Investment Portfolio | as of March 31, 2021 (Unaudited) |
DWS Global Small Cap VIP
Shares | Value ($) | ||
Common Stocks 96.4% | |||
Austria 1.7% | |||
Wienerberger AG (Cost $921,227) | 36,328 | 1,328,961 | |
Belgium 0.4% | |||
Euronav NV (Cost $313,841) | 37,166 | 340,680 | |
Bermuda 1.3% | |||
BW LPG, Ltd. | 54,731 | 375,725 | |
Lazard Ltd. “A” (a) | 16,265 | 707,690 | |
(Cost $682,851) | 1,083,415 | ||
Canada 3.3% | |||
First Quantum Minerals Ltd. | 17,977 | 342,603 | |
Linamar Corp. | 12,569 | 741,018 | |
Pan American Silver Corp. | 16,342 | 490,247 | |
Quebecor, Inc. “B” | 39,795 | 1,068,420 | |
(Cost $1,630,801) | 2,642,288 | ||
France 2.4% | |||
Alten SA* | 3,084 | 362,199 | |
Rubis SCA | 5,271 | 250,239 | |
SPIE SA* | 44,518 | 1,068,326 | |
Television Francaise 1* | 29,700 | 271,178 | |
(Cost $1,942,502) | 1,951,942 | ||
Germany 3.0% | |||
Deutz AG* | 88,069 | 659,660 | |
PATRIZIA AG | 41,336 | 1,047,799 | |
United Internet AG (Registered) | 16,617 | 666,365 | |
(Cost $1,143,291) | 2,373,824 | ||
India 0.7% | |||
WNS Holdings Ltd. (ADR)* (Cost $193,879) | 7,251 | 525,262 | |
Ireland 1.6% | |||
Avadel Pharmaceuticals PLC (ADR)* (b) | 21,583 | 195,111 | |
Dalata Hotel Group PLC* | 129,550 | 642,678 | |
Ryanair Holdings PLC* | 21,445 | 417,003 | |
(Cost $897,941) | 1,254,792 | ||
Italy 2.1% | |||
Buzzi Unicem SpA | 42,400 | 1,104,515 | |
Moncler SpA* | 10,050 | 576,674 | |
(Cost $1,171,603) | 1,681,189 | ||
Japan 8.1% | |||
Ai Holdings Corp. | 34,117 | 679,022 |
Anicom Holdings, Inc. | 76,900 | 701,420 | |
BML, Inc. | 15,900 | 551,002 | |
Kura Sushi, Inc. | 4,800 | 324,371 | |
Kusuri No Aoki Holdings Co., Ltd. | 12,158 | 931,534 | |
Optex Group Co., Ltd. | 17,000 | 254,583 | |
Sawai Pharmaceutical Co., Ltd. (c) | 12,600 | 611,082 | |
Syuppin Co., Ltd. | 7,100 | 65,978 | |
Topcon Corp. | 23,400 | 285,100 | |
UT Group Co., Ltd.* | 31,024 | 1,023,589 | |
Zenkoku Hosho Co., Ltd. | 22,400 | 1,031,824 | |
(Cost $3,802,417) | 6,459,505 | ||
Korea 0.8% | |||
i-SENS, Inc. | 11,626 | 253,653 | |
Seah Besteel Corp. | 23,919 | 393,740 | |
(Cost $684,397) | 647,393 | ||
Luxembourg 1.2% | |||
B&M European Value Retail SA (Cost $571,241) | 132,015 | 961,184 | |
Netherlands 0.4% | |||
Boskalis Westminster (Cost $325,687) | 9,986 | 321,354 | |
Norway 0.3% | |||
Fjordkraft Holding ASA 144A (Cost $243,376) | 26,844 | 219,289 | |
Portugal 0.3% | |||
REN - Redes Energeticas Nacionais SGPS SA (Cost $261,325) | 92,222 | 257,502 | |
Spain 1.6% | |||
Fluidra SA | 28,658 | 821,473 | |
Talgo SA 144A* | 88,107 | 442,088 | |
(Cost $905,242) | 1,263,561 | ||
Sweden 3.2% | |||
Dometic Group AB | 22,461 | 326,341 | |
MIPS AB | 7,101 | 509,026 | |
Nobina AB 144A* | 129,243 | 1,085,165 | |
Ratos AB | 55,297 | 301,363 | |
Tethys Oil AB | 49,216 | 366,195 | |
(Cost $1,847,559) | 2,588,090 | ||
Switzerland 0.9% | |||
Julius Baer Group Ltd. | 5,189 | 331,701 | |
Landis & Gyr Group AG* | 5,994 | 403,864 | |
(Cost $803,082) | 735,565 | ||
United Kingdom 6.6% | |||
Arrow Global Group PLC* | 95,792 | 403,387 | |
Clinigen Group PLC | 44,130 | 471,835 | |
Domino's Pizza Group PLC | 106,754 | 510,655 | |
Drax Group PLC | 108,643 | 628,486 | |
Electrocomponents PLC | 118,408 | 1,620,872 | |
Johnson Service Group PLC* | 265,435 | 546,498 |
Micro Focus International PLC | 51,527 | 393,128 | |
Scapa Group PLC* | 233,821 | 694,833 | |
(Cost $3,531,737) | 5,269,694 | ||
United States 56.5% | |||
Advanced Drainage Systems, Inc. | 3,618 | 374,065 | |
Affiliated Managers Group, Inc. | 4,203 | 626,373 | |
Agilysys, Inc.* | 6,993 | 335,384 | |
Americold Realty Trust (REIT) | 21,223 | 816,449 | |
Amicus Therapeutics, Inc.* | 16,774 | 165,727 | |
Arena Pharmaceuticals, Inc.* | 8,863 | 615,004 | |
Axonics Modulation Technologies, Inc.* (b) | 3,100 | 185,659 | |
AZEK Co., Inc.* | 2,537 | 106,681 | |
Bandwidth, Inc. “A”* | 2,002 | 253,733 | |
Blucora, Inc.* | 8,810 | 146,598 | |
Builders FirstSource, Inc.* | 20,777 | 963,429 | |
Casey's General Stores, Inc. | 6,443 | 1,392,912 | |
Cleveland-Cliffs, Inc. | 46,669 | 938,514 | |
CMC Materials, Inc. | 4,593 | 811,996 | |
Contango Oil & Gas Co.* (b) | 121,886 | 475,355 | |
Cornerstone OnDemand, Inc.* | 11,453 | 499,122 | |
Dril-Quip, Inc.* | 16,812 | 558,663 | |
Ducommun, Inc.* | 24,624 | 1,477,440 | |
EastGroup Properties, Inc. (REIT) | 4,274 | 612,379 | |
Envestnet, Inc.* (b) | 9,595 | 693,047 | |
Essential Properties Realty Trust, Inc. (REIT) | 24,757 | 565,202 | |
Five9, Inc.* | 8,715 | 1,362,416 | |
FNB Corp. | 30,449 | 386,702 | |
Four Corners Property Trust, Inc. (REIT) | 27,967 | 766,296 | |
Fox Factory Holding Corp.* | 10,660 | 1,354,460 | |
Green Dot Corp. “A”* | 6,498 | 297,543 | |
H&E Equipment Services, Inc. | 12,714 | 483,132 | |
Heron Therapeutics, Inc.* | 22,446 | 363,850 | |
Hillenbrand, Inc. | 10,258 | 489,409 | |
Hudson Pacific Properties, Inc. (REIT) | 8,486 | 230,225 | |
Hyster-Yale Materials Handling, Inc. | 5,590 | 487,001 | |
Inphi Corp.* | 10,390 | 1,853,680 | |
iRhythm Technologies, Inc.* | 3,824 | 531,001 | |
Jack in the Box, Inc. | 6,611 | 725,756 | |
Jefferies Financial Group, Inc. | 35,036 | 1,054,584 | |
Kiniksa Pharmaceuticals Ltd. “A”* | 8,859 | 163,980 | |
LivePerson, Inc.* | 5,940 | 313,276 | |
Lumentum Holdings, Inc.* | 8,748 | 799,130 | |
Masonite International Corp.* | 7,831 | 902,444 | |
ModivCare, Inc.* | 10,897 | 1,614,110 | |
Molina Healthcare, Inc.* | 4,393 | 1,026,908 | |
National Storage Affiliates Trust (REIT) | 15,303 | 611,049 | |
Neurocrine Biosciences, Inc.* | 1,689 | 164,255 | |
Novavax, Inc.* | 817 | 148,130 | |
Option Care Health, Inc.* | 29,553 | 524,270 | |
Outset Medical, Inc.* | 816 | 44,382 | |
Pacira BioSciences, Inc.* | 15,060 | 1,055,555 | |
Physicians Realty Trust | 38,643 | 682,822 | |
QAD, Inc. “A” (b) | 8,600 | 572,588 | |
QTS Realty Trust, Inc. “A” (REIT) | 10,438 | 647,574 | |
Rush Enterprises, Inc. “A” | 31,808 | 1,584,968 | |
SJW Group | 9,094 | 572,831 | |
South State Corp. | 12,286 | 964,574 |
Synovus Financial Corp. | 22,074 | 1,009,885 | |
Tandem Diabetes Care, Inc.* | 3,297 | 290,960 | |
Tenneco, Inc. “A”* | 28,693 | 307,589 | |
Thermon Group Holdings, Inc.* (b) | 34,510 | 672,600 | |
Titan Machinery, Inc.* | 8,985 | 229,118 | |
TopBuild Corp.* | 6,338 | 1,327,367 | |
Translate Bio, Inc.* | 10,019 | 165,213 | |
Travere Therapeutics, Inc.* | 26,114 | 652,067 | |
TriState Capital Holdings, Inc.* | 27,098 | 624,880 | |
Varonis Systems, Inc.* | 29,262 | 1,502,311 | |
Vital Farms, Inc.* (b) | 12,874 | 281,168 | |
Vroom, Inc.* | 1,119 | 43,630 | |
WEX, Inc.* | 2,214 | 463,213 | |
YETI Holdings, Inc.* | 21,295 | 1,537,712 | |
Zions Bancorp. NA | 10,965 | 602,636 | |
(Cost $25,772,691) | 45,102,982 | ||
Total Common Stocks (Cost $47,646,690) | 77,008,472 | ||
Exchange-Traded Funds 1.9% | |||
iShares Russell 2000 ETF (b) (Cost $990,476) | 6,798 | 1,501,950 | |
Securities Lending Collateral 3.7% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (d) (e) (Cost $2,957,305) | 2,957,305 | 2,957,305 | |
Cash Equivalents 1.6% | |||
DWS Central Cash Management Government Fund, 0.04% (d) (Cost $1,263,970) | 1,263,970 | 1,263,970 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $52,858,441) | 103.6 | 82,731,697 | |
Other Assets and Liabilities, Net | (3.6) | (2,856,751) | |
Net Assets | 100.0 | 79,874,946 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2021 are as follows:
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 3/31/2021 | Value ($) at 3/31/2021 |
Securities Lending Collateral 3.7% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (d) (e) | ||||||||
1,184,652 | 1,772,653 (f) | — | — | — | 1,338 | — | 2,957,305 | 2,957,305 |
Cash Equivalents 1.6% | ||||||||
DWS Central Cash Management Government Fund, 0.04% (d) | ||||||||
3,011,728 | 2,955,440 | 4,703,198 | — | — | 234 | — | 1,263,970 | 1,263,970 |
4,196,380 | 4,728,093 | 4,703,198 | — | — | 1,572 | — | 4,221,275 | 4,221,275 |
* | Non-income producing security. |
(a) | Listed on the NASDAQ Stock Market, Inc. |
(b) | 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 March 31, 2021 amounted to $3,245,361, which is 4.1% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(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 $307,706. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended March 31, 2021. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
At March 31, 2021 the DWS Global Small Cap VIP had the following sector diversification:
Sector Diversification | Market Value ($) | As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents |
Industrials | 15,776,315 | 20% |
Information Technology | 12,109,321 | 16% |
Consumer Discretionary | 9,954,439 | 13% |
Health Care | 9,793,754 | 13% |
Financials | 9,191,160 | 12% |
Real Estate | 5,979,795 | 8% |
Materials | 5,293,413 | 7% |
Consumer Staples | 2,605,614 | 3% |
Communication Services | 2,259,696 | 3% |
Energy | 2,116,618 | 3% |
Utilities | 1,928,347 | 2% |
Total | 77,008,472 | 100% |
Sector diversification is subject to change.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of March 31, 2021 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Austria | $— | $1,328,961 | $— | $1,328,961 |
Belgium | — | 340,680 | — | 340,680 |
Bermuda | 707,690 | 375,725 | — | 1,083,415 |
Canada | 2,642,288 | — | — | 2,642,288 |
France | — | 1,951,942 | — | 1,951,942 |
Germany | — | 2,373,824 | — | 2,373,824 |
India | 525,262 | — | — | 525,262 |
Ireland | 195,111 | 1,059,681 | — | 1,254,792 |
Italy | — | 1,681,189 | — | 1,681,189 |
Japan | — | 5,848,423 | 611,082 | 6,459,505 |
Korea | — | 647,393 | — | 647,393 |
Luxembourg | — | 961,184 | — | 961,184 |
Netherlands | — | 321,354 | — | 321,354 |
Norway | — | 219,289 | — | 219,289 |
Portugal | — | 257,502 | — | 257,502 |
Spain | — | 1,263,561 | — | 1,263,561 |
Sweden | — | 2,588,090 | — | 2,588,090 |
Switzerland | — | 735,565 | — | 735,565 |
United Kingdom | — | 5,269,694 | — | 5,269,694 |
United States | 45,102,982 | — | — | 45,102,982 |
Exchange-Traded Funds | 1,501,950 | — | — | 1,501,950 |
Short-Term Investments (a) | 4,221,275 | — | — | 4,221,275 |
Total | $54,896,558 | $27,224,057 | $611,082 | $82,731,697 |
During the period ended March 31, 2021, the amount of transfers between Level 2 and Level 3 was $571,449. The investments were transferred from Level 2 to Level 3 due to the lack of observable market data due to a decrease in market activity. | ||||
Transfers between price levels are recognized at the beginning of the reporting period. |
(a) | See Investment Portfolio for additional detailed categorizations. |
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
VS1glosc-PH1
R-080548-1 (1/23)