NPORT-EX 2 NPORT_A_KEB6_94907820_0322.htm
Investment Portfolio as of March 31, 2022 (Unaudited)
DWS Global Small Cap VIP
    Shares Value ($)
Common Stocks 98.8%  
Australia 0.8%  
Charter Hall Long Wale REIT (REIT)      58,328    231,511
Liontown Resources Ltd.*     241,529    335,436
(Cost $477,037)     566,947
Austria 1.5%  
Wienerberger AG (Cost $921,227)      36,328  1,098,413
Belgium 0.5%  
Euronav NV (Cost $313,840)      37,166    394,633
Bermuda 0.8%  
Lazard Ltd. "A" (a) (Cost $345,986)      16,265    561,143
Canada 2.5%  
ElectraMeccanica Vehicles Corp.* (b)   102,528 222,486
Linamar Corp.   14,424 641,156
Quebecor, Inc. "B"   39,795 948,599
(Cost $1,482,622)     1,812,241
Denmark 0.4%  
Netcompany Group A/S 144A* (b) (Cost $543,495)   4,581 302,988
France 2.6%  
Alten SA   5,267 794,860
Maisons Du Monde SA 144A   10,438 200,490
Rubis SCA   7,967 234,696
Television Francaise 1   29,700 288,113
Vallourec SA*   27,157 347,461
(Cost $1,852,104)     1,865,620
Germany 3.6%  
AIXTRON SE   31,164 682,148
Deutz AG   112,697 584,168
PATRIZIA AG   41,336 776,124
United Internet AG (Registered)   16,617 570,582
(Cost $2,119,650)     2,613,022
India 0.8%  
WNS Holdings Ltd. (ADR)* (Cost $193,879)   7,251 619,888
Indonesia 0.3%  
Nickel Mines Ltd. (Cost $294,166)   242,378 228,545
Ireland 0.8%  
Dalata Hotel Group PLC* (Cost $658,449)   129,550 564,733
Italy 2.1%  
Buzzi Unicem SpA      51,265    950,242
Moncler SpA      10,050    558,086
(Cost $1,381,204)     1,508,328
Japan 6.8%  
Ai Holdings Corp.      41,617    580,618
Anicom Holdings, Inc.      46,200    244,689
BML, Inc.      17,200    434,472
Furuya Metal Co., Ltd. (b)       6,400    536,719
Kusuri no Aoki Holdings Co., Ltd.      12,158    676,564
Sawai Group Holdings Co., Ltd.       7,900    288,383
Topcon Corp.      23,400    297,549
Toyo Kanetsu KK       9,400    188,518
UT Group Co., Ltd.      31,024    783,844
Zenkoku Hosho Co., Ltd. (b)   23,800 913,887
(Cost $3,843,550)     4,945,243
Korea 2.5%  
Hanmi Semiconductor Co., Ltd.   25,984 744,426
i-SENS, Inc.   17,591 426,225
Seah Besteel Corp.   44,172 672,959
(Cost $1,960,419)     1,843,610
Luxembourg 1.0%  
B&M European Value Retail SA (Cost $430,350)   101,505 710,405
Netherlands 0.8%  
Boskalis Westminster (Cost $535,941)   16,916 606,985
Norway 0.2%  
Fjordkraft Holding ASA 144A (Cost $371,495)   43,142 164,813
Portugal 0.4%  
REN - Redes Energeticas Nacionais SGPS SA (Cost $261,325)   92,222 290,802
Puerto Rico 0.7%  
Popular, Inc. (Cost $463,903)   6,166 504,009
Singapore 0.5%  
BW LPG, Ltd. 144A (Cost $336,865)   54,731 373,678
Spain 2.3%  
Applus Services SA   36,846 304,586
Fluidra SA   34,068 982,116
Talgo SA 144A*   88,107 377,898
(Cost $1,382,320)     1,664,600
Sweden 2.9%  
Dometic Group AB 144A   22,461 193,566
Fingerprint Cards AB "B"* (b)   92,297 145,313
MIPS AB   2,974 276,629
Nobina AB* (b)   91,569 1,051,801
Ratos AB "B"   91,259 471,744
(Cost $1,657,434)     2,139,053
Switzerland 1.3%  
Julius Baer Group Ltd.      10,082    583,659
Siegfried Holding AG (Registered)         469    385,866
(Cost $1,113,066)     969,525
United Kingdom 5.8%  
Computacenter PLC       7,712    295,786
Domino's Pizza Group PLC      74,516    370,143
Drax Group PLC      77,233    801,315
Dunelm Group PLC      15,106    218,620
Electrocomponents PLC      90,511  1,284,696
Genus PLC       4,590    170,311
Micro Focus International PLC      93,845    494,236
Softcat PLC       8,357    185,842
TechnipFMC PLC* (c)      52,253    404,961
(Cost $2,938,013)     4,225,910
United States 56.9%  
Advanced Drainage Systems, Inc.   3,618 429,855
Affiliated Managers Group, Inc.   4,445 626,523
Agilysys, Inc.*   9,963 397,324
Alcoa Corp.   14,278 1,285,448
AMC Entertainment Holdings, Inc. "A"* (b)   9,714 239,353
Americold Realty Trust (REIT)   21,223 591,697
Amneal Pharmaceuticals, Inc.*   65,675 273,865
Anika Therapeutics, Inc.*   7,283 182,876
Armada Hoffler Properties, Inc. (REIT)   15,994 233,512
Avis Budget Group, Inc.*   3,772 993,168
Benchmark Electronics, Inc.   21,642 541,916
Builders FirstSource, Inc.*   18,554 1,197,475
CarLotz, Inc.* (b)   231,530 317,196
Casey's General Stores, Inc.   6,443 1,276,809
Cleveland-Cliffs, Inc.*   26,669 859,008
CNX Resources Corp.*   24,701 511,805
Crescent Energy, Inc. "A" (b)   25,292 438,563
Delek U.S. Holdings, Inc.*   25,411 539,221
Ducommun, Inc.*   14,814 776,105
Easterly Government Properties, Inc. (REIT) (b)   18,561 392,380
Eastern Bankshares, Inc.   32,195 693,480
EastGroup Properties, Inc. (REIT)   4,274 868,819
Envestnet, Inc.*   9,595 714,252
Essential Properties Realty Trust, Inc. (REIT)   7,406 187,372
First Financial Bankshares, Inc.   3,686 162,626
Five9, Inc.*   5,308 586,003
FNB Corp.   30,449 379,090
Four Corners Property Trust, Inc. (REIT)   28,873 780,726
Fox Factory Holding Corp.*   6,615 647,939
Fulgent Genetics, Inc.*   3,216 200,711
Heron Therapeutics, Inc.* (b)   36,363 207,996
Hillenbrand, Inc.   14,810 654,158
Hudson Pacific Properties, Inc. (REIT)   8,486 235,486
iStar, Inc. (REIT) (b)   11,228 262,847
Jack in the Box, Inc.   6,611 617,534
Jefferies Financial Group, Inc.   35,036 1,150,933
Kronos Bio, Inc.*   27,376 197,928
Lumentum Holdings, Inc.*   8,748 853,805
Madison Square Garden Sports Corp.*   4,212 755,464
Masonite International Corp.*       5,221    464,356
ModivCare, Inc.*       6,223    718,108
Molina Healthcare, Inc.*       4,393  1,465,461
Multiplan Corp.* (b)      62,081    290,539
National Storage Affiliates Trust (REIT)      15,303    960,416
New Jersey Resources Corp.       8,717    399,762
Novavax, Inc.* (b)       2,343    172,562
Option Care Health, Inc.*      24,644    703,833
Outset Medical, Inc.*       6,295    285,793
Pacira BioSciences, Inc.*      15,060  1,149,379
Physicians Realty Trust (REIT)      40,028    702,091
Precision BioSciences, Inc.*      32,160     99,053
Redwood Trust, Inc. (REIT)      30,567    321,871
RPT Realty (REIT)      14,932    205,614
Rush Enterprises, Inc. "A"   26,138 1,330,660
Sana Biotechnology, Inc.* (b)   24,497 202,345
Selecta Biosciences, Inc.*   47,405 58,308
Senseonics Holdings, Inc.* (b)   72,701 143,221
SJW Group   7,263 505,360
SkyWest, Inc.*   9,677 279,181
South State Corp.   13,381 1,091,756
SpartanNash Co.   8,900 293,611
Spectrum Brands Holdings, Inc.   5,161 457,884
Synovus Financial Corp.   26,456 1,296,344
Tandem Diabetes Care, Inc.*   3,297 383,408
Thermon Group Holdings, Inc.*   40,418 654,772
TopBuild Corp.*   5,670 1,028,481
Varonis Systems, Inc.*   4,344 206,514
Vista Outdoor, Inc.*   6,952 248,117
Vital Farms, Inc.* (b)   12,874 159,123
WEX, Inc.*   2,214 395,088
Whiting Petroleum Corp.   7,332 597,631
Xperi Holding Corp.   16,460 285,087
YETI Holdings, Inc.*   15,222 913,016
Zions Bancorp. NA   12,982 851,100
(Cost $28,539,799)     41,581,113
Total Common Stocks (Cost $54,418,139)     72,156,247
Securities Lending Collateral 5.7%  
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.23% (d) (e) (Cost $4,181,121)   4,181,121 4,181,121
Cash Equivalents 2.6%  
DWS Central Cash Management Government Fund, 0.28% (d) (Cost $1,902,178)   1,902,178 1,902,178
    % of
Net Assets 		Value ($)
Total Investment Portfolio (Cost $60,501,438)   107.1 78,239,546
Other Assets and Liabilities, Net   (7.1) (5,211,906)
Net Assets   100.0 73,027,640
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2022 are as follows:
Value ($) at
12/31/2021 		Purchases
Cost ($) 		Sales
Proceeds ($) 		Net Realized
Gain/
(Loss) ($) 		Net Change in
Unrealized
Appreciation
(Depreciation) ($) 		Income ($) Capital Gain
Distributions ($) 		Number
of Shares
at
3/31/2022 		Value ($) at
3/31/2022
Securities Lending Collateral 5.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.23% (d) (e)
3,537,256 — 643,865 (f) — — 7,661 — 4,181,121 4,181,121
Cash Equivalents 2.6%
DWS Central Cash Management Government Fund, 0.28% (d)
817,560 5,260,043 4,175,425 — — 199 — 1,902,178 1,902,178
4,354,816 5,260,043 4,819,290 — — 7,860 — 6,083,299 6,083,299
* 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, 2022 amounted to $4,645,195, which is 6.4% of net assets.
(c) Listed on the New York Stock Exchange.
(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 $823,672.
(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended March 31, 2022.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
ADR: American Depositary Receipt
REIT: Real Estate Investment Trust
At March 31, 2022 the DWS Global Small Cap VIP had the following sector diversification:
Sector Diversification Market Value ($) As a % of Investment Portfolio
excluding Securities Lending Collateral
and Cash Equivalents
Industrials 12,755,824 18%
Financials 9,852,854 14%
Information Technology 9,660,362 13%
Health Care 8,440,643 12%
Consumer Discretionary 7,728,597 11%
Real Estate 6,428,595 9%
Materials 5,430,051 7%
Energy 3,796,471 5%
Consumer Staples 2,863,991 4%
Communication Services 2,802,111 4%
Utilities 2,396,748 3%
Total 72,156,247 100%
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, 2022 in valuing the Fund’s investments.
Assets Level 1 Level 2 Level 3 Total
Common Stocks        
Australia $— $566,947 $— $566,947
Austria — 1,098,413 — 1,098,413
Belgium — 394,633 — 394,633
Bermuda 561,143 — — 561,143
Canada 1,812,241 — — 1,812,241
Denmark — 302,988 — 302,988
France — 1,865,620 — 1,865,620
Germany — 2,613,022 — 2,613,022
India 619,888 — — 619,888
Indonesia — 228,545 — 228,545
Ireland — 564,733 — 564,733
Italy — 1,508,328 — 1,508,328
Japan — 4,945,243 — 4,945,243
Korea — 1,843,610 — 1,843,610
Luxembourg — 710,405 — 710,405
Netherlands — 606,985 — 606,985
Norway — 164,813 — 164,813
Portugal — 290,802 — 290,802
Puerto Rico 504,009 — — 504,009
Singapore — 373,678 — 373,678
Spain — 1,664,600 — 1,664,600
Sweden — 2,139,053 — 2,139,053
Switzerland — 969,525 — 969,525
United Kingdom 404,961 3,820,949 — 4,225,910
United States 41,581,113 — — 41,581,113
Short-Term Investments (a) 6,083,299 — — 6,083,299
Total $51,566,654 $26,672,892 $— $78,239,546
(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)