Variable Insurance Portfolio

DWS Variable Insurance Portfolios (VIPs) feature actively managed investments in domestic and international equities, fixed income, and government and agency, and money market securities. These investments are designed to serve as options for certain variable annuity contracts, variable life insurance policies and tax-qualified plans; they are not available for direct investment.

Diversification Policy (for DWS Equity 500 Index VIP and DWS Small Cap Index VIP only). The fund may become “non-diversified,” as defined under the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index that the fund is designed to track. Shareholder approval will not be sought when the fund crosses from diversified to non-diversified status under such circumstances.

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