Investment Portfolioas of September 30, 2023 (Unaudited)
DWS International Growth VIP
Shares | Value ($) | ||
Common Stocks 95.8% | |||
Brazil 0.3% | |||
Pagseguro Digital Ltd. "A"* (Cost $200,174) | 7,712 | 66,400 | |
Canada 8.0% | |||
Agnico Eagle Mines Ltd. | 2,798 | 127,143 | |
Alimentation Couche-Tard, Inc. | 6,678 | 339,149 | |
Brookfield Asset Management Ltd. "A" | 4,472 | 149,017 | |
Brookfield Corp. | 19,169 | 599,380 | |
Canadian National Railway Co. | 1,630 | 176,519 | |
Lululemon Athletica, Inc.* | 300 | 115,683 | |
(Cost $905,633) | 1,506,891 | ||
China 5.5% | |||
Alibaba Group Holding Ltd. (ADR)* | 1,801 | 156,219 | |
ANTA Sports Products Ltd. | 9,200 | 102,729 | |
BYD Co., Ltd. "H" | 2,000 | 61,475 | |
Meituan "B", 144A* | 830 | 12,019 | |
Minth Group Ltd. | 20,870 | 53,356 | |
Ping An Insurance Group Co. of China Ltd. "H" | 51,500 | 292,330 | |
Tencent Holdings Ltd. | 7,700 | 298,989 | |
Trip.com Group Ltd.* | 1,550 | 54,723 | |
(Cost $1,228,572) | 1,031,840 | ||
Denmark 1.1% | |||
Novo Nordisk AS "B" (Cost $139,596) | 2,200 | 200,304 | |
France 13.0% | |||
Air Liquide SA | 560 | 94,303 | |
Airbus SE | 1,437 | 192,644 | |
Capgemini SE | 1,780 | 310,292 | |
Cie de Saint-Gobain SA | 2,358 | 140,927 | |
LVMH Moet Hennessy Louis Vuitton SE | 425 | 320,159 | |
Schneider Electric SE | 1,291 | 212,946 | |
Teleperformance SE | 1,350 | 169,112 | |
TotalEnergies SE | 8,636 | 569,937 | |
Vinci SA | 3,950 | 436,480 | |
(Cost $1,990,875) | 2,446,800 | ||
Germany 12.1% | |||
adidas AG | 320 | 55,985 | |
Allianz SE (Registered) | 2,037 | 485,259 | |
Auto1 Group SE 144A* | 2,864 | 18,228 | |
Brenntag SE | 1,870 | 144,788 | |
Deutsche Boerse AG | 2,728 | 470,925 | |
Deutsche Post AG | 3,078 | 124,873 | |
Deutsche Telekom AG (Registered) | 8,479 | 177,985 | |
Evonik Industries AG | 2,854 | 52,085 | |
Evotec SE* | 5,475 | 108,897 |
SAP SE | 2,320 | 300,234 | |
Siemens Healthineers AG 144A | 2,880 | 145,288 | |
TeamViewer SE 144A* | 5,400 | 90,719 | |
Wacker Chemie AG | 391 | 55,846 | |
Zalando SE 144A* | 1,585 | 35,159 | |
(Cost $2,473,764) | 2,266,271 | ||
Hong Kong 1.0% | |||
Techtronic Industries Co., Ltd. (Cost $106,056) | 20,097 | 194,227 | |
Ireland 4.1% | |||
Experian PLC | 7,635 | 249,901 | |
Flutter Entertainment PLC* | 340 | 55,318 | |
ICON PLC* (a) | 926 | 228,027 | |
Kerry Group PLC "A" | 2,776 | 232,057 | |
(Cost $663,416) | 765,303 | ||
Israel 0.3% | |||
CyberArk Software Ltd.* (a) (Cost $59,006) | 350 | 57,320 | |
Italy 0.5% | |||
Stevanato Group SpA (b) (Cost $107,495) | 3,500 | 104,020 | |
Japan 7.4% | |||
Anycolor, Inc.* | 800 | 18,794 | |
Daikin Industries Ltd. | 1,500 | 235,562 | |
Fast Retailing Co., Ltd. | 990 | 215,964 | |
Hoya Corp. | 2,400 | 244,673 | |
Keyence Corp. | 700 | 259,317 | |
Lasertec Corp. | 400 | 62,094 | |
MISUMI Group, Inc. | 5,611 | 87,090 | |
Shimadzu Corp. | 6,200 | 164,400 | |
Shiseido Co., Ltd. | 2,900 | 101,565 | |
(Cost $1,172,057) | 1,389,459 | ||
Korea 1.5% | |||
Samsung Electronics Co., Ltd. (Cost $237,051) | 5,537 | 279,832 | |
Netherlands 6.6% | |||
Adyen NV 144A* | 84 | 62,585 | |
ASML Holding NV | 648 | 382,991 | |
DSM BV (c) | 1,139 | 96,330 | |
ING Groep NV | 18,600 | 246,409 | |
NXP Semiconductors NV (a) | 573 | 114,554 | |
Prosus NV | 4,197 | 123,670 | |
Universal Music Group NV | 7,899 | 206,103 | |
(Cost $1,151,818) | 1,232,642 | ||
Norway 0.4% | |||
Mowi ASA (Cost $96,834) | 4,273 | 75,662 | |
Singapore 3.5% | |||
DBS Group Holdings Ltd. (Cost $498,960) | 26,800 | 657,539 | |
Sweden 2.4% | |||
Assa Abloy AB "B" | 8,559 | 185,984 |
Hexagon AB "B" | 11,804 | 100,611 | |
Spotify Technology SA* (b) | 1,099 | 169,949 | |
(Cost $496,588) | 456,544 | ||
Switzerland 8.7% | |||
Alcon, Inc. | 2,555 | 197,214 | |
Lonza Group AG (Registered) | 1,155 | 532,977 | |
Nestle SA (Registered) | 4,937 | 558,415 | |
Roche Holding AG (Genusschein) | 1,072 | 292,960 | |
Sportradar Holding AG "A"* (a) | 5,484 | 54,895 | |
(Cost $1,367,061) | 1,636,461 | ||
Taiwan 1.8% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $137,146) | 21,000 | 343,927 | |
United Kingdom 5.7% | |||
AstraZeneca PLC | 2,920 | 394,214 | |
Farfetch Ltd. "A"* (b) | 6,137 | 12,826 | |
Halma PLC | 4,777 | 112,498 | |
Rentokil Initial PLC | 71,195 | 528,350 | |
VTEX "A"* (b) | 2,886 | 14,459 | |
(Cost $1,106,233) | 1,062,347 | ||
United States 8.5% | |||
Marsh & McLennan Companies, Inc. | 1,977 | 376,223 | |
Mastercard, Inc. "A" | 614 | 243,089 | |
NVIDIA Corp. | 1,041 | 452,824 | |
Schlumberger NV | 5,900 | 343,970 | |
Thermo Fisher Scientific, Inc. | 345 | 174,629 | |
(Cost $558,244) | 1,590,735 | ||
Uruguay 3.4% | |||
Globant SA* | 2,568 | 508,079 | |
MercadoLibre, Inc.* | 99 | 125,520 | |
(Cost $385,205) | 633,599 | ||
Total Common Stocks (Cost $15,081,784) | 17,998,123 | ||
Preferred Stocks 0.6% | |||
Germany | |||
Sartorius AG (d) (Cost $78,503) | 336 | 113,605 | |
Securities Lending Collateral 0.6% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.25% (e) (f) (Cost $116,866) | 116,866 | 116,866 | |
Cash Equivalents 2.6% | |||
DWS Central Cash Management Government Fund, 5.36% (e) (Cost $480,737) | 480,737 | 480,737 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $15,757,890) | 99.6 | 18,709,331 | |
Other Assets and Liabilities, Net | 0.4 | 67,384 | |
Net Assets | 100.0 | 18,776,715 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2023 are as follows:
Value ($) 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% (e) (f) | ||||||||
58,500 | 58,366 (g) | — | — | — | 154 | — | 116,866 | 116,866 |
Cash Equivalents 2.6% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (e) | ||||||||
328,851 | 5,073,262 | 4,921,376 | — | — | 38,684 | — | 480,737 | 480,737 |
387,351 | 5,131,628 | 4,921,376 | — | — | 38,838 | — | 597,603 | 597,603 |
* | Non-income producing security. |
(a) | Listed on the NASDAQ Stock Market, Inc. |
(b) | Listed on the New York Stock Exchange. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | 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 $112,591, which is 0.6% of net assets. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2023. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
At September 30, 2023 the DWS International Growth VIP had the following sector diversification:
Sector Diversification | Market Value ($) | (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
Financials | 3,649,156 | 20% |
Information Technology | 3,539,692 | 20% |
Industrials | 3,079,403 | 17% |
Health Care | 2,736,808 | 15% |
Consumer Discretionary | 1,573,928 | 9% |
Consumer Staples | 1,306,848 | 7% |
Energy | 913,907 | 5% |
Communication Services | 886,279 | 5% |
Materials | 425,707 | 2% |
Total | 18,111,728 | 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, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Brazil | $66,400 | $— | $— | $66,400 |
Canada | 1,506,891 | — | — | 1,506,891 |
China | 156,219 | 875,621 | — | 1,031,840 |
Denmark | — | 200,304 | — | 200,304 |
France | — | 2,446,800 | — | 2,446,800 |
Germany | — | 2,266,271 | — | 2,266,271 |
Hong Kong | — | 194,227 | — | 194,227 |
Ireland | 228,027 | 537,276 | — | 765,303 |
Israel | 57,320 | — | — | 57,320 |
Italy | 104,020 | — | — | 104,020 |
Japan | — | 1,389,459 | — | 1,389,459 |
Korea | — | 279,832 | — | 279,832 |
Netherlands | 114,554 | 1,021,758 | 96,330 | 1,232,642 |
Norway | — | 75,662 | — | 75,662 |
Singapore | — | 657,539 | — | 657,539 |
Sweden | 169,949 | 286,595 | — | 456,544 |
Switzerland | 54,895 | 1,581,566 | — | 1,636,461 |
Taiwan | — | 343,927 | — | 343,927 |
United Kingdom | 27,285 | 1,035,062 | — | 1,062,347 |
United States | 1,590,735 | — | — | 1,590,735 |
Uruguay | 633,599 | — | — | 633,599 |
Preferred Stocks | — | 113,605 | — | 113,605 |
Short-Term Investments (a) | 597,603 | — | — | 597,603 |
Total | $5,307,497 | $13,305,504 | $96,330 | $18,709,331 |
During the period ended September 30, 2023, the amount of transfers between Level 2 and Level 3 was $225,953. 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
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CLOSED-END FUNDS
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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
VS2IG-PH3
R-080548-2 (1/25)