Investment Portfolio | as of September 30, 2021 (Unaudited) |
DWS Global Small Cap
VIP
Shares | Value ($) | ||
Common Stocks 97.8% | |||
Austria 1.5% | |||
Wienerberger AG (Cost $921,227) | 36,328 | 1,226,566 | |
Belgium 0.4% | |||
Euronav NV (Cost $313,840) | 37,166 | 356,824 | |
Bermuda 0.9% | |||
Lazard Ltd. "A" (a) (Cost $345,986) | 16,265 | 744,937 | |
Canada 3.4% | |||
First Quantum Minerals Ltd. | 35,275 | 653,086 | |
Linamar Corp. | 14,424 | 748,987 | |
Pan American Silver Corp. | 16,342 | 380,487 | |
Quebecor, Inc. "B" | 39,795 | 961,728 | |
(Cost $2,173,478) | 2,744,288 | ||
Denmark 0.4% | |||
Netcompany Group A/S 144A (Cost $327,913) | 2,761 | 318,094 | |
France 2.6% | |||
Alten SA | 3,286 | 482,037 | |
Rubis SCA | 7,967 | 275,598 | |
SPIE SA | 44,518 | 1,010,348 | |
Television Francaise 1 | 29,700 | 292,881 | |
(Cost $2,103,539) | 2,060,864 | ||
Germany 3.8% | |||
AIXTRON SE | 22,463 | 563,808 | |
Deutz AG* | 88,069 | 765,559 | |
PATRIZIA AG | 41,336 | 1,091,435 | |
United Internet AG (Registered) | 16,617 | 644,118 | |
(Cost $1,695,764) | 3,064,920 | ||
India 0.7% | |||
WNS Holdings Ltd. (ADR)* (Cost $193,879) | 7,251 | 593,132 | |
Ireland 1.3% | |||
Dalata Hotel Group PLC* | 129,550 | 615,384 | |
Ryanair Holdings PLC* | 21,445 | 404,241 | |
(Cost $696,545) | 1,019,625 | ||
Italy 2.0% | |||
Buzzi Unicem SpA | 42,400 | 964,796 | |
Moncler SpA | 10,050 | 613,930 | |
(Cost $1,171,603) | 1,578,726 |
Japan 8.5% | |||
Ai Holdings Corp. | 41,617 | 881,401 | |
Anicom Holdings, Inc. | 76,900 | 650,101 | |
BML, Inc. | 17,200 | 653,796 | |
Furuya Metal Co., Ltd. | 3,800 | 295,724 | |
Kusuri No Aoki Holdings Co., Ltd. | 12,158 | 837,730 | |
Optex Group Co., Ltd. | 17,000 | 231,601 | |
Sawai Group Holdings Co., Ltd. | 12,600 | 586,834 | |
Topcon Corp. | 23,400 | 404,805 | |
Toyo Kanetsu KK | 9,400 | 220,270 | |
UT Group Co., Ltd. | 31,024 | 927,289 | |
Zenkoku Hosho Co., Ltd. | 23,800 | 1,160,289 | |
(Cost $4,273,022) | 6,849,840 | ||
Korea 1.7% | |||
Hanmi Semiconductor Co., Ltd. | 8,039 | 207,969 | |
i-SENS, Inc. | 17,591 | 464,253 | |
Seah Besteel Corp. | 33,022 | 715,382 | |
(Cost $1,294,248) | 1,387,604 | ||
Luxembourg 1.3% | |||
B&M European Value Retail SA (Cost $571,241) | 132,015 | 1,048,921 | |
Netherlands 0.4% | |||
Boskalis Westminster (Cost $325,687) | 9,986 | 302,064 | |
Norway 0.3% | |||
Fjordkraft Holding ASA 144A (Cost $371,495) | 43,142 | 240,027 | |
Portugal 0.3% | |||
REN - Redes Energeticas Nacionais SGPS SA (Cost $261,325) | 92,222 | 272,553 | |
Puerto Rico 0.6% | |||
Popular, Inc. (Cost $463,903) | 6,166 | 478,913 | |
Singapore 0.4% | |||
BW LPG, Ltd. 144A (Cost $336,865) | 54,731 | 299,431 | |
Spain 2.0% | |||
Fluidra SA | 28,658 | 1,142,617 | |
Talgo SA 144A* | 88,107 | 455,937 | |
(Cost $905,242) | 1,598,554 | ||
Sweden 2.9% | |||
Dometic Group AB 144A | 22,461 | 339,964 | |
Fingerprint Cards AB "B"* | 92,297 | 255,788 | |
MIPS AB | 2,974 | 298,366 | |
Nobina AB 144A | 129,243 | 1,161,140 | |
Ratos AB "B" | 55,297 | 324,737 | |
(Cost $1,663,088) | 2,379,995 | ||
Switzerland 1.4% | |||
Bachem Holding AG (Registered) | 320 | 245,029 |
Julius Baer Group Ltd. | 7,222 | 479,525 | |
Siegfried Holding AG (Registered)* | 469 | 416,636 | |
(Cost $1,105,716) | 1,141,190 | ||
United Kingdom 4.7% | |||
Domino's Pizza Group PLC | 74,516 | 395,570 | |
Drax Group PLC | 108,643 | 704,555 | |
Electrocomponents PLC | 90,511 | 1,309,328 | |
Genus PLC | 4,590 | 337,631 | |
Johnson Service Group PLC* | 265,435 | 538,519 | |
Micro Focus International PLC | 51,527 | 283,823 | |
Softcat PLC | 8,357 | 229,318 | |
(Cost $2,546,842) | 3,798,744 | ||
United States 56.3% | |||
Advanced Drainage Systems, Inc. | 3,618 | 391,359 | |
Affiliated Managers Group, Inc. | 4,445 | 671,595 | |
Agilysys, Inc.* | 9,963 | 521,663 | |
Alcoa Corp.* | 9,747 | 477,018 | |
AMC Entertainment Holdings, Inc. "A"* (b) | 9,714 | 369,715 | |
Americold Realty Trust (REIT) | 21,223 | 616,528 | |
Amicus Therapeutics, Inc.* | 29,421 | 280,971 | |
Anika Therapeutics, Inc.* (b) | 7,283 | 309,964 | |
Arena Pharmaceuticals, Inc.* | 8,863 | 527,792 | |
Armada Hoffler Properties, Inc. (REIT) | 15,994 | 213,840 | |
Avis Budget Group, Inc.* (b) | 3,736 | 435,281 | |
AZEK Co., Inc.* | 8,482 | 309,847 | |
Benchmark Electronics, Inc. | 12,725 | 339,885 | |
Builders FirstSource, Inc.* | 28,748 | 1,487,422 | |
Casey's General Stores, Inc. | 6,443 | 1,214,183 | |
Cleveland-Cliffs, Inc.* (b) | 49,411 | 978,832 | |
CMC Materials, Inc. | 2,596 | 319,905 | |
Contango Oil & Gas Co.* (b) | 177,463 | 811,006 | |
Dril-Quip, Inc.* | 13,576 | 341,844 | |
Ducommun, Inc.* | 26,358 | 1,327,125 | |
Easterly Government Properties, Inc. (REIT) | 18,561 | 383,470 | |
Eastern Bankshares, Inc. | 32,195 | 653,558 | |
EastGroup Properties, Inc. (REIT) | 4,274 | 712,177 | |
Envestnet, Inc.* (b) | 9,595 | 769,903 | |
Essential Properties Realty Trust, Inc. (REIT) | 24,757 | 691,215 | |
First Financial Bankshares, Inc. | 12,714 | 584,208 | |
Five9, Inc.* | 5,308 | 847,900 | |
FNB Corp. | 30,449 | 353,817 | |
Four Corners Property Trust, Inc. (REIT) | 28,873 | 775,529 | |
Fox Factory Holding Corp.* | 9,598 | 1,387,295 | |
Heron Therapeutics, Inc.* (b) | 22,446 | 239,948 | |
Hillenbrand, Inc. | 10,258 | 437,504 | |
Home BancShares, Inc. | 9,644 | 226,923 | |
Hudson Pacific Properties, Inc. (REIT) (b) | 8,486 | 222,927 | |
Hyster-Yale Materials Handling, Inc. (b) | 5,590 | 280,953 | |
Jack in the Box, Inc. (b) | 6,611 | 643,449 | |
Jefferies Financial Group, Inc. | 35,036 | 1,300,887 | |
LivePerson, Inc.* | 5,940 | 350,163 | |
Lumentum Holdings, Inc.* | 8,748 | 730,808 | |
Madison Square Garden Sports Corp.* | 2,508 | 466,363 | |
Marvell Technology, Inc. | 13,636 | 822,385 | |
Masonite International Corp.* | 8,169 | 866,976 | |
ModivCare, Inc.* (b) | 6,223 | 1,130,278 |
Molina Healthcare, Inc.* | 4,393 | 1,191,865 | |
Multiplan Corp.* (b) | 35,599 | 200,422 | |
National Storage Affiliates Trust (REIT) | 15,303 | 807,845 | |
New Jersey Resources Corp. | 8,717 | 303,439 | |
Novavax, Inc.* (b) | 1,412 | 292,722 | |
Option Care Health, Inc.* | 30,824 | 747,790 | |
Outset Medical, Inc.* (b) | 6,295 | 311,225 | |
Pacira BioSciences, Inc.* | 15,060 | 843,360 | |
Physicians Realty Trust (REIT) | 40,028 | 705,293 | |
Rush Enterprises, Inc. "A" (b) | 31,808 | 1,436,427 | |
Sana Biotechnology, Inc.* (b) | 14,355 | 323,275 | |
SJW Group | 7,263 | 479,794 | |
South State Corp. | 13,381 | 999,159 | |
Spectrum Brands Holdings, Inc. | 5,161 | 493,753 | |
Synovus Financial Corp. | 26,456 | 1,161,154 | |
Tandem Diabetes Care, Inc.* | 3,297 | 393,596 | |
Tenneco, Inc. "A"* | 31,253 | 445,980 | |
Thermon Group Holdings, Inc.* (b) | 40,418 | 699,636 | |
TopBuild Corp.* | 6,338 | 1,298,086 | |
TriState Capital Holdings, Inc.* | 21,539 | 455,550 | |
Varonis Systems, Inc.* | 19,600 | 1,192,660 | |
Vista Outdoor, Inc.* | 6,952 | 280,235 | |
Vital Farms, Inc.* | 12,874 | 226,196 | |
Vroom, Inc.* (b) | 8,106 | 178,899 | |
WEX, Inc.* | 2,214 | 389,974 | |
Whiting Petroleum Corp.* | 7,332 | 428,262 | |
Xperi Holding Corp. | 10,288 | 193,826 | |
YETI Holdings, Inc.* | 15,222 | 1,304,373 | |
Zions Bancorp. NA | 12,982 | 803,456 | |
(Cost $29,152,342) | 45,412,663 | ||
Total Common Stocks (Cost $53,214,790) | 78,918,475 | ||
Securities Lending Collateral 6.8% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (c) (d) (Cost $5,479,813) | 5,479,813 | 5,479,813 | |
Cash Equivalents 2.3% | |||
DWS Central Cash Management Government Fund, 0.03% (c) (Cost $1,833,271) | 1,833,271 | 1,833,271 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $60,527,874) | 106.9 | 86,231,559 | |
Other Assets and Liabilities, Net | (6.9) | (5,549,713) | |
Net Assets | 100.0 | 80,681,846 |
For information on the
Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the
Fund’s transactions with affiliated investments during the period ended September 30, 2021 are as follows:
Value ($) 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 9/30/2021 | Value ($) at 9/30/2021 |
Securities Lending Collateral 6.8% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (c) (d) | ||||||||
1,184,652 | 4,295,161 (e) | — | — | — | 10,426 | — | 5,479,813 | 5,479,813 |
Cash Equivalents 2.3% | ||||||||
DWS Central Cash Management Government Fund, 0.03% (c) | ||||||||
3,011,728 | 10,105,131 | 11,283,588 | — | — | 389 | — | 1,833,271 | 1,833,271 |
4,196,380 | 14,400,292 | 11,283,588 | — | — | 10,815 | — | 7,313,084 | 7,313,084 |
* | 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 September 30, 2021 amounted to $5,347,606, which is 6.6% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2021. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
REIT: Real Estate Investment Trust |
At September 30, 2021 the DWS Global
Small Cap VIP had the following sector diversification:
Sector Diversification | Market Value ($) | As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents |
Industrials | 15,689,572 | 20% |
Information Technology | 11,226,572 | 14% |
Financials | 11,048,809 | 14% |
Consumer Discretionary | 9,599,439 | 12% |
Health Care | 9,497,387 | 12% |
Real Estate | 6,220,259 | 8% |
Materials | 5,396,167 | 7% |
Consumer Staples | 2,771,862 | 4% |
Communication Services | 2,734,805 | 3% |
Energy | 2,457,637 | 3% |
Utilities | 2,275,966 | 3% |
Total | 78,918,475 | 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 September 30, 2021 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Austria | $— | $1,226,566 | $— | $1,226,566 |
Belgium | — | 356,824 | — | 356,824 |
Bermuda | 744,937 | — | — | 744,937 |
Canada | 2,744,288 | — | — | 2,744,288 |
Denmark | — | 318,094 | — | 318,094 |
France | — | 2,060,864 | — | 2,060,864 |
Germany | — | 3,064,920 | — | 3,064,920 |
India | 593,132 | — | — | 593,132 |
Ireland | — | 1,019,625 | — | 1,019,625 |
Italy | — | 1,578,726 | — | 1,578,726 |
Japan | — | 6,849,840 | — | 6,849,840 |
Korea | — | 1,387,604 | — | 1,387,604 |
Luxembourg | — | 1,048,921 | — | 1,048,921 |
Netherlands | — | 302,064 | — | 302,064 |
Norway | — | 240,027 | — | 240,027 |
Portugal | — | 272,553 | — | 272,553 |
Puerto Rico | 478,913 | — | — | 478,913 |
Singapore | — | 299,431 | — | 299,431 |
Spain | — | 1,598,554 | — | 1,598,554 |
Sweden | — | 2,379,995 | — | 2,379,995 |
Switzerland | — | 1,141,190 | — | 1,141,190 |
United Kingdom | — | 3,798,744 | — | 3,798,744 |
United States | 45,412,663 | — | — | 45,412,663 |
Short-Term Investments (a) | 7,313,084 | — | — | 7,313,084 |
Total | $57,287,017 | $28,944,542 | $— | $86,231,559 |
(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-PH3
R-080548-1 (1/23)