Form 497 DEUTSCHE DWS INVESTMENTS

SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES

DWS Equity 500 Index VIP

The following information is added to the disclosure relating to the fund under the “Management Fee” sub-heading of the “WHO MANAGES AND OVERSEES THE FUND” section of the fund’s prospectuses:

Effective October 1, 2022, DWS Equity 500 Index VIP pays the Advisor a fee, calculated daily and paid monthly, at the annual rate of 0.150% on the first $1 billion of the fund’s average daily net assets, 0.125% on the next $1 billion of the fund’s average daily net assets and 0.100% of the fund’s average daily net assets thereafter. Prior to October 1, 2022, the fund paid the Advisor a fee, calculated daily and paid monthly, at the annual rate of 0.200% on the first $1 billion of the fund’s average daily net assets, 0.175% on the next $1 billion of the fund’s average daily net assets and 0.150% of the fund’s average daily net assets thereafter.

Please Retain This Supplement for Future Reference.

September 26, 2022
PROSTKR22-81

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