Investment Portfolioas of September 30, 2023 (Unaudited)
DWS Small Mid Cap Value VIP
Shares | Value ($) | ||
Common Stocks 97.5% | |||
Communication Services 2.4% | |||
Diversified Telecommunication Services 0.9% | |||
Liberty Latin America Ltd. "A"* | 83,215 | 679,034 | |
Media 1.5% | |||
Interpublic Group of Companies, Inc. | 39,760 | 1,139,522 | |
Consumer Discretionary 11.4% | |||
Automobile Components 2.4% | |||
American Axle & Manufacturing Holdings, Inc.* | 63,862 | 463,638 | |
Lear Corp. | 9,816 | 1,317,307 | |
1,780,945 | |||
Automobiles 0.5% | |||
Winnebago Industries, Inc. | 6,930 | 411,989 | |
Diversified Consumer Services 1.4% | |||
WW International, Inc.* | 97,318 | 1,077,310 | |
Hotels, Restaurants & Leisure 2.0% | |||
International Game Technology PLC | 19,871 | 602,489 | |
Mondee Holdings, Inc.* | 42,840 | 152,939 | |
Wynn Resorts Ltd. | 7,904 | 730,408 | |
1,485,836 | |||
Household Durables 2.7% | |||
Mohawk Industries, Inc.* | 3,523 | 302,309 | |
PulteGroup, Inc. | 23,182 | 1,716,627 | |
2,018,936 | |||
Specialty Retail 1.4% | |||
Foot Locker, Inc. | 10,718 | 185,957 | |
RH* | 3,239 | 856,262 | |
1,042,219 | |||
Textiles, Apparel & Luxury Goods 1.0% | |||
Columbia Sportswear Co. | 10,018 | 742,334 | |
Consumer Staples 2.7% | |||
Consumer Staples Distribution & Retail 0.5% | |||
Performance Food Group Co.* | 6,533 | 384,532 | |
Food Products 1.7% | |||
B&G Foods, Inc. (a) | 38,062 | 376,433 | |
Cal-Maine Foods, Inc. | 6,988 | 338,359 | |
Darling Ingredients, Inc.* | 10,608 | 553,738 | |
1,268,530 | |||
Household Products 0.5% | |||
Central Garden & Pet Co.* | 7,995 | 352,899 |
Energy 6.1% | |||
Energy Equipment & Services 1.4% | |||
Helmerich & Payne, Inc. | 9,786 | 412,577 | |
Nabors Industries Ltd.* | 2,550 | 314,007 | |
Patterson-UTI Energy, Inc. | 24,307 | 336,409 | |
1,062,993 | |||
Oil, Gas & Consumable Fuels 4.7% | |||
Chevron Corp. | 3,505 | 591,013 | |
Devon Energy Corp. | 6,515 | 310,766 | |
Earthstone Energy, Inc. "A"* | 26,956 | 545,589 | |
HF Sinclair Corp. | 12,253 | 697,563 | |
Kinetik Holdings, Inc. | 12,422 | 419,243 | |
Range Resources Corp. | 10,248 | 332,138 | |
Targa Resources Corp. | 6,942 | 595,068 | |
3,491,380 | |||
Financials 21.7% | |||
Banks 9.9% | |||
Associated Banc-Corp. | 50,702 | 867,511 | |
BankUnited, Inc. | 15,271 | 346,652 | |
Columbia Banking System, Inc. | 13,657 | 277,237 | |
Eagle Bancorp., Inc. | 21,907 | 469,905 | |
Eastern Bankshares, Inc. | 61,996 | 777,430 | |
First BanCorp. | 73,164 | 984,787 | |
First Financial Corp. | 10,968 | 370,828 | |
First Horizon Corp. | 29,685 | 327,129 | |
Fulton Financial Corp. | 21,539 | 260,837 | |
Hancock Whitney Corp. | 23,244 | 859,796 | |
Hilltop Holdings, Inc. | 15,601 | 442,444 | |
Simmons First National Corp. "A" | 30,569 | 518,450 | |
UMB Financial Corp. | 14,217 | 882,165 | |
7,385,171 | |||
Capital Markets 1.7% | |||
Evercore, Inc. "A" | 3,114 | 429,358 | |
Invesco Ltd. | 23,343 | 338,941 | |
Robinhood Markets, Inc. "A"* | 47,820 | 469,114 | |
1,237,413 | |||
Consumer Finance 0.9% | |||
Credit Acceptance Corp.* | 1,410 | 648,769 | |
Financial Services 2.9% | |||
A-Mark Precious Metals, Inc. | 19,638 | 575,983 | |
AvidXchange Holdings, Inc.* | 71,323 | 676,142 | |
Voya Financial, Inc. | 14,340 | 952,893 | |
2,205,018 | |||
Insurance 5.4% | |||
Assurant, Inc. | 9,089 | 1,304,999 | |
Brown & Brown, Inc. | 18,836 | 1,315,506 | |
Everest Group Ltd. | 3,840 | 1,427,213 | |
4,047,718 | |||
Mortgage Real Estate Investment Trusts (REITs) 0.9% | |||
Rithm Capital Corp. | 74,134 | 688,705 |
Health Care 7.5% | |||
Biotechnology 2.1% | |||
EQRx, Inc.* | 215,447 | 478,292 | |
Kiniksa Pharmaceuticals Ltd. "A"* | 17,369 | 301,699 | |
Sana Biotechnology, Inc.* (a) | 76,915 | 297,661 | |
Twist Bioscience Corp.* | 22,683 | 459,558 | |
1,537,210 | |||
Health Care Equipment & Supplies 0.6% | |||
Merit Medical Systems, Inc.* | 6,876 | 474,582 | |
Health Care Providers & Services 3.3% | |||
Chemed Corp. | 1,231 | 639,751 | |
Molina Healthcare, Inc.* | 1,292 | 423,634 | |
NeoGenomics, Inc.* | 35,864 | 441,127 | |
Owens & Minor, Inc.* | 60,723 | 981,283 | |
2,485,795 | |||
Pharmaceuticals 1.5% | |||
Jazz Pharmaceuticals PLC* | 5,726 | 741,173 | |
Ligand Pharmaceuticals, Inc.* | 6,006 | 359,880 | |
1,101,053 | |||
Industrials 18.9% | |||
Aerospace & Defense 2.1% | |||
Huntington Ingalls Industries, Inc. | 7,735 | 1,582,426 | |
Air Freight & Logistics 0.4% | |||
GXO Logistics, Inc.* | 5,515 | 323,455 | |
Building Products 3.9% | |||
Carlisle Companies, Inc. | 6,936 | 1,798,227 | |
Owens Corning | 8,057 | 1,099,056 | |
2,897,283 | |||
Construction & Engineering 1.1% | |||
API Group Corp.* | 17,486 | 453,412 | |
MasTec, Inc.* | 5,526 | 397,706 | |
851,118 | |||
Electrical Equipment 3.7% | |||
Encore Wire Corp. | 6,753 | 1,232,152 | |
EnerSys | 15,947 | 1,509,703 | |
2,741,855 | |||
Ground Transportation 1.0% | |||
Knight-Swift Transportation Holdings, Inc. | 7,574 | 379,836 | |
RXO, Inc.* | 18,131 | 357,725 | |
737,561 | |||
Machinery 3.0% | |||
Hillenbrand, Inc. | 37,312 | 1,578,671 | |
The Manitowoc Co., Inc.* | 42,427 | 638,526 | |
2,217,197 | |||
Professional Services 2.3% | |||
Jacobs Solutions, Inc. | 10,424 | 1,422,876 | |
TrueBlue, Inc.* | 21,709 | 318,471 | |
1,741,347 |
Trading Companies & Distributors 1.4% | |||
NOW, Inc.* | 88,894 | 1,055,172 | |
Information Technology 7.6% | |||
Communications Equipment 0.5% | |||
Ciena Corp.* | 7,945 | 375,481 | |
Electronic Equipment, Instruments & Components 3.4% | |||
Avnet, Inc. | 33,437 | 1,611,329 | |
Itron, Inc.* | 9,376 | 567,998 | |
TD SYNNEX Corp. | 3,829 | 382,364 | |
2,561,691 | |||
Semiconductors & Semiconductor Equipment 1.9% | |||
Cirrus Logic, Inc.* | 11,969 | 885,227 | |
Photronics, Inc.* | 26,946 | 544,579 | |
1,429,806 | |||
Software 1.8% | |||
Adeia, Inc. | 33,819 | 361,187 | |
NCR Corp.* | 12,880 | 347,373 | |
Verint Systems, Inc.* | 26,229 | 603,005 | |
1,311,565 | |||
Materials 6.4% | |||
Chemicals 1.5% | |||
Avient Corp. | 7,871 | 278,004 | |
Chemours Co. | 20,651 | 579,260 | |
Sensient Technologies Corp. | 3,558 | 208,072 | |
1,065,336 | |||
Containers & Packaging 1.0% | |||
Graphic Packaging Holding Co. | 33,885 | 754,958 | |
Metals & Mining 3.9% | |||
Cleveland-Cliffs, Inc.* | 22,180 | 346,673 | |
Commercial Metals Co. | 3,564 | 176,097 | |
Reliance Steel & Aluminum Co. | 709 | 185,921 | |
Steel Dynamics, Inc. | 19,104 | 2,048,331 | |
Worthington Industries, Inc. | 2,824 | 174,580 | |
2,931,602 | |||
Real Estate 9.0% | |||
Diversified REITs 1.0% | |||
Global Net Lease, Inc. | 78,649 | 755,817 | |
Industrial REITs 2.9% | |||
LXP Industrial Trust | 55,263 | 491,840 | |
Prologis, Inc. | 4,142 | 464,774 | |
STAG Industrial, Inc. | 34,180 | 1,179,552 | |
2,136,166 | |||
Office REITs 0.7% | |||
Highwoods Properties, Inc. | 27,146 | 559,479 | |
Real Estate Management & Development 0.6% | |||
Kennedy-Wilson Holdings, Inc. | 28,877 | 425,647 |
Residential REITs 0.9% | |||
BRT Apartments Corp. | 38,543 | 665,638 | |
Retail REITs 0.6% | |||
SITE Centers Corp. | 38,592 | 475,839 | |
Specialized REITs 2.3% | |||
Gaming and Leisure Properties, Inc. | 32,113 | 1,462,747 | |
Safehold, Inc. | 14,037 | 249,859 | |
1,712,606 | |||
Utilities 3.8% | |||
Electric Utilities 2.7% | |||
IDACORP, Inc. | 15,434 | 1,445,394 | |
Otter Tail Corp. | 8,068 | 612,523 | |
2,057,917 | |||
Gas Utilities 1.1% | |||
Northwest Natural Holding Co. | 9,452 | 360,688 | |
UGI Corp. | 20,014 | 460,322 | |
821,010 | |||
Total Common Stocks (Cost $65,881,439) | 72,937,865 | ||
Other Investments 0.0% | |||
Communication Services 0.0% | |||
Diversified Telecommunication Services 0.0% | |||
GCI Liberty, Inc. (Escrow Shares)* (b) (Cost $0) | 3,095 | 0 | |
Securities Lending Collateral 0.6% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.25% (c) (d) (Cost $496,500) | 496,500 | 496,500 | |
Cash Equivalents 2.7% | |||
DWS Central Cash Management Government Fund, 5.36% (c) (Cost $2,003,861) | 2,003,861 | 2,003,861 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $68,381,800) | 100.8 | 75,438,226 | |
Other Assets and Liabilities, Net | (0.8 ) | (619,933 ) | |
Net Assets | 100.0 | 74,818,293 |
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2023 are as follows:
Value ($) at 12/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 9/30/2023 | Value ($) at 9/30/2023 |
Securities Lending Collateral 0.6% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.25% (c) (d) | ||||||||
2,566,790 | — | 2,070,290 (e) | — | — | 21,367 | — | 496,500 | 496,500 |
Cash Equivalents 2.7% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (c) | ||||||||
— | 9,352,057 | 7,348,196 | — | — | 29,640 | — | 2,003,861 | 2,003,861 |
2,566,790 | 9,352,057 | 9,418,486 | — | — | 51,007 | — | 2,500,361 | 2,500,361 |
* | Non-income producing security. |
(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 September 30, 2023 amounted to $467,711, which is 0.6% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(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, 2023. |
REIT: Real Estate Investment Trust |
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, 2023 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $72,937,865 | $— | $— | $72,937,865 |
Other Investments | — | — | 0 | 0 |
Short-Term Investments (a) | 2,500,361 | — | — | 2,500,361 |
Total | $75,438,226 | $— | $0 | $75,438,226 |
(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
VS2SMCV-PH3
R-080548-2 (1/25)