bancorp, Inc.		1,163			25,470
Middlefield Banc Corp.		1,012			22,770
Midland States Bancorp., Inc. (a)		3,771			67,388
MidWestOne Financial Group, Inc.		2,587			63,381
MVB Financial Corp.		1,707			38,715
National Bank Holdings Corp. “A”		5,115			167,567
National Bankshares, Inc.		1,117			34,973
NBT Bancorp., Inc.		7,109			228,199
Nicolet Bankshares, Inc.*		1,480			98,198
Northeast Bank*		1,307			29,434
Northrim BanCorp., Inc.		1,086			36,870
Norwood Financial Corp.		987			25,830
Oak Valley Bancorp.		1,149			19,096
OceanFirst Financial Corp.		10,242			190,808

	Shares		Value ($)
OFG Bancorp.		8,809		163,319
Ohio Valley Banc Corp.		758		17,889
Old National Bancorp.		28,039		464,326
Old Second Bancorp., Inc.		5,091		51,419
Origin Bancorp, Inc.		3,807		105,720
Orrstown Financial Services, Inc.		1,832		30,320
Pacific Premier Bancorp., Inc.		13,600		426,088
Park National Corp. (a)		2,399		251,919
Parke Bancorp., Inc.		1,830		28,548
Partners Bancorp.		1,827		11,875
PCB Bancorp.		2,151		21,747
Peapack-Gladstone Financial Corp.		3,178		72,331
Penns Woods Bancorp., Inc.		1,151		29,937
Peoples Bancorp. of North Carolina, Inc.		722		16,620
Peoples Bancorp., Inc. (a)		3,058		82,841
Peoples Financial Services Corp.		1,193		43,855
Plumas Bancorp.		760		17,860
Preferred Bank		2,256		113,860
Premier Financial Bancorp., Inc.		2,273		30,208
Professional Holding Corp. “A”*		1,635		25,228
QCR Holdings, Inc.		2,591		102,578
RBB Bancorp.		2,922		44,940
Red River Bancshares, Inc.		876		43,406
Reliant Bancorp., Inc.		2,660		49,529
Renasant Corp. (a)		9,145		308,004
Republic Bancorp., Inc. “A”		1,700		61,319
Republic First Bancorp., Inc.*		8,082		23,034
Richmond Mutual Bancorp., Inc.		2,083		28,454
S&T Bancorp., Inc. (a)		6,670		165,683
Salisbury Bancorp, Inc.		409		15,243
Sandy Spring Bancorp., Inc.		7,708		248,120
Sb Financial Group, Inc.		1,190		21,753
Seacoast Banking Corp. of Florida*		8,644		254,566
Select Bancorp, Inc.*		2,691		25,484
ServisFirst Bancshares, Inc.		8,287		333,883
Shore Bancshares, Inc.		1,737		25,360
Sierra Bancorp.		2,468		59,035
Silvergate Capital Corp. “A”*		2,743		203,832
Simmons First National Corp. “A”		18,387		396,975
SmartFinancial, Inc.		2,491		45,187
South Plains Financial, Inc.		1,906		36,119
South State Corp.		11,852		856,900
Southern First Bancshares, Inc.*		1,237		43,728
Southern National Bancorp. of Virginia, Inc.		3,376		40,883
Southside Bancshares, Inc.		5,497		170,572
Spirit of Texas Bancshares, Inc.		2,322		39,010
Stock Yards Bancorp., Inc.		3,523		142,611
Summit Financial Group, Inc.		1,971		43,520
Texas Capital Bancshares, Inc.*		8,547		508,546
The Bancorp., Inc.*		8,893		121,389
Tompkins Financial Corp. (a)		2,490		175,794
TowneBank		11,214		263,305
TriCo Bancshares		4,601		162,323
TriState Capital Holdings, Inc.*		4,737		82,424
Triumph Bancorp., Inc.*		3,845		186,675
Trustmark Corp.		10,646		290,742
UMB Financial Corp.		7,459		514,596
United Bankshares, Inc.		20,935		678,294
United Community Banks, Inc.		13,140		373,702
United Securities Bancshares		2,231		15,729
Unity Bancorp., Inc.		1,412		24,781

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

DWS Small Cap Index VIP | 11

	Shares		Value ($)
Univest Corp. of Pennsylvania		5,033		103,579
Valley National Bancorp.		67,389		657,043
Veritex Holdings, Inc. (a)		8,241		211,464
Washington Trust Bancorp., Inc.		2,962		132,698
WesBanco, Inc.		10,953		328,152
West Bancorp.		2,827		54,561
Westamerica Bancorp.		4,424		244,603
				32,735,453
Capital Markets 1.6%
Artisan Partners Asset Management, Inc. “A”		9,329		469,622
Assetmark Financial Holdings, Inc.*		2,856		69,115
Associated Capital Group, Inc. “A”		276		9,693
B. Riley Financial, Inc.		3,115		137,745
BGC Partners, Inc. “A”		51,766		207,064
Blucora, Inc.*		8,257		131,369
Brightsphere Investment Group, Inc.		10,662		205,563
Cohen & Steers, Inc.		4,139		307,528
Cowen, Inc. “A”		4,207		109,340
Diamond Hill Investment Group		543		81,054
Donnelley Financial Solutions, Inc.*		5,260		89,262
Federated Hermes, Inc.		16,033		463,193
Focus Financial Partners, Inc. “A”*		5,273		229,376
GAMCO Investors, Inc. “A”		957		16,977
Greenhill & Co., Inc.		2,454		29,792
Hamilton Lane, Inc. “A”		5,417		422,797
Houlihan Lokey, Inc.		8,799		591,557
Moelis & Co. “A”		8,999		420,793
Oppenheimer Holdings, Inc. “A”		1,647		51,765
Piper Sandler Companies		2,925		295,132
PJT Partners, Inc. “A”		3,984		299,796
Pzena Investment Management, Inc. “A”		3,077		22,462
Safeguard Scientifics, Inc.*		3,490		22,266
Sculptor Capital Management, Inc.		3,113		47,318
Siebert Financial Corp.*		2,244		9,425
Silvercrest Asset Management Group, Inc. “A”		1,608		22,335
StepStone Group, Inc. “A”*		3,238		128,872
Stifel Financial Corp.		17,230		869,426
StoneX Group, Inc.*		2,839		164,378
Value Line, Inc.		187		6,165
Virtus Investment Partners, Inc.		1,230		266,910
Waddell & Reed Financial, Inc. “A”		10,336		263,258
Westwood Holdings Group, Inc.		1,309		18,981
WisdomTree Investments, Inc.		24,317		130,096
				6,610,425
Consumer Finance 0.8%
Atlanticus Holdings Corp.*		928		22,857
Curo Group Holdings Corp.		3,151		45,154
Encore Capital Group, Inc.*		5,411		210,758
Enova International, Inc.*		5,998		148,570
EZCORP, Inc. “A”*		8,138		38,981
FirstCash, Inc.		6,978		488,739
Green Dot Corp. “A”*		8,733		487,301
Lendingclub Corp.*		12,322		130,120
Navient Corp.		30,864		303,085

	Shares		Value ($)
Nelnet, Inc. “A”		2,889		205,812
Oportun Financial Corp.*		3,427		66,381
PRA Group, Inc.*		7,695		305,184
PROG Holdings, Inc.		11,395		613,849
Regional Management Corp.		1,560		46,582
World Acceptance Corp.* (a)		746		76,256
				3,189,629
Diversified Financial Services 0.2%
A-mark Precious Metals, Inc.		859		22,033
Alerus Financial Corp.		2,359		64,566
Banco Latinoamericano de Comercio Exterior SA “E”		5,376		85,102
Cannae Holdings, Inc.*		14,660		648,998
GWG Holdings, Inc.*		642		4,487
Marlin Business Services Corp.		1,586		19,413
Swk Holdings Corp.*		653		9,397
				853,996
Insurance 2.1%
Ambac Financial Group, Inc.*		7,897		121,456
American Equity Investment Life Holding Co.		15,468		427,845
AMERISAFE, Inc.		3,323		190,840
Argo Group International Holdings Ltd.		5,428		237,204
BRP Group, Inc. “A”*		7,319		219,350
Citizens, Inc.* (a)		8,731		50,029
CNO Financial Group, Inc.		23,418		520,582
Crawford & Co. “A”		2,763		20,419
Donegal Group, Inc. “A”		1,923		27,057
eHealth, Inc.* (a)		4,352		307,295
Employers Holdings, Inc.		4,771		153,578
Enstar Group Ltd.*		2,050		420,024
FBL Financial Group, Inc. “A”		1,556		81,706
FedNat Holding, Co.		2,123		12,568
Genworth Financial, Inc. “A”*		85,780		324,248
Goosehead Insurance, Inc. “A”		2,238		279,213
Greenlight Capital Re Ltd. “A”*		4,827		35,285
HCI Group, Inc.		1,045		54,654
Heritage Insurance Holdings, Inc.		4,427		44,846
Horace Mann Educators Corp.		7,014		294,869
Independence Holding Co.		824		33,784
Investors Title Co.		228		34,884
James River Group Holdings Ltd.		5,052		248,306
Kinsale Capital Group, Inc.		3,611		722,669
MBIA, Inc.* (a)		7,982		52,522
National General Holdings Corp.		11,681		399,257
National Western Life Group, Inc. “A”		446		92,072
NI Holdings, Inc.*		1,563		25,664
Palomar Holdings, Inc.*		3,441		305,698
ProAssurance Corp.		9,315		165,714
ProSight Global, Inc.*		1,658		21,272
Protective Insurance Corp. “B”		1,579		21,648
RLI Corp.		6,750		703,012
Safety Insurance Group, Inc.		2,417		188,284
Selective Insurance Group, Inc.		10,014		670,738
Selectquote, Inc.*		5,205		108,004
State Auto Financial Corp.		3,105		55,083
Stewart Information Services Corp.		4,412		213,364
Third Point Reinsurance Ltd.*		14,040		133,661
Tiptree, Inc.		4,324		21,706
Trean Insurance Group, Inc.*		1,852		24,261

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

12 | DWS Small Cap Index VIP

	Shares		Value ($)
Trupanion, Inc.*		5,131		614,232
United Fire Group, Inc.		3,621		90,887
United Insurance Holdings Corp.		3,590		20,535
Universal Insurance Holdings, Inc.		4,357		65,834
Vericity, Inc.*		267		2,673
Watford Holdings Ltd.*		2,809		97,191
				8,956,023
Mortgage Real Estate Investment Trusts (REITs) 1.2%
Anworth Mortgage Asset Corp.		16,841		45,639
Apollo Commercial Real Estate Finance, Inc.		23,633		263,981
Arbor Realty Trust, Inc.		19,580		277,644
Ares Commercial Real Estate Corp.		5,338		63,576
Arlington Asset Investment Corp. “A”		5,972		22,574
ARMOUR Residential REIT, Inc.		11,149		120,298
Blackstone Mortgage Trust, Inc. ,“A”		23,350		642,825
Broadmark Realty Capital, Inc.		21,493		219,229
Capstead Mortgage Corp.		16,628		96,609
Cherry Hill Mortgage Investment Corp.		2,635		24,084
Chimera Investment Corp.		32,632		334,478
Colony Credit Real Estate, Inc.		14,494		108,705
Dynex Capital, Inc. (a)		3,826		68,103
Ellington Financial, Inc.		7,142		105,987
Ellington Residential Mortgage REIT		1,497		19,521
Granite Point Mortgage Trust, Inc. (a)		9,338		93,287
Great Ajax Corp.		3,611		37,771
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		12,542		795,539
Invesco Mortgage Capital, Inc. (a)		30,850		104,273
KKR Real Estate Finance Trust, Inc.		4,939		88,507
Ladder Capital Corp.		18,376		179,717
MFA Financial, Inc.		76,456		297,414
New York Mortgage Trust, Inc.		63,576		234,595
Orchid Island Capital, Inc.		11,683		60,985
PennyMac Mortgage Investment Trust		16,859		296,550
Ready Capital Corp.		6,945		86,465
Redwood Trust, Inc.		18,865		165,635
TPG RE Finance Trust, Inc.		10,416		110,618
Two Harbors Investment Corp.		45,982		292,905
Western Asset Mortgage Capital Corp.		9,007		29,363
				5,286,877
Thrifts & Mortgage Finance 1.7%
Axos Financial, Inc.*		9,621		361,076
Bogota Financial Corp.*		1,088		9,694
Bridgewater Bancshares, Inc.*		3,349		41,829
Capitol Federal Financial, Inc.		21,831		272,887
Columbia Financial, Inc.*		7,858		122,270
ESSA Bancorp., Inc.		1,492		22,380
Essent Group Ltd.		18,674		806,717
Federal Agricultural Mortgage Corp. “C”		1,584		117,612
Flagstar Bancorp., Inc.		8,077		329,218
FS Bancorp, Inc.		661		36,223
Greene County Bancorp., Inc.		571		14,555
Hingham Institution for Savings		247		53,352

	Shares		Value ($)
Home Bancorp., Inc.		1,330		37,227
HomeStreet, Inc.		3,506		118,327
Kearny Financial Corp.		13,953		147,344
Luther Burbank Corp.		3,158		30,948
Merchants Bancorp.		1,503		41,528
Meridian Bancorp., Inc.		7,968		118,803
Meta Financial Group, Inc.		5,551		202,945
MMA Capital Holdings, Inc.*		821		20,197
Mr Cooper Group, Inc.*		12,760		395,943
NMI Holdings, Inc. “A”*		13,920		315,288
Northfield Bancorp., Inc.		8,059		99,367
Northwest Bancshares, Inc.		19,611		249,844
Oconee Federal Financial Corp.		194		4,908
OP Bancorp.		2,000		15,400
PCSB Financial Corp.		2,636		42,018
PennyMac Financial Services, Inc.		7,279		477,648
Pioneer Bancorp. Inc.*		1,979		20,918
Ponce de Leon Federal Bank*		1,402		14,735
Premier Financial Corp.		6,385		146,855
Provident Bancorp, Inc.		2,529		30,348
Provident Financial Holdings, Inc.		1,084		17,030
Provident Financial Services, Inc.		11,985		215,251
Prudential Bancorp., Inc.		1,388		19,224
Radian Group, Inc.		32,370		655,492
Riverview Bancorp., Inc.		3,700		19,462
Security National Financial Corp. “A”*		1,737		14,504
Southern Missouri Bancorp., Inc.		1,308		39,816
Standard Avb Financial Corp.		658		21,444
Sterling Bancorp., Inc.		3,148		14,292
Territorial Bancorp., Inc.		1,316		31,623
Timberland Bancorp., Inc.		1,290		31,295
TrustCo Bank Corp.		16,534		110,282
Walker & Dunlop, Inc.		4,792		440,960
Washington Federal, Inc.		12,826		330,141
Waterstone Financial, Inc.		3,823		71,949
Western New England Bancorp, Inc.		3,976		27,395
WSFS Financial Corp.		8,442		378,877
				7,157,441
Health Care 21.0%
Biotechnology 11.2%
89bio, Inc.*		1,368		33,338
Abeona Therapeutics, Inc.*		11,128		17,471
ADMA Biologics, Inc.* (a)		10,441		20,360
Adverum Biotechnologies, Inc.*		15,121		163,912
Aeglea BioTherapeutics, Inc.*		7,388		58,144
Affimed NV*		14,527		84,547
Agenus, Inc.* (a)		26,427		84,038
Akebia Therapeutics, Inc.*		23,330		65,324
Akero Therapeutics, Inc.*		2,282		58,876
Akouos, Inc.* (a)		2,504		49,654
Albireo Pharma, Inc.*		2,874		107,804
Alector, Inc.*		8,052		121,827
Aligos Therapeutics, Inc.*		1,708		47,226
Allakos, Inc.*		4,463		624,820
Allogene Therapeutics, Inc.*		9,150		230,946
Allovir, Inc.*		3,044		117,011
ALX Oncology Holdings, Inc.* (a)		1,667		143,695
Amicus Therapeutics, Inc.*		43,773		1,010,719
AnaptysBio, Inc.*		3,710		79,765
Anavex Life Sciences Corp.*		8,836		47,714
Anika Therapeutics, Inc.*		2,422		109,620

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

DWS Small Cap Index VIP | 13

	Shares		Value ($)
Annexon, Inc.*		2,626		65,729
Apellis Pharmaceuticals, Inc.*		10,239		585,671
Applied Genetic Technologies Corp.*		4,364		17,849
Applied Molecular Transport, Inc.* (a)		2,085		64,155
Applied Therapeutics, Inc.* (a)		2,398		52,780
Aprea Therapeutics, Inc.*		1,267		6,234
Aptinyx, Inc.*		5,998		20,753
Aravive, Inc.*		2,270		12,803
Arcturus Therapeutics Holdings, Inc.*		3,750		162,675
Arcus Biosciences, Inc.*		7,040		182,758
Arcutis Biotherapeutics, Inc.* (a)		3,524		99,130
Ardelyx, Inc.*		12,750		82,492
Arena Pharmaceuticals, Inc.*		9,905		761,001
Arrowhead Pharmaceuticals, Inc.*		17,084		1,310,855
Assembly Biosciences, Inc.*		5,356		32,404
Atara Biotherapeutics, Inc.*		12,861		252,461
Athenex, Inc.*		11,924		131,879
Athersys, Inc.* (a)		30,069		52,621
Atreca, Inc. “A”*		4,836		78,101
Aveo Pharmaceuticals, Inc.*		3,690		21,291
Avid Bioservices, Inc.*		9,508		109,722
Avidity Biosciences, Inc.*		2,767	��	70,614
Avrobio, Inc.*		5,453		76,015
Axcella Health, Inc.*		2,427		12,596
Aziyo Biologics, Inc. “A”*		371		5,057
Beam Therapeutics, Inc.* (a)		6,792		554,499
Beyondspring, Inc.*		2,517		30,707
BioCryst Pharmaceuticals, Inc.* (a)		30,039		223,791
Biohaven Pharmaceutical Holding Co., Ltd.*		8,202		702,993
Bioxcel Therapeutics, Inc.*		2,163		99,931
Black Diamond Therapeutics, Inc.*		3,073		98,490
Blueprint Medicines Corp.*		9,426		1,057,126
Brainstorm Cell Therapeutics, Inc.* (a)		4,968		22,480
Bridgebio Pharma, Inc.*		12,379		880,271
C4 Therapeutics, Inc.*		1,789		59,270
Cabaletta Bio, Inc.*		2,237		27,918
Calithera Biosciences, Inc.*		11,637		57,138
Calyxt, Inc.*		1,724		7,275
CareDx, Inc.*		8,157		590,975
CASI Pharmaceuticals, Inc.*		11,558		34,096
Catabasis Pharmaceuticals, Inc.*		3,373		7,218
Catalyst Biosciences, Inc.*		3,253		20,526
Catalyst Pharmaceuticals, Inc.*		16,764		55,992
CEL-SCI Corp* (a)		5,867		68,409
Cellular Biomedicine Group, Inc.*		2,152		39,554
Centogene NV*		1,413		15,232
Checkmate Pharmaceuticals, Inc.*		609		8,885
Checkpoint Therapeutics, Inc.*		8,015		21,240
ChemoCentryx, Inc.*		8,449		523,162
Chimerix, Inc.*		7,890		38,109
Chinook Therapeutics, Inc.*		2,328		36,922
Cidara Therapeutics, Inc.*		6,224		12,448
Clovis Oncology, Inc.* (a)		13,590		65,232
Codiak Biosciences, Inc.*		906		29,264
Cohbar, Inc.*		4,570		6,124
Coherus Biosciences, Inc.*		10,049		174,652
Concert Pharmaceuticals, Inc.*		5,028		63,554
Constellation Pharmaceuticals, Inc.*		5,205		149,904

	Shares		Value ($)
Contra Aduro Biotech I (b)		2,328		0
Contrafect Corp.*		3,791		19,145
Corbus Pharmaceuticals Holdings, Inc.* (a)		11,734		14,668
Cortexyme, Inc.*		2,734		75,951
Crinetics Pharmaceuticals, Inc.*		4,617		65,146
Cue Biopharma, Inc.*		4,881		61,061
Cyclerion Therapeutics, Inc.*		3,714		11,365
Cytokinetics, Inc.*		11,476		238,471
CytomX Therapeutics, Inc.*		7,907		51,791
Deciphera Pharmaceuticals, Inc.*		6,472		369,357
Denali Therapeutics, Inc.*		10,713		897,321
DermTech, Inc.*		1,346		43,664
Dicerna Pharmaceuticals, Inc.*		11,260		248,058
Dyadic International, Inc.*		3,320		17,862
Dynavax Technologies Corp.* (a)		17,284		76,914
Dyne Therapeutics, Inc.*		2,371		49,791
Eagle Pharmaceuticals, Inc.*		1,677		78,098
Editas Medicine, Inc.* (a)		10,687		749,266
Eidos Therapeutics, Inc.*		1,856		244,212
Eiger BioPharmaceuticals, Inc.*		5,072		62,335
Emergent BioSolutions, Inc.*		7,710		690,816
Enanta Pharmaceuticals, Inc.*		3,307		139,225
Enochian Biosciences, Inc.*		2,438		7,192
Epizyme, Inc.*		15,472		168,026
Esperion Therapeutics, Inc.* (a)		4,495		116,870
Evelo Biosciences, Inc.* (a)		3,340		40,381
Exicure, Inc.*		9,901		17,525
Fate Therapeutics, Inc.*		12,198		1,109,164
Fennec Pharmaceuticals, Inc.*		3,717		27,692
FibroGen, Inc.*		14,316		530,980
Five Prime Therapeutics, Inc.*		5,241		89,149
Flexion Therapeutics, Inc.* (a)		7,097		81,899
Foghorn Therapeutics, Inc.*		1,224		24,810
Forma Therapeutics Holdings, Inc.*		2,907		101,454
Fortress Biotech, Inc.*		10,826		34,318
Frequency Therapeutics, Inc.* (a)		4,276		150,772
G1 Therapeutics, Inc.*		5,898		106,105
Galectin Therapeutics, Inc.* (a)		5,841		13,084
Galera Therapeutics, Inc.*		1,457		14,905
Generation Bio Co.*		2,086		59,138
Genprex, Inc.* (a)		4,776		19,820
Geron Corp.* (a)		46,692		74,240
GlycoMimetics, Inc.*		5,874		22,086
Gossamer Bio, Inc.*		9,395		90,850
Gritstone Oncology, Inc.*		5,566		21,930
Halozyme Therapeutics, Inc.*		22,640		966,954
Harpoon Therapeutics, Inc.*		1,854		30,795
Heron Therapeutics, Inc.*		14,873		314,787
Homology Medicines, Inc.*		5,877		66,351
Hookipa Pharma, Inc.*		2,322		25,751
Ibio, Inc.*		28,646		30,078
Ideaya Biosciences, Inc.*		2,782		38,948
IGM Biosciences, Inc.* (a)		1,239		109,391
Immunic, Inc.*		910		13,914
ImmunoGen, Inc.* (a)		31,312		201,962
Immunome, Inc.*		421		4,075
Immunovant, Inc.*		6,393		295,293
Inhibrx, Inc.*		1,372		45,235
Inovio Pharmaceuticals, Inc.* (a)		27,133		240,127
Inozyme Pharma, Inc.*		1,330		27,451
Insmed, Inc.*		17,234		573,720
Intellia Therapeutics, Inc.* (a)		8,529		463,978

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

14 | DWS Small Cap Index VIP

	Shares		Value ($)
Intercept Pharmaceuticals, Inc.* (a)		4,497		111,076
Invitae Corp.* (a)		19,655		821,776
Ironwood Pharmaceuticals, Inc.*		27,163		309,387
iTeos Therapeutics, Inc.*		1,877		63,480
Iveric Bio, Inc.*		13,541		93,568
Jounce Therapeutics, Inc.*		2,818		19,726
Kadmon Holdings, Inc.*		28,647		118,885
KalVista Pharmaceuticals, Inc.*		2,412		45,804
Karuna Therapeutics, Inc.*		2,682		272,464
Karyopharm Therapeutics, Inc.*		12,166		188,330
Keros Therapeutics, Inc.*		2,213		156,105
Kezar Life Sciences, Inc.*		4,843		25,280
Kindred Biosciences, Inc.*		6,249		26,933
Kiniksa Pharmaceuticals Ltd. “A”*		4,544		80,292
Kodiak Sciences, Inc.* (a)		5,491		806,683
Kronos Bio, Inc.*		2,482		74,137
Krystal Biotech, Inc.*		2,300		138,000
Kura Oncology, Inc.*		10,476		342,146
Kymera Therapeutics, Inc.*		1,710		106,020
La Jolla Pharmaceutical Co.*		2,986		11,586
Lexicon Pharmaceuticals, Inc.*		7,485		25,599
Ligand Pharmaceuticals, Inc.* (a)		2,416		240,271
LogicBio Therapeutics, Inc.*		2,867		21,875
MacroGenics, Inc.*		9,284		212,232
Madrigal Pharmaceuticals, Inc.* (a)		1,518		168,756
Magenta Therapeutics, Inc.*		3,113		24,406
MannKind Corp.*		38,582		120,762
Marker Therapeutics, Inc.* (a)		5,003		7,254
MediciNova, Inc.* (a)		7,646		40,218
MEI Pharma, Inc.*		18,149		47,913
MeiraGTx Holdings PLC*		3,839		58,122
Mersana Therapeutics, Inc.*		9,198		244,759
Metacrine, Inc.*		1,018		8,001
Minerva Neurosciences, Inc.* (a)		5,484		12,833
Mirati Therapeutics, Inc.*		7,285		1,600,077
Mirum Pharmaceuticals, Inc.*		837		14,614
Molecular Templates, Inc.*		4,525		42,490
Morphic Holding, Inc.* (a)		2,369		79,480
Mustang Bio, Inc.*		8,124		30,749
Myriad Genetics, Inc.*		12,010		237,498
NantKwest, Inc.* (a)		5,363		71,489
Natera, Inc.*		12,885		1,282,315
Neoleukin Therapeutics, Inc.*		5,536		78,058
Neubase Therapeutics, Inc.*		2,956		20,662
Neurobo Pharmaceuticals, Inc.* (a)		815		4,279
NextCure, Inc.*		2,890		31,501
Nkarta, Inc.*		2,756		169,411
Novavax, Inc.* (a)		10,495		1,170,297
Nurix Therapeutics, Inc.* (a)		1,994		65,563
Nymox Pharmaceutical Corp.* (a)		7,333		18,186
Oncocyte Corp.*		10,446		24,966
Oncorus, Inc.*		1,110		35,886
OPKO Health, Inc.* (a)		67,481		266,550
Organogenesis Holdings, Inc.*		4,203		31,649
Orgenesis, Inc.*		2,993		13,469
Oric Pharmaceuticals, Inc.* (a)		3,764		127,411
Ovid therapeutics, Inc.*		7,559		17,461
Oyster Point Pharma, Inc.*		875		16,468
Pandion Therapeutics, Inc.*		1,225		18,191
Passage Bio, Inc.*		4,219		107,880
PhaseBio Pharmaceuticals, Inc.* (a)		2,535		8,518

	Shares		Value ($)
Pieris Pharmaceuticals, Inc.*		8,549		21,373
PMV Pharmaceuticals, Inc.*		2,312		142,211
Poseida Therapeutics, Inc.*		2,265		24,847
Praxis Precision Medicines, Inc.*		1,875		103,162
Precigen, Inc.*		11,353		115,801
Precision BioSciences, Inc.*		8,186		68,271
Prelude Therapeutics, Inc.*		1,565		111,976
Prevail Therapeutics, Inc.*		2,507		57,836
Protagonist Therapeutics, Inc.* (a)		5,268		106,203
Protara Therapeutics, Inc.*		592		14,332
Prothena Corp. PLC* (a)		5,361		64,386
PTC Therapeutics, Inc.*		10,547		643,683
Puma Biotechnology, Inc.* (a)		5,319		54,573
Radius Health, Inc.*		7,870		140,558
RAPT Therapeutics, Inc.*		1,925		38,019
REGENXBIO, Inc.*		5,735		260,140
Relay Therapeutics, Inc.* (a)		5,466		227,167
Replimune Group, Inc.*		4,051		154,546
Revolution Medicines, Inc.*		6,552		259,394
Rhythm Pharmaceuticals, Inc.*		5,846		173,802
Rigel Pharmaceuticals, Inc.*		27,703		96,960
Rocket Pharmaceuticals, Inc.*		5,794		317,743
Rubius Therapeutics, Inc.* (a)		6,387		48,477
Sangamo Therapeutics, Inc.*		19,477		303,939
Savara, Inc.*		8,661		9,960
Scholar Rock Holding Corp.*		4,325		209,892
Selecta Biosciences, Inc.* (a)		12,686		38,439
Seres Therapeutics, Inc.*		9,388		230,006
Shattuck Labs, Inc.*		2,204		115,512
Soleno Therapeutics, Inc.*		9,839		18,989
Solid Biosciences, Inc.*		4,486		34,004
Sorrento Therapeutics, Inc.* (a)		42,485		289,960
Spectrum Pharmaceuticals, Inc.*		24,560		83,750
Spero Therapeutics, Inc.* (a)		3,443		66,760
SpringWorks Therapeutics* (a)		4,092		296,752
Spruce Biosciences, Inc.*		1,143		27,786
SQZ Biotechnologies Co.*		735		21,300
Stoke Therapeutics, Inc.*		2,103		130,239
Sutro Biopharma, Inc.*		4,709		102,232
Syndax Pharmaceuticals, Inc.*		4,597		102,237
Syros Pharmaceuticals, Inc.*		7,171		77,805
Taysha Gene Therapies, Inc.*		1,411		37,448
TCR2 Therapeutics, Inc.*		4,298		132,937
TG Therapeutics, Inc.* (a)		19,538		1,016,367
Translate Bio, Inc.*		11,589		213,585
Travere Therapeutics, Inc.*		8,363		227,934
Turning Point Therapeutics, Inc.*		6,358		774,722
Twist Bioscience Corp.*		5,576		787,833
Tyme Technologies, Inc.*		10,890		13,286
Ultragenyx Pharmaceutical, Inc.*		10,647		1,473,864
UNITY Biotechnology, Inc.* (a)		6,145		32,200
UroGen Pharma Ltd.*		3,379		60,890
Vanda Pharmaceuticals, Inc.*		9,282		121,965
Vaxart, Inc.* (a)		8,937		51,030
Vaxcyte, Inc.*		3,123		82,978
VBI Vaccines, Inc.* (a)		29,980		82,445
Veracyte, Inc.*		9,753		477,312
Verastem, Inc.* (a)		29,026		61,825
Vericel Corp.*		7,811		241,204
Viela Bio, Inc.*		3,716		133,665
Viking Therapeutics, Inc.* (a)		11,475		64,604
Vir Biotechnology, Inc.* (a)		9,118		244,180
Voyager Therapeutics, Inc.*		4,551		32,540
vTv Therapeutics, Inc. “A”* (a)		2,058		3,828

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

DWS Small Cap Index VIP | 15

	Shares		Value ($)
X4 Pharmaceuticals, Inc.*		2,761		17,753
XBiotech, Inc.* (a)		2,658		41,598
Xencor, Inc.*		9,411		410,602
XOMA Corp.* (a)		1,030		45,454
Y-mAbs Therapeutics, Inc.*		5,190		256,957
Zentalis Pharmaceuticals, Inc.*		4,885		253,727
ZIOPHARM Oncology, Inc.* (a)		37,066		93,406
				47,426,519
Health Care Equipment & Supplies 3.4%
Accelerate Diagnostics, Inc.* (a)		5,301		40,182
Accuray, Inc.*		15,458		64,460
Acutus Medical, Inc.*		1,614		46,499
Alphatec Holdings, Inc.*		9,225		133,947
AngioDynamics, Inc.*		6,417		98,373
Antares Pharma, Inc.*		28,500		113,715
Apyx Medical Corp.*		5,761		41,479
Aspira Women’s Health, Inc.* (a)		13,894		93,229
AtriCure, Inc.*		7,415		412,793
Atrion Corp.		245		157,349
Avanos Medical, Inc.*		8,108		371,995
AxoGen, Inc.*		6,230		111,517
Axonics Modulation Technologies, Inc.*		5,240		261,581
Bellerophon Therapeutics, Inc.*		642		4,282
Beyond Air, Inc.*		2,449		12,906
BioLife Solutions, Inc.*		2,367		94,420
BioSig Technologies, Inc.*		3,966		15,467
Cantel Medical Corp.		6,481		511,092
Cardiovascular Systems, Inc.*		6,685		292,536
Cerus Corp.*		28,349		196,175
Chembio Diagnostics, Inc.* (a)		3,260		15,485
Co-diagnostics, Inc.* (a)		4,650		43,245
CONMED Corp.		4,662		522,144
CryoLife, Inc.*		6,530		154,173
CryoPort, Inc.*		5,910		259,331
Cutera, Inc.*		3,038		73,246
CytoSorbents Corp.*		7,011		55,878
Eargo, Inc.* (a)		1,338		59,969
Electromed, Inc.*		1,301		12,763
FONAR Corp.*		1,095		19,009
GenMark Diagnostics, Inc.*		11,981		174,923
Glaukos Corp.*		7,258		546,237
Heska Corp.*		1,169		170,265
Inari Medical, Inc.*		1,342		117,143
Inogen, Inc.*		3,213		143,557
Integer Holdings Corp.*		5,594		454,177
Intersect ENT, Inc.*		5,672		129,889
IntriCon, Corp.*		1,404		25,412
Invacare Corp.		5,829		52,170
iRadimed Corp.*		1,016		23,165
iRhythm Technologies, Inc.*		4,917		1,166,362
Lantheus Holdings, Inc.* (a)		11,527		155,499
LeMaitre Vascular, Inc.		2,867		116,114
LENSAR, Inc.* (a)		1,519		11,013
LivaNova PLC*		8,374		554,443
Meridian Bioscience, Inc.*		7,362		137,596
Merit Medical Systems, Inc.*		9,189		510,081
Mesa Laboratories, Inc.		799		229,025
Milestone Scientific, Inc.* (a)		6,529		13,841
Misonix, Inc.*		1,979		24,738
Natus Medical, Inc.*		5,857		117,374
Nemaura Medical, Inc.*		1,260		4,750
Neogen Corp.*		8,978		711,955

	Shares		Value ($)
Nevro Corp.*		5,791		1,002,422
NuVasive, Inc.*		8,653		487,423
OraSure Technologies, Inc.*		11,960		126,597
Orthofix Medical, Inc.*		3,253		139,814
OrthoPediatrics Corp.* (a)		2,249		92,771
Outset Medical, Inc.*		1,651		93,843
Pavmed, Inc.*		6,705		14,215
Pulmonx Corp.*		1,955		134,934
Pulse Biosciences, Inc.* (a)		2,429		57,956
Quotient Ltd.*		12,092		62,999
Repro-med Systems, Inc.*		4,551		27,397
Retractable Technologies, Inc.* (a)		2,191		23,531
Rockwell Medical, Inc.*		12,932		13,061
SeaSpine Holdings Corp.*		4,521		78,891
Shockwave Medical, Inc.*		4,838		501,797
SI-BONE, Inc.*		4,765		142,474
Sientra, Inc.*		8,714		33,897
Silk Road Medical, Inc.*		4,626		291,345
Soliton, Inc.* (a)		1,120		8,602
STAAR Surgical Co.*		7,791		617,203
Stereotaxis, Inc.*		7,711		39,249
Surgalign Holdings, Inc.*		10,287		22,529
SurModics, Inc.*		2,310		100,531
Tactile Systems Technology, Inc.*		3,034		136,348
Tela Bio, Inc.*		1,016		15,281
TransMedics Group, Inc.*		4,269		84,953
Utah Medical Products, Inc. (a)		578		48,725
Vapotherm, Inc.* (a)		3,418		91,807
Varex Imaging Corp.*		6,601		110,105
Venus Concept, Inc.*		3,480		6,020
ViewRay, Inc.* (a)		19,204		73,359
Volitionrx Ltd.* (a)		4,390		17,077
Zynex, Inc.* (a)		3,097		41,686
				14,617,811
Health Care Providers & Services 2.7%
1Life Healthcare, Inc.*		13,353		582,858
Adapthealth Corp.*		4,275		160,569
Addus HomeCare Corp.*		2,485		290,969
American Renal Associates Holdings, Inc.*		2,554		29,243
AMN Healthcare Services, Inc.*		7,904		539,448
Apollo Medical Holdings, Inc.* (a)		3,347		61,150
Avalon GloboCare Corp.* (a)		4,006		4,487	��
Biodesix, Inc.*		470		9,475
BioTelemetry, Inc.*		5,645		406,892
Brookdale Senior Living, Inc.*		32,046		141,964
Castle Biosciences, Inc.*		2,007		134,770
Community Health Systems, Inc.*		14,792		109,905
CorVel Corp.*		1,448		153,488
Covetrus, Inc.* (a)		19,701		566,207
Cross Country Healthcare, Inc.*		6,108		54,178
Enzo Biochem, Inc.*		7,657		19,296
Exagen, Inc.*		822		10,850
Five Star Senior Living, Inc.*		3,161		21,811
Fulgent Genetics, Inc.* (a)		2,290		119,309
Hanger, Inc.*		6,450		141,835
HealthEquity, Inc.*		12,829		894,310
InfuSystems Holdings, Inc.*		2,553		47,945
LHC Group, Inc.*		5,161		1,100,944
Magellan Health, Inc.*		4,104		339,975
MEDNAX, Inc.*		12,648		310,382
National Healthcare Corp.		2,161		143,512
National Research Corp.		2,208		94,392

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

16 | DWS Small Cap Index VIP

	Shares		Value ($)
Ontrack, Inc.*		1,381		85,332
Option Care Health, Inc.*		7,393		115,627
Owens & Minor, Inc. (a)		12,303		332,796
Patterson Companies, Inc. (a)		14,522		430,287
Pennant Group, Inc.*		4,340		251,980
PetIQ, Inc.* (a)		3,615		138,997
Progyny, Inc.*		4,642		196,774
Providence Service Corp.*		2,028		281,142
R1 RCM, Inc.*		18,496		444,274
RadNet, Inc.*		7,185		140,610
Select Medical Holdings Corp.*		18,616		514,919
Sharps Compliance Corp.*		2,351		22,217
Surgery Partners, Inc.* (a)		3,916		113,603
Tenet Healthcare Corp.*		17,682		706,042
The Ensign Group, Inc.		8,803		641,915
The Joint Corp.*		2,301		60,424
Tivity Health, Inc.*		7,544		147,787
Triple-S Management Corp. “B”*		3,665		78,248
U.S. Physical Therapy, Inc.		2,124		255,411
Viemed Healthcare, Inc.*		5,962		46,265
				11,494,814
Health Care Technology 1.2%
Accolade, Inc.* (a)		2,200		95,700
Allscripts Healthcare Solutions, Inc.*		26,561		383,541
Computer Programs & Systems, Inc.		2,255		60,524
Evolent Health, Inc. “A”*		13,114		210,218
Health Catalyst, Inc.* (a)		5,761		250,776
HealthStream, Inc.*		4,471		97,647
HMS Holdings Corp.*		15,107		555,182
Icad, Inc.*		3,541		46,741
Inovalon Holdings, Inc. “A”*		12,761		231,868
Inspire Medical Systems, Inc.*		4,457		838,317
NantHealth, Inc.* (a)		5,014		16,195
NextGen Healthcare, Inc.*		9,268		169,048
Omnicell, Inc.*		7,237		868,585
OptimizeRx Corp.*		2,564		79,894
Phreesia, Inc.*		5,662		307,220
Schrodinger, Inc.*		5,128		406,035
Simulations Plus, Inc.		2,351		169,084
Tabula Rasa HealthCare, Inc.*		3,557		152,382
Vocera Communications, Inc.*		5,578		231,654
				5,170,611
Life Sciences Tools & Services 0.9%
Champions Oncology, Inc.*		1,345		14,513
ChromaDex Corp.*		7,218		34,646
Codexis, Inc.* (a)		9,331		203,696
Fluidigm Corp.*		12,296		73,776
Harvard Bioscience, Inc.*		6,434		27,602
Luminex Corp.		7,213		166,765
Medpace Holdings, Inc.*		4,719		656,885
NanoString Technologies, Inc.*		7,506		502,001
NeoGenomics, Inc.* (a)		17,899		963,682
Pacific Biosciences of California, Inc.*		30,084		780,379
Personalis, Inc.*		4,076		149,222
Quanterix Corp.*		3,599		167,353
				3,740,520
Pharmaceuticals 1.6%
AcelRx Pharmaceuticals, Inc.* (a)		14,440		17,906
Aerie Pharmaceuticals, Inc.* (a)		6,410		86,599

	Shares		Value ($)
Agile Therapeutics, Inc.*		12,045		34,569
Amneal Pharmaceuticals, Inc.*		17,240		78,787
Amphastar Pharmaceuticals, Inc.*		6,192		124,521
ANI Pharmaceuticals, Inc.*		1,635		47,480
Aquestive Therapeutics, Inc.*		3,296		17,634
Arvinas, Inc.*		5,880		499,388
Atea Pharmaceuticals, Inc.*		2,449		102,319
Athira Pharma, Inc.*		2,132		73,021
Avenue Therapeutics, Inc.*		1,234		7,342
Axsome Therapeutics, Inc.*		4,714		384,050
Aytu BioScience, Inc.* (a)		429		2,565
BioDelivery Sciences International, Inc.*		15,754		66,167
Cara Therapeutics, Inc.*		6,883		104,140
Cassava Sciences, Inc.* (a)		5,455		37,203
Cerecor, Inc.*		5,898		15,571
Chiasma, Inc.*		8,051		35,022
Collegium Pharmaceutical, Inc.* (a)		5,972		119,619
Corcept Therapeutics, Inc.*		16,556		433,105
CorMedix, Inc.* (a)		5,114		37,997
Cymabay Therapeutics, Inc.*		12,087		69,379
Durect Corp.*		35,489		73,462
Eloxx Pharmaceuticals, Inc.*		4,876		19,407
Endo International PLC*		37,857		271,813
Eton Pharmaceuticals, Inc.* (a)		2,467		20,057
Evofem Biosciences, Inc.* (a)		11,939		28,773
Evolus, Inc.*		3,722		12,506
Fulcrum Therapeutics, Inc.*		2,397		28,069
Graybug Vision, Inc.*		1,078		31,284
Harmony Biosciences Holdings, Inc.*		985		35,608
Harrow Health, Inc.*		3,801		26,075
Imara, Inc.*		1,268		27,959
Innoviva, Inc.*		11,043		136,823
Intra-Cellular Therapies, Inc.*		11,316		359,849
Kala Pharmaceuticals, Inc.* (a)		6,963		47,209
Kaleido Biosciences, Inc.* (a)		1,622		14,760
Lannett Co., Inc.*		5,562		36,264
Liquidia Technologies, Inc.* (a)		3,806		11,228
Lyra Therapeutics, Inc.*		769		8,767
Marinus Pharmaceuticals, Inc.*		4,291		52,350
NGM Biopharmaceuticals, Inc.*		4,089		123,876
Ocular Therapeutix, Inc.*		11,606		240,244
Odonate Therapeutics, Inc.*		2,645		50,784
Omeros Corp.* (a)		9,894		141,336
Optinose, Inc.* (a)		5,767		23,875
Osmotica Pharmaceuticals PLC*		2,153		8,870
Pacira BioSciences, Inc.*		7,207		431,267
Paratek Pharmaceuticals, Inc.*		7,610		47,639
Phathom Pharmaceuticals, Inc.* (a)		1,833		60,892
Phibro Animal Health Corp. “A”		3,568		69,291
Pliant Therapeutics, Inc.*		1,744		39,624
Prestige Consumer Healthcare, Inc.*		8,590		299,533
Provention Bio, Inc.*		8,008		135,656
Recro Pharma, Inc.*		3,553		10,126
Relmada Therapeutics, Inc.*		2,487		79,758
Revance Therapeutics, Inc.*		10,695		303,096
Satsuma Pharmaceuticals, Inc.*		1,715		7,906
scPharmaceuticals, Inc.*		1,016		5,375
SIGA Technologies, Inc.*		9,142		66,462
Strongbridge Biopharma PLC*		7,547		18,339
Supernus Pharmaceuticals, Inc.*		8,465		212,979

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

DWS Small Cap Index VIP | 17

	Shares		Value ($)
Tarsus Pharmaceuticals, Inc.*		1,028		42,487
TherapeuticsMD, Inc.* (a)		41,400		50,094
Theravance Biopharma, Inc.*		7,965		141,538
Tricida, Inc.*		4,989		35,173
Verrica Pharmaceuticals, Inc.*		2,141		24,643
VYNE Therapeutics, Inc.*		24,004		37,926
WaVe Life Sciences Ltd.*		5,506		43,332
Xeris Pharmaceuticals, Inc.*		7,895		38,843
Zogenix, Inc.*		9,646		192,824
				6,620,435
Industrials 15.2%
Aerospace & Defense 0.9%
AAR Corp.		5,583		202,216
Aerojet Rocketdyne Holdings, Inc.*		12,199		644,717
AeroVironment, Inc.*		3,655		317,619
Astronics Corp.*		3,958		52,364
Cubic Corp.		5,332		330,797
Ducommun, Inc.*		1,862		99,989
Kaman Corp.		4,668		266,683
Kratos Defense & Security Solutions, Inc.*		20,534		563,248
Maxar Technologies, Inc.		10,347		399,291
Moog, Inc. “A”		5,081		402,923
National Presto Industries, Inc.		892		78,880
Pae, Inc.*		10,278		94,352
Park Aerospace Corp.		3,363		45,098
Parsons Corp.* (a)		3,921		142,764
Triumph Group, Inc.		8,941		112,299
Vectrus, Inc.*		2,019		100,385
				3,853,625
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*		9,989		313,055
Atlas Air Worldwide Holdings, Inc.*		4,380		238,885
Echo Global Logistics, Inc.*		4,558		122,246
Forward Air Corp.		4,598		353,310
Hub Group, Inc. “A”*		5,584		318,288
Radiant Logistics, Inc.*		6,951		40,316
				1,386,100
Airlines 0.3%
Allegiant Travel Co.		2,234		422,762
Hawaiian Holdings, Inc.		7,925		140,273
Mesa Air Group, Inc.*		5,331		35,664
SkyWest, Inc.		8,410		339,007
Spirit Airlines, Inc.* (a)		16,678		407,777
				1,345,483
Building Products 1.5%
AAON, Inc.		7,048		469,608
Advanced Drainage Systems, Inc.		9,582		800,863
Alpha Pro Tech Ltd.* (a)		2,165		24,140
American Woodmark Corp.*		2,836		266,159
Apogee Enterprises, Inc.		4,420		140,026
Builders FirstSource, Inc.*		19,565		798,448
Caesarstone Ltd.		3,857		49,717
Cornerstone Building Brands, Inc.*		7,669		71,168
CSW Industrials, Inc.		2,303		257,729
Gibraltar Industries, Inc.*		5,582		401,569
Griffon Corp.		7,398		150,771

	Shares		Value ($)
Insteel Industries, Inc.		3,220		71,709
JELD-WEN Holding, Inc.*		11,555		293,035
Masonite International Corp.*		4,180		411,061
PGT Innovations, Inc.*		9,591		195,081
Quanex Building Products Corp.		5,721		126,835
Resideo Technologies, Inc.*		23,842		506,881
Simpson Manufacturing Co., Inc.		7,390		690,595
Ufp Industries, Inc.		10,104		561,277
				6,286,672
Commercial Services & Supplies 1.9%
ABM Industries, Inc.		11,305		427,781
Acco Brands Corp.		16,104		136,079
Brady Corp. “A”		8,065		425,993
BrightView Holdings, Inc.*		6,928		104,751
Casella Waste Systems, Inc. “A”*		8,228		509,725
CECO Environmental Corp.*		5,409		37,647
Cimpress PLC* (a)		3,019		264,887
CompX International, Inc.		256		3,643
Covanta Holding Corp.		19,857		260,722
Deluxe Corp.		7,242		211,466
Ennis, Inc.		4,550		81,218
Harsco Corp.*		13,067		234,945
Healthcare Services Group, Inc.		12,711		357,179
Heritage-Crystal Clean, Inc.*		2,615		55,098
Herman Miller, Inc.		10,030		339,014
HNI Corp.		7,144		246,182
IBEX Ltd.*		749		14,006
Interface, Inc.		10,318		108,339
KAR Auction Services, Inc.		22,099		411,262
Kimball International, Inc. “B”		6,312		75,428
Knoll, Inc.		8,723		128,054
Matthews International Corp. “A”		5,305		155,967
McGrath RentCorp.		4,039		271,017
Montrose Environmental Group, Inc.*		1,838		56,904
NL Industries, Inc.		1,487		7,108
PICO Holdings, Inc.*		3,030		28,331
Pitney Bowes, Inc.		30,079		185,287
Quad Graphics, Inc.		5,771		22,045
SP Plus Corp.*		3,976		114,628
Steelcase, Inc. “A”		14,376		194,795
Team, Inc.*		5,127		55,884
Tetra Tech, Inc.		9,178		1,062,629
The Brink’s Co.		8,349		601,128
U.S. Ecology, Inc.		5,443		197,744
UniFirst Corp.		2,546		538,963
Viad Corp.		3,524		127,463
VSE Corp.		1,524		58,659
				8,111,971
Construction & Engineering 1.4%
Aegion Corp.*		5,147		97,742
Ameresco, Inc. “A”*		4,241		221,550
Api Group Corp. 144A*		23,949		434,674
Arcosa, Inc.		8,323		457,182
Argan, Inc.		2,418		107,577
Comfort Systems U.S.A., Inc.		6,140		323,332
Concrete Pumping Holdings, Inc.*		4,510		17,273
Construction Partners, Inc. “A”*		4,421		128,695
Dycom Industries, Inc.*		5,237		395,498
EMCOR Group, Inc.		9,204		841,798
Fluor Corp.		23,851		380,901
Granite Construction, Inc.		7,818		208,819

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

18 | DWS Small Cap Index VIP

	Shares		Value ($)
Great Lakes Dredge & Dock Corp.*		11,068		145,766
HC2 Holdings, Inc.* (a)		8,367		27,276
IES Holdings, Inc.*		1,406		64,732
MasTec, Inc.*		9,586		653,574
Matrix Service Co.*		4,505		49,645
MYR Group, Inc.*		2,836		170,444
Northwest Pipe Co.*		1,626		46,016
NV5 Holdings, Inc.*		1,880		148,106
Primoris Services Corp.		8,015		221,294
Sterling Construction Co., Inc.*		4,843		90,128
Tutor Perini Corp.*		7,067		91,518
WillScot Mobile Mini Holdings Corp*		27,172		629,575
				5,953,115
Electrical Equipment 1.7%
Allied Motion Technologies, Inc. (a)		1,258		64,284
American Superconductor Corp.* (a)		4,485		105,039
Atkore International Group, Inc.*		7,987		328,346
AZZ, Inc.		4,512		214,049
Bloom Energy Corp. “A”* (a)		15,242		436,836
Encore Wire Corp.		3,537		214,236
EnerSys		7,186		596,869
Fuelcell Energy, Inc.* (a)		48,882		546,012
LSI Industries, Inc.		4,503		38,546
Orion Energy Systems, Inc.*		4,742		46,804
Plug Power, Inc.* (a)		63,788		2,163,051
Powell Industries, Inc.		1,560		46,004
Preformed Line Products Co.		538		36,821
Sunrun, Inc.*		25,604		1,776,405
Thermon Group Holdings, Inc.*		5,319		83,136
TPI Composites, Inc.*		5,265		277,887
Ultralife Corp.*		1,701		11,005
Vicor Corp.*		3,273		301,836
				7,287,166
Industrial Conglomerates 0.1%
Raven Industries, Inc.		5,943		196,654
Machinery 3.6%
Alamo Group, Inc.		1,652		227,893
Albany International Corp. “A”		5,239		384,647
Altra Industrial Motion Corp.		10,909		604,686
Astec Industries, Inc.		3,751		217,108
Barnes Group, Inc.		8,010		406,027
Blue Bird Corp.*		2,368		43,240
Chart Industries, Inc.* (a)		6,137		722,877
CIRCOR International, Inc.*		3,480		133,771
Columbus McKinnon Corp.		3,979		152,953
Douglas Dynamics, Inc.		3,740		159,960
Energy Recovery, Inc.*		6,851		93,448
Enerpac Tool Group Corp.		9,047		204,553
EnPro Industries, Inc.		3,466		261,752
ESCO Technologies, Inc.		4,386		452,723
Evoqua Water Technologies Corp.*		15,412		415,816
Federal Signal Corp.		10,223		339,097
Franklin Electric Co., Inc.		7,780		538,454
Gencor Industries, Inc.*		1,552		19,090
Gorman-Rupp Co.		3,070		99,622
Graham Corp.		1,650		25,047
Greenbrier Companies, Inc.		5,592		203,437
Helios Technologies, Inc.		5,266		280,625

	Shares		Value ($)
Hillenbrand, Inc.		12,692		505,142
Hurco Companies, Inc.		1,178		35,340
Hyster-Yale Materials Handling, Inc.		1,735		103,319
John Bean Technologies Corp.		5,313		604,991
Kadant, Inc.		1,915		269,977
Kennametal, Inc.		14,025		508,266
L.B. Foster Co. “A”*		1,769		26,623
Lindsay Corp.		1,811		232,641
Luxfer Holdings PLC		4,431		72,757
Lydall, Inc.*		2,816		84,564
Manitowoc Co., Inc.*		5,804		77,251
Mayville Engineering Co., Inc.*		1,165		15,634
Meritor, Inc.*		11,657		325,347
Miller Industries, Inc.		1,943		73,873
Mueller Industries, Inc.		9,521		334,282
Mueller Water Products, Inc. “A”		26,334		326,015
Navistar International Corp.*		8,552		375,946
NN, Inc.*		7,174		47,133
Omega Flex, Inc.		507		74,022
Park-Ohio Holdings Corp.		1,505		46,505
Proto Labs, Inc.*		4,546		697,356
RBC Bearings, Inc.*		4,179		748,208
REV Group, Inc.		4,814		42,411
Rexnord Corp.		20,416		806,228
Shyft Group, Inc. (a)		5,750		163,185
SPX Corp.*		7,342		400,433
SPX FLOW, Inc.*		7,274		421,601
Standex International Corp.		2,137		165,660
Tennant Co.		3,051		214,089
Terex Corp.		11,342		395,722
The Eastern Co.		1,014		24,437
The ExOne Co.* (a)		2,091		19,844
TriMas Corp.*		6,859		217,225
Wabash National Corp.		8,763		150,986
Watts Water Technologies, Inc. “A”		4,629		563,349
Welbilt, Inc.*		21,895		289,014
				15,446,202
Marine 0.2%
Costamare, Inc.		8,727		72,260
Eagle Bulk Shipping, Inc.* (a)		1,091		20,729
Genco Shipping & Trading Ltd.		2,769		20,380
Matson, Inc.		7,236		412,235
Pangaea Logistics Solutions Ltd.		2,016		5,584
Safe Bulkers, Inc.*		9,520		12,376
Scorpio Bulkers, Inc.		1,501		25,412
SEACOR Holdings, Inc.*		3,345		138,650
				707,626
Professional Services 1.2%
Acacia Research Corp.*		8,316		32,765
Akerna Corp.* (a)		3,065		9,931
ASGN, Inc.*		8,624		720,363
Barrett Business Services, Inc.		1,316		89,764
BG Staffing, Inc.		1,659		22,380
CBIZ, Inc.*		8,513		226,531
CRA International, Inc.		1,293		65,852
Exponent, Inc.		8,759		788,573
Forrester Research, Inc.*		1,918		80,364
Franklin Covey Co.*		2,221		49,462
GP Strategies Corp.*		2,171		25,748
Heidrick & Struggles International, Inc.		3,267		95,984

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

DWS Small Cap Index VIP | 19

	Shares		Value ($)
Huron Consulting Group, Inc.*		3,932		231,791
ICF International, Inc.		3,044		226,261
Insperity, Inc.		6,089		495,766
Kelly Services, Inc. “A”		5,863		120,602
Kforce, Inc.		3,262		137,298
Korn/Ferry International		9,186		399,591
Mastech Holdings, Inc.*		724		11,512
Mistras Group, Inc.*		2,950		22,892
Red Violet, Inc.*		1,212		31,645
Resources Connection, Inc.		5,353		67,287
TriNet Group, Inc.*		6,991		563,475
TrueBlue, Inc.*		5,757		107,598
Upwork, Inc.*		15,745		543,517
Willdan Group, Inc.* (a)		1,788		74,560
				5,241,512
Road & Rail 0.5%
ArcBest Corp.		4,366		186,297
Avis Budget Group, Inc.*		8,972		334,656
Covenant Logistics Group, Inc.*		2,069		30,642
Daseke, Inc.*		7,884		45,806
Heartland Express, Inc.		8,425		152,492
Marten Transport Ltd.		9,827		169,319
P.A.M. Transportation Services, Inc.*		333		16,317
Saia, Inc.*		4,476		809,261
U.S. Xpress Enterprises, Inc. “A”*		3,914		26,772
Universal Logistics Holdings, Inc.		1,353		27,858
Werner Enterprises, Inc.		10,264		402,554
				2,201,974
Trading Companies & Distributors 1.6%
Alta Equipment Group, Inc.*		2,939		29,037
Applied Industrial Technologies, Inc.		6,629		516,996
Beacon Roofing Supply, Inc.*		9,186		369,185
BMC Stock Holdings, Inc.*		11,359		609,751
Boise Cascade Co.		6,658		318,252
CAI International, Inc.		2,836		88,597
DXP Enterprises, Inc.*		2,901		64,489
EVI Industries, Inc.*		839		25,103
Foundation Building Materials, Inc.*		3,533		67,869
GATX Corp.		5,971		496,668
General Finance Corp.*		1,969		16,756
GMS, Inc.*		7,225		220,218
H&E Equipment Services, Inc.		5,571		166,072
Herc Holdings, Inc.*		4,074		270,554
Lawson Products, Inc.*		770		39,201
MRC Global, Inc.*		13,532		89,717
Nesco Holdings, Inc.Common Stoc*		2,494		18,381
NOW, Inc.*		18,888		135,616
Rush Enterprises, Inc. “A”		6,863		284,265
Rush Enterprises, Inc. “B”		1,155		43,763
SiteOne Landscape Supply, Inc.*		7,489		1,187,980
Systemax, Inc.		2,010		72,139
Textainer Group Holdings Ltd.*		8,557		164,123
Titan Machinery, Inc.*		3,227		63,088
Transcat, Inc.*		1,225		42,483
Triton International Ltd.		10,198		494,705
Veritiv Corp.*		2,257		46,923
WESCO International, Inc.*		8,297		651,315
Willis Lease Finance Corp.*		491		14,956
				6,608,202

	Shares		Value ($)
Information Technology 14.0%
Communications Equipment 0.8%
Acacia Communications, Inc.*		6,579		480,004
ADTRAN, Inc.		8,318		122,857
Applied Optoelectronics, Inc.* (a)		3,437		29,249
CalAmp Corp.*		5,920		58,726
Calix, Inc.*		9,059		269,596
Cambium Networks Corp.*		952		23,876
Casa Systems, Inc.*		5,871		36,224
Clearfield, Inc.*		1,926		47,611
Comtech Telecommunications Corp.		4,247		87,870
Digi International, Inc.*		5,013		94,746
DZS, Inc.*		2,058		31,837
Extreme Networks, Inc.*		20,227		139,364
Genasys, Inc.*		5,826		37,986
Harmonic, Inc.*		16,559		122,371
Infinera Corp.*		27,834		291,700
Inseego Corp.* (a)		12,168		188,239
KVH Industries, Inc.*		2,908		33,006
NETGEAR, Inc.*		5,139		208,798
NetScout Systems, Inc.*		12,017		329,506
PC-Tel, Inc.		2,943		19,336
Plantronics, Inc. (a)		5,942		160,612
Resonant, Inc.* (a)		8,488		22,493
Ribbon Communications, Inc.*		12,018		78,838
Viavi Solutions, Inc.*		38,585		577,810
				3,492,655
Electronic Equipment, Instruments & Components 2.3%
Akoustis Technologies, Inc.* (a)		5,677		69,430
Arlo Technologies, Inc.*		13,478		104,994
Badger Meter, Inc.		4,981		468,513
Bel Fuse, Inc. “B”		1,744		26,212
Belden, Inc.		7,411		310,521
Benchmark Electronics, Inc.		6,344		171,351
CTS Corp.		5,494		188,609
Daktronics, Inc.		6,326		29,606
ePlus, Inc.*		2,306		202,813
Fabrinet*		6,298		488,662
FARO Technologies, Inc.*		3,078		217,399
Fitbit, Inc. “A”*		42,120		286,416
II-VI, Inc.*		17,414		1,322,767
Insight Enterprises, Inc.*		5,929		451,138
Intellicheck, Inc.*		2,978		33,964
Iteris, Inc.*		6,737		38,064
Itron, Inc.*		6,778		650,010
Kimball Electronics, Inc.*		4,200		67,158
Knowles Corp.*		14,837		273,446
Luna Innovations, Inc.*		5,100		50,388
Methode Electronics, Inc.		6,136		234,886
MTS Systems Corp.		3,228		187,740
Napco Security Technologies, Inc.* (a)		2,049		53,725
nLight, Inc.*		6,058		197,794
Novanta, Inc.*		5,809		686,740
OSI Systems, Inc.*		2,836		264,372
PAR Technology Corp.* (a)		3,224		202,435
PC Connection, Inc.		1,908		90,229
Plexus Corp.*		4,913		384,246
Powerfleet, Inc.*		4,787		35,567
Research Frontiers, Inc.* (a)		4,947		13,901
Rogers Corp.*		3,188		495,064
Sanmina Corp.*		10,776		343,647

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

20 | DWS Small Cap Index VIP

	Shares		Value ($)
ScanSource, Inc.*		4,413		116,415
TTM Technologies, Inc.*		16,698		230,349
Vishay Intertechnology, Inc.		22,769		471,546
Vishay Precision Group, Inc.*		2,184		68,752
Wrap Technologies, Inc.* (a)		2,132		10,298
				9,539,167
IT Services 1.9%
Brightcove, Inc.* (a)		6,600		121,440
Cardtronics PLC “A”*		6,025		212,683
Cass Information Systems, Inc.		2,458		95,641
Conduent, Inc.*		28,775		138,120
CSG Systems International, Inc.		5,473		246,668
Endurance International Group Holdings, Inc.*		11,561		109,251
EVERTEC, Inc.		10,307		405,271
Evo Payments, Inc. “A”*		7,077		191,150
Exlservice Holdings, Inc.*		5,587		475,621
Greensky, Inc. “A”*		10,943		50,666
Grid Dynamics Holdings, Inc.*		4,549		57,317
GTT Communications, Inc.* (a)		5,566		19,871
I3 Verticals, Inc. “A”*		3,037		100,828
Information Services Group, Inc.*		5,870		19,254
International Money Express, Inc.*		4,656		72,261
KBR, Inc.		24,092		745,166
Limelight Networks, Inc.* (a)		20,470		81,675
LiveRamp Holdings, Inc.*		10,905		798,137
ManTech International Corp. “A”		4,645		413,126
MAXIMUS, Inc.		10,373		759,200
MoneyGram International, Inc.*		10,947		59,825
NIC, Inc.		11,152		288,056
Paysign, Inc.*		5,155		23,919
Perficient, Inc.*		5,454		259,883
Perspecta, Inc.		23,514		566,217
PFSweb, Inc.*		2,616		17,606
Priority Technology Holdings, Inc.*		1,214		8,547
Rackspace Technology, Inc.* (a)		5,771		109,995
Repay Holdings Corp. Common Sto*		10,256		279,476
ServiceSource International, Inc.*		14,899		26,222
StarTek, Inc.*		2,999		22,553
Sykes Enterprises, Inc.*		6,542		246,437
The Hackett Group, Inc.		4,329		62,294
TTEC Holdings, Inc.		3,071		223,968
Tucows, Inc. “A”* (a)		1,629		120,367
Unisys Corp.*		10,482		206,286
Verra Mobility Corp.*		22,650		303,963
Virtusa Corp.*		4,905		250,793
				8,189,753
Semiconductors & Semiconductor Equipment 2.9%
Advanced Energy Industries, Inc.*		6,455		625,941
Alpha & Omega Semiconductor Ltd.*		3,567		84,324
Ambarella, Inc.*		5,645		518,324
Amkor Technology, Inc.		16,716		252,077
Atomera, Inc.* (a)		2,676		43,057
Axcelis Technologies, Inc.*		5,740		167,149
AXT, Inc.*		6,884		65,880
Brooks Automation, Inc.		12,360		838,626
CEVA, Inc.*		3,745		170,397
CMC Materials, Inc.		4,937		746,968
Cohu, Inc.		6,943		265,084

	Shares		Value ($)
CyberOptics Corp.*		1,251		28,385
Diodes, Inc.*		7,256		511,548
DSP Group, Inc.*		3,869		64,187
FormFactor, Inc.*		13,099		563,519
GSI Technology, Inc.*		2,812		20,809
Ichor Holdings Ltd.*		3,858		116,299
Impinj, Inc.* (a)		2,924		122,428
Lattice Semiconductor Corp.*		23,229		1,064,353
MACOM Technology Solutions Holdings, Inc.*		7,996		440,100
Maxeon Solar Technologies Ltd.* (a)		1,700		48,229
MaxLinear, Inc.*		11,631		444,188
NeoPhotonics Corp.*		7,981		72,547
NVE Corp.		734		41,236
Onto Innovation, Inc.*		7,983		379,592
PDF Solutions, Inc.* (a)		5,015		108,324
Photronics, Inc.*		11,010		122,872
Pixelworks, Inc.*		7,113		20,059
Power Integrations, Inc.		10,058		823,348
Rambus, Inc.*		19,307		337,100
Semtech Corp.*		10,990		792,269
Silicon Laboratories, Inc.*		7,400		942,316
SiTime Corp.*		1,578		176,625
SMART Global Holdings, Inc.*		2,447		92,081
SunPower Corp.* (a)		13,019		333,807
Synaptics, Inc.*		5,855		564,422
Ultra Clean Holdings, Inc.*		6,712		209,079
Veeco Instruments, Inc.*		8,482		147,247
				12,364,796
Software 5.9%
8x8, Inc.*		17,900		617,013
A10 Networks, Inc.*		9,738		96,017
ACI Worldwide, Inc.*		19,462		747,925
Agilysys, Inc.*		3,235		124,159
Alarm.com Holdings, Inc.*		8,108		838,773
Altair Engineering, Inc. “A”*		7,340		427,041
American Software, Inc. “A”		5,169		88,752
Appfolio, Inc. “A”*		2,790		502,312
Appian Corp.* (a)		6,064		982,914
Asure Software, Inc.*		2,283		16,209
Avaya Holdings Corp.*		13,980		267,717
Benefitfocus, Inc.*		5,096		73,790
Blackbaud, Inc.		8,370		481,777
Blackline, Inc.* (a)		8,668		1,156,138
Bottomline Technologies de, Inc.*		7,518		396,499
Box, Inc. “A”*		24,098		434,969
Cerence, Inc.*		6,257		628,703
ChannelAdvisor Corp.*		4,843		77,391
Cloudera, Inc.*		35,135		488,728
CommVault Systems, Inc.*		7,125		394,511
Cornerstone OnDemand, Inc.*		10,387		457,443
Digimarc Corp.* (a)		2,039		96,322
Digital Turbine, Inc.*		14,317		809,770
Domo, Inc. “B”*		4,425		282,182
Ebix, Inc. (a)		4,597		174,548
eGain Corp.* (a)		3,562		42,067
Envestnet, Inc.*		9,049		744,642
GTY Technology Holdings, Inc.*		7,615		39,446
Intelligent Systems Corp.* (a)		1,272		51,020
InterDigital, Inc.		5,258		319,055
J2 Global, Inc.*		7,343		717,338
LivePerson, Inc.* (a)		10,630		661,505

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

DWS Small Cap Index VIP | 21

	Shares		Value ($)
MicroStrategy, Inc. “A”* (a)		1,246		484,133
Mimecast Ltd.*		9,695		551,064
Mitek Systems, Inc.*		6,985		124,193
Model N, Inc.*		5,911		210,904
OneSpan, Inc.*		5,805		120,047
Park City Group, Inc.*		1,956		9,369
Ping Identity Holding Corp.*		6,169		176,680
Progress Software Corp.		7,640		345,252
PROS Holdings, Inc.*		6,651		337,671
Q2 Holdings, Inc.*		8,568		1,084,109
QAD, Inc. “A”		2,019		127,560
Qualys, Inc.*		5,804		707,334
Rapid7, Inc.*		8,841		797,105
Rimini Street, Inc.*		3,637		16,112
SailPoint Technologies Holding, Inc.*		14,998		798,494
Sapiens International Corp. NV		4,661		142,673
Seachange International, Inc.*		5,763		8,068
SecureWorks Corp. “A”*		1,587		22,567
ShotSpotter, Inc.*		1,482		55,871
Smith Micro Software, Inc.*		6,276		34,016
Sprout Social, Inc. “A”*		4,726		214,608
SPS Commerce, Inc.*		6,074		659,576
Sumo Logic, Inc.* (a)		2,417		69,078
SVMK, Inc.*		20,946		535,170
Synchronoss Technologies, Inc.*		7,059		33,177
TeleNav, Inc.*		5,692		26,752
Tenable Holdings, Inc.*		12,047		629,576
Upland Software, Inc.*		4,490		206,046
Varonis Systems, Inc.*		5,331		872,205
Verint Systems, Inc.*		11,042		741,802
Veritone, Inc.*		4,082		116,133
Virnetx Holding Corp. (a)		11,113		56,010
Workiva, Inc.*		6,764		619,718
Xperi Holding Corp.		17,705		370,035
Yext, Inc.*		17,537		275,682
Zix Corp.*		9,410		81,208
Zuora, Inc. “A”*		17,358		241,797
				25,138,471
Technology Hardware, Storage & Peripherals 0.2%
3D Systems Corp.* (a)		20,556		215,427
Avid Technology, Inc.*		5,511		87,460
Corsair Gaming, Inc.* (a)		2,602		94,244
Diebold Nixdorf, Inc.*		12,155		129,572
Eastman Kodak Co.* (a)		2,675		21,775
Immersion Corp.*		3,389		38,262
Intevac, Inc.*		3,956		28,523
Quantum Corp.*		5,044		30,869
Super Micro Computer, Inc.*		7,406		234,474
				880,606
Materials 4.2%
Chemicals 1.7%
Advanced Emissions Solutions, Inc.		2,717		14,944
AdvanSix, Inc.*		4,453		89,015
AgroFresh Solutions, Inc.*		5,534		12,562
American Vanguard Corp.		5,021		77,926
Amyris, Inc.* (a)		17,825		110,069
Avient Corp.		15,446		622,165
Balchem Corp.		5,473		630,599
Chase Corp.		1,283		129,596
Ferro Corp.*		14,205		207,819

	Shares		Value ($)
FutureFuel Corp.		4,435		56,324
GCP Applied Technologies, Inc.*		8,478		200,505
H.B. Fuller Co.		8,679		450,267
Hawkins, Inc.		1,689		88,352
Ingevity Corp.*		7,016		531,322
Innospec, Inc.		4,169		378,253
Intrepid Potash, Inc.*		1,750		42,263
Koppers Holdings, Inc.*		3,544		110,431
Kraton Corp.*		5,434		151,011
Kronos Worldwide, Inc.		4,054		60,445
Livent Corp.*		24,911		469,323
Marrone Bio Innovations, Inc.*		10,928		13,660
Minerals Technologies, Inc.		5,810		360,917
Orion Engineered Carbons SA		10,471		179,473
PQ Group Holdings, Inc.		6,675		95,185
Quaker Chemical Corp.		2,267		574,435
Rayonier Advanced Materials, Inc.*		10,963		71,479
Sensient Technologies Corp.		7,184		529,964
Stepan Co.		3,700		441,484
Trecora Resources*		4,005		27,995
Tredegar Corp. (a)		4,503		75,200
Trinseo SA		6,452		330,407
Tronox Holdings PLC “A”*		14,915		218,057
				7,351,447
Construction Materials 0.2%
Forterra, Inc.*		4,807		82,656
Summit Materials, Inc. “A”*		19,605		393,669
U.S. Concrete, Inc.*		2,788		111,436
United States Lime & Minerals, Inc.		355		40,470
				628,231
Containers & Packaging 0.2%
Greif, Inc. “A”		4,284		200,834
Greif, Inc. “B”		1,015		49,106
Myers Industries, Inc.		6,226		129,376
O-i Glass, Inc.		26,779		318,670
Pactiv Evergreen, Inc.*		6,727		122,028
Ranpak Holdings Corp. Common St*		5,097		68,504
UFP Technologies, Inc.*		1,211		56,432
				944,950
Metals & Mining 1.7%
Alcoa Corp.*		31,688		730,408
Allegheny Technologies, Inc.*		21,438		359,515
Arconic Corp.*		17,047		508,001
Caledonia Mining Corp. PLC		1,984		31,506
Carpenter Technology Corp.		7,939		231,184
Century Aluminum Co.*		8,743		96,435
Cleveland-Cliffs, Inc. (a)		66,964		974,996
Coeur Mining, Inc.*		41,453		429,039
Commercial Metals Co.		20,437		419,776
Compass Minerals International, Inc.		5,844		360,692
Ferroglobe Representation & Warranty Insurance Trust (Beneficial Units) (b)		12,466		0
Fortitude Gold Corp. (b)		3,224		3,385
Gatos Silver, Inc.*		3,851		50,178
Gold Resource Corp.		11,287		32,845
Haynes International, Inc.		2,212		52,734
Hecla Mining Co.		88,331		572,385

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

22 | DWS Small Cap Index VIP

	Shares		Value ($)
Kaiser Aluminum Corp.		2,631		260,206
Materion Corp.		3,521		224,358
Novagold Resources, Inc.*		40,423		390,890
Olympic Steel, Inc.		1,578		21,035
Ryerson Holding Corp.*		2,757		37,605
Schnitzer Steel Industries, Inc. “A”		4,336		138,362
SunCoke Energy, Inc.		13,293		57,825
TimkenSteel Corp.*		7,873		36,767
United States Steel Corp. (a)		37,361		626,544
Warrior Met Coal, Inc.		8,930		190,388
Worthington Industries, Inc.		6,201		318,359
				7,155,418
Paper & Forest Products 0.4%
Clearwater Paper Corp.*		2,802		105,776
Domtar Corp.		9,330		295,295
Glatfelter Corp.		7,211		118,116
Louisiana-Pacific Corp.		18,634		692,626
Neenah, Inc.		2,920		161,534
Schweitzer-Mauduit International, Inc.		5,182		208,368
Verso Corp. “A”		5,267		63,309
				1,645,024
Real Estate 6.1%
Equity Real Estate Investment Trusts (REITs) 5.3%
Acadia Realty Trust		14,158		200,902
Agree Realty Corp.		9,346		622,257
Alexander & Baldwin, Inc.		12,017		206,452
Alexander’s, Inc. (a)		374		103,729
Alpine Income Property Trust, Inc.		1,136		17,029
American Assets Trust, Inc.		8,423		243,256
American Finance Trust, Inc.		18,851		140,063
Armada Hoffler Properties, Inc.		9,992		112,110
Bluerock Residential Growth REIT, Inc.		4,278		54,202
Broadstone Net Lease, Inc. “A”		5,901		115,542
BRT Apartments Corp.		1,764		26,813
CareTrust REIT, Inc.		16,314		361,845
CatchMark Timber Trust, Inc. “A”		8,652		80,983
Centerspace		2,183		154,207
Chatham Lodging Trust		8,060		87,048
CIM Commercial Trust Corp.		1,935		27,554
City Office REIT, Inc.		7,116		69,523
Clipper Realty, Inc.		2,541		17,914
Colony Capital, Inc.		81,383		391,452
Columbia Property Trust, Inc.		19,203		275,371
Community Healthcare Trust, Inc.		3,735		175,956
CoreCivic, Inc.		20,766		136,017
CorEnergy Infrastructure Trust, Inc.		2,385		16,337
CorePoint Lodging, Inc.		6,963		47,905
Cto Realty Growth, Inc.		1,059		44,647
DiamondRock Hospitality Co.		33,505		276,416
Diversified Healthcare Trust		39,390		162,287
Easterly Government Properties, Inc.		13,750		311,438
EastGroup Properties, Inc.		6,675		921,550
Essential Properties Realty Trust, Inc.		17,603		373,184
Farmland Partners, Inc.		4,375		38,063
Four Corners Property Trust, Inc.		12,367		368,166
Franklin Street Properties Corp.		17,735		77,502
Front Yard Residential Corp.		8,752		141,782

	Shares		Value ($)
Getty Realty Corp.		5,956		164,028
Gladstone Commercial Corp.		5,804		104,472
Gladstone Land Corp.		3,386		49,571
Global Medical REIT, Inc. (a)		7,351		96,004
Global Net Lease, Inc.		15,104		258,883
Healthcare Realty Trust, Inc.		22,998		680,741
Hersha Hospitality Trust		6,188		48,823
Independence Realty Trust, Inc.		15,827		212,557
Industrial Logistics Properties Trust		10,875		253,279
Innovative Industrial Properties, Inc.		3,706		678,680
iStar, Inc.		12,176		180,814
Kite Realty Group Trust		13,865		207,420
Lexington Realty Trust		46,325		491,971
LTC Properties, Inc.		6,511		253,343
Mack-Cali Realty Corp. (a)		14,679		182,900
Monmouth Real Estate Investment Corp.		15,907		275,509
National Health Investors, Inc. (a)		7,273		503,073
National Storage Affiliates Trust		10,735		386,782
NETSTREIT Corp.		2,166		42,215
New Senior Investment Group, Inc.		14,182		73,463
NexPoint Residential Trust, Inc.		3,765		159,297
Office Properties Income Trust		8,302		188,621
One Liberty Properties, Inc.		2,884		57,882
Pebblebrook Hotel Trust		22,227		417,868
Physicians Realty Trust		35,341		629,070
Piedmont Office Realty Trust, Inc. “A”		21,573		350,130
Plymouth Industrial Reit, Inc.		3,881		58,215
PotlatchDeltic Corp.		11,122		556,322
Preferred Apartment Communities, Inc. “A”		8,392		62,101
PS Business Parks, Inc.		3,416		453,884
QTS Realty Trust, Inc. “A”		10,960		678,205
Retail Opportunity Investments Corp.		19,387		259,592
Retail Properties of America, Inc. “A”		36,044		308,537
Retail Value, Inc.		3,076		45,740
RLJ Lodging Trust		27,987		396,016
RPT Realty		14,097		121,939
Ryman Hospitality Properties, Inc.		8,640		585,446
Sabra Health Care REIT, Inc.		34,727		603,208
Safehold, Inc. (a)		3,080		223,269
Saul Centers, Inc.		2,096		66,401
Seritage Growth Properties “A”*		5,949		87,331
Service Properties Trust (a)		27,848		319,974
SITE Centers Corp.		25,667		259,750
STAG Industrial, Inc.		25,593		801,573
Summit Hotel Properties, Inc.		17,169		154,693
Sunstone Hotel Investors, Inc.		36,727		416,117
Tanger Factory Outlet Centers, Inc. (a)		15,688		156,252
Terreno Realty Corp.		11,411		667,658
The Geo Group, Inc. (a)		19,963		176,872
The Macerich Co. (a)		25,454		271,594
UMH Properties, Inc. (a)		6,347		93,999
Uniti Group, Inc.		33,011		387,219
Universal Health Realty Income Trust		2,232		143,451
Urban Edge Properties		19,457		251,774
Urstadt Biddle Properties “A”		5,208		73,589

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

DWS Small Cap Index VIP | 23

	Shares		Value ($)
Washington Real Estate Investment Trust		14,080		304,550
Whitestone REIT		6,972		55,567
Xenia Hotels & Resorts, Inc.		19,003		288,846
				22,676,582
Real Estate Management & Development 0.8%
Altisource Portfolio Solutions SA*		683		8,797
American Realty Investors, Inc.*		231		2,518
Cushman & Wakefield PLC*		18,622		276,164
EXP World Holdings, Inc.*		4,223		266,556
Fathom Holdings, Inc.*		795		28,652
Forestar Group, Inc.*		2,852		57,553
FRP Holdings, Inc.*		1,161		52,884
Griffin Land & Nurseries, Inc.		527		32,937
Kennedy-Wilson Holdings, Inc.		20,310		363,346
Marcus & Millichap, Inc.*		3,913		145,681
Maui Land & Pineapple Co., Inc.*		1,307		15,070
Newmark Group, Inc. “A”		24,867		181,280
Rafael Holdings, Inc. “B”*		1,586		36,986
RE/MAX Holdings, Inc. “A”		3,197		116,147
Realogy Holdings Corp.*		19,291		253,098
Redfin Corp.*		16,989		1,165,955
Stratus Properties, Inc.*		1,061		27,056
Tejon Ranch Co.* (a)		3,712		53,638
The RMR Group, Inc. “A”		2,639		101,918
The St. Joe Co.		5,566		236,277
Transcontinental Realty Investors, Inc.*		210		5,063
				3,427,576
Utilities 3.0%
Electric Utilities 0.6%
ALLETE, Inc.		8,798		544,948
Genie Energy Ltd. “B”		2,106		15,184
MGE Energy, Inc.		6,191		433,556
Otter Tail Corp.		6,804		289,919
PNM Resources, Inc.		13,490		654,670
Portland General Electric Co.		15,268		653,012
Spark Energy, Inc. “A”		2,030		19,427
				2,610,716
Gas Utilities 0.9%
Brookfield Infrastructure Corp. “A”		5,432		392,734
Chesapeake Utilities Corp.		2,919		315,865
New Jersey Resources Corp.		16,119		573,030
Northwest Natural Holding Co.		5,103		234,687
ONE Gas, Inc.		8,973		688,857
RGC Resources, Inc.		1,312		31,199
South Jersey Industries, Inc.		17,266		372,082
Southwest Gas Holdings, Inc.		9,482		576,032
Spire, Inc.		8,516		545,365
				3,729,851
Independent Power & Renewable Electricity Producers 0.7%
Atlantic Power Corp.*		15,529		32,611
Brookfield Renewable Corp. “A”		17,542		1,022,172
Clearway Energy, Inc. “A”		6,056		178,955
Clearway Energy, Inc. “C”		14,012		447,403
Ormat Technologies, Inc.		6,824		616,071
Sunnova Energy International, Inc.*		9,132		412,127
				2,709,339

	Shares		Value ($)
Multi-Utilities 0.4%
Avista Corp.		11,681		468,875
Black Hills Corp.		10,635		653,521
NorthWestern Corp.		8,567		499,542
Unitil Corp. (a)		2,416		106,956
				1,728,894
Water Utilities 0.4%
American States Water Co.		6,307		501,470
Artesian Resources Corp. “A”		1,418		52,579
Cadiz, Inc.* (a)		3,525		37,541
California Water Service Group		8,402		453,960
Consolidated Water Co., Ltd.		2,551		30,740
Global Water Resources, Inc.		2,087		30,074
Middlesex Water Co.		2,884		209,003
Pure Cycle Corp.*		3,308		37,149
SJW Group		4,493		311,635
York Water Co.		2,274		105,968
				1,770,119
Total Common Stocks (Cost $299,370,368)				421,835,038
Rights 0.0%
Health Care
GTX, Inc.* (a) (b)		123		252
Omthera Pharmaceutical, Inc.* (b)		1,167		700
Tobira Therapeutics, Inc.* (b)		1,687		101
Total Rights (Cost $355)				1,053
Warrants 0.0%
Health Care
Pulse Biosciences, Inc., Expiration Date 5/14/2025* (b) (Cost $0)		66		993
	Principal Amount ($)		Value ($)
Government & Agency Obligations 0.4%
U.S. Treasury Obligation
U.S. Treasury Bill, 0.11**, 1/28/2021 (c) (Cost $1,519,875)		1,520,000		1,519,942
	Shares		Value ($)
Securities Lending Collateral 5.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d) (e) (Cost $21,733,499)		21,733,499		21,733,499

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

24 | DWS Small Cap Index VIP

	Shares			Value ($)
Cash Equivalents 0.4%
DWS Central Cash Management Government Fund, 0.08% (d) (Cost $1,628,225)		1,628,225			1,628,225
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $324,252,322)		105.3			446,718,750
Other Assets and Liabilities, Net		(5.3	)		(22,297,890	)
Net Assets		100.0			424,420,860

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 5.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d) (e)
14,803,664		6,929,835	(f)		—		—		—		437,190		—		21,733,499		21,733,499
Cash Equivalents 0.4%
DWS Central Cash Management Government Fund, 0.08% (d)
5,850,788		127,542,251			131,764,814		—		—		24,323		—		1,628,225		1,628,225
20,654,452		134,472,086			131,764,814		—		—		461,513		—		23,361,724		23,361,724

* 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 $33,858,571, which is 8.0% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $13,996,744

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

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

Futures

Currency

Expiration Date

Contracts

Notional Amount ($)

Notional Value ($)

Unrealized Appreciation ($)

Russell E-Mini 2000 Index

USD

3/19/2021

38

3,686,515

3,752,120

65,605

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

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

DWS Small Cap Index VIP | 25

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. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (g)	$	421,831,653	$	—	$	3,385	$	421,835,038
Rights		—		—		1,053		1,053
Warrants		—		—		993		993
Government & Agency Obligation		—		1,519,942		—		1,519,942
Short-Term Investments (g)		23,361,724		—		—		23,361,724
Derivatives (h)
Futures Contracts		65,605		—		—		65,605
Total	$	445,258,982	$	1,519,942	$	5,431	$	446,784,355

(g) See Investment Portfolio for additional detailed categorizations.

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

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

26 | DWS Small Cap Index VIP

Statement of Assets and Liabilities

as of December 31, 2020
Assets
Investments in non-affiliated securities, at value (cost $300,890,598) — including $33,858,571 of securities loaned	$	423,357,026
Investment in DWS Government & Agency Securities Portfolio (cost $21,733,499)*		21,733,499
Investment in DWS Central Cash Management Government Fund (cost $1,628,225)		1,628,225
Cash		12,668
Receivable for investments sold		47,527
Receivable for Fund shares sold		88,708
Dividends receivable		371,271
Interest receivable		31,710
Other assets		6,708
Total assets		447,277,342
Liabilities
Payable upon return of securities loaned		21,733,499
Payable for investments purchased		3,018
Payable for Fund shares redeemed		902,057
Payable for variation margin on futures contracts		2,411
Accrued management fee		84,003
Accrued Trustees’ fees		3,571
Other accrued expenses and payables		127,923
Total liabilities		22,856,482
Net assets, at value	$	424,420,860
Net Assets Consist of
Distributable earnings (loss)		145,304,074
Paid-in capital		279,116,786
Net assets, at value	$	424,420,860
Net Asset Value
Class A
Net Asset Value and redemption price per share ($386,966,191 ÷ 22,246,452 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	17.39
Class B
Net Asset Value offering and redemption price per share ($37,454,669 ÷ 2,154,282 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	17.39

* Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $13,996,744.

Statement of Operations

for the year ended December 31, 2020
Investment Income
Income:
Dividends (net of foreign taxes withheld of $5,317)	$	4,256,229
Interest		10,237
Income distributions — DWS Central Cash Management Government Fund		24,323
Securities lending income, net of borrower rebates		437,190
Total income		4,727,979
Expenses:
Management fee		1,202,381
Administration fee		335,099
Services to Shareholders		2,811
Recordkeeping fee (Class B)		11,979
Distribution service fee (Class B)		75,399
Custodian fee		22,654
Professional fees		69,986
Reports to shareholders		62,138
Trustees’ fees and expenses		12,730
Other		20,525
Total expenses before expense reductions		1,815,702
Expense reductions		(392,615	)
Total expenses after expense reductions		1,423,087
Net investment income		3,304,892
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		23,582,521
Futures		748,642
		24,331,163
Change in net unrealized appreciation (depreciation) on:
Investments		44,380,871
Futures		63,946
		44,444,817
Net gain (loss)		68,775,980
Net increase (decrease) in net assets resulting from operations	$	72,080,872

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

DWS Small Cap Index VIP | 27

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	3,304,892		$	3,723,016
Net realized gain (loss)		24,331,163			34,227,399
Change in net unrealized appreciation (depreciation)		44,444,817			44,229,913
Net increase (decrease) in net assets resulting from operations		72,080,872			82,180,328
Distributions to shareholders:
Class A		(36,874,155	)		(33,194,342	)
Class B		(3,407,812	)		(2,947,799	)
Total distributions		(40,281,967	)		(36,142,141	)
Fund share transactions:
Class A
Proceeds from shares sold		97,628,393			84,958,254
Reinvestment of distributions		36,874,155			33,194,342
Payments for shares redeemed		(129,334,937	)		(115,504,018	)
Net increase (decrease) in net assets from Class A share transactions		5,167,611			2,648,578
Class B
Proceeds from shares sold		4,372,633			5,070,105
Reinvestment of distributions		3,407,812			2,947,799
Payments for shares redeemed		(6,383,154	)		(6,737,215	)
Net increase (decrease) in net assets from Class B share transactions		1,397,291			1,280,689
Increase (decrease) in net assets		38,363,807			49,967,454
Net assets at beginning of period		386,057,053			336,089,599
Net assets at end of period	$	424,420,860		$	386,057,053
Other Information
Class A
Shares outstanding at beginning of period		20,802,116			20,590,649
Shares sold		7,293,317			5,220,842
Shares issued to shareholders in reinvestment of distributions		3,475,415			2,089,008
Shares redeemed		(9,324,396	)		(7,098,383	)
Net increase (decrease) in Class A shares		1,444,336			211,467
Shares outstanding at end of period		22,246,452			20,802,116
Class B
Shares outstanding at beginning of period		1,943,200			1,861,335
Shares sold		340,656			317,699
Shares issued to shareholders in reinvestment of distributions		320,584			185,163
Shares redeemed		(450,158	)		(420,997	)
Net increase (decrease) in Class B shares		211,082			81,865
Shares outstanding at end of period		2,154,282			1,943,200

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

28 | DWS Small Cap Index VIP

Financial Highlights

DWS Small Cap Index VIP — Class A
	Years Ended December 31,
Class A	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	16.97		$	14.97			$18.29		$	16.78		$	15.18
Income (loss) from investment operations:
Net investment income (loss)a		.14			.17			.19			.17			.18
Net realized and unrealized gain (loss)		2.03			3.49			(2.06	)		2.16			2.76
Total from investment operations		2.17			3.66			(1.87	)		2.33			2.94
Less distributions from:
Net investment income		(.17	)		(.18	)		(.18	)		(.17	)		(.17	)
Net realized gains		(1.58	)		(1.48	)		(1.27	)		(.65	)		(1.17	)
Total distributions		(1.75	)		(1.66	)		(1.45	)		(.82	)		(1.34	)
Net asset value, end of period	$	17.39		$	16.97			$14.97		$	18.29		$	16.78
Total Return (%)b		19.43			25.22			(11.23	)		14.33			21.03
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		387			353			308			360			343
Ratio of expenses before expense reductions (%)c		.50			.53			.51			.51			.53
Ratio of expenses after expense reductions (%)c		.39			.39			.41			.44			.45
Ratio of net investment income (loss) (%)		.99			1.04			1.03			1.00			1.25
Portfolio turnover rate (%)		23			22			17			15			18

^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 Small Cap Index VIP — Class B
	Years Ended December 31,
Class B	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	16.97		$	14.97			$18.28		$	16.77		$	15.17
Income (loss) from investment operations:
Net investment income (loss)a		.10			.12			.14			.13			.15
Net realized and unrealized gain (loss)		2.04			3.49			(2.05	)		2.15			2.75
Total from investment operations		2.14			3.61			(1.91	)		2.28			2.90
Less distributions from:
Net investment income		(.14	)		(.13	)		(.13	)		(.12	)		(.13	)
Net realized gains		(1.58	)		(1.48	)		(1.27	)		(.65	)		(1.17	)
Total distributions		(1.72	)		(1.61	)		(1.40	)		(.77	)		(1.30	)
Net asset value, end of period	$	17.39		$	16.97			$14.97		$	18.28		$	16.77
Total Return (%)b		19.09			24.87			(11.42	)		14.03			20.71
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		37			33			28			35			30
Ratio of expenses before expense reductions (%)c		.79			.81			.80			.78			.78
Ratio of expenses after expense reductions (%)c		.66			.65			.67			.70			.71
Ratio of net investment income (loss) (%)		.71			.76			.77			.76			.99
Portfolio turnover rate (%)		23			22			17			15			18

^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 Small Cap Index VIP | 29

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares to investors: Class A shares and Class B shares. Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to an annual rate of up to 0.25% and up to 0.15%, respectively, of the Class B shares average daily net assets. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable Rule 12b-1 distribution fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Debt securities are valued at prices supplied by independent pricing services approved by the Fund’s Board. If the pricing services are unable to provide valuations, securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from one or more broker-dealers. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts,

30 | DWS Small Cap Index VIP

and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

Securities Lending. Brown Brothers Harriman & Co. serves as securities lending agent for the Fund, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 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. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements as of December 31, 2020
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	21,733,455	$	—	$	—	$	13,996,744	$	35,730,199
Rights		44		—		—		—		44
Total Borrowings	$	21,733,499	$	—	$	—	$	13,996,744	$	35,730,243
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions:									$	35,730,243

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 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

DWS Small Cap Index VIP | 31

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

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

Undistributed ordinary income*	$	6,496,000
Undistributed long-term capital gains	$	24,006,363
Net unrealized appreciation (depreciation) on investments	$	114,717,023

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $332,001,727. The net unrealized appreciation for all investments based on tax cost was $114,717,023. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $155,536,297 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $40,819,274.

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*	$	5,574,246	$	6,299,165
Distributions from long-term capital gains	$	34,707,721	$	29,842,976

* 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 net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Derivative Instruments

A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 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

32 | DWS Small Cap Index VIP

contracts are exchange traded, counterparty risk is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.

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

A summary of the open futures contracts as of December 31, 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 $3,752,000 to $7,835,000.

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)	$	65,605

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)	$	748,642

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)	$	63,946

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 $77,745,537 and $101,441,227, respectively.

D. Related Parties

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

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

For the period from January 1, 2020 through September 30, 2021 (and through April 30, 2020 for Class B shares), the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain

DWS Small Cap Index VIP | 33

operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A	.39	%
Class B	.65	%

Effective May 1, 2020 through September 30, 2021, the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class B shares at 0.67%.

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

Class A	$	353,693
Class B		38,922
	$	392,615

Administration Fee. Pursuant to 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 $335,099, of which $34,420 is unpaid.

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

Distribution Service Fee	Total Aggregated		Unpaid at December 31, 2020
Class B	$	75,399	$	7,820

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	$	1,188	$	223
Class B		249		46
	$	1,437	$	269

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 $18,676, of which $5,363 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its

34 | DWS Small Cap Index VIP

proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

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, four participating insurance companies were beneficial owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 42%, 16%, 10% and 10%, respectively. At December 31, 2020, three participating insurance companies were beneficial owners of record of 10% or more of the outstanding Class B shares of the Fund, each owning 41%, 21% and 17%, 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 Small Cap Index VIP | 35

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Small Cap Index VIP (the “Fund”) (one of the funds constituting Deutsche DWS Investments VIT Funds) (the “Trust”), including the investment portfolio, as of December 31, 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 or by other appropriate auditing procedures where replies from others were not received. 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

36 | DWS Small Cap 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
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,376.90	$	1,375.80
Expenses Paid per $1,000*	$	2.33	$	4.00
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,023.18	$	1,021.77
Expenses Paid per $1,000*	$	1.98	$	3.40

* 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
DWS Small Cap Index VIP		.39	%		.67	%

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 Small Cap Index VIP | 37

Tax Information (Unaudited)

The Fund paid distributions of $1.51 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 $26,520,000 as capital gain dividends for its year ended December 31, 2020.

For corporate shareholders, 57% 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.

38 | DWS Small Cap Index VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Small Cap Index VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) and sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Agreement, the “Agreements”) between DIMA and Northern Trust Investments, Inc. (“NTI”) in September 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 Small Cap Index VIP | 39

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, 1st quartile and 2nd 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 (4th 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. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

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

40 | DWS Small Cap 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 Small Cap Index VIP | 41

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	—

42 | DWS Small Cap 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 Small Cap Index VIP | 43

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.

44 | DWS Small Cap Index VIP

Notes

Notes

Notes

vit-scif-2 (R-025818-10 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 SMall Cap INdex VIP

form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s 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	$38,433	$0	$8,316	$0
2019	$38,433	$0	$9,039	$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	$8,316	$650,763	$0	$659,079
2019	$9,039	$740,482	$0	$749,521

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 Small Cap 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