UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-04257
Deutsche DWS Variable Series I
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 6/30/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
3 | Performance Summary |
4 | Portfolio Summary |
4 | Portfolio Management Team |
5 | Investment Portfolio |
13 | Statement of Assets and Liabilities |
13 | Statement of Operations |
14 | Statements of Changes in Net Assets |
15 | Financial Highlights |
16 | Notes to Financial Statements |
23 | Information About Your Fund's Expenses |
24 | Liquidity Risk Management |
24 | Proxy Voting |
25 | Advisory Agreement Board Considerations and Fee Evaluation |
2 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Performance Summary | June 30, 2021 (Unaudited) |
Comparative Results | |||||||
DWS Bond VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $9,976 | $10,354 | $12,037 | $12,267 | $14,988 | |
Average annual total return | –0.24% | 3.54% | 6.37% | 4.17% | 4.13% | ||
Bloomberg U.S. Aggregate Bond Index | Growth of $10,000 | $9,840 | $9,967 | $11,691 | $11,608 | $13,962 | |
Average annual total return | –1.60% | –0.33% | 5.34% | 3.03% | 3.39% | ||
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I —DWS Bond VIP | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Net Assets) | 6/30/21 | 12/31/20 |
Corporate Bonds | 66% | 61% |
Collateralized Mortgage Obligations | 15% | 9% |
Government & Agency Obligations | 12% | 6% |
Mortgage-Backed Securities Pass-Throughs | 4% | 12% |
Asset-Backed | 4% | 6% |
Commercial Mortgage-Backed Securities | 2% | 5% |
Short-Term U.S. Treasury Obligations | 2% | 2% |
Cash Equivalents, Securities Lending Collateral and other Assets and Liabilities, net | -5% | -1% |
100% | 100% |
Quality (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
AAA | 18% | 21% |
AA | 7% | 9% |
A | 14% | 17% |
BBB | 41% | 37% |
BB | 18% | 14% |
B | 2% | 2% |
Not Rated | 0% | — |
100% | 100% |
Interest Rate Sensitivity | 6/30/21 | 12/31/20 |
Effective Maturity | 8.2 years | 8.1 years |
Effective Duration | 6.2 years | 6.2 years |
4 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Principal Amount ($)(a) | Value ($) | ||
Corporate Bonds 65.8% | |||
Communication Services 7.6% | |||
Amazon.com, Inc.: | |||
2.5%, 6/3/2050 | 20,000 | 18,898 | |
4.25%, 8/22/2057 | 45,000 | 57,644 | |
AT&T, Inc.: | |||
1.65%, 2/1/2028 | 50,000 | 49,628 | |
1.7%, 3/25/2026 | 70,000 | 70,740 | |
2.25%, 2/1/2032 | 85,000 | 83,424 | |
2.75%, 6/1/2031 | 50,000 | 51,974 | |
3.65%, 6/1/2051 | 100,000 | 103,815 | |
CCO Holdings LLC, 144A, 4.75%, 3/1/2030 | 100,000 | 105,750 | |
Charter Communications Operating LLC: | |||
3.5%, 6/1/2041 | 100,000 | 100,677 | |
3.7%, 4/1/2051 | 140,000 | 138,469 | |
4.4%, 12/1/2061 | 100,000 | 107,449 | |
5.05%, 3/30/2029 | 60,000 | 70,871 | |
Cox Communications, Inc., 144A, 2.95%, 10/1/2050 | 40,000 | 37,891 | |
CSC Holdings LLC: | |||
144A, 3.375%, 2/15/2031 | 200,000 | 188,982 | |
144A, 4.125%, 12/1/2030 | 200,000 | 198,750 | |
144A, 4.5%, 11/15/2031 | 200,000 | 201,228 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 35,000 | 37,044 | |
Empresa Nacional de Telecomunicaciones SA, REG S, 4.75%, 8/1/2026 | 250,000 | 276,272 | |
Match Group Holdings II LLC, 144A, 4.125%, 8/1/2030 | 135,000 | 137,363 | |
Netflix, Inc.: | |||
144A, 3.625%, 6/15/2025 | 45,000 | 48,323 | |
5.875%, 11/15/2028 | 125,000 | 153,429 | |
NortonLifeLock, Inc., 3.95%, 6/15/2022 | 225,000 | 228,667 | |
Tencent Music Entertainment Group, 2.0%, 9/3/2030 | 211,000 | 203,172 | |
T-Mobile U.S.A., Inc.: | |||
2.05%, 2/15/2028 | 30,000 | 30,455 | |
2.25%, 11/15/2031 | 110,000 | 108,512 | |
2.625%, 4/15/2026 | 135,000 | 138,037 | |
3.3%, 2/15/2051 | 70,000 | 69,885 | |
3.375%, 4/15/2029 | 125,000 | 128,999 | |
3.6%, 11/15/2060 | 30,000 | 30,543 | |
4.375%, 4/15/2040 | 50,000 | 58,615 | |
Verizon Communications, Inc.: | |||
2.1%, 3/22/2028 | 55,000 | 56,150 | |
2.55%, 3/21/2031 | 70,000 | 71,549 | |
2.65%, 11/20/2040 | 55,000 | 52,927 | |
3.0%, 11/20/2060 | 50,000 | 46,669 | |
3.7%, 3/22/2061 | 100,000 | 107,106 |
Principal Amount ($)(a) | Value ($) | ||
ViacomCBS, Inc., 4.2%, 5/19/2032 (b) | 50,000 | 57,706 | |
Vodafone Group PLC: | |||
4.25%, 9/17/2050 | 55,000 | 64,240 | |
5.125%, 6/4/2081 | 80,000 | 80,800 | |
Walt Disney Co., 2.65%, 1/13/2031 | 45,000 | 47,232 | |
3,819,885 | |||
Consumer Discretionary 6.6% | |||
1011778 BC Unlimited Liability Co., 144A, 4.375%, 1/15/2028 | 210,000 | 212,887 | |
7-Eleven, Inc.: | |||
144A, 0.95%, 2/10/2026 | 26,000 | 25,532 | |
144A, 1.3%, 2/10/2028 | 34,000 | 32,843 | |
144A, 1.8%, 2/10/2031 | 137,000 | 130,962 | |
Carnival Corp.: | |||
144A, 5.75%, 3/1/2027 | 95,000 | 99,513 | |
144A, 7.625%, 3/1/2026 | 97,000 | 105,366 | |
Dollar General Corp., 4.125%, 4/3/2050 | 20,000 | 23,429 | |
Ford Motor Credit Co. LLC: | |||
2.9%, 2/16/2028 | 204,000 | 203,033 | |
3.37%, 11/17/2023 | 350,000 | 362,839 | |
3.625%, 6/17/2031 | 260,000 | 265,039 | |
General Motors Co., 5.4%, 4/1/2048 | 70,000 | 89,161 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 90,000 | 88,803 | |
2.7%, 6/10/2031 | 90,000 | 90,324 | |
3.95%, 4/13/2024 | 120,000 | 129,097 | |
4.35%, 4/9/2025 | 84,000 | 92,819 | |
Hilton Domestic Operating Co., Inc.: | |||
144A, 3.625%, 2/15/2032 | 250,000 | 246,875 | |
144A, 4.0%, 5/1/2031 | 125,000 | 126,109 | |
Hilton Grand Vacations Borrower Escrow LLC, 144A, 4.875%, 7/1/2031 | 40,000 | 39,895 | |
Home Depot, Inc., 3.35%, 4/15/2050 | 50,000 | 55,277 | |
Lowe's Companies, Inc.: | |||
3.0%, 10/15/2050 | 45,000 | 44,367 | |
4.05%, 5/3/2047 | 40,000 | 46,057 | |
McDonald's Corp.: | |||
2.125%, 3/1/2030 | 35,000 | 35,383 | |
4.2%, 4/1/2050 | 50,000 | 60,247 | |
QVC, Inc., 4.75%, 2/15/2027 | 172,000 | 182,384 | |
Royal Caribbean Cruises Ltd.: | |||
144A, 4.25%, 7/1/2026 | 40,000 | 39,950 | |
144A, 5.5%, 4/1/2028 | 60,000 | 62,838 | |
Sands China Ltd., 4.6%, 8/8/2023 | 200,000 | 212,420 |
Deutsche DWS Variable Series I —DWS Bond VIP | | 5 |
Principal Amount ($)(a) | Value ($) | ||
Walmart, Inc., 3.4%, 6/26/2023 | 175,000 | 185,395 | |
3,288,844 | |||
Consumer Staples 1.3% | |||
Albertsons Companies, Inc.: | |||
144A, 3.25%, 3/15/2026 | 90,000 | 91,282 | |
144A, 3.5%, 3/15/2029 | 50,000 | 49,437 | |
Altria Group, Inc.: | |||
2.45%, 2/4/2032 | 42,000 | 40,617 | |
3.7%, 2/4/2051 | 50,000 | 47,432 | |
3.875%, 9/16/2046 | 20,000 | 19,861 | |
4.8%, 2/14/2029 | 5,000 | 5,797 | |
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.35%, 6/1/2040 | 50,000 | 59,512 | |
4.439%, 10/6/2048 | 50,000 | 59,845 | |
5.55%, 1/23/2049 | 55,000 | 75,616 | |
BAT Capital Corp., 2.726%, 3/25/2031 | 60,000 | 59,237 | |
Keurig Dr Pepper, Inc., 3.8%, 5/1/2050 | 30,000 | 33,808 | |
PepsiCo, Inc., 3.5%, 3/19/2040 | 25,000 | 28,550 | |
Philip Morris International, Inc., 2.1%, 5/1/2030 | 60,000 | 59,704 | |
Smithfield Foods, Inc., 144A, 3.0%, 10/15/2030 | 40,000 | 40,329 | |
671,027 | |||
Energy 2.0% | |||
BP Capital Markets America, Inc.: | |||
2.939%, 6/4/2051 | 100,000 | 95,738 | |
3.06%, 6/17/2041 | 100,000 | 100,756 | |
Cheniere Energy Partners LP, 4.5%, 10/1/2029 | 225,000 | 241,875 | |
Energy Transfer LP, 5.0%, 5/15/2050 | 20,000 | 23,116 | |
Exxon Mobil Corp.: | |||
2.44%, 8/16/2029 | 87,000 | 91,069 | |
3.482%, 3/19/2030 | 100,000 | 112,289 | |
Hess Corp., 5.8%, 4/1/2047 | 100,000 | 130,303 | |
MPLX LP, 2.65%, 8/15/2030 | 35,000 | 35,325 | |
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 50,000 | 53,503 | |
Suncor Energy, Inc., 3.75%, 3/4/2051 | 60,000 | 64,903 | |
TotalEnergies Capital International SA, 3.127%, 5/29/2050 | 60,000 | 60,821 | |
1,009,698 | |||
Financials 23.7% | |||
AerCap Ireland Capital DAC: | |||
3.15%, 2/15/2024 | 150,000 | 157,445 | |
4.625%, 10/15/2027 | 150,000 | 167,990 | |
Air Lease Corp.: | |||
3.0%, 2/1/2030 | 125,000 | 126,791 |
Principal Amount ($)(a) | Value ($) | ||
4.65%, Perpetual (c) | 250,000 | 259,063 | |
Aircastle Ltd.: | |||
4.4%, 9/25/2023 | 109,000 | 116,683 | |
144A, 5.25%, Perpetual (c) | 130,000 | 131,300 | |
Ally Financial, Inc., 4.7%, Perpetual (c) | 500,000 | 517,849 | |
Avolon Holdings Funding Ltd.: | |||
144A, 2.75%, 2/21/2028 | 120,000 | 118,734 | |
144A, 4.25%, 4/15/2026 | 40,000 | 43,347 | |
144A, 5.125%, 10/1/2023 | 167,000 | 180,545 | |
Banco del Estado de Chile, 144A, 2.704%, 1/9/2025 | 200,000 | 208,002 | |
Bank of America Corp.: | |||
1.922%, 10/24/2031 | 260,000 | 253,384 | |
2.676%, 6/19/2041 | 60,000 | 58,230 | |
4.3%, Perpetual (c) | 204,000 | 210,936 | |
Barclays PLC, 2.852%, 5/7/2026 | 200,000 | 211,295 | |
BBVA Bancomer SA, 144A, 1.875%, 9/18/2025 | 201,000 | 203,281 | |
Blackstone Secured Lending Fund, 144A, 3.625%, 1/15/2026 | 155,000 | 164,358 | |
BNP Paribas SA, 144A, 4.625%, Perpetual (c) | 200,000 | 208,204 | |
Capital One Financial Corp., 3.95%, Perpetual (c) | 400,000 | 408,500 | |
Charles Schwab Corp.: | |||
Series H, 4.0%, Perpetual (c) | 125,000 | 127,875 | |
Series I, 4.0%, Perpetual (c) | 250,000 | 260,625 | |
Citigroup, Inc.: | |||
2.561%, 5/1/2032 | 40,000 | 40,718 | |
3.2%, 10/21/2026 | 170,000 | 184,154 | |
4.0%, Perpetual (c) | 650,000 | 671,937 | |
Commonwealth Bank of Australia, 144A, 2.688%, 3/11/2031 | 200,000 | 199,950 | |
Global Payments, Inc.: | |||
1.2%, 3/1/2026 | 120,000 | 118,854 | |
3.2%, 8/15/2029 | 120,000 | 128,443 | |
HSBC Holdings PLC: | |||
2.804%, 5/24/2032 | 200,000 | 205,250 | |
4.0%, Perpetual (c) | 200,000 | 203,250 | |
4.6%, Perpetual (c) | 250,000 | 259,375 | |
Intercontinental Exchange, Inc.: | |||
2.1%, 6/15/2030 | 52,000 | 51,532 | |
3.0%, 6/15/2050 | 33,000 | 32,429 | |
Intesa Sanpaolo SpA: | |||
144A, 4.198%, 6/1/2032 | 350,000 | 358,666 | |
144A, 4.95%, 6/1/2042 | 275,000 | 284,769 | |
JPMorgan Chase & Co.: | |||
1.953%, 2/4/2032 | 138,000 | 134,025 | |
2.522%, 4/22/2031 | 150,000 | 154,349 | |
2.739%, 10/15/2030 | 100,000 | 104,661 | |
2.956%, 5/13/2031 | 50,000 | 52,525 | |
3.65%, Perpetual (c) | 200,000 | 200,280 |
6 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Principal Amount ($)(a) | Value ($) | ||
Kookmin Bank, 144A, 1.75%, 5/4/2025 | 200,000 | 203,398 | |
LSEGA Financing PLC, 144A, 2.5%, 4/6/2031 | 200,000 | 204,940 | |
Mizuho Financial Group, Inc., 1.234%, 5/22/2027 | 215,000 | 211,844 | |
Morgan Stanley: | |||
1.794%, 2/13/2032 | 45,000 | 43,237 | |
1.928%, 4/28/2032 | 70,000 | 68,042 | |
2.188%, 4/28/2026 | 105,000 | 109,022 | |
3.217%, 4/22/2042 | 30,000 | 31,801 | |
Natwest Group PLC, 4.6%, Perpetual (c) | 240,000 | 241,128 | |
Oversea-Chinese Banking Corp., Ltd., 144A, 1.832%, 9/10/2030 | 395,000 | 394,964 | |
PayPal Holdings, Inc., 2.85%, 10/1/2029 | 25,000 | 26,962 | |
REC Ltd., 144A, 4.75%, 5/19/2023 | 200,000 | 210,721 | |
Santander Holdings U.S.A., Inc., 3.244%, 10/5/2026 | 270,000 | 288,393 | |
Societe Generale SA, 144A, 5.375%, Perpetual (c) | 250,000 | 264,687 | |
Swiss Re Treasury U.S. Corp., 144A, 4.25%, 12/6/2042 | 70,000 | 85,746 | |
Synchrony Financial, 4.375%, 3/19/2024 | 40,000 | 43,536 | |
The Goldman Sachs Group, Inc.: | |||
1.431%, 3/9/2027 | 95,000 | 94,732 | |
1.992%, 1/27/2032 | 135,000 | 131,111 | |
3.5%, 4/1/2025 | 31,000 | 33,632 | |
3.8%, Perpetual (c) | 390,000 | 396,942 | |
UBS Group AG: | |||
144A, 2.095%, 2/11/2032 | 200,000 | 195,926 | |
144A, 4.375%, Perpetual (c) | 200,000 | 204,340 | |
Wells Fargo & Co.: | |||
2.188%, 4/30/2026 | 295,000 | 306,267 | |
2.393%, 6/2/2028 | 168,000 | 174,232 | |
2.572%, 2/11/2031 | 125,000 | 129,358 | |
3.9%, Perpetual (c) | 245,000 | 253,649 | |
11,868,214 | |||
Health Care 4.8% | |||
AbbVie, Inc.: | |||
3.2%, 11/21/2029 | 50,000 | 54,302 | |
4.25%, 11/21/2049 | 30,000 | 35,955 | |
4.75%, 3/15/2045 | 25,000 | 31,344 | |
Amgen, Inc.: | |||
3.375%, 2/21/2050 | 50,000 | 52,790 | |
4.563%, 6/15/2048 | 40,000 | 50,280 | |
Anthem, Inc.: | |||
2.25%, 5/15/2030 | 80,000 | 80,688 | |
2.875%, 9/15/2029 | 40,000 | 42,403 | |
Astrazeneca Finance LLC: | |||
1.75%, 5/28/2028 | 80,000 | 79,923 |
Principal Amount ($)(a) | Value ($) | ||
2.25%, 5/28/2031 | 10,000 | 10,143 | |
Bausch Health Companies, Inc., 144A, 4.875%, 6/1/2028 | 100,000 | 102,350 | |
Biogen, Inc., 3.15%, 5/1/2050 | 50,000 | 49,105 | |
Boston Scientific Corp., 4.0%, 3/1/2029 | 75,000 | 85,300 | |
Bristol-Myers Squibb Co., 4.25%, 10/26/2049 | 85,000 | 107,255 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 145,000 | 146,994 | |
Cigna Corp.: | |||
2.375%, 3/15/2031 | 50,000 | 50,701 | |
2.4%, 3/15/2030 | 30,000 | 30,605 | |
3.2%, 3/15/2040 | 15,000 | 15,569 | |
3.4%, 3/15/2051 | 100,000 | 104,405 | |
CVS Health Corp.: | |||
1.75%, 8/21/2030 | 130,000 | 125,302 | |
2.7%, 8/21/2040 | 30,000 | 29,079 | |
4.25%, 4/1/2050 | 20,000 | 23,707 | |
5.05%, 3/25/2048 | 45,000 | 58,449 | |
DaVita, Inc., 144A, 4.625%, 6/1/2030 | 150,000 | 154,233 | |
DH Europe Finance II Sarl, 0.75%, 9/18/2031 | EUR | 200,000 | 237,210 |
Fresenius Medical Care U.S. Finance III, Inc., 144A, 2.375%, 2/16/2031 | 150,000 | 146,342 | |
Gilead Sciences, Inc.: | |||
1.65%, 10/1/2030 | 40,000 | 38,665 | |
2.8%, 10/1/2050 | 50,000 | 48,160 | |
HCA, Inc., 5.25%, 6/15/2026 | 130,000 | 150,483 | |
Thermo Fisher Scientific, Inc., 2.6%, 10/1/2029 | 110,000 | 115,471 | |
UnitedHealth Group, Inc.: | |||
2.9%, 5/15/2050 | 50,000 | 50,504 | |
3.25%, 5/15/2051 | 100,000 | 106,677 | |
2,414,394 | |||
Industrials 5.6% | |||
Aadvantage Loyalty IP Ltd., 144A, 5.5%, 4/20/2026 | 125,000 | 132,344 | |
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 200,000 | 208,356 | |
Agilent Technologies, Inc., 2.1%, 6/4/2030 | 45,000 | 44,522 | |
Boeing Co.: | |||
1.95%, 2/1/2024 | 265,000 | 271,350 | |
2.196%, 2/4/2026 | 237,000 | 239,265 | |
2.75%, 2/1/2026 | 375,000 | 391,708 | |
4.875%, 5/1/2025 | 93,000 | 104,204 | |
5.04%, 5/1/2027 | 60,000 | 69,230 | |
Delta Air Lines, Inc.: | |||
4.375%, 4/19/2028 | 94,000 | 98,464 | |
144A, 4.5%, 10/20/2025 | 30,000 | 32,239 |
Deutsche DWS Variable Series I —DWS Bond VIP | | 7 |
Principal Amount ($)(a) | Value ($) | ||
FedEx Corp.: | |||
2.4%, 5/15/2031 | 60,000 | 61,063 | |
4.05%, 2/15/2048 | 114,000 | 130,850 | |
Gartner, Inc., 144A, 3.75%, 10/1/2030 | 60,000 | 61,387 | |
General Electric Co.: | |||
3.45%, 5/1/2027 | 50,000 | 54,963 | |
3.625%, 5/1/2030 | 35,000 | 39,028 | |
GFL Environmental, Inc.: | |||
144A, 3.75%, 8/1/2025 | 100,000 | 102,750 | |
144A, 4.0%, 8/1/2028 | 150,000 | 148,177 | |
Nielsen Finance LLC, 144A, 4.5%, 7/15/2029 | 70,000 | 70,196 | |
Otis Worldwide Corp., 2.565%, 2/15/2030 | 60,000 | 62,139 | |
Penske Truck Leasing Co. LP, 144A, 1.2%, 11/15/2025 | 80,000 | 79,237 | |
Prime Security Services Borrower LLC: | |||
144A, 5.25%, 4/15/2024 | 195,000 | 208,948 | |
144A, 6.25%, 1/15/2028 | 70,000 | 74,463 | |
Salesforce.Com, 2.9%, 7/15/2051 (d) | 100,000 | 100,975 | |
2,785,858 | |||
Information Technology 4.5% | |||
Apple, Inc., 2.375%, 2/8/2041 | 75,000 | 72,716 | |
Broadcom, Inc.: | |||
144A, 2.6%, 2/15/2033 | 150,000 | 146,680 | |
4.11%, 9/15/2028 | 212,000 | 238,487 | |
5.0%, 4/15/2030 | 70,000 | 82,584 | |
Dell International LLC: | |||
4.9%, 10/1/2026 | 198,000 | 228,509 | |
8.35%, 7/15/2046 | 60,000 | 98,136 | |
Fidelity National Information Services, Inc., 2.25%, 3/1/2031 | 125,000 | 124,776 | |
KLA Corp., 3.3%, 3/1/2050 | 31,000 | 32,802 | |
Microsoft Corp., 2.921%, 3/17/2052 | 86,000 | 91,276 | |
MSCI, Inc., 144A, 3.625%, 9/1/2030 | 125,000 | 127,833 | |
NVIDIA Corp.: | |||
3.5%, 4/1/2040 | 14,000 | 15,880 | |
3.5%, 4/1/2050 | 22,000 | 24,836 | |
NXP B.V., 144A, 2.5%, 5/11/2031 | 100,000 | 100,989 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 175,000 | 177,415 | |
Oracle Corp.: | |||
2.875%, 3/25/2031 | 45,000 | 46,804 | |
3.6%, 4/1/2050 | 25,000 | 25,671 | |
3.65%, 3/25/2041 | 70,000 | 74,225 | |
4.0%, 11/15/2047 | 35,000 | 38,180 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 201,000 | 198,270 |
Principal Amount ($)(a) | Value ($) | ||
Square, Inc.: | |||
144A, 2.75%, 6/1/2026 | 40,000 | 40,700 | |
144A, 3.5%, 6/1/2031 | 70,000 | 70,613 | |
Twilio, Inc., 3.625%, 3/15/2029 | 170,000 | 173,400 | |
2,230,782 | |||
Materials 2.5% | |||
AngloGold Ashanti Holdings PLC, 5.125%, 8/1/2022 | 110,000 | 114,675 | |
Berry Global, Inc., 144A, 1.65%, 1/15/2027 | 270,000 | 267,662 | |
Glencore Funding LLC: | |||
144A, 1.625%, 9/1/2025 | 275,000 | 278,126 | |
144A, 3.875%, 4/27/2051 | 90,000 | 94,248 | |
LYB International Finance III LLC, 3.625%, 4/1/2051 | 30,000 | 31,670 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 237,000 | 265,701 | |
Tronox, Inc., 144A, 4.625%, 3/15/2029 | 185,000 | 186,846 | |
1,238,928 | |||
Real Estate 2.4% | |||
American Tower Corp.: | |||
(REIT), 2.1%, 6/15/2030 | 55,000 | 54,087 | |
(REIT), 2.95%, 1/15/2051 | 35,000 | 33,416 | |
Boston Properties LP, (REIT), 2.55%, 4/1/2032 | 75,000 | 75,465 | |
Crown Castle International Corp.: | |||
(REIT), 2.9%, 4/1/2041 | 110,000 | 107,000 | |
(REIT), 3.8%, 2/15/2028 | 50,000 | 55,554 | |
Equinix, Inc.: | |||
(REIT), 2.15%, 7/15/2030 | 34,000 | 33,783 | |
(REIT), 3.2%, 11/18/2029 | 81,000 | 86,881 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 195,000 | 196,948 | |
SBA Communications Corp., 144A, (REIT), 3.125%, 2/1/2029 | 350,000 | 337,423 | |
Welltower, Inc.: | |||
(REIT), 2.75%, 1/15/2031 | 40,000 | 41,219 | |
(REIT), 2.8%, 6/1/2031 | 90,000 | 92,996 | |
(REIT), 3.1%, 1/15/2030 | 80,000 | 85,197 | |
1,199,969 | |||
Utilities 4.8% | |||
Abu Dhabi National Energy Co. PJSC, 144A, 4.375%, 4/23/2025 | 210,000 | 235,481 | |
Ameren Corp., 1.75%, 3/15/2028 | 60,000 | 59,373 | |
American Electric Power Co., Inc., 3.2%, 11/13/2027 | 50,000 | 53,976 | |
CenterPoint Energy Inc, 2.65%, 6/1/2031 | 30,000 | 30,560 | |
Consolidated Edison Co. of New York, 2.4%, 6/15/2031 | 60,000 | 61,059 |
8 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Principal Amount ($)(a) | Value ($) | ||
Dominion Energy, Inc., 3.375%, 4/1/2030 | 110,000 | 119,780 | |
Duke Energy Corp., 4.2%, 6/15/2049 | 30,000 | 33,872 | |
Duke Energy Indiana LLC, 2.75%, 4/1/2050 | 50,000 | 48,390 | |
EDP Finance BV, 144A, 3.625%, 7/15/2024 | 200,000 | 215,013 | |
ENN Energy Holdings, Ltd., 144A, 2.625%, 9/17/2030 | 200,000 | 199,522 | |
NextEra Energy Capital Holdings, Inc.: | |||
3.25%, 4/1/2026 | 36,000 | 39,070 | |
3.5%, 4/1/2029 | 58,000 | 64,056 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 175,000 | 184,844 | |
144A, 4.25%, 7/15/2024 | 250,000 | 263,750 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 20,000 | 18,751 | |
3.3%, 8/1/2040 | 60,000 | 54,184 | |
3.5%, 8/1/2050 | 25,000 | 22,281 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 222,000 | 281,334 |
Sempra Energy, 4.0%, 2/1/2048 | 55,000 | 61,693 | |
Southern California Edison Co., 2.95%, 2/1/2051 | 60,000 | 54,331 | |
Southern Co, 3.75%, 9/15/2051 | 125,000 | 125,800 | |
Southern Power Co., 4.95%, 12/15/2046 | 87,000 | 104,448 | |
Vistra Operations Co. LLC, 144A, 4.375%, 5/1/2029 | 70,000 | 70,350 | |
2,401,918 | |||
Total Corporate Bonds (Cost $31,755,600) | 32,929,517 | ||
Mortgage-Backed Securities Pass-Throughs 3.8% | |||
Federal Home Loan Mortgage Corp.: | |||
4.0%, 8/1/2039 | 163,191 | 178,752 | |
5.5%, 10/1/2023 | 3,483 | 3,612 | |
Federal National Mortgage Association: | |||
12-month USD-LIBOR + 1.75%, 2.5% (e), 9/1/2038 | 24,563 | 25,239 | |
3.5%, with various maturities from 12/1/2046 until 10/1/2048 | 499,490 | 537,012 | |
4.0%, 4/1/2047 | 1,067,698 | 1,166,706 | |
Total Mortgage-Backed Securities Pass-Throughs (Cost $1,812,279) | 1,911,321 |
Principal Amount ($)(a) | Value ($) | ||
Asset-Backed 4.2% | |||
Credit Card Receivables 0.6% | |||
Fair Square Issuance Trust, “A”, Series 2020-AA, 144A, 2.9%, 9/20/2024 | 300,000 | 303,270 | |
Miscellaneous 3.6% | |||
AMSR Trust: | |||
“B”, Series 2021-SFR2, 144A, 1.777%, 8/17/2026 (d) | 693,333 | 693,264 | |
“C”, Series 2021-SFR2, 144A, 1.877%, 8/17/2026 (d) | 400,000 | 399,956 | |
CF Hippolyta LLC, “B1”, Series 2020-1, 144A, 2.28%, 7/15/2060 | 185,573 | 188,629 | |
MVW Owner Trust, “A”, Series 2019-1A, 144A, 2.89%, 11/20/2036 | 208,988 | 214,776 | |
Wendy's Funding LLC, “A2II”, Series 2021-1A, 144A, 2.775%, 6/15/2051 | 275,000 | 277,519 | |
1,774,144 | |||
Total Asset-Backed (Cost $2,062,720) | 2,077,414 | ||
Commercial Mortgage-Backed Securities 2.4% | |||
Citigroup Commercial Mortgage Trust, “D”, Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 600,000 | 622,401 | |
GS Mortgage Securities Corp. II, “B”, Series 2018-GS10, 4.518%, 7/10/2051 | 500,000 | 571,105 | |
Total Commercial Mortgage-Backed Securities (Cost $1,132,998) | 1,193,506 | ||
Collateralized Mortgage Obligations 14.7% | |||
Arroyo Mortgage Trust, “A1”, Series 2021-1R, 144A, 1.175%, 10/25/2048 | 525,000 | 525,647 | |
Citigroup Mortgage Loan Trust, “A1A”, Series 2021-J1, 144A, 2.5%, 4/25/2051 | 733,752 | 748,657 | |
Connecticut Avenue Securities Trust, “1M2”, Series 2019-R05, 144A, 1-month USD-LIBOR + 2.0%, 2.092% (e), 7/25/2039 | 106,791 | 107,220 | |
Fannie Mae Connecticut Avenue Securities, “1M2”, Series 2018-C03, 1-month USD-LIBOR + 2.15%, 2.242% (e), 10/25/2030 | 363,425 | 367,858 |
Deutsche DWS Variable Series I —DWS Bond VIP | | 9 |
Principal Amount ($)(a) | Value ($) | ||
Federal Home Loan Mortgage Corp., “PS”, Series 4922, Interest Only, 6.05% minus 1-month USD-LIBOR, 5.959% (e), 8/25/2049 | 668,463 | 116,214 | |
Federal National Mortgage Association, 2.5%, 7/1/2051 (d) | 2,400,000 | 2,481,840 | |
Flagstar Mortgage Trust, “A5”, Series 2021-5INV, 144A, 2.5%, 7/25/2051 | 500,000 | 510,494 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2”, Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 1.942% (e), 2/25/2050 | 600,000 | 604,884 | |
“M2”, Series 2019-DNA4, 144A, 1-month USD-LIBOR + 1.95%, 2.042% (e), 10/25/2049 | 98,034 | 98,552 | |
Government National Mortgage Association: | |||
“PI”, Series 2015-40, Interest Only, 4.0%, 4/20/2044 | 86,431 | 5,287 | |
“IN”, Series 2009-69, Interest Only, 5.5%, 8/20/2039 | 30,406 | 6,763 | |
“IV”, Series 2009-69, Interest Only, 5.5%, 8/20/2039 | 59,209 | 13,116 | |
“IJ”, Series 2009-75, Interest Only, 6.0%, 8/16/2039 | 22,817 | 3,304 | |
GS Mortgage-Backed Securities Trust, “A2”, Series 2021-GR1, 144A, 2.5%, 11/25/2051 | 550,000 | 559,161 | |
JPMorgan Mortgage Trust: | |||
“A6”, Series 2021-6, 144A, 2.5%, 10/25/2051 | 775,013 | 795,871 | |
“A3”, Series 2019-INV3, 144A, 3.5%, 5/25/2050 | 198,906 | 202,759 | |
“A3”, Series 2020-INV1, 144A, 3.5%, 8/25/2050 | 117,092 | 119,698 | |
STACR Trust, “M2”, Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.1%, 2.192% (e), 9/25/2048 | 108,108 | 109,529 | |
Total Collateralized Mortgage Obligations (Cost $7,398,810) | 7,376,854 | ||
Government & Agency Obligations 11.5% | |||
Sovereign Bonds 1.3% | |||
Abu Dhabi Government International Bond, 144A, 3.125%, 4/16/2030 | 200,000 | 217,326 |
Principal Amount ($)(a) | Value ($) | ||
Brazilian Government International Bond, 3.875%, 6/12/2030 | 200,000 | 201,680 | |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 200,000 | 204,596 | |
623,602 | |||
U.S. Treasury Obligations 10.2% | |||
U.S. Treasury Bond, 1.875%, 2/15/2041 | 400,000 | 391,563 | |
U.S. Treasury Notes: | |||
0.25%, 6/15/2024 | 3,000,000 | 2,981,719 | |
0.75%, 5/31/2026 | 1,000,000 | 994,297 | |
1.875%, 2/15/2051 | 772,000 | 736,777 | |
5,104,356 | |||
Total Government & Agency Obligations (Cost $5,672,012) | 5,727,958 | ||
Short-Term U.S. Treasury Obligations 2.1% | |||
U.S. Treasury Bills: | |||
0.101% (f), 8/12/2021 | 200,000 | 199,987 | |
0.125% (f), 8/12/2021(g) | 850,000 | 849,943 | |
Total Short-Term U.S. Treasury Obligations (Cost $1,049,853) | 1,049,930 |
Shares | Value ($) | ||
Securities Lending Collateral 0.1% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (h) (i) (Cost $56,760) | 56,760 | 56,760 | |
Cash Equivalents 2.0% | |||
DWS Central Cash Management Government Fund, 0.02% (h) (Cost $1,000,854) | 1,000,854 | 1,000,854 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $51,941,886) | 106.6 | 53,324,114 | |
Other Assets and Liabilities, Net | (6.6) | (3,315,618) | |
Net Assets | 100.0 | 50,008,496 |
10 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2021 | Value ($) at 6/30/2021 |
Securities Lending Collateral 0.1% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (h) (i) | ||||||||
64,200 | — | 7,440 (j) | — | — | 572 | — | 56,760 | 56,760 |
Cash Equivalents 2.0% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (h) | ||||||||
1,591,076 | 18,020,203 | 18,610,425 | — | — | 254 | — | 1,000,854 | 1,000,854 |
1,655,276 | 18,020,203 | 18,617,865 | — | — | 826 | — | 1,057,614 | 1,057,614 |
(a) | Principal amount stated in U.S. dollars unless otherwise noted. |
(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 June 30, 2021 amounted to $55,397, which is 0.1% of net assets. |
(c) | Perpetual, callable security with no stated maturity date. |
(d) | When-issued, delayed delivery or forward commitment securities included. |
(e) | Variable or floating rate security. These securities are shown at their current rate as of June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
(f) | Annualized yield at time of purchase; not a coupon rate. |
(g) | At June 30, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(h) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(i) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(j) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021. |
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. |
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages. |
LIBOR: London Interbank Offered Rate |
PJSC: Public Joint Stock Company |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
REIT: Real Estate Investment Trust |
SBSN: Surat Berharga Syariah Negara (Islamic Based Government Securities) |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
2-Year U.S. Treasury Note | USD | 9/30/2021 | 6 | 1,324,093 | 1,321,922 | (2,171) |
Ultra 10 Year U.S. Treasury Note | USD | 9/21/2021 | 6 | 869,282 | 883,219 | 13,937 |
Ultra Long U.S. Treasury Bond | USD | 9/21/2021 | 1 | 184,370 | 192,688 | 8,318 |
Total net unrealized appreciation | 20,084 |
Deutsche DWS Variable Series I —DWS Bond VIP | | 11 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
3 Year U.S. Treasury Note | USD | 9/30/2021 | 13 | 3,006,859 | 3,007,469 | (610) |
5 Year U.S. Treasury Note | USD | 9/30/2021 | 14 | 1,726,880 | 1,728,016 | (1,136) |
U.S. Treasury Long Bond | USD | 9/21/2021 | 1 | 156,357 | 160,750 | (4,393) |
Total unrealized depreciation | (6,139) |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 750,000 | USD | 905,415 | 8/5/2021 | 15,442 | Citibank N.A. |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
USD | 364,239 | EUR | 300,000 | 8/5/2021 | (8,250) | Toronto-Dominion Bank |
EUR | Euro |
USD | United States Dollar |
Assets | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds (a) | $ — | $ 32,929,517 | $ — | $ 32,929,517 |
Mortgage-Backed Securities Pass-Throughs | — | 1,911,321 | — | 1,911,321 |
Asset-Backed (a) | — | 2,077,414 | — | 2,077,414 |
Commercial Mortgage-Backed Securities | — | 1,193,506 | — | 1,193,506 |
Collateralized Mortgage Obligations | — | 7,376,854 | — | 7,376,854 |
Government & Agency Obligations (a) | — | 5,727,958 | — | 5,727,958 |
Short-Term U.S. Treasury Obligations | — | 1,049,930 | — | 1,049,930 |
Short-Term Investments (a) | 1,057,614 | — | — | 1,057,614 |
Derivatives (b) | ||||
Futures Contracts | 22,255 | — | — | 22,255 |
Forward Foreign Currency Contracts | — | 15,442 | — | 15,442 |
Total | $1,079,869 | $ 52,281,942 | $ — | $ 53,361,811 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $ (8,310) | $ — | $ — | $ (8,310) |
Forward Foreign Currency Contracts | — | (8,250) | — | (8,250) |
Total | $ (8,310) | $ (8,250) | $ — | $ (16,560) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
12 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Assets | |
Investments in non-affiliated securities, at value (cost $50,884,272) — including $55,397 of securities loaned | $ 52,266,500 |
Investment in DWS Government & Agency Securities Portfolio (cost $56,760)* | 56,760 |
Investment in DWS Central Cash Management Government Fund (cost $1,000,854) | 1,000,854 |
Cash | 81,588 |
Foreign currency, at value (cost $4,690) | 4,536 |
Receivable for investments sold | 102,748 |
Receivable for Fund shares sold | 6,342 |
Interest receivable | 295,252 |
Receivable for variation margin on futures contracts | 2,138 |
Unrealized appreciation on forward foreign currency contracts | 15,442 |
Other assets | 324 |
Total assets | 53,832,484 |
Liabilities | |
Payable upon return of securities loaned | 56,760 |
Payable for investments purchased — when-issued securities | 3,674,589 |
Payable for Fund shares redeemed | 16,408 |
Unrealized depreciation on forward foreign currency contracts | 8,250 |
Accrued management fee | 13,046 |
Accrued Trustees' fees | 186 |
Other accrued expenses and payables | 54,749 |
Total liabilities | 3,823,988 |
Net assets, at value | $ 50,008,496 |
Net Assets Consist of | |
Distributable earnings (loss) | 2,458,505 |
Paid-in capital | 47,549,991 |
Net assets, at value | $ 50,008,496 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($50,008,496 ÷ 8,497,574 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 5.89 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Interest | $ 717,499 |
Income distributions — DWS Central Cash Management Government Fund | 254 |
Securities lending income, net of borrower rebates | 572 |
Total income | 718,325 |
Expenses: | |
Management fee | 96,721 |
Administration fee | 24,056 |
Services to shareholders | 1,047 |
Custodian fee | 3,412 |
Professional fees | 33,454 |
Reports to shareholders | 16,894 |
Trustees' fees and expenses | 1,900 |
Other | 3,069 |
Total expenses before expense reductions | 180,553 |
Expense reductions | (24,353) |
Total expenses after expense reductions | 156,200 |
Net investment income | 562,125 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 489,514 |
Futures | 104,855 |
Forward foreign currency contracts | (21,140) |
Foreign currency | 655 |
573,884 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (1,325,101) |
Futures | 11,281 |
Forward foreign currency contracts | 43,395 |
Foreign currency | (258) |
(1,270,683) | |
Net gain (loss) | (696,799) |
Net increase (decrease) in net assets resulting from operations | $ (134,674) |
Deutsche DWS Variable Series I —DWS Bond VIP | | 13 |
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 |
Operations: | ||
Net investment income | $ 562,125 | $ 1,128,931 |
Net realized gain (loss) | 573,884 | 1,952,533 |
Change in net unrealized appreciation (depreciation) | (1,270,683) | 1,370,187 |
Net increase (decrease) in net assets resulting from operations | (134,674) | 4,451,651 |
Distributions to shareholders: | ||
Class A | (1,032,516) | (1,393,009) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 2,410,820 | 9,080,131 |
Reinvestment of distributions | 1,032,516 | 1,393,009 |
Payments for shares redeemed | (3,491,353) | (11,255,564) |
Net increase (decrease) in net assets from Class A share transactions | (48,017) | (782,424) |
Increase (decrease) in net assets | (1,215,207) | 2,276,218 |
Net assets at beginning of period | 51,223,703 | 48,947,485 |
Net assets at end of period | $50,008,496 | $ 51,223,703 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 8,501,854 | 8,618,016 |
Shares sold | 408,214 | 1,564,061 |
Shares issued to shareholders in reinvestment of distributions | 178,328 | 248,752 |
Shares redeemed | (590,822) | (1,928,975) |
Net increase (decrease) in Class A shares | (4,280) | (116,162) |
Shares outstanding at end of period | 8,497,574 | 8,501,854 |
14 | | Deutsche DWS Variable Series I —DWS Bond VIP |
DWS Bond VIP — Class A | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $6.03 | $5.68 | $5.30 | $5.70 | $5.52 | $5.49 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .07 | .13 | .16 | .17 | .17 | .15 |
Net realized and unrealized gain (loss) | (.09) | .38 | .39 | (.32) | .15 | .17 |
Total from investment operations | (.02) | .51 | .55 | (.15) | .32 | .32 |
Less distributions from: | ||||||
Net investment income | (.12) | (.16) | (.17) | (.25) | (.14) | (.29) |
Net asset value, end of period | $5.89 | $6.03 | $5.68 | $5.30 | $5.70 | $5.52 |
Total Return (%)b | (.24) * | 9.07 | 10.62 | (2.65) | 5.83 | 5.93 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 50 | 51 | 49 | 46 | 51 | 77 |
Ratio of expenses before expense reductions (%)c | .73 ** | .74 | .81 | .87 | .74 | .78 |
Ratio of expenses after expense reductions (%)c | .63 ** | .65 | .66 | .69 | .65 | .64 |
Ratio of net investment income (%) | 2.27 ** | 2.21 | 2.95 | 3.19 | 2.99 | 2.68 |
Portfolio turnover rate (%) | 81 * | 160 | 223 | 260 | 205 | 236 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
Deutsche DWS Variable Series I —DWS Bond VIP | | 15 |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
16 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Deutsche DWS Variable Series I —DWS Bond VIP | | 17 |
B. | Derivative Instruments |
18 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Assets Derivative | Forward Contracts | Futures Contracts | Total |
Interest Rate Contracts (a) | $ — | $ 22,255 | $ 22,255 |
Foreign Exchange Contracts (b) | 15,442 | — | 15,442 |
$ 15,442 | $ 22,255 | $ 37,697 | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
(b) | Unrealized appreciation on forward foreign currency contracts |
Deutsche DWS Variable Series I —DWS Bond VIP | | 19 |
Liability Derivative | Forward Contracts | Futures Contracts | Total |
Interest Rate Contracts (a) | $ — | $ (8,310) | $ (8,310) |
Foreign Exchange Contracts (b) | (8,250) | — | (8,250) |
$ (8,250) | $ (8,310) | $ (16,560) | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative depreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
(b) | Unrealized depreciation on forward foreign currency contracts |
Realized Gain (Loss) | Forward Contracts | Futures Contracts | Total |
Interest Rate Contracts (a) | $ — | $ 104,855 | $ 104,855 |
Foreign Exchange Contracts (a) | (21,140) | — | (21,140) |
$(21,140) | $ 104,855 | $ 83,715 | |
Each of the above derivatives is located in the following Statement of Operations accounts: |
(a) | Net realized gain (loss) from forward foreign currency contracts and futures, respectively |
Change in Net Unrealized Appreciation (Depreciation) | Forward Contracts | Futures Contracts | Total |
Interest Rate Contracts (a) | $ — | $ 11,281 | $ 11,281 |
Foreign Exchange Contracts (a) | 43,395 | — | 43,395 |
$ 43,395 | $ 11,281 | $ 54,676 | |
Each of the above derivatives is located in the following Statement of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on forward foreign currency contracts and futures, respectively |
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivative Assets |
Citibank N.A. | $ 15,442 | $ — | $ — | $ 15,442 |
Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivative Liabilities |
Toronto-Dominion Bank | $ 8,250 | $ — | $ — | $ 8,250 |
20 | | Deutsche DWS Variable Series I —DWS Bond VIP |
C. | Purchases and Sales of Securities |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $36,090,868 | $38,029,909 |
U.S. Treasury Obligations | $ 5,715,596 | $ 2,147,863 |
D. | Related Parties |
First $250 million of average daily net assets | .390% |
Next $750 million of average daily net assets | .365% |
Over $1 billion of average daily net assets | .340% |
Deutsche DWS Variable Series I —DWS Bond VIP | | 21 |
E. | Ownership of the Fund |
F. | Line of Credit |
G. | Other — COVID-19 Pandemic |
H. | Fund Liquidation |
22 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Information About Your Fund’s Expenses | (Unaudited) |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
Actual Fund Return | Class A |
Beginning Account Value 1/1/21 | $1,000.00 |
Ending Account Value 6/30/21 | $ 997.60 |
Expenses Paid per $1,000* | $ 3.12 |
Hypothetical 5% Fund Return | Class A |
Beginning Account Value 1/1/21 | $1,000.00 |
Ending Account Value 6/30/21 | $1,021.67 |
Expenses Paid per $1,000* | $ 3.16 |
* | Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio | Class A |
Deutsche DWS Variable Series I — DWS Bond VIP | .63% |
Deutsche DWS Variable Series I —DWS Bond VIP | | 23 |
24 | | Deutsche DWS Variable Series I —DWS Bond VIP |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
Deutsche DWS Variable Series I —DWS Bond VIP | | 25 |
26 | | Deutsche DWS Variable Series I —DWS Bond VIP |
Deutsche DWS Variable Series I —DWS Bond VIP | | 27 |
3 | Performance Summary |
4 | Portfolio Summary |
4 | Portfolio Manager |
5 | Investment Portfolio |
8 | Statement of Assets and Liabilities |
8 | Statement of Operations |
9 | Statements of Changes in Net Assets |
10 | Financial Highlights |
12 | Notes to Financial Statements |
17 | Information About Your Fund's Expenses |
18 | Liquidity Risk Management |
18 | Proxy Voting |
19 | Advisory Agreement Board Considerations and Fee Evaluation |
2 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Performance Summary | June 30, 2021 (Unaudited) |
Comparative Results | |||||||
DWS Capital Growth VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $11,228 | $13,782 | $19,558 | $28,554 | $49,014 | |
Average annual total return | 12.28% | 37.82% | 25.06% | 23.35% | 17.23% | ||
Russell 1000® Growth Index | Growth of $10,000 | $11,299 | $14,250 | $19,598 | $28,913 | $51,749 | |
Average annual total return | 12.99% | 42.50% | 25.14% | 23.66% | 17.87% | ||
DWS Capital Growth VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $11,213 | $13,745 | $19,409 | $28,194 | $47,666 | |
Average annual total return | 12.13% | 37.45% | 24.74% | 23.04% | 16.90% | ||
Russell 1000® Growth Index | Growth of $10,000 | $11,299 | $14,250 | $19,598 | $28,913 | $51,749 | |
Average annual total return | 12.99% | 42.50% | 25.14% | 23.66% | 17.87% | ||
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/21 | 12/31/20 |
Common Stocks | 100% | 99% |
Cash Equivalents | 0% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
Information Technology | 43% | 43% |
Consumer Discretionary | 15% | 14% |
Communication Services | 13% | 13% |
Health Care | 10% | 11% |
Industrials | 9% | 8% |
Financials | 4% | 5% |
Consumer Staples | 3% | 3% |
Real Estate | 2% | 2% |
Materials | 1% | 1% |
100% | 100% |
4 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 99.8% | |||
Communication Services 13.5% | |||
Entertainment 5.4% | |||
Activision Blizzard, Inc. | 131,708 | 12,570,212 | |
Live Nation Entertainment, Inc.* | 86,952 | 7,616,126 | |
Netflix, Inc.* | 26,036 | 13,752,476 | |
Roku, Inc.* | 17,210 | 7,903,692 | |
Spotify Technology SA* | 47,328 | 13,043,123 | |
Walt Disney Co.* | 54,776 | 9,627,978 | |
64,513,607 | |||
Interactive Media & Services 7.0% | |||
Alphabet, Inc. "A"* | 11,079 | 27,052,591 | |
Alphabet, Inc. "C"* | 11,875 | 29,762,550 | |
Facebook, Inc. "A"* | 38,449 | 13,369,102 | |
Match Group, Inc.* | 77,640 | 12,519,450 | |
82,703,693 | |||
Wireless Telecommunication Services 1.1% | |||
T-Mobile U.S., Inc.* | 88,405 | 12,803,696 | |
Consumer Discretionary 14.8% | |||
Diversified Consumer Services 1.4% | |||
Chegg, Inc.* | 79,407 | 6,599,516 | |
Terminix Global Holdings, Inc.* | 216,248 | 10,317,192 | |
16,916,708 | |||
Hotels, Restaurants & Leisure 1.7% | |||
Airbnb, Inc. "A"* | 6,157 | 942,883 | |
DraftKings, Inc. "A"* (a) | 62,229 | 3,246,487 | |
McDonald's Corp. | 49,517 | 11,437,932 | |
Planet Fitness, Inc. "A"* | 64,576 | 4,859,344 | |
20,486,646 | |||
Internet & Direct Marketing Retail 5.2% | |||
Amazon.com, Inc.* | 18,016 | 61,977,922 | |
Multiline Retail 0.5% | |||
Dollar General Corp. | 28,853 | 6,243,501 | |
Specialty Retail 4.2% | |||
Burlington Stores, Inc.* | 36,662 | 11,804,797 | |
CarMax, Inc.* | 91,344 | 11,797,078 | |
Home Depot, Inc. | 80,879 | 25,791,504 | |
49,393,379 | |||
Textiles, Apparel & Luxury Goods 1.8% | |||
Lululemon Athletica, Inc.* | 34,163 | 12,468,470 | |
NIKE, Inc. "B" | 54,278 | 8,385,408 | |
20,853,878 | |||
Consumer Staples 2.7% | |||
Food & Staples Retailing 1.1% | |||
Costco Wholesale Corp. | 31,388 | 12,419,290 |
Shares | Value ($) | ||
Food Products 0.9% | |||
Mondelez International, Inc. "A" | 176,219 | 11,003,114 | |
Personal Products 0.7% | |||
Estee Lauder Companies, Inc. "A" | 25,273 | 8,038,836 | |
Financials 4.2% | |||
Capital Markets 1.3% | |||
Intercontinental Exchange, Inc. | 135,464 | 16,079,577 | |
Consumer Finance 0.6% | |||
American Express Co. | 42,110 | 6,957,835 | |
Insurance 2.3% | |||
Progressive Corp. | 276,143 | 27,120,004 | |
Health Care 10.4% | |||
Biotechnology 0.5% | |||
Exact Sciences Corp.* | 50,494 | 6,276,909 | |
Health Care Equipment & Supplies 4.8% | |||
Danaher Corp. | 78,634 | 21,102,220 | |
DexCom, Inc.* | 41,666 | 17,791,382 | |
Hologic, Inc.* | 192,477 | 12,842,066 | |
The Cooper Companies, Inc. | 11,844 | 4,693,422 | |
56,429,090 | |||
Life Sciences Tools & Services 3.9% | |||
Charles River Laboratories International, Inc.* | 30,549 | 11,300,686 | |
Thermo Fisher Scientific, Inc. | 69,436 | 35,028,379 | |
46,329,065 | |||
Pharmaceuticals 1.2% | |||
Zoetis, Inc. | 76,887 | 14,328,661 | |
Industrials 8.5% | |||
Aerospace & Defense 0.3% | |||
TransDigm Group, Inc.* | 6,715 | 4,346,552 | |
Building Products 0.6% | |||
Trex Co., Inc.* | 66,391 | 6,785,824 | |
Electrical Equipment 2.6% | |||
AMETEK, Inc. | 125,978 | 16,818,063 | |
Generac Holdings, Inc.* | 32,935 | 13,672,965 | |
30,491,028 | |||
Industrial Conglomerates 1.2% | |||
Roper Technologies, Inc. | 29,918 | 14,067,444 | |
Machinery 0.3% | |||
Deere & Co. | 9,101 | 3,210,014 | |
Professional Services 2.4% | |||
TransUnion | 163,931 | 18,001,263 | |
Verisk Analytics, Inc. | 60,772 | 10,618,084 | |
28,619,347 |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 5 |
Shares | Value ($) | ||
Road & Rail 1.1% | |||
Norfolk Southern Corp. | 28,423 | 7,543,748 | |
Uber Technologies, Inc.* | 118,189 | 5,923,633 | |
13,467,381 | |||
Information Technology 42.8% | |||
IT Services 7.9% | |||
Fiserv, Inc.* | 136,677 | 14,609,405 | |
Global Payments, Inc. | 80,212 | 15,042,958 | |
PayPal Holdings, Inc.* | 30,734 | 8,958,346 | |
Snowflake, Inc. "A"* | 1,338 | 323,528 | |
Twilio, Inc. "A"* | 41,718 | 16,443,567 | |
Visa, Inc. "A" | 164,207 | 38,394,881 | |
93,772,685 | |||
Semiconductors & Semiconductor Equipment 6.1% | |||
Advanced Micro Devices, Inc.* | 117,364 | 11,024,001 | |
Analog Devices, Inc. | 56,754 | 9,770,769 | |
Applied Materials, Inc. | 98,473 | 14,022,555 | |
MKS Instruments, Inc. | 32,828 | 5,841,743 | |
NVIDIA Corp. | 39,875 | 31,903,987 | |
72,563,055 | |||
Software 20.4% | |||
Adobe, Inc.* | 44,635 | 26,140,041 | |
Alteryx, Inc. "A"* | 25,932 | 2,230,671 | |
Avalara, Inc.* | 42,966 | 6,951,899 | |
Cloudflare, Inc. "A"* | 75,956 | 8,039,183 | |
DocuSign, Inc.* | 42,766 | 11,956,091 | |
Dynatrace, Inc.* | 129,013 | 7,536,939 | |
Intuit, Inc. | 29,653 | 14,535,011 | |
Microsoft Corp. | 404,106 | 109,472,315 | |
RingCentral, Inc. "A"* | 17,411 | 5,059,288 | |
salesforce.com, Inc.* | 70,202 | 17,148,243 | |
ServiceNow, Inc.* | 32,403 | 17,807,069 | |
Synopsys, Inc.* | 53,595 | 14,780,965 | |
241,657,715 | |||
Technology Hardware, Storage & Peripherals 8.4% | |||
Apple, Inc. | 731,776 | 100,224,041 |
Shares | Value ($) | ||
Materials 1.2% | |||
Chemicals 0.7% | |||
Ecolab, Inc. | 39,416 | 8,118,514 | |
Construction Materials 0.5% | |||
Vulcan Materials Co. | 36,901 | 6,423,357 | |
Real Estate 1.7% | |||
Equity Real Estate Investment Trusts (REITs) | |||
Equinix, Inc. | 13,362 | 10,724,341 | |
Prologis, Inc. | 74,220 | 8,871,517 | |
19,595,858 | |||
Total Common Stocks (Cost $395,084,320) | 1,184,218,226 | ||
Securities Lending Collateral 0.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $3,312,896) | 3,312,896 | 3,312,896 | |
Cash Equivalents 0.2% | |||
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $2,719,474) | 2,719,474 | 2,719,474 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $401,116,690) | 100.3 | 1,190,250,596 | |
Other Assets and Liabilities, Net | (0.3) | (4,147,560) | |
Net Assets | 100.0 | 1,186,103,036 |
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2021 | Value ($) at 6/30/2021 |
Securities Lending Collateral 0.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
60,706,321 | — | 57,393,425 (d) | — | — | 10,119 | — | 3,312,896 | 3,312,896 |
Cash Equivalents 0.2% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (b) | ||||||||
5,792,769 | 77,470,939 | 80,544,234 | — | — | 675 | — | 2,719,474 | 2,719,474 |
66,499,090 | 77,470,939 | 137,937,659 | — | — | 10,794 | — | 6,032,370 | 6,032,370 |
* | Non-income producing security. |
6 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
(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 June 30, 2021 amounted to $3,245,704, which is 0.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021. |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $ 1,184,218,226 | $ — | $ — | $ 1,184,218,226 |
Short-Term Investments (a) | 6,032,370 | — | — | 6,032,370 |
Total | $ 1,190,250,596 | $ — | $ — | $ 1,190,250,596 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 7 |
Assets | |
Investments in non-affiliated securities, at value (cost $395,084,320) — including $3,245,704 of securities loaned | $ 1,184,218,226 |
Investment in DWS Government & Agency Securities Portfolio (cost $3,312,896)* | 3,312,896 |
Investment in DWS Central Cash Management Government Fund (cost $2,719,474) | 2,719,474 |
Receivable for Fund shares sold | 9,507 |
Dividends receivable | 124,723 |
Interest receivable | 1,802 |
Other assets | 11,864 |
Total assets | 1,190,398,492 |
Liabilities | |
Payable upon return of securities loaned | 3,312,896 |
Payable for Fund shares redeemed | 460,884 |
Accrued management fee | 345,353 |
Accrued Trustees' fees | 3,439 |
Other accrued expenses and payables | 172,884 |
Total liabilities | 4,295,456 |
Net assets, at value | $ 1,186,103,036 |
Net Assets Consist of | |
Distributable earnings (loss) | 858,066,236 |
Paid-in capital | 328,036,800 |
Net assets, at value | $ 1,186,103,036 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($1,179,596,144 ÷ 26,265,643 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $ 44.91 |
Class B | |
Net Asset Value, offering and redemption price per share ($6,506,892 ÷ 145,407 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $ 44.75 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends | $ 3,354,362 |
Income distributions — DWS Central Cash Management Government Fund | 675 |
Securities lending income, net of borrower rebates | 10,119 |
Total income | 3,365,156 |
Expenses: | |
Management fee | 2,052,178 |
Administration fee | 541,264 |
Services to shareholders | 972 |
Record keeping fee (Class B) | 195 |
Distribution service fee (Class B) | 7,532 |
Custodian fee | 5,274 |
Professional fees | 42,262 |
Reports to shareholders | 24,768 |
Trustees' fees and expenses | 17,253 |
Other | 26,755 |
Total expenses | 2,718,453 |
Net investment income | 646,703 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 68,700,598 |
Change in net unrealized appreciation (depreciation) on investments | 62,400,901 |
Net gain (loss) | 131,101,499 |
Net increase (decrease) in net assets resulting from operations | $131,748,202 |
8 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 |
Operations: | ||
Net investment income | $ 646,703 | $ 2,413,174 |
Net realized gain (loss) | 68,700,598 | 62,781,949 |
Change in net unrealized appreciation (depreciation) | 62,400,901 | 260,409,153 |
Net increase (decrease) in net assets resulting from operations | 131,748,202 | 325,604,276 |
Distributions to shareholders: | ||
Class A | (65,033,932) | (67,556,274) |
Class B | (342,026) | (308,190) |
Total distributions | (65,375,958) | (67,864,464) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 13,950,252 | 70,444,423 |
Reinvestment of distributions | 65,033,932 | 67,556,274 |
Payments for shares redeemed | (92,177,788) | (129,614,047) |
Net increase (decrease) in net assets from Class A share transactions | (13,193,604) | 8,386,650 |
Class B | ||
Proceeds from shares sold | 499,592 | 1,384,411 |
Reinvestment of distributions | 342,026 | 308,190 |
Payments for shares redeemed | (686,360) | (1,250,517) |
Net increase (decrease) in net assets from Class B share transactions | 155,258 | 442,084 |
Increase (decrease) in net assets | 53,333,898 | 266,568,546 |
Net assets at beginning of period | 1,132,769,138 | 866,200,592 |
Net assets at end of period | $1,186,103,036 | $1,132,769,138 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 26,599,512 | 25,934,145 |
Shares sold | 324,763 | 2,030,040 |
Shares issued to shareholders in reinvestment of distributions | 1,495,721 | 2,306,462 |
Shares redeemed | (2,154,353) | (3,671,135) |
Net increase (decrease) in Class A shares | (333,869) | 665,367 |
Shares outstanding at end of period | 26,265,643 | 26,599,512 |
Class B | ||
Shares outstanding at beginning of period | 141,745 | 127,162 |
Shares sold | 11,792 | 39,019 |
Shares issued to shareholders in reinvestment of distributions | 7,890 | 10,547 |
Shares redeemed | (16,020) | (34,983) |
Net increase (decrease) in Class B shares | 3,662 | 14,583 |
Shares outstanding at end of period | 145,407 | 141,745 |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 9 |
DWS Capital Growth VIP — Class A | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $42.36 | $33.24 | $27.27 | $30.86 | $26.70 | $28.22 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .02 | .09 | .17 | .14 | .20 | .21 |
Net realized and unrealized gain (loss) | 5.10 | 11.69 | 9.53 | (.53) | 6.47 | .83 |
Total from investment operations | 5.12 | 11.78 | 9.70 | (.39) | 6.67 | 1.04 |
Less distributions from: | ||||||
Net investment income | (.10) | (.18) | (.14) | (.23) | (.22) | (.22) |
Net realized gains | (2.47) | (2.48) | (3.59) | (2.97) | (2.29) | (2.34) |
Total distributions | (2.57) | (2.66) | (3.73) | (3.20) | (2.51) | (2.56) |
Net asset value, end of period | $44.91 | $42.36 | $33.24 | $27.27 | $30.86 | $26.70 |
Total Return (%) | 12.28 * | 39.04 | 37.14 | (1.60) | 26.30 | 4.25 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1,180 | 1,127 | 862 | 725 | 776 | 745 |
Ratio of expenses (%)b | .49 ** | .49 | .50 | .50 | .50 | .50 |
Ratio of net investment income (%) | .12 ** | .25 | .55 | .46 | .70 | .82 |
Portfolio turnover rate (%) | 6 * | 13 | 11 | 26 | 15 | 35 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
10 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
DWS Capital Growth VIP — Class B | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $42.18 | $33.10 | $27.16 | $30.75 | $26.61 | $28.12 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.03) | (.00) * | .09 | .07 | .13 | .15 |
Net realized and unrealized gain (loss) | 5.07 | 11.66 | 9.49 | (.54) | 6.44 | .83 |
Total from investment operations | 5.04 | 11.66 | 9.58 | (.47) | 6.57 | .98 |
Less distributions from: | ||||||
Net investment income | — | (.10) | (.05) | (.15) | (.14) | (.15) |
Net realized gains | (2.47) | (2.48) | (3.59) | (2.97) | (2.29) | (2.34) |
Total distributions | (2.47) | (2.58) | (3.64) | (3.12) | (2.43) | (2.49) |
Net asset value, end of period | $44.75 | $42.18 | $33.10 | $27.16 | $30.75 | $26.61 |
Total Return (%) | 12.13 ** | 38.70 | 36.79 | (1.87) | 25.96 | 4.00 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 7 | 6 | 4 | 3 | 6 | 5 |
Ratio of expenses (%)b | .75 *** | .75 | .76 | .76 | .75 | .76 |
Ratio of net investment income (loss) (%) | (.15) *** | (.01) | .29 | .21 | .45 | .58 |
Portfolio turnover rate (%) | 6 ** | 13 | 11 | 26 | 15 | 35 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 11 |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
12 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 13 |
B. | Purchases and Sales of Securities |
C. | Related Parties |
First $250 million of average daily net assets | .390% |
Next $750 million of average daily net assets | .365% |
Over $1 billion of average daily net assets | .340% |
14 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Class A | .75% |
Class B | 1.00% |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2021 |
Class A | $ 499 | $ 148 |
Class B | 131 | 43 |
$ 630 | $ 191 |
D. | Ownership of the Fund |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 15 |
E. | Line of Credit |
F. | Other — COVID-19 Pandemic |
16 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Information About Your Fund’s Expenses | (Unaudited) |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,122.80 | $ 1,121.30 |
Expenses Paid per $1,000* | $ 2.58 | $ 3.94 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,022.36 | $ 1,021.08 |
Expenses Paid per $1,000* | $ 2.46 | $ 3.76 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | .49% | .75% |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 17 |
18 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 19 |
20 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 21 |
3 | Performance Summary |
4 | Portfolio Summary |
4 | Portfolio Management Team |
5 | Investment Portfolio |
8 | Statement of Assets and Liabilities |
8 | Statement of Operations |
9 | Statements of Changes in Net Assets |
10 | Financial Highlights |
12 | Notes to Financial Statements |
17 | Information About Your Fund's Expenses |
18 | Liquidity Risk Management |
18 | Proxy Voting |
19 | Advisory Agreement Board Considerations and Fee Evaluation |
2 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Performance Summary | June 30, 2021 (Unaudited) |
Comparative Results | |||||||
DWS Core Equity VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $11,503 | $14,153 | $15,858 | $21,843 | $37,747 | |
Average annual total return | 15.03% | 41.53% | 16.61% | 16.91% | 14.21% | ||
Russell 1000® Index | Growth of $10,000 | $11,495 | $14,307 | $16,918 | $22,871 | $40,096 | |
Average annual total return | 14.95% | 43.07% | 19.16% | 17.99% | 14.90% | ||
DWS Core Equity VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $11,494 | $14,121 | $15,704 | $21,504 | $36,680 | |
Average annual total return | 14.94% | 41.21% | 16.23% | 16.55% | 13.88% | ||
Russell 1000® Index | Growth of $10,000 | $11,495 | $14,307 | $16,918 | $22,871 | $40,096 | |
Average annual total return | 14.95% | 43.07% | 19.16% | 17.99% | 14.90% | ||
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/21 | 12/31/20 |
Common Stocks | 100% | 99% |
Cash Equivalents | 0% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
Information Technology | 29% | 27% |
Health Care | 14% | 14% |
Consumer Discretionary | 12% | 13% |
Financials | 11% | 10% |
Communication Services | 10% | 11% |
Industrials | 8% | 9% |
Consumer Staples | 5% | 6% |
Real Estate | 3% | 3% |
Materials | 3% | 2% |
Energy | 3% | 2% |
Utilities | 2% | 3% |
100% | 100% |
4 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 99.6% | |||
Communication Services 10.2% | |||
Entertainment 4.6% | |||
Activision Blizzard, Inc. | 12,591 | 1,201,685 | |
Electronic Arts, Inc. | 3,296 | 474,064 | |
Netflix, Inc.* | 1,240 | 654,981 | |
Roku, Inc.* | 5,077 | 2,331,612 | |
Spotify Technology SA* | 3,036 | 836,691 | |
5,499,033 | |||
Interactive Media & Services 4.4% | |||
Alphabet, Inc. "A"* | 768 | 1,875,295 | |
Alphabet, Inc. "C"* | 1,327 | 3,325,886 | |
5,201,181 | |||
Wireless Telecommunication Services 1.2% | |||
T-Mobile U.S., Inc.* | 10,008 | 1,449,459 | |
Consumer Discretionary 12.2% | |||
Auto Components 0.6% | |||
BorgWarner, Inc. | 9,211 | 447,102 | |
Gentex Corp. | 8,058 | 266,639 | |
713,741 | |||
Diversified Consumer Services 0.5% | |||
Terminix Global Holdings, Inc.* | 11,717 | 559,018 | |
Hotels, Restaurants & Leisure 2.9% | |||
Choice Hotels International, Inc. | 6,173 | 733,723 | |
Darden Restaurants, Inc. | 3,292 | 480,599 | |
Vail Resorts, Inc.* | 1,352 | 427,935 | |
Wyndham Hotels & Resorts, Inc. | 16,224 | 1,172,833 | |
Yum China Holdings, Inc. | 9,093 | 602,411 | |
3,417,501 | |||
Household Durables 2.0% | |||
D.R. Horton, Inc. | 21,234 | 1,918,917 | |
Newell Brands, Inc. | 17,190 | 472,209 | |
2,391,126 | |||
Internet & Direct Marketing Retail 4.8% | |||
Amazon.com, Inc.* | 1,649 | 5,672,824 | |
Leisure Products 0.5% | |||
Peloton Interactive, Inc. "A"* | 4,641 | 575,577 | |
Specialty Retail 0.5% | |||
Carvana Co.* | 2,032 | 613,298 | |
Textiles, Apparel & Luxury Goods 0.4% | |||
NIKE, Inc. "B" | 3,082 | 476,138 | |
Consumer Staples 5.1% | |||
Beverages 2.7% | |||
Coca-Cola Co. | 25,140 | 1,360,325 |
Shares | Value ($) | ||
PepsiCo, Inc. | 12,509 | 1,853,459 | |
3,213,784 | |||
Food & Staples Retailing 1.4% | |||
Beyond Meat, Inc.* (a) | 3,004 | 473,100 | |
Costco Wholesale Corp. | 1,778 | 703,501 | |
Kroger Co. | 13,579 | 520,212 | |
1,696,813 | |||
Personal Products 0.3% | |||
Estee Lauder Companies, Inc. "A" | 1,115 | 354,659 | |
Tobacco 0.7% | |||
Altria Group, Inc. | 15,845 | 755,490 | |
Energy 2.8% | |||
Energy Equipment & Services 0.3% | |||
Baker Hughes Co. | 16,238 | 371,363 | |
Oil, Gas & Consumable Fuels 2.5% | |||
Devon Energy Corp. | 24,482 | 714,630 | |
Hess Corp. | 9,344 | 815,918 | |
Marathon Petroleum Corp. | 23,148 | 1,398,602 | |
2,929,150 | |||
Financials 10.8% | |||
Banks 4.1% | |||
Bank of America Corp. | 21,642 | 892,300 | |
JPMorgan Chase & Co. | 18,958 | 2,948,727 | |
Wells Fargo & Co. | 21,232 | 961,597 | |
4,802,624 | |||
Capital Markets 3.9% | |||
Ameriprise Financial, Inc. | 3,716 | 924,838 | |
Carlyle Group, Inc. | 18,404 | 855,418 | |
Intercontinental Exchange, Inc. | 4,002 | 475,037 | |
MSCI, Inc. | 2,867 | 1,528,340 | |
T. Rowe Price Group, Inc. | 2,438 | 482,651 | |
Tradeweb Markets, Inc. "A" | 4,278 | 361,748 | |
4,628,032 | |||
Insurance 2.8% | |||
Arthur J. Gallagher & Co. | 6,200 | 868,496 | |
Everest Re Group Ltd. | 1,728 | 435,474 | |
Hartford Financial Services Group, Inc. | 6,825 | 422,945 | |
MetLife, Inc. | 20,505 | 1,227,224 | |
Progressive Corp. | 4,275 | 419,848 | |
3,373,987 | |||
Health Care 14.0% | |||
Biotechnology 4.8% | |||
AbbVie, Inc. | 8,782 | 989,204 | |
Alexion Pharmaceuticals, Inc.* | 3,410 | 626,451 | |
Amgen, Inc. | 9,957 | 2,427,019 |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 5 |
Shares | Value ($) | ||
Biogen, Inc.* | 3,433 | 1,188,745 | |
BioMarin Pharmaceutical, Inc.* | 5,673 | 473,355 | |
5,704,774 | |||
Health Care Providers & Services 6.4% | |||
Anthem, Inc. | 6,281 | 2,398,086 | |
Centene Corp.* | 19,598 | 1,429,282 | |
DaVita, Inc.* | 6,716 | 808,808 | |
Guardant Health, Inc.* | 3,596 | 446,587 | |
HCA Healthcare, Inc. | 2,235 | 462,064 | |
McKesson Corp. | 2,575 | 492,443 | |
Molina Healthcare, Inc.* | 4,177 | 1,057,032 | |
Premier, Inc. "A" | 12,908 | 449,069 | |
7,543,371 | |||
Pharmaceuticals 2.8% | |||
Bristol-Myers Squibb Co. | 14,697 | 982,054 | |
Johnson & Johnson | 8,689 | 1,431,426 | |
Viatris, Inc. | 32,032 | 457,737 | |
Zoetis, Inc. | 2,325 | 433,287 | |
3,304,504 | |||
Industrials 8.0% | |||
Aerospace & Defense 0.9% | |||
Howmet Aerospace, Inc.* | 7,460 | 257,146 | |
Textron, Inc. | 12,673 | 871,522 | |
1,128,668 | |||
Building Products 1.0% | |||
Owens Corning | 11,575 | 1,133,192 | |
Commercial Services & Supplies 2.1% | |||
Cintas Corp. | 974 | 372,068 | |
Republic Services, Inc. | 2,761 | 303,738 | |
Waste Management, Inc. | 12,937 | 1,812,603 | |
2,488,409 | |||
Electrical Equipment 0.4% | |||
Emerson Electric Co. | 5,019 | 483,029 | |
Machinery 2.4% | |||
AGCO Corp. | 5,479 | 714,351 | |
Caterpillar, Inc. | 2,214 | 481,833 | |
Cummins, Inc. | 1,253 | 305,494 | |
Ingersoll Rand, Inc.* | 8,419 | 410,931 | |
Parker-Hannifin Corp. | 3,135 | 962,790 | |
2,875,399 | |||
Road & Rail 1.2% | |||
Norfolk Southern Corp. | 2,396 | 635,922 | |
Union Pacific Corp. | 3,617 | 795,487 | |
1,431,409 | |||
Information Technology 28.6% | |||
Communications Equipment 0.9% | |||
Cisco Systems, Inc. | 19,889 | 1,054,117 | |
IT Services 3.6% | |||
Accenture PLC "A" | 1,699 | 500,848 |
Shares | Value ($) | ||
DXC Technology Co.* | 15,915 | 619,730 | |
Visa, Inc. "A" | 13,525 | 3,162,416 | |
4,282,994 | |||
Semiconductors & Semiconductor Equipment 5.2% | |||
Advanced Micro Devices, Inc.* | 9,190 | 863,217 | |
Intel Corp. | 28,473 | 1,598,474 | |
NVIDIA Corp. | 1,145 | 916,114 | |
QUALCOMM, Inc. | 12,606 | 1,801,776 | |
Teradyne, Inc. | 7,133 | 955,537 | |
6,135,118 | |||
Software 11.6% | |||
ANSYS, Inc.* | 853 | 296,042 | |
Cadence Design Systems, Inc.* | 2,307 | 315,644 | |
Citrix Systems, Inc. | 3,136 | 367,759 | |
Dynatrace, Inc.* | 9,141 | 534,017 | |
Intuit, Inc. | 742 | 363,706 | |
Microsoft Corp. | 28,928 | 7,836,595 | |
Oracle Corp. | 30,486 | 2,373,030 | |
salesforce.com, Inc.* | 2,844 | 694,704 | |
Splunk, Inc.* | 3,310 | 478,560 | |
Synopsys, Inc.* | 1,850 | 510,211 | |
13,770,268 | |||
Technology Hardware, Storage & Peripherals 7.3% | |||
Apple, Inc. | 63,226 | 8,659,433 | |
Materials 2.8% | |||
Chemicals 1.4% | |||
Air Products & Chemicals, Inc. | 1,648 | 474,097 | |
DuPont de Nemours, Inc. | 5,945 | 460,202 | |
Linde PLC * | 1,668 | 482,219 | |
The Mosaic Co. | 8,512 | 271,618 | |
1,688,136 | |||
Containers & Packaging 0.3% | |||
International Paper Co. | 5,570 | 341,496 | |
Metals & Mining 1.1% | |||
Arconic Corp.* | 24,583 | 875,647 | |
Newmont Corp. | 6,885 | 436,371 | |
1,312,018 | |||
Real Estate 3.0% | |||
Equity Real Estate Investment Trusts (REITs) | |||
AvalonBay Communities, Inc. | 5,324 | 1,111,066 | |
Iron Mountain, Inc. (a) | 30,489 | 1,290,295 | |
Prologis, Inc. | 9,910 | 1,184,542 | |
3,585,903 | |||
Utilities 2.1% | |||
Electric Utilities 0.4% | |||
NextEra Energy, Inc. | 6,941 | 508,637 |
6 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Shares | Value ($) | ||
Multi-Utilities 0.9% | |||
Dominion Energy, Inc. | 6,265 | 460,916 | |
Public Service Enterprise Group, Inc. | 10,734 | 641,249 | |
1,102,165 | |||
Water Utilities 0.8% | |||
American Water Works Co., Inc. | 5,976 | 921,081 | |
Total Common Stocks (Cost $65,486,128) | 118,148,919 | ||
Securities Lending Collateral 1.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $1,590,558) | 1,590,558 | 1,590,558 |
Shares | Value ($) | ||
Cash Equivalents 0.5% | |||
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $561,005) | 561,005 | 561,005 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $67,637,691) | 101.4 | 120,300,482 | |
Other Assets and Liabilities, Net | (1.4) | (1,659,412) | |
Net Assets | 100.0 | 118,641,070 |
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2021 | Value ($) at 6/30/2021 |
Securities Lending Collateral 1.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
3,846,941 | — | 2,256,383 (d) | — | — | 2,739 | — | 1,590,558 | 1,590,558 |
Cash Equivalents 0.5% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (b) | ||||||||
740,536 | 5,641,383 | 5,820,914 | — | — | 82 | — | 561,005 | 561,005 |
4,587,477 | 5,641,383 | 8,077,297 | — | — | 2,821 | — | 2,151,563 | 2,151,563 |
* | 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 June 30, 2021 amounted to $1,562,083, which is 1.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021. |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $ 118,148,919 | $ — | $ — | $ 118,148,919 |
Short-Term Investments (a) | 2,151,563 | — | — | 2,151,563 |
Total | $ 120,300,482 | $ — | $ — | $ 120,300,482 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 7 |
Assets | |
Investments in non-affiliated securities, at value (cost $65,486,128) — including $1,562,083 of securities loaned | $ 118,148,919 |
Investment in DWS Government & Agency Securities Portfolio (cost $1,590,558)* | 1,590,558 |
Investment in DWS Central Cash Management Government Fund (cost $561,005) | 561,005 |
Cash | 10,000 |
Receivable for Fund shares sold | 8,205 |
Dividends receivable | 69,934 |
Interest receivable | 313 |
Other assets | 709 |
Total assets | 120,389,643 |
Liabilities | |
Payable upon return of securities loaned | 1,590,558 |
Payable for Fund shares redeemed | 59,967 |
Accrued management fee | 37,862 |
Accrued Trustees' fees | 309 |
Other accrued expenses and payables | 59,877 |
Total liabilities | 1,748,573 |
Net assets, at value | $ 118,641,070 |
Net Assets Consist of | |
Distributable earnings (loss) | 61,075,628 |
Paid-in capital | 57,565,442 |
Net assets, at value | $ 118,641,070 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($115,234,673 ÷ 8,647,190 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.33 |
Class B | |
Net Asset Value, offering and redemption price per share ($3,406,397 ÷ 255,622 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.33 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends | $ 911,177 |
Income distributions — DWS Central Cash Management Government Fund | 82 |
Securities lending income, net of borrower rebates | 2,739 |
Total income | 913,998 |
Expenses: | |
Management fee | 221,348 |
Administration fee | 55,053 |
Services to shareholders | 757 |
Record keeping fee (Class B) | 1,108 |
Distribution service fee (Class B) | 4,241 |
Custodian fee | 2,745 |
Professional fees | 37,017 |
Reports to shareholders | 15,961 |
Trustees' fees and expenses | 3,015 |
Other | 3,289 |
Total expenses | 344,534 |
Net investment income | 569,464 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 8,211,873 |
Payments by affiliates (see Note F) | 2,512 |
8,214,385 | |
Change in net unrealized appreciation (depreciation) on investments | 7,319,896 |
Net gain (loss) | 15,534,281 |
Net increase (decrease) in net assets resulting from operations | $16,103,745 |
8 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 |
Operations: | ||
Net investment income | $ 569,464 | $ 997,393 |
Net realized gain (loss) | 8,214,385 | 5,117,424 |
Change in net unrealized appreciation (depreciation) | 7,319,896 | 8,536,882 |
Net increase (decrease) in net assets resulting from operations | 16,103,745 | 14,651,699 |
Distributions to shareholders: | ||
Class A | (6,046,519) | (5,813,005) |
Class B | (170,977) | (175,513) |
Total distributions | (6,217,496) | (5,988,518) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,349,763 | 2,502,706 |
Reinvestment of distributions | 6,046,519 | 5,813,005 |
Payments for shares redeemed | (8,840,644) | (16,323,485) |
Net increase (decrease) in net assets from Class A share transactions | (1,444,362) | (8,007,774) |
Class B | ||
Proceeds from shares sold | 61,964 | 141,998 |
Reinvestment of distributions | 170,977 | 175,513 |
Payments for shares redeemed | (650,425) | (428,535) |
Net increase (decrease) in net assets from Class B share transactions | (417,484) | (111,024) |
Increase (decrease) in net assets | 8,024,403 | 544,383 |
Net assets at beginning of period | 110,616,667 | 110,072,284 |
Net assets at end of period | $118,641,070 | $110,616,667 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 8,760,193 | 9,438,162 |
Shares sold | 103,758 | 240,122 |
Shares issued to shareholders in reinvestment of distributions | 469,450 | 652,414 |
Shares redeemed | (686,211) | (1,570,505) |
Net increase (decrease) in Class A shares | (113,003) | (677,969) |
Shares outstanding at end of period | 8,647,190 | 8,760,193 |
Class B | ||
Shares outstanding at beginning of period | 288,118 | 295,485 |
Shares sold | 4,773 | 12,670 |
Shares issued to shareholders in reinvestment of distributions | 13,265 | 19,676 |
Shares redeemed | (50,534) | (39,713) |
Net increase (decrease) in Class B shares | (32,496) | (7,367) |
Shares outstanding at end of period | 255,622 | 288,118 |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 9 |
DWS Core Equity VIP — Class A | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.23 | $11.31 | $9.83 | $14.64 | $13.16 | $13.29 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .06 | .11 | .14 | .14 | .17 | .17 |
Net realized and unrealized gain (loss) | 1.75 | 1.47 | 2.70 | (.71) | 2.44 | 1.09 |
Total from investment operations | 1.81 | 1.58 | 2.84 | (.57) | 2.61 | 1.26 |
Less distributions from: | ||||||
Net investment income | (.10) | (.15) | (.12) | (.27) | (.17) | (.19) |
Net realized gains | (.61) | (.51) | (1.24) | (3.97) | (.96) | (1.20) |
Total distributions | (.71) | (.66) | (1.36) | (4.24) | (1.13) | (1.39) |
Net asset value, end of period | $13.33 | $12.23 | $11.31 | $9.83 | $14.64 | $13.16 |
Total Return (%) | 15.03 * | 16.13 | 30.30 | (5.69) | 21.02 | 10.48 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 115 | 107 | 107 | 92 | 105 | 163 |
Ratio of expenses (%)b | .60 ** | .62 | .62 | .61 | .57 | .57 |
Ratio of net investment income (%) | 1.01 ** | 1.01 | 1.32 | 1.14 | 1.22 | 1.34 |
Portfolio turnover rate (%) | 16 * | 45 | 40 | 43 | 39 | 43 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
10 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
DWS Core Equity VIP — Class B | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.21 | $11.29 | $9.81 | $14.62 | $13.14 | $13.26 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .04 | .07 | .11 | .10 | .13 | .13 |
Net realized and unrealized gain (loss) | 1.75 | 1.48 | 2.70 | (.72) | 2.44 | 1.10 |
Total from investment operations | 1.79 | 1.55 | 2.81 | (.62) | 2.57 | 1.23 |
Less distributions from: | ||||||
Net investment income | (.06) | (.12) | (.09) | (.22) | (.13) | (.15) |
Net realized gains | (.61) | (.51) | (1.24) | (3.97) | (.96) | (1.20) |
Total distributions | (.67) | (.63) | (1.33) | (4.19) | (1.09) | (1.35) |
Net asset value, end of period | $13.33 | $12.21 | $11.29 | $9.81 | $14.62 | $13.14 |
Total Return (%) | 14.94 * | 15.67 | 29.92 | (6.02) | 20.68 | 10.25 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 3 | 4 | 3 | 3 | 3 | 2 |
Ratio of expenses (%)b | .92 ** | .94 | .94 | .93 | .86 | .86 |
Ratio of net investment income (%) | .68 ** | .69 | 1.00 | .82 | .94 | 1.06 |
Portfolio turnover rate (%) | 16 * | 45 | 40 | 43 | 39 | 43 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 11 |
Notes to Financial Statements | (Unaudited) |
A. Organization and Significant Accounting Policies |
12 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 13 |
B. | Purchases and Sales of Securities |
C. | Related Parties |
First $250 million of average daily net assets | .390% |
Next $750 million of average daily net assets | .365% |
Over $1 billion of average daily net assets | .340% |
Class A | .72% |
Class B | 1.04% |
14 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2021 |
Class A | $ 379 | $ 123 |
Class B | 76 | 24 |
$ 455 | $ 147 |
D. | Ownership of the Fund |
E. | Line of Credit |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 15 |
F. | Payments by Affiliates |
G. | Other — COVID-19 Pandemic |
16 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Information About Your Fund’s Expenses | (Unaudited) |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,150.30 | $ 1,149.40 |
Expenses Paid per $1,000* | $ 3.20 | $ 4.90 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,021.82 | $ 1,020.23 |
Expenses Paid per $1,000* | $ 3.01 | $ 4.61 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Core Equity VIP | .60% | .92% |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 17 |
18 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 19 |
20 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 21 |
3 | Performance Summary |
4 | Portfolio Summary |
4 | Portfolio Management Team |
5 | Investment Portfolio |
8 | Statement of Assets and Liabilities |
8 | Statement of Operations |
9 | Statements of Changes in Net Assets |
10 | Financial Highlights |
12 | Notes to Financial Statements |
17 | Information About Your Fund's Expenses |
18 | Liquidity Risk Management |
18 | Proxy Voting |
19 | Advisory Agreement Board Considerations and Fee Evaluation |
2 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Performance Summary | June 30, 2021 (Unaudited) |
Comparative Results | |||||||
DWS CROCI® International VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $10,910 | $12,740 | $12,096 | $15,555 | $14,118 | |
Average annual total return | 9.10% | 27.40% | 6.55% | 9.24% | 3.51% | ||
MSCI EAFE Value Index | Growth of $10,000 | $11,068 | $13,350 | $11,178 | $14,567 | $14,606 | |
Average annual total return | 10.68% | 33.50% | 3.78% | 7.81% | 3.86% | ||
DWS CROCI® International VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $10,880 | $12,699 | $12,000 | $15,368 | $13,766 | |
Average annual total return | 8.80% | 26.99% | 6.27% | 8.97% | 3.25% | ||
MSCI EAFE Value Index | Growth of $10,000 | $11,068 | $13,350 | $11,178 | $14,567 | $14,606 | |
Average annual total return | 10.68% | 33.50% | 3.78% | 7.81% | 3.86% | ||
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/21 | 12/31/20 |
Common Stocks | 97% | 97% |
Preferred Stocks | 3% | 3% |
Cash Equivalents | 0% | 0% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
Financials | 18% | 15% |
Health Care | 17% | 20% |
Materials | 13% | 12% |
Industrials | 13% | 8% |
Consumer Discretionary | 13% | 16% |
Consumer Staples | 11% | 11% |
Communication Services | 7% | 5% |
Information Technology | 6% | 10% |
Utilities | 2% | 3% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
Japan | 28% | 27% |
United Kingdom | 14% | 14% |
Germany | 10% | 10% |
France | 10% | 13% |
Australia | 9% | 8% |
Denmark | 6% | 3% |
Netherlands | 5% | 3% |
Switzerland | 5% | 10% |
Belgium | 3% | 2% |
Sweden | 3% | 2% |
Singapore | 2% | 3% |
Spain | 2% | — |
Italy | 1% | 3% |
Other | 2% | 2% |
100% | 100% |
4 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 96.5% | |||
Australia 9.1% | |||
Australia & New Zealand Banking Group Ltd. | 83,768 | 1,768,434 | |
BHP Group Ltd. | 110,019 | 4,007,451 | |
Commonwealth Bank of Australia | 4,381 | 328,126 | |
National Australia Bank Ltd. | 62,080 | 1,220,722 | |
Sonic Healthcare, Ltd. | 11,598 | 334,000 | |
(Cost $5,524,442) | 7,658,733 | ||
Belgium 3.4% | |||
Solvay SA | 3,819 | 485,442 | |
UCB SA | 22,716 | 2,374,634 | |
(Cost $2,427,846) | 2,860,076 | ||
Denmark 5.8% | |||
AP Moller - Maersk AS "B" | 857 | 2,463,213 | |
Novo Nordisk AS "B" | 29,383 | 2,461,683 | |
(Cost $3,573,500) | 4,924,896 | ||
Finland 1.4% | |||
Nokia Oyj* (Cost $826,724) | 215,567 | 1,154,200 | |
France 9.9% | |||
BNP Paribas SA | 53,810 | 3,373,382 | |
Credit Agricole SA | 119,692 | 1,676,700 | |
Danone SA | 8,204 | 577,545 | |
Engie SA | 79,374 | 1,087,436 | |
Kering SA | 334 | 291,882 | |
Television Francaise 1 | 133,714 | 1,351,650 | |
(Cost $6,844,262) | 8,358,595 | ||
Germany 7.3% | |||
Brenntag SE | 14,069 | 1,308,227 | |
Deutsche Boerse AG | 4,265 | 744,423 | |
Deutsche Post AG (Registered) | 24,107 | 1,639,629 | |
Fresenius SE & Co. KGaA | 13,056 | 681,093 | |
HeidelbergCement AG | 5,136 | 440,552 | |
Merck KGaA | 7,038 | 1,349,437 | |
(Cost $4,670,758) | 6,163,361 | ||
Ireland 0.7% | |||
CRH PLC (Cost $378,084) | 11,547 | 581,904 | |
Israel 0.4% | |||
Teva Pharmaceutical Industries Ltd. ADR* (a) (Cost $367,101) | 34,983 | 346,332 | |
Italy 0.6% | |||
Snam SpA (Cost $472,596) | 91,199 | 527,179 | |
Japan 27.6% | |||
Astellas Pharma, Inc. | 52,100 | 907,219 | |
Chugai Pharmaceutical Co., Ltd. | 8,000 | 316,990 | |
Dentsu Group, Inc. | 12,500 | 447,252 | |
ITOCHU Corp. | 20,800 | 599,127 | |
KDDI Corp. | 18,500 | 577,006 |
Shares | Value ($) | ||
Mitsubishi UFJ Financial Group, Inc. | 104,700 | 565,556 | |
Nintendo Co., Ltd. | 3,800 | 2,210,325 | |
Nitto Denko Corp. | 4,300 | 320,870 | |
Ono Pharmaceutical Co., Ltd. | 73,000 | 1,628,939 | |
Otsuka Holdings Co., Ltd. | 29,200 | 1,210,895 | |
Sekisui House Ltd. | 70,600 | 1,447,969 | |
Seven & i Holdings Co., Ltd. | 9,100 | 433,887 | |
Shin-Etsu Chemical Co., Ltd. | 6,309 | 1,055,144 | |
Shionogi & Co., Ltd. | 20,100 | 1,047,744 | |
Sony Group Corp. | 6,800 | 661,974 | |
Sumitomo Mitsui Financial Group, Inc. | 113,656 | 3,918,290 | |
Takeda Pharmaceutical Co., Ltd. | 29,100 | 974,147 | |
Toyota Industries Corp. | 42,832 | 3,705,077 | |
Toyota Motor Corp. | 14,446 | 1,262,619 | |
(Cost $20,835,521) | 23,291,030 | ||
Netherlands 4.9% | |||
Koninklijke Ahold Delhaize NV | 72,010 | 2,140,624 | |
Koninklijke KPN NV | 360,808 | 1,126,899 | |
PostNL NV | 72,911 | 395,269 | |
QIAGEN NV* | 9,400 | 454,313 | |
(Cost $3,480,761) | 4,117,105 | ||
Singapore 2.5% | |||
Venture Corp., Ltd. (Cost $1,748,671) | 144,983 | 2,071,186 | |
Spain 2.1% | |||
Banco Bilbao Vizcaya Argentaria SA | 77,370 | 479,624 | |
Banco Santander SA | 339,249 | 1,295,091 | |
(Cost $1,443,588) | 1,774,715 | ||
Sweden 2.5% | |||
Alfa Laval AB | 15,607 | 551,290 | |
Swedish Match AB | 36,910 | 314,754 | |
Telefonaktiebolaget LM Ericsson "B" | 101,679 | 1,277,923 | |
(Cost $1,505,091) | 2,143,967 | ||
Switzerland 4.5% | |||
Adecco Group AG (Registered) | 26,688 | 1,813,140 | |
Holcim Ltd. | 33,241 | 1,993,921 | |
(Cost $3,460,358) | 3,807,061 | ||
United Kingdom 13.8% | |||
BAE Systems PLC | 86,776 | 626,594 | |
Barratt Developments PLC | 58,350 | 561,134 | |
British American Tobacco PLC | 43,714 | 1,693,148 | |
Bunzl PLC | 22,337 | 738,172 | |
Ferguson PLC | 3,271 | 454,740 | |
Imperial Brands PLC | 56,922 | 1,225,985 | |
ITV PLC* | 217,636 | 377,976 | |
Johnson Matthey PLC | 9,771 | 415,354 | |
Kingfisher PLC | 145,915 | 735,722 |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 5 |
Shares | Value ($) | ||
Persimmon PLC | 53,693 | 2,197,011 | |
Reckitt Benckiser Group PLC | 7,414 | 656,063 | |
Rio Tinto PLC | 20,151 | 1,658,276 | |
Smiths Group PLC | 14,029 | 308,560 | |
(Cost $9,078,988) | 11,648,735 | ||
Total Common Stocks (Cost $66,638,291) | 81,429,075 | ||
Preferred Stocks 2.7% | |||
Germany | |||
Henkel AG & Co. KGaA (Cost $2,396,807) | 21,128 | 2,230,677 | |
Securities Lending Collateral 0.4% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $354,650) | 354,650 | 354,650 |
Shares | Value ($) | ||
Cash Equivalents 0.4% | |||
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $345,791) | 345,791 | 345,791 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $69,735,539) | 100.0 | 84,360,193 | |
Other Assets and Liabilities, Net | (0.0) | (12,990) | |
Net Assets | 100.0 | 84,347,203 |
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2021 | Value ($) at 6/30/2021 |
Securities Lending Collateral 0.4% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
— | 354,650 (d) | — | — | — | 9,781 | — | 354,650 | 354,650 |
Cash Equivalents 0.4% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (b) | ||||||||
249,295 | 3,011,609 | 2,915,113 | — | — | 66 | — | 345,791 | 345,791 |
249,295 | 3,366,259 | 2,915,113 | — | — | 9,847 | — | 700,441 | 700,441 |
* | 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 June 30, 2021 amounted to $342,540, which is 0.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021. |
ADR: American Depositary Receipt |
6 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $ 7,658,733 | $ — | $ — | $ 7,658,733 |
Belgium | 2,860,076 | — | — | 2,860,076 |
Denmark | 4,924,896 | — | — | 4,924,896 |
Finland | 1,154,200 | — | — | 1,154,200 |
France | 8,358,595 | — | — | 8,358,595 |
Germany | 6,163,361 | — | — | 6,163,361 |
Ireland | 581,904 | — | — | 581,904 |
Israel | 346,332 | — | — | 346,332 |
Italy | 527,179 | — | — | 527,179 |
Japan | 23,291,030 | — | — | 23,291,030 |
Netherlands | 4,117,105 | — | — | 4,117,105 |
Singapore | 2,071,186 | — | — | 2,071,186 |
Spain | 1,774,715 | — | — | 1,774,715 |
Sweden | 2,143,967 | — | — | 2,143,967 |
Switzerland | 3,807,061 | — | — | 3,807,061 |
United Kingdom | 11,648,735 | — | — | 11,648,735 |
Preferred Stocks | 2,230,677 | — | — | 2,230,677 |
Short-Term Investments (a) | 700,441 | — | — | 700,441 |
Total | $84,360,193 | $ — | $ — | $84,360,193 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 7 |
Assets | |
Investments in non-affiliated securities, at value (cost $69,035,098) — including $342,540 of securities loaned | $ 83,659,752 |
Investment in DWS Government & Agency Securities Portfolio (cost $354,650)* | 354,650 |
Investment in DWS Central Cash Management Government Fund (cost $345,791) | 345,791 |
Foreign currency, at value (cost $5,338) | 7,062 |
Receivable for Fund shares sold | 7,550 |
Dividends receivable | 215,651 |
Interest receivable | 1,428 |
Foreign taxes recoverable | 261,469 |
Other assets | 846 |
Total assets | 84,854,199 |
Liabilities | |
Payable upon return of securities loaned | 354,650 |
Payable for Fund shares redeemed | 37,866 |
Accrued management fee | 42,408 |
Accrued Trustees' fees | 789 |
Other accrued expenses and payables | 71,283 |
Total liabilities | 506,996 |
Net assets, at value | $ 84,347,203 |
Net Assets Consist of | |
Distributable earnings (loss) | (17,406,906) |
Paid-in capital | 101,754,109 |
Net assets, at value | $ 84,347,203 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($83,962,119 ÷ 10,892,829 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 7.71 |
Class B | |
Net Asset Value, offering and redemption price per share ($385,084 ÷ 49,795 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 7.73 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $156,029) | $ 1,771,576 |
Income distributions — DWS Central Cash Management Government Fund | 66 |
Securities lending income, net of borrower rebates | 9,781 |
Total income | 1,781,423 |
Expenses: | |
Management fee | 268,108 |
Administration fee | 40,010 |
Services to shareholders | 1,918 |
Distribution service fee (Class B) | 466 |
Custodian fee | 7,812 |
Professional fees | 39,489 |
Reports to shareholders | 22,652 |
Trustees' fees and expenses | 2,263 |
Other | 5,503 |
Total expenses before expense reductions | 388,221 |
Expense reductions | (27,467) |
Total expenses after expense reductions | 360,754 |
Net investment income | 1,420,669 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 3,880,157 |
Foreign currency | (3,374) |
3,876,783 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 1,822,870 |
Foreign currency | (21,435) |
1,801,435 | |
Net gain (loss) | 5,678,218 |
Net increase (decrease) in net assets resulting from operations | $ 7,098,887 |
8 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 |
Operations: | ||
Net investment income | $ 1,420,669 | $ 1,344,811 |
Net realized gain (loss) | 3,876,783 | (5,460,872) |
Change in net unrealized appreciation (depreciation) | 1,801,435 | 5,820,367 |
Net increase (decrease) in net assets resulting from operations | 7,098,887 | 1,704,306 |
Distributions to shareholders: | ||
Class A | (2,001,186) | (2,471,928) |
Class B | (8,123) | (9,620) |
Total distributions | (2,009,309) | (2,481,548) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 2,233,529 | 3,807,686 |
Reinvestment of distributions | 2,001,186 | 2,471,928 |
Payments for shares redeemed | (4,368,158) | (7,817,535) |
Net increase (decrease) in net assets from Class A share transactions | (133,443) | (1,537,921) |
Class B | ||
Proceeds from shares sold | 12,346 | 32,846 |
Reinvestment of distributions | 8,123 | 9,620 |
Payments for shares redeemed | (16,800) | (17,279) |
Net increase (decrease) in net assets from Class B share transactions | 3,669 | 25,187 |
Increase (decrease) in net assets | 4,959,804 | (2,289,976) |
Net assets at beginning of period | 79,387,399 | 81,677,375 |
Net assets at end of period | $84,347,203 | $79,387,399 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 10,909,190 | 11,073,845 |
Shares sold | 293,334 | 608,760 |
Shares issued to shareholders in reinvestment of distributions | 263,661 | 453,565 |
Shares redeemed | (573,356) | (1,226,980) |
Net increase (decrease) in Class A shares | (16,361) | (164,655) |
Shares outstanding at end of period | 10,892,829 | 10,909,190 |
Class B | ||
Shares outstanding at beginning of period | 49,324 | 45,067 |
Shares sold | 1,638 | 5,148 |
Shares issued to shareholders in reinvestment of distributions | 1,066 | 1,759 |
Shares redeemed | (2,233) | (2,650) |
Net increase (decrease) in Class B shares | 471 | 4,257 |
Shares outstanding at end of period | 49,795 | 49,324 |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 9 |
DWS CROCI® International VIP — Class A | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $7.24 | $7.35 | $6.22 | $7.34 | $6.47 | $7.15 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .13 | .12 | .22 | .20 | .16 | .16 |
Net realized and unrealized gain (loss) | .53 | .00 * | 1.11 | (1.25) | 1.21 | (.13) |
Total from investment operations | .66 | .12 | 1.33 | (1.05) | 1.37 | .03 |
Less distributions from: | ||||||
Net investment income | (.19) | (.23) | (.20) | (.07) | (.50) | (.71) |
Net asset value, end of period | $7.71 | $7.24 | $7.35 | $6.22 | $7.34 | $6.47 |
Total Return (%)b | 9.10 ** | 2.61 | 21.77 | (14.39) | 21.96 | .74 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 84 | 79 | 81 | 72 | 92 | 94 |
Ratio of expenses before expense reductions (%)c | .94 *** | .99 | 1.11 | 1.13 | 1.10 | 1.12 |
Ratio of expenses after expense reductions (%)c | .87 *** | .87 | .87 | .87 | .84 | .84 |
Ratio of net investment income (%) | 3.45 *** | 1.88 | 3.22 | 2.78 | 2.24 | 2.46 |
Portfolio turnover rate (%) | 32 ** | 67 | 101 | 59 | 73 | 67 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
10 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
DWS CROCI® International VIP — Class B | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $7.26 | $7.36 | $6.24 | $7.36 | $6.48 | $7.16 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .12 | .10 | .20 | .18 | .13 | .14 |
Net realized and unrealized gain (loss) | .52 | .01 | 1.11 | (1.24) | 1.23 | (.13) |
Total from investment operations | .64 | .11 | 1.31 | (1.06) | 1.36 | .01 |
Less distributions from: | ||||||
Net investment income | (.17) | (.21) | (.19) | (.06) | (.48) | (.69) |
Net asset value, end of period | $7.73 | $7.26 | $7.36 | $6.24 | $7.36 | $6.48 |
Total Return (%)b | 8.80 * | 2.49 | 21.24 | (14.57) | 21.76 | .48 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | .39 | .36 | .33 | .28 | .33 | .27 |
Ratio of expenses before expense reductions (%)c | 1.22 ** | 1.27 | 1.39 | 1.41 | 1.38 | 1.40 |
Ratio of expenses after expense reductions (%)c | 1.12 ** | 1.12 | 1.12 | 1.12 | 1.09 | 1.10 |
Ratio of net investment income (%) | 3.20 ** | 1.62 | 2.96 | 2.54 | 1.86 | 2.18 |
Portfolio turnover rate (%) | 32 * | 67 | 101 | 59 | 73 | 67 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 11 |
Notes to Financial Statements | (Unaudited) |
A. Organization and Significant Accounting Policies |
12 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 13 |
B. | Purchases and Sales of Securities |
C. | Related Parties |
First $500 million of average daily net assets | .650% |
Over $500 million of average daily net assets | .600% |
14 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Class A | .87% |
Class B | 1.12% |
Class A | .88% | |
Class B | 1.13% |
Class A | $ 27,296 |
Class B | 171 |
$ 27,467 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2021 |
Class A | $ 388 | $ 127 |
Class B | 49 | 15 |
$ 437 | $ 142 |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 15 |
D. | Ownership of the Fund |
E. | Line of Credit |
F. | Other — COVID-19 Pandemic |
16 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Information About Your Fund’s Expenses | (Unaudited) |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,091.00 | $ 1,088.00 |
Expenses Paid per $1,000* | $ 4.51 | $ 5.80 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,020.48 | $ 1,019.24 |
Expenses Paid per $1,000* | $ 4.36 | $ 5.61 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | .87% | 1.12% |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 17 |
18 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
— | During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees"). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 19 |
20 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 21 |
3 | Performance Summary |
4 | Portfolio Summary |
4 | Portfolio Management Team |
5 | Investment Portfolio |
9 | Statement of Assets and Liabilities |
9 | Statement of Operations |
10 | Statements of Changes in Net Assets |
11 | Financial Highlights |
13 | Notes to Financial Statements |
18 | Information About Your Fund's Expenses |
19 | Liquidity Risk Management |
19 | Proxy Voting |
20 | Advisory Agreement Board Considerations and Fee Evaluation |
2 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Performance Summary | June 30, 2021 (Unaudited) |
Comparative Results | |||||||
DWS Global Small Cap VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $11,224 | $14,841 | $12,509 | $16,460 | $20,175 | |
Average annual total return | 12.24% | 48.41% | 7.75% | 10.48% | 7.27% | ||
S&P Developed SmallCap Index | Growth of $10,000 | $11,478 | $15,264 | $14,168 | $19,611 | $27,505 | |
Average annual total return | 14.78% | 52.64% | 12.32% | 14.42% | 10.65% | ||
DWS Global Small Cap VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $11,211 | $14,796 | $12,400 | $16,237 | $19,643 | |
Average annual total return | 12.11% | 47.96% | 7.43% | 10.18% | 6.98% | ||
S&P Developed SmallCap Index | Growth of $10,000 | $11,478 | $15,264 | $14,168 | $19,611 | $27,505 | |
Average annual total return | 14.78% | 52.64% | 12.32% | 14.42% | 10.65% | ||
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/21 | 12/31/20 |
Common Stocks | 98% | 94% |
Cash Equivalents | 2% | 4% |
Exchange-Traded Funds | — | 2% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
Industrials | 19% | 21% |
Information Technology | 16% | 19% |
Consumer Discretionary | 13% | 13% |
Financials | 13% | 10% |
Health Care | 12% | 16% |
Real Estate | 8% | 8% |
Materials | 7% | 6% |
Communication Services | 3% | 3% |
Consumer Staples | 3% | 3% |
Utilities | 3% | 0% |
Energy | 3% | 1% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
United States | 58% | 61% |
Japan | 7% | 10% |
United Kingdom | 6% | 5% |
Canada | 4% | 3% |
Sweden | 3% | 2% |
Germany | 3% | 3% |
France | 3% | 2% |
Italy | 2% | 2% |
Korea | 2% | 1% |
Spain | 2% | 2% |
Austria | 2% | 2% |
Ireland | 2% | 2% |
Luxembourg | 1% | 2% |
Other | 5% | 3% |
100% | 100% |
4 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 98.2% | |||
Austria 1.7% | |||
Wienerberger AG (Cost $921,227) | 36,328 | 1,399,968 | |
Belgium 0.4% | |||
Euronav NV (Cost $313,840) | 37,166 | 345,506 | |
Bermuda 0.9% | |||
Lazard Ltd. "A" (a) (Cost $345,986) | 16,265 | 735,991 | |
Canada 3.9% | |||
First Quantum Minerals Ltd. | 35,275 | 813,010 | |
Linamar Corp. | 14,424 | 904,700 | |
Pan American Silver Corp. | 16,342 | 466,688 | |
Quebecor, Inc. "B" | 39,795 | 1,061,328 | |
(Cost $2,173,478) | 3,245,726 | ||
France 2.5% | |||
Alten SA | 3,084 | 408,837 | |
Rubis SCA (b) | 7,967 | 354,163 | |
SPIE SA | 44,518 | 1,024,072 | |
Television Francaise 1 | 29,700 | 300,223 | |
(Cost $2,069,493) | 2,087,295 | ||
Germany 3.0% | |||
Deutz AG* | 88,069 | 712,198 | |
PATRIZIA AG | 41,336 | 1,078,312 | |
United Internet AG (Registered) | 16,617 | 679,380 | |
(Cost $1,143,291) | 2,469,890 | ||
India 0.7% | |||
WNS Holdings Ltd. (ADR)* (b) (Cost $193,879) | 7,251 | 579,137 | |
Ireland 1.5% | |||
Avadel Pharmaceuticals PLC (ADR)* (b) | 36,283 | 244,185 | |
Dalata Hotel Group PLC* | 129,550 | 589,109 | |
Ryanair Holdings PLC* | 21,445 | 405,837 | |
(Cost $1,018,531) | 1,239,131 | ||
Italy 2.2% | |||
Buzzi Unicem SpA | 42,400 | 1,124,670 | |
Moncler SpA | 10,050 | 679,972 | |
(Cost $1,171,603) | 1,804,642 | ||
Japan 7.1% | |||
Ai Holdings Corp. | 41,617 | 820,390 | |
Anicom Holdings, Inc. | 76,900 | 615,366 | |
BML, Inc. | 15,900 | 542,428 | |
Kusuri No Aoki Holdings Co., Ltd. | 12,158 | 886,447 | |
Optex Group Co., Ltd. | 17,000 | 284,009 | |
Sawai Group Holdings Co. Ltd. | 12,600 | 561,411 | |
Topcon Corp. | 23,400 | 349,225 | |
UT Group Co., Ltd. | 31,024 | 904,791 |
Shares | Value ($) | ||
Zenkoku Hosho Co., Ltd. | 22,400 | 962,780 | |
(Cost $3,715,656) | 5,926,847 | ||
Korea 2.0% | |||
Hanmi Semiconductor Co. Ltd. | 8,039 | 241,638 | |
i-SENS, Inc. | 17,591 | 475,643 | |
Seah Besteel Corp. | 33,022 | 929,536 | |
(Cost $1,294,248) | 1,646,817 | ||
Luxembourg 1.3% | |||
B&M European Value Retail SA (Cost $571,241) | 132,015 | 1,046,757 | |
Netherlands 0.4% | |||
Boskalis Westminster (Cost $325,687) | 9,986 | 320,415 | |
Norway 0.3% | |||
Fjordkraft Holding ASA 144A (Cost $371,495) | 43,142 | 256,292 | |
Portugal 0.3% | |||
REN - Redes Energeticas Nacionais SGPS SA (Cost $261,325) | 92,222 | 255,884 | |
Puerto Rico 0.6% | |||
Popular, Inc. (Cost $463,903) | 6,166 | 462,758 | |
Singapore 0.4% | |||
BW LPG, Ltd. 144A (Cost $336,865) | 54,731 | 353,425 | |
Spain 2.0% | |||
Fluidra SA | 28,658 | 1,136,672 | |
Talgo SA 144A* | 88,107 | 498,336 | |
(Cost $905,242) | 1,635,008 | ||
Sweden 3.2% | |||
Dometic Group AB 144A | 22,461 | 382,525 | |
Fingerprint Cards AB "B"* | 52,853 | 201,701 | |
MIPS AB | 7,101 | 610,689 | |
Nobina AB 144A | 129,243 | 1,173,413 | |
Ratos AB "B" | 55,297 | 335,345 | |
(Cost $1,693,797) | 2,703,673 | ||
Switzerland 1.2% | |||
Julius Baer Group Ltd. | 7,222 | 471,294 | |
Landis & Gyr Group AG | 7,698 | 537,466 | |
(Cost $1,055,900) | 1,008,760 | ||
United Kingdom 5.4% | |||
Arrow Global Group PLC* | 95,792 | 404,815 | |
Clinigen Group PLC | 44,130 | 377,869 | |
Domino's Pizza Group PLC | 106,754 | 573,856 | |
Drax Group PLC | 108,643 | 637,513 | |
Electrocomponents PLC | 90,511 | 1,288,348 | |
Genus PLC | 2,882 | 197,739 | |
Johnson Service Group PLC* | 265,435 | 644,027 |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 5 |
Shares | Value ($) | ||
Micro Focus International PLC | 51,527 | 389,887 | |
(Cost $2,938,917) | 4,514,054 | ||
United States 57.2% | |||
Advanced Drainage Systems, Inc. | 3,618 | 421,750 | |
Affiliated Managers Group, Inc. | 4,203 | 648,145 | |
Agilysys, Inc.* | 9,370 | 532,872 | |
Alcoa Corp.* | 9,747 | 359,079 | |
AMC Entertainment Holdings, Inc. "A"* (b) | 12,931 | 732,929 | |
Americold Realty Trust (REIT) | 21,223 | 803,291 | |
Amicus Therapeutics, Inc.* | 29,421 | 283,618 | |
Anika Therapeutics, Inc.* | 7,283 | 315,281 | |
Arena Pharmaceuticals, Inc.* | 8,863 | 604,457 | |
AZEK Co., Inc.* | 5,092 | 216,206 | |
Builders FirstSource, Inc.* (b) | 28,748 | 1,226,390 | |
Casey's General Stores, Inc. | 6,443 | 1,254,065 | |
Cleveland-Cliffs, Inc.* (b) | 46,669 | 1,006,184 | |
CMC Materials, Inc. | 4,593 | 692,349 | |
Contango Oil & Gas Co.* (b) | 177,463 | 766,640 | |
Cornerstone OnDemand, Inc.* | 11,453 | 590,746 | |
Dril-Quip, Inc.* | 16,812 | 568,750 | |
Ducommun, Inc.* | 26,358 | 1,438,092 | |
Eastern Bankshares, Inc. | 14,226 | 292,629 | |
EastGroup Properties, Inc. (REIT) | 4,274 | 702,859 | |
Envestnet, Inc.* (b) | 9,595 | 727,877 | |
Essential Properties Realty Trust, Inc. (REIT) | 24,757 | 669,429 | |
First Financial Bankshares, Inc. | 4,076 | 200,254 | |
Five9, Inc.* | 8,715 | 1,598,244 | |
FNB Corp. (b) | 30,449 | 375,436 | |
Four Corners Property Trust, Inc. (REIT) | 27,967 | 772,169 | |
Fox Factory Holding Corp.* | 10,660 | 1,659,336 | |
Green Dot Corp. "A"* | 6,498 | 304,431 | |
Heron Therapeutics, Inc.* (b) | 22,446 | 348,362 | |
Hillenbrand, Inc. | 10,258 | 452,173 | |
Hudson Pacific Properties, Inc. (REIT) | 8,486 | 236,081 | |
Hyster-Yale Materials Handling, Inc. (b) | 5,590 | 407,958 | |
iRhythm Technologies, Inc.* | 3,824 | 253,722 | |
Jack in the Box, Inc. (b) | 6,611 | 736,730 | |
Jefferies Financial Group, Inc. | 35,036 | 1,198,231 | |
LivePerson, Inc.* | 5,940 | 375,646 | |
Lumentum Holdings, Inc.* | 8,748 | 717,598 | |
Marvell Technology, Inc. | 24,136 | 1,407,851 | |
Masonite International Corp.* | 7,831 | 875,427 | |
ModivCare, Inc.* (b) | 10,032 | 1,706,196 | |
Molina Healthcare, Inc.* | 4,393 | 1,111,693 | |
Multiplan Corp.* (b) | 35,599 | 338,902 | |
National Storage Affiliates Trust (REIT) | 15,303 | 773,720 |
Shares | Value ($) | ||
Novavax, Inc.* (b) | 1,412 | 299,782 | |
Option Care Health, Inc.* | 29,553 | 646,324 | |
Outset Medical, Inc.* (b) | 6,295 | 314,624 | |
Pacira BioSciences, Inc.* | 15,060 | 913,841 | |
Physicians Realty Trust (REIT) | 38,643 | 713,736 | |
QAD, Inc. "A" (b) | 8,600 | 748,372 | |
QTS Realty Trust, Inc. "A", (REIT) | 10,438 | 806,857 | |
Rush Enterprises, Inc. "A" | 31,808 | 1,375,356 | |
SJW Group | 9,094 | 575,650 | |
South State Corp. | 12,286 | 1,004,503 | |
Spectrum Brands Holdings, Inc. | 3,735 | 317,624 | |
Synovus Financial Corp. | 26,456 | 1,160,889 | |
Tandem Diabetes Care, Inc.* | 3,297 | 321,128 | |
Tenneco, Inc. "A"* | 28,693 | 554,349 | |
Thermon Group Holdings, Inc.* (b) | 40,418 | 688,723 | |
TopBuild Corp.* | 6,338 | 1,253,530 | |
Translate Bio, Inc.* (b) | 10,019 | 275,923 | |
TriState Capital Holdings, Inc.* | 21,539 | 439,180 | |
Varonis Systems, Inc.* (b) | 21,580 | 1,243,440 | |
Vital Farms, Inc.* (b) | 12,874 | 256,965 | |
Vroom, Inc.* (b) | 8,106 | 339,317 | |
WEX, Inc.* | 2,214 | 429,295 | |
YETI Holdings, Inc.* | 16,616 | 1,525,681 | |
Zions Bancorp. NA | 12,982 | 686,229 | |
(Cost $27,645,194) | 47,595,116 | ||
Total Common Stocks (Cost $50,930,798) | 81,633,092 | ||
Securities Lending Collateral 10.7% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (c) (d) (Cost $8,873,880) | 8,873,880 | 8,873,880 | |
Cash Equivalents 1.8% | |||
DWS Central Cash Management Government Fund, 0.02% (c) (Cost $1,530,984) | 1,530,984 | 1,530,984 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $61,335,662) | 110.7 | 92,037,956 | |
Other Assets and Liabilities, Net | (10.7) | (8,902,960) | |
Net Assets | 100.0 | 83,134,996 |
6 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2021 | Value ($) at 6/30/2021 |
Securities Lending Collateral 10.7% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (c) (d) | ||||||||
1,184,652 | 7,689,228 (e) | — | — | — | 9,161 | — | 8,873,880 | 8,873,880 |
Cash Equivalents 1.8% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (c) | ||||||||
3,011,728 | 6,450,481 | 7,931,225 | — | — | 284 | — | 1,530,984 | 1,530,984 |
4,196,380 | 14,139,709 | 7,931,225 | — | — | 9,445 | — | 10,404,864 | 10,404,864 |
* | 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 June 30, 2021 amounted to $9,188,460, which is 11.1% of net assets. |
(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $246,412. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021. |
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 |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 7 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Austria | $ 1,399,968 | $ — | $ — | $ 1,399,968 |
Belgium | 345,506 | — | — | 345,506 |
Bermuda | 735,991 | — | — | 735,991 |
Canada | 3,245,726 | — | — | 3,245,726 |
France | 2,087,295 | — | — | 2,087,295 |
Germany | 2,469,890 | — | — | 2,469,890 |
India | 579,137 | — | — | 579,137 |
Ireland | 1,239,131 | — | — | 1,239,131 |
Italy | 1,804,642 | — | — | 1,804,642 |
Japan | 5,926,847 | — | — | 5,926,847 |
Korea | 1,646,817 | — | — | 1,646,817 |
Luxembourg | 1,046,757 | — | — | 1,046,757 |
Netherlands | 320,415 | — | — | 320,415 |
Norway | 256,292 | — | — | 256,292 |
Portugal | 255,884 | — | — | 255,884 |
Puerto Rico | 462,758 | — | — | 462,758 |
Singapore | 353,425 | — | — | 353,425 |
Spain | 1,635,008 | — | — | 1,635,008 |
Sweden | 2,703,673 | — | — | 2,703,673 |
Switzerland | 1,008,760 | — | — | 1,008,760 |
United Kingdom | 4,514,054 | — | — | 4,514,054 |
United States | 47,595,116 | — | — | 47,595,116 |
Short-Term Investments (a) | 10,404,864 | — | — | 10,404,864 |
Total | $92,037,956 | $ — | $ — | $92,037,956 |
(a) | See Investment Portfolio for additional detailed categorizations. |
8 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Assets | |
Investments in non-affiliated securities, at value (cost $50,930,798) — including $9,188,460 of securities loaned | $ 81,633,092 |
Investment in DWS Government & Agency Securities Portfolio (cost $8,873,880)* | 8,873,880 |
Investment in DWS Central Cash Management Government Fund (cost $1,530,984) | 1,530,984 |
Foreign currency, at value (cost $28,130) | 27,504 |
Receivable for Fund shares sold | 1,342 |
Dividends receivable | 76,671 |
Interest receivable | 3,785 |
Foreign taxes recoverable | 36,916 |
Other assets | 742 |
Total assets | 92,184,916 |
Liabilities | |
Payable upon return of securities loaned | 8,873,880 |
Payable for Fund shares redeemed | 86,086 |
Accrued management fee | 34,843 |
Accrued Trustees' fees | 589 |
Other accrued expenses and payables | 54,522 |
Total liabilities | 9,049,920 |
Net assets, at value | $ 83,134,996 |
Net Assets Consist of | |
Distributable earnings (loss) | 35,938,282 |
Paid-in capital | 47,196,714 |
Net assets, at value | $ 83,134,996 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($80,399,435 ÷ 6,040,984 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.31 |
Class B | |
Net Asset Value, offering and redemption price per share ($2,735,561 ÷ 214,398 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 12.76 |
* | Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $246,412. |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $65,066) | $ 670,350 |
Income distributions — DWS Central Cash Management Government Fund | 284 |
Securities lending income, net of borrower rebates | 9,161 |
Total income | 679,795 |
Expenses: | |
Management fee | 323,899 |
Administration fee | 39,273 |
Services to shareholders | 1,807 |
Record keeping fee (Class B) | 377 |
Distribution service fee (Class B) | 3,346 |
Custodian fee | 4,433 |
Professional fees | 35,991 |
Reports to shareholders | 16,170 |
Trustees' fees and expenses | 2,142 |
Other | 7,207 |
Total expenses before expense reductions | 434,645 |
Expense reductions | (101,563) |
Total expenses after expense reductions | 333,082 |
Net investment income | 346,713 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 7,105,085 |
Foreign currency | 13,602 |
7,118,687 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 1,859,521 |
Foreign currency | (6,411) |
1,853,110 | |
Net gain (loss) | 8,971,797 |
Net increase (decrease) in net assets resulting from operations | $9,318,510 |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 9 |
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 |
Operations: | ||
Net investment income | $ 346,713 | $ 238,619 |
Net realized gain (loss) | 7,118,687 | (1,077,595) |
Change in net unrealized appreciation (depreciation) | 1,853,110 | 11,994,951 |
Net increase (decrease) in net assets resulting from operations | 9,318,510 | 11,155,975 |
Distributions to shareholders: | ||
Class A | (284,998) | (509,172) |
Class B | (1,897) | (12,523) |
Total distributions | (286,895) | (521,695) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,997,843 | 2,748,177 |
Reinvestment of distributions | 284,998 | 509,172 |
Payments for shares redeemed | (6,121,302) | (8,776,264) |
Net increase (decrease) in net assets from Class A share transactions | (3,838,461) | (5,518,915) |
Class B | ||
Proceeds from shares sold | 22,884 | 152,440 |
Reinvestment of distributions | 1,897 | 12,523 |
Payments for shares redeemed | (180,143) | (301,149) |
Net increase (decrease) in net assets from Class B share transactions | (155,362) | (136,186) |
Increase (decrease) in net assets | 5,037,792 | 4,979,179 |
Net assets at beginning of period | 78,097,204 | 73,118,025 |
Net assets at end of period | $83,134,996 | $78,097,204 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 6,344,768 | 6,910,961 |
Shares sold | 155,837 | 293,128 |
Shares issued to shareholders in reinvestment of distributions | 21,493 | 66,298 |
Shares redeemed | (481,114) | (925,619) |
Net increase (decrease) in Class A shares | (303,784) | (566,193) |
Shares outstanding at end of period | 6,040,984 | 6,344,768 |
Class B | ||
Shares outstanding at beginning of period | 227,196 | 238,523 |
Shares sold | 1,813 | 18,334 |
Shares issued to shareholders in reinvestment of distributions | 149 | 1,701 |
Shares redeemed | (14,760) | (31,362) |
Net increase (decrease) in Class B shares | (12,798) | (11,327) |
Shares outstanding at end of period | 214,398 | 227,196 |
10 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
DWS Global Small Cap VIP — Class A | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.90 | $10.24 | $8.91 | $12.90 | $11.78 | $13.17 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .06 | .04 | .05 | .02 | .00 * | .03 |
Net realized and unrealized gain (loss) | 1.40 | 1.70 | 1.82 | (2.32) | 2.21 | .15 |
Total from investment operations | 1.46 | 1.74 | 1.87 | (2.30) | 2.21 | .18 |
Less distributions from: | ||||||
Net investment income | (.05) | (.08) | — | (.04) | — | (.05) |
Net realized gains | — | — | (.54) | (1.65) | (1.09) | (1.52) |
Total distributions | (.05) | (.08) | (.54) | (1.69) | (1.09) | (1.57) |
Net asset value, end of period | $13.31 | $11.90 | $10.24 | $8.91 | $12.90 | $11.78 |
Total Return (%)b | 12.24 ** | 17.36 | 21.29 | (20.51) | 20.02 | 1.57 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 80 | 76 | 71 | 63 | 85 | 89 |
Ratio of expenses before expense reductions (%)c | 1.06 *** | 1.10 | 1.11 | 1.10 | 1.15 | 1.17 |
Ratio of expenses after expense reductions (%)c | .81 *** | .81 | .82 | .78 | .94 | 1.02 |
Ratio of net investment income (%) | .87 *** | .38 | .54 | .21 | .03 | .22 |
Portfolio turnover rate (%) | 18 ** | 9 | 23 | 32 | 42 | 41 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 11 |
DWS Global Small Cap VIP — Class B | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.39 | $9.81 | $8.57 | $12.47 | $11.45 | $12.85 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | .04 | .01 | .03 | (.01) | (.03) | (.03) |
Net realized and unrealized gain (loss) | 1.34 | 1.62 | 1.75 | (2.24) | 2.14 | .17 |
Total from investment operations | 1.38 | 1.63 | 1.78 | (2.25) | 2.11 | .14 |
Less distributions from: | ||||||
Net investment income | (.01) | (.05) | — | — | — | (.02) |
Net realized gains | — | — | (.54) | (1.65) | (1.09) | (1.52) |
Total distributions | (.01) | (.05) | (.54) | (1.65) | (1.09) | (1.54) |
Net asset value, end of period | $12.76 | $11.39 | $9.81 | $8.57 | $12.47 | $11.45 |
Total Return (%)b | 12.11 * | 16.94 | 21.08 | (20.74) | 19.60 | 1.34 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 3 | 3 | 2 | 2 | 3 | 3 |
Ratio of expenses before expense reductions (%)c | 1.35 ** | 1.39 | 1.40 | 1.39 | 1.44 | 1.47 |
Ratio of expenses after expense reductions (%)c | 1.09 ** | 1.09 | 1.09 | 1.06 | 1.22 | 1.30 |
Ratio of net investment income (loss) (%) | .58 ** | .10 | .27 | (.08) | (.26) | (.23) |
Portfolio turnover rate (%) | 18 * | 9 | 23 | 32 | 42 | 41 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
12 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 13 |
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $ 8,873,880 | $ — | $ — | $ 246,412 | $ 9,120,292 |
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | $ 9,120,292 |
14 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
B. | Purchases and Sales of Securities |
C. | Related Parties |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 15 |
Class A | .81% |
Class B | 1.09% |
Class A | .82% | |
Class B | 1.10% |
Class A | $ 98,146 |
Class B | 3,417 |
$ 101,563 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2021 |
Class A | $ 319 | $ 103 |
Class B | 98 | 37 |
$ 417 | $ 140 |
16 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
D. | Ownership of the Fund |
E. | Line of Credit |
F. | Other — COVID-19 Pandemic |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 17 |
Information About Your Fund’s Expenses | (Unaudited) |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,122.40 | $ 1,121.10 |
Expenses Paid per $1,000* | $ 4.26 | $ 5.73 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,020.78 | $ 1,019.39 |
Expenses Paid per $1,000* | $ 4.06 | $ 5.46 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | .81% | 1.09% |
18 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 19 |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
20 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 21 |
22 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
Not applicable. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable | |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable | |
ITEM 6. | SCHEDULE OF INVESTMENTS |
Not applicable | |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Deutsche DWS Variable Series I |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 8/13/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 8/13/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 8/13/2021 |