UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
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: | 12/31/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
3 | Performance Summary |
4 | Management Summary |
6 | Portfolio Summary |
7 | Investment Portfolio |
10 | Statement of Assets and Liabilities |
10 | Statement of Operations |
11 | Statements of Changes in Net Assets |
12 | Financial Highlights |
14 | Notes to Financial Statements |
19 | Report of Independent Registered Public Accounting Firm |
20 | Information About Your Fund's Expenses |
21 | Tax Information |
21 | Proxy Voting |
22 | Advisory Agreement Board Considerations and Fee Evaluation |
25 | Board Members and Officers |
2 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Performance Summary | December 31, 2021 (Unaudited) |
Comparative Results | ||||||
DWS Capital Growth VIP | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $12,278 | $23,411 | $29,096 | $58,156 | |
Average annual total return | 22.78% | 32.78% | 23.81% | 19.25% | ||
Russell 1000® Growth Index | Growth of $10,000 | $12,760 | $24,102 | $30,908 | $60,825 | |
Average annual total return | 27.60% | 34.08% | 25.32% | 19.79% | ||
DWS Capital Growth VIP | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $12,246 | $23,233 | $28,718 | $56,554 | |
Average annual total return | 22.46% | 32.45% | 23.49% | 18.92% | ||
Russell 1000® Growth Index | Growth of $10,000 | $12,760 | $24,102 | $30,908 | $60,825 | |
Average annual total return | 27.60% | 34.08% | 25.32% | 19.79% | ||
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 3 |
Management Summary | December 31, 2021 (Unaudited) |
4 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 5 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/21 | 12/31/20 |
Common Stocks | 99% | 99% |
Cash Equivalents | 1% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/21 | 12/31/20 |
Information Technology | 45% | 43% |
Consumer Discretionary | 13% | 14% |
Communication Services | 12% | 13% |
Health Care | 12% | 11% |
Industrials | 8% | 8% |
Financials | 5% | 5% |
Consumer Staples | 2% | 3% |
Real Estate | 2% | 2% |
Materials | 1% | 1% |
100% | 100% |
6 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Investment Portfolio | as of December 31, 2021 |
Shares | Value ($) | ||
Common Stocks 99.2% | |||
Communication Services 12.2% | |||
Entertainment 4.4% | |||
Activision Blizzard, Inc. | 123,833 | 8,238,610 | |
Live Nation Entertainment, Inc.* (a) | 81,754 | 9,785,136 | |
Netflix, Inc.* | 24,481 | 14,748,334 | |
Roku, Inc.* (a) | 16,181 | 3,692,504 | |
Spotify Technology SA* | 44,499 | 10,414,101 | |
Walt Disney Co.* | 51,500 | 7,976,835 | |
54,855,520 | |||
Interactive Media & Services 7.0% | |||
Alphabet, Inc. "A"* | 10,418 | 30,181,363 | |
Alphabet, Inc. "C"* | 11,165 | 32,306,932 | |
Match Group, Inc.* | 85,513 | 11,309,094 | |
Meta Platforms, Inc. "A"* | 36,152 | 12,159,725 | |
85,957,114 | |||
Wireless Telecommunication Services 0.8% | |||
T-Mobile U.S., Inc.* | 83,120 | 9,640,258 | |
Consumer Discretionary 13.3% | |||
Diversified Consumer Services 1.0% | |||
Chegg, Inc.* | 104,938 | 3,221,597 | |
Terminix Global Holdings, Inc.* | 203,319 | 9,196,118 | |
12,417,715 | |||
Hotels, Restaurants & Leisure 1.2% | |||
DraftKings, Inc. "A"* | 58,788 | 1,614,907 | |
McDonald's Corp. | 25,474 | 6,828,815 | |
Planet Fitness, Inc. "A"* | 74,121 | 6,713,880 | |
15,157,602 | |||
Internet & Direct Marketing Retail 4.6% | |||
Amazon.com, Inc.* | 16,939 | 56,480,385 | |
Multiline Retail 0.5% | |||
Dollar General Corp. | 27,127 | 6,397,360 | |
Specialty Retail 4.3% | |||
Burlington Stores, Inc.* | 34,470 | 10,048,350 | |
CarMax, Inc.* | 85,883 | 11,184,543 | |
Home Depot, Inc. | 76,044 | 31,559,020 | |
52,791,913 | |||
Textiles, Apparel & Luxury Goods 1.7% | |||
Lululemon Athletica, Inc.* | 32,122 | 12,574,157 | |
NIKE, Inc. "B" | 51,033 | 8,505,670 | |
21,079,827 | |||
Consumer Staples 2.1% | |||
Food & Staples Retailing 1.4% | |||
Costco Wholesale Corp. | 29,511 | 16,753,395 |
Shares | Value ($) | ||
Personal Products 0.7% | |||
Estee Lauder Companies, Inc. "A" | 23,760 | 8,795,952 | |
Financials 4.6% | |||
Capital Markets 1.4% | |||
Intercontinental Exchange, Inc. | 127,366 | 17,419,848 | |
Consumer Finance 1.0% | |||
American Express Co. | 39,592 | 6,477,251 | |
SoFi Technologies, Inc.* (a) | 405,021 | 6,403,382 | |
12,880,633 | |||
Insurance 2.2% | |||
Progressive Corp. | 259,630 | 26,651,019 | |
Health Care 11.6% | |||
Biotechnology 0.3% | |||
Exact Sciences Corp.* | 47,474 | 3,694,901 | |
Health Care Equipment & Supplies 5.1% | |||
Danaher Corp. | 73,932 | 24,324,367 | |
DexCom, Inc.* | 37,233 | 19,992,259 | |
Hologic, Inc.* | 180,969 | 13,854,987 | |
The Cooper Companies, Inc. | 11,136 | 4,665,316 | |
62,836,929 | |||
Health Care Providers & Services 0.5% | |||
agilon health, Inc.* (a) | 223,337 | 6,030,099 | |
Life Sciences Tools & Services 4.2% | |||
Charles River Laboratories International, Inc.* | 28,724 | 10,822,629 | |
Thermo Fisher Scientific, Inc. | 61,680 | 41,155,363 | |
51,977,992 | |||
Pharmaceuticals 1.5% | |||
Zoetis, Inc. | 72,291 | 17,641,173 | |
Industrials 8.2% | |||
Aerospace & Defense 0.3% | |||
TransDigm Group, Inc.* | 6,313 | 4,016,836 | |
Building Products 0.7% | |||
Trex Co., Inc.* | 62,422 | 8,428,843 | |
Electrical Equipment 2.4% | |||
AMETEK, Inc. | 118,449 | 17,416,741 | |
Generac Holdings, Inc.* | 34,645 | 12,192,268 | |
29,609,009 | |||
Industrial Conglomerates 0.8% | |||
Roper Technologies, Inc. | 19,327 | 9,506,178 | |
Machinery 0.4% | |||
Deere & Co. | 14,643 | 5,020,938 |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 7 |
Shares | Value ($) | ||
Professional Services 2.6% | |||
TransUnion | 154,130 | 18,276,736 | |
Verisk Analytics, Inc. | 57,140 | 13,069,632 | |
31,346,368 | |||
Road & Rail 1.0% | |||
Norfolk Southern Corp. | 26,725 | 7,956,300 | |
Uber Technologies, Inc.* | 111,123 | 4,659,387 | |
12,615,687 | |||
Information Technology 44.4% | |||
IT Services 6.8% | |||
Cloudflare, Inc. "A"* | 48,580 | 6,388,270 | |
Fiserv, Inc.* (a) | 85,955 | 8,921,270 | |
Global Payments, Inc. | 75,418 | 10,195,005 | |
Mastercard, Inc. "A" | 68,287 | 24,536,885 | |
PayPal Holdings, Inc.* | 42,821 | 8,075,184 | |
Twilio, Inc. "A"* | 43,868 | 11,552,199 | |
Visa, Inc. "A" (a) | 64,097 | 13,890,461 | |
83,559,274 | |||
Semiconductors & Semiconductor Equipment 7.7% | |||
Advanced Micro Devices, Inc.* | 110,348 | 15,879,077 | |
Analog Devices, Inc. | 71,165 | 12,508,672 | |
Applied Materials, Inc. | 92,586 | 14,569,333 | |
MKS Instruments, Inc. | 39,899 | 6,949,209 | |
NVIDIA Corp. | 149,965 | 44,106,206 | |
94,012,497 | |||
Software 20.0% | |||
Adobe, Inc.* | 41,965 | 23,796,673 | |
Avalara, Inc.* | 40,397 | 5,215,657 | |
DocuSign, Inc.* | 31,220 | 4,755,118 | |
Dynatrace, Inc.* | 121,302 | 7,320,576 | |
Five9, Inc.* | 50,518 | 6,937,132 | |
Intuit, Inc. | 27,880 | 17,932,974 | |
Microsoft Corp. | 359,466 | 120,895,605 | |
RingCentral, Inc. "A"* | 24,969 | 4,677,942 | |
salesforce.com, Inc.* | 66,006 | 16,774,105 | |
ServiceNow, Inc.* | 30,467 | 19,776,434 | |
Synopsys, Inc.* | 50,391 | 18,569,083 | |
246,651,299 |
Shares | Value ($) | ||
Technology Hardware, Storage & Peripherals 9.9% | |||
Apple, Inc. | 688,004 | 122,168,870 | |
Materials 1.1% | |||
Chemicals 0.5% | |||
Ecolab, Inc. | 26,815 | 6,290,531 | |
Construction Materials 0.6% | |||
Vulcan Materials Co. | 34,695 | 7,201,988 | |
Real Estate 1.7% | |||
Equity Real Estate Investment Trusts (REITs) | |||
Equinix, Inc. | 10,683 | 9,036,109 | |
Prologis, Inc. | 69,783 | 11,748,666 | |
20,784,775 | |||
Total Common Stocks (Cost $403,700,844) | 1,220,672,728 | ||
Securities Lending Collateral 2.7% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $33,665,520) | 33,665,520 | 33,665,520 | |
Cash Equivalents 1.0% | |||
DWS Central Cash Management Government Fund, 0.05% (b) (Cost $12,375,306) | 12,375,306 | 12,375,306 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $449,741,670) | 102.9 | 1,266,713,554 | |
Other Assets and Liabilities, Net | (2.9) | (35,433,933) | |
Net Assets | 100.0 | 1,231,279,621 |
8 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Value ($) 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 12/31/2021 | Value ($) at 12/31/2021 |
Securities Lending Collateral 2.7% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
60,706,321 | — | 27,040,801 (d) | — | — | 18,795 | — | 33,665,520 | 33,665,520 |
Cash Equivalents 1.0% | ||||||||
DWS Central Cash Management Government Fund, 0.05% (b) | ||||||||
5,792,769 | 142,250,083 | 135,667,546 | — | — | 1,772 | — | 12,375,306 | 12,375,306 |
66,499,090 | 142,250,083 | 162,708,347 | — | — | 20,567 | — | 46,040,826 | 46,040,826 |
* | 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 December 31, 2021 amounted to $32,645,098, which is 2.7% 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 year ended December 31, 2021. |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $ 1,220,672,728 | $ — | $ — | $ 1,220,672,728 |
Short-Term Investments (a) | 46,040,826 | — | — | 46,040,826 |
Total | $ 1,266,713,554 | $ — | $ — | $ 1,266,713,554 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 9 |
Statement of Assets and Liabilities |
Assets | |
Investments in non-affiliated securities, at value (cost $403,700,844) — including $32,645,098 of securities loaned | $ 1,220,672,728 |
Investment in DWS Government & Agency Securities Portfolio (cost $33,665,520)* | 33,665,520 |
Investment in DWS Central Cash Management Government Fund (cost $12,375,306) | 12,375,306 |
Receivable for Fund shares sold | 1,769 |
Dividends receivable | 67,129 |
Interest receivable | 1,923 |
Other assets | 24,676 |
Total assets | 1,266,809,051 |
Liabilities | |
Payable upon return of securities loaned | 33,665,520 |
Payable for investments purchased | 776,448 |
Payable for Fund shares redeemed | 477,935 |
Accrued management fee | 378,553 |
Accrued Trustees' fees | 9,478 |
Other accrued expenses and payables | 221,496 |
Total liabilities | 35,529,430 |
Net assets, at value | $ 1,231,279,621 |
Net Assets Consist of | |
Distributable earnings (loss) | 966,984,229 |
Paid-in capital | 264,295,392 |
Net assets, at value | $ 1,231,279,621 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($1,224,828,240 ÷ 24,941,174 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $ 49.11 |
Class B | |
Net Asset Value, offering and redemption price per share ($6,451,381 ÷ 132,015 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $ 48.87 |
* | Represents collateral on securities loaned. |
Statement of Operations |
Investment Income | |
Income: | |
Dividends | $ 6,583,232 |
Income distributions — DWS Central Cash Management Government Fund | 1,772 |
Securities lending income, net of borrower rebates | 18,795 |
Total income | 6,603,799 |
Expenses: | |
Management fee | 4,320,877 |
Administration fee | 1,143,566 |
Services to shareholders | 1,890 |
Record keeping fee (Class B) | 468 |
Distribution service fee (Class B) | 15,506 |
Custodian fee | 15,738 |
Professional fees | 93,109 |
Reports to shareholders | 41,169 |
Trustees' fees and expenses | 34,945 |
Other | 55,129 |
Total expenses | 5,722,397 |
Net investment income | 881,402 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 149,545,914 |
Change in net unrealized appreciation (depreciation) on investments | 90,238,879 |
Net gain (loss) | 239,784,793 |
Net increase (decrease) in net assets resulting from operations | $240,666,195 |
10 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 881,402 | $ 2,413,174 |
Net realized gain (loss) | 149,545,914 | 62,781,949 |
Change in net unrealized appreciation (depreciation) | 90,238,879 | 260,409,153 |
Net increase (decrease) in net assets resulting from operations | 240,666,195 | 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 | 31,455,362 | 70,444,423 |
Reinvestment of distributions | 65,033,932 | 67,556,274 |
Payments for shares redeemed | (172,801,537) | (129,614,047) |
Net increase (decrease) in net assets from Class A share transactions | (76,312,243) | 8,386,650 |
Class B | ||
Proceeds from shares sold | 920,421 | 1,384,411 |
Reinvestment of distributions | 342,026 | 308,190 |
Payments for shares redeemed | (1,729,958) | (1,250,517) |
Net increase (decrease) in net assets from Class B share transactions | (467,511) | 442,084 |
Increase (decrease) in net assets | 98,510,483 | 266,568,546 |
Net assets at beginning of period | 1,132,769,138 | 866,200,592 |
Net assets at end of period | $1,231,279,621 | $1,132,769,138 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 26,599,512 | 25,934,145 |
Shares sold | 695,893 | 2,030,040 |
Shares issued to shareholders in reinvestment of distributions | 1,495,721 | 2,306,462 |
Shares redeemed | (3,849,952) | (3,671,135) |
Net increase (decrease) in Class A shares | (1,658,338) | 665,367 |
Shares outstanding at end of period | 24,941,174 | 26,599,512 |
Class B | ||
Shares outstanding at beginning of period | 141,745 | 127,162 |
Shares sold | 20,632 | 39,019 |
Shares issued to shareholders in reinvestment of distributions | 7,890 | 10,547 |
Shares redeemed | (38,252) | (34,983) |
Net increase (decrease) in Class B shares | (9,730) | 14,583 |
Shares outstanding at end of period | 132,015 | 141,745 |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 11 |
DWS Capital Growth VIP — Class A | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $42.36 | $33.24 | $27.27 | $30.86 | $26.70 |
Income (loss) from investment operations: | |||||
Net investment incomea | .03 | .09 | .17 | .14 | .20 |
Net realized and unrealized gain (loss) | 9.29 | 11.69 | 9.53 | (.53) | 6.47 |
Total from investment operations | 9.32 | 11.78 | 9.70 | (.39) | 6.67 |
Less distributions from: | |||||
Net investment income | (.10) | (.18) | (.14) | (.23) | (.22) |
Net realized gains | (2.47) | (2.48) | (3.59) | (2.97) | (2.29) |
Total distributions | (2.57) | (2.66) | (3.73) | (3.20) | (2.51) |
Net asset value, end of period | $49.11 | $42.36 | $33.24 | $27.27 | $30.86 |
Total Return (%) | 22.78 | 39.04 | 37.14 | (1.60) | 26.30 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1,225 | 1,127 | 862 | 725 | 776 |
Ratio of expenses (%)b | .48 | .49 | .50 | .50 | .50 |
Ratio of net investment income (%) | .08 | .25 | .55 | .46 | .70 |
Portfolio turnover rate (%) | 12 | 13 | 11 | 26 | 15 |
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. |
12 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
DWS Capital Growth VIP — Class B | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $42.18 | $33.10 | $27.16 | $30.75 | $26.61 |
Income (loss) from investment operations: | |||||
Net investment income (loss)a | (.08) | (.00) * | .09 | .07 | .13 |
Net realized and unrealized gain (loss) | 9.24 | 11.66 | 9.49 | (.54) | 6.44 |
Total from investment operations | 9.16 | 11.66 | 9.58 | (.47) | 6.57 |
Less distributions from: | |||||
Net investment income | — | (.10) | (.05) | (.15) | (.14) |
Net realized gains | (2.47) | (2.48) | (3.59) | (2.97) | (2.29) |
Total distributions | (2.47) | (2.58) | (3.64) | (3.12) | (2.43) |
Net asset value, end of period | $48.87 | $42.18 | $33.10 | $27.16 | $30.75 |
Total Return (%) | 22.46 | 38.70 | 36.79 | (1.87) | 25.96 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 6 | 6 | 4 | 3 | 6 |
Ratio of expenses (%)b | .75 | .75 | .76 | .76 | .75 |
Ratio of net investment income (loss) (%) | (.19) | (.01) | .29 | .21 | .45 |
Portfolio turnover rate (%) | 12 | 13 | 11 | 26 | 15 |
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. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 13 |
A. | Organization and Significant Accounting Policies |
14 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 15 |
Undistributed ordinary income* | $ 5,255,744 |
Undistributed long-term capital gains | $ 145,303,229 |
Net unrealized appreciation (depreciation) on investments | $ 816,425,256 |
Years Ended December 31, | ||
2021 | 2020 | |
Distributions from ordinary income* | $ 5,918,349 | $ 4,641,322 |
Distributions from long-term capital gains | $ 59,457,609 | $ 63,223,142 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
B. | Purchases and Sales of Securities |
C. | Related Parties |
16 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
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 | .75% |
Class B | 1.00% |
Class A | .74% | |
Class B | .99% |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2021 |
Class A | $ 1,072 | $ 183 |
Class B | 255 | 41 |
$ 1,327 | $ 224 |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 17 |
D. | Ownership of the Fund |
E. | Line of Credit |
F. | Other — COVID-19 Pandemic |
18 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 19 |
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 7/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 12/31/21 | $ 1,093.50 | $ 1,092.10 |
Expenses Paid per $1,000* | $ 2.53 | $ 3.90 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 7/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 12/31/21 | $ 1,022.79 | $ 1,021.48 |
Expenses Paid per $1,000* | $ 2.45 | $ 3.77 |
* | 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 184 (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 | .48% | .74% |
20 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Tax Information | (Unaudited) |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 21 |
— | 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. |
22 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 23 |
24 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 70 | — |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 70 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 70 | — |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 70 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 70 | — |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 25 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Chad D. Perry (1972)Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 21 4 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 70 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
Catherine Schrand (1964)Board Member or Advisory Board Member since 20213 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 21 4 | — |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 70 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette8 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally8 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
26 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson8 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980)Anti-Money Laundering Compliance Officer, since October 6, 2021 | DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. |
4 | Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 27 |
3 | Performance Summary |
4 | Management Summary |
6 | Portfolio Summary |
7 | Investment Portfolio |
11 | Statement of Assets and Liabilities |
11 | Statement of Operations |
12 | Statements of Changes in Net Assets |
13 | Financial Highlights |
15 | Notes to Financial Statements |
20 | Report of Independent Registered Public Accounting Firm |
21 | Information About Your Fund's Expenses |
22 | Tax Information |
22 | Proxy Voting |
23 | Advisory Agreement Board Considerations and Fee Evaluation |
26 | Board Members and Officers |
2 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Performance Summary | December 31, 2021 (Unaudited) |
Comparative Results | ||||||
DWS Core Equity VIP | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $12,530 | $18,961 | $21,642 | $44,754 | |
Average annual total return | 25.30% | 23.77% | 16.70% | 16.17% | ||
Russell 1000® Index | Growth of $10,000 | $12,645 | $20,103 | $23,293 | $46,224 | |
Average annual total return | 26.45% | 26.21% | 18.43% | 16.54% | ||
DWS Core Equity VIP | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $12,494 | $18,775 | $21,294 | $43,458 | |
Average annual total return | 24.94% | 23.37% | 16.32% | 15.83% | ||
Russell 1000® Index | Growth of $10,000 | $12,645 | $20,103 | $23,293 | $46,224 | |
Average annual total return | 26.45% | 26.21% | 18.43% | 16.54% | ||
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 3 |
Management Summary | December 31, 2021 (Unaudited) |
4 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
* | Not held at December 31, 2021 |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 5 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/21 | 12/31/20 |
Common Stocks | 99% | 99% |
Cash Equivalents | 1% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/21 | 12/31/20 |
Information Technology | 29% | 27% |
Health Care | 13% | 14% |
Consumer Discretionary | 13% | 13% |
Financials | 11% | 10% |
Industrials | 9% | 9% |
Communication Services | 9% | 11% |
Consumer Staples | 5% | 6% |
Real Estate | 4% | 3% |
Energy | 3% | 2% |
Utilities | 2% | 3% |
Materials | 2% | 2% |
100% | 100% |
6 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Investment Portfolio | as of December 31, 2021 |
Shares | Value ($) | ||
Common Stocks 99.2% | |||
Communication Services 8.6% | |||
Entertainment 2.6% | |||
Activision Blizzard, Inc. | 7,822 | 520,398 | |
Electronic Arts, Inc. | 3,228 | 425,773 | |
Netflix, Inc.* | 1,510 | 909,685 | |
Roku, Inc.* | 4,974 | 1,135,067 | |
Walt Disney Co.* | 1,598 | 247,514 | |
3,238,437 | |||
Interactive Media & Services 4.9% | |||
Alphabet, Inc. "A"* | 821 | 2,378,470 | |
Alphabet, Inc. "C"* | 1,299 | 3,758,773 | |
6,137,243 | |||
Wireless Telecommunication Services 1.1% | |||
T-Mobile U.S., Inc.* | 11,996 | 1,391,296 | |
Consumer Discretionary 13.1% | |||
Auto Components 1.1% | |||
BorgWarner, Inc. | 9,023 | 406,667 | |
Lear Corp. | 5,498 | 1,005,859 | |
1,412,526 | |||
Automobiles 0.5% | |||
Ford Motor Co. | 29,897 | 620,961 | |
Distributors 0.3% | |||
Pool Corp. | 602 | 340,732 | |
Diversified Consumer Services 1.0% | |||
Terminix Global Holdings, Inc.* | 26,269 | 1,188,147 | |
Hotels, Restaurants & Leisure 2.8% | |||
Churchill Downs, Inc. | 2,134 | 514,081 | |
Darden Restaurants, Inc. | 3,225 | 485,814 | |
Hilton Worldwide Holdings, Inc.* | 3,810 | 594,322 | |
Vail Resorts, Inc. | 1,325 | 434,467 | |
Wyndham Hotels & Resorts, Inc. | 15,894 | 1,424,897 | |
3,453,581 | |||
Household Durables 0.7% | |||
Mohawk Industries, Inc.* | 2,990 | 544,718 | |
Newell Brands, Inc. | 16,839 | 367,764 | |
912,482 | |||
Internet & Direct Marketing Retail 4.3% | |||
Amazon.com, Inc.* | 1,616 | 5,388,293 | |
Leisure Products 0.6% | |||
Peloton Interactive, Inc. "A"* (a) | 20,960 | 749,530 |
Shares | Value ($) | ||
Specialty Retail 0.6% | |||
Five Below, Inc.* | 2,023 | 418,539 | |
RH* | 680 | 364,439 | |
782,978 | |||
Textiles, Apparel & Luxury Goods 1.2% | |||
NIKE, Inc. "B" | 8,974 | 1,495,696 | |
Consumer Staples 5.3% | |||
Beverages 2.9% | |||
Coca-Cola Co. | 24,629 | 1,458,283 | |
PepsiCo, Inc. | 12,255 | 2,128,816 | |
3,587,099 | |||
Food & Staples Retailing 1.5% | |||
Beyond Meat, Inc.* (a) | 2,943 | 191,766 | |
Costco Wholesale Corp. | 1,819 | 1,032,646 | |
Kroger Co. | 13,302 | 602,049 | |
1,826,461 | |||
Personal Products 0.3% | |||
Estee Lauder Companies, Inc. "A" | 1,092 | 404,259 | |
Tobacco 0.6% | |||
Altria Group, Inc. | 15,524 | 735,682 | |
Energy 2.5% | |||
Oil, Gas & Consumable Fuels | |||
Cheniere Energy, Inc. | 4,254 | 431,441 | |
Devon Energy Corp. | 23,984 | 1,056,495 | |
Hess Corp. | 9,153 | 677,596 | |
Occidental Petroleum Corp. | 20,692 | 599,861 | |
Valero Energy Corp. | 4,552 | 341,901 | |
3,107,294 | |||
Financials 10.4% | |||
Banks 3.9% | |||
Bank of America Corp. | 21,201 | 943,232 | |
JPMorgan Chase & Co. | 18,573 | 2,941,035 | |
Wells Fargo & Co. | 20,800 | 997,984 | |
4,882,251 | |||
Capital Markets 4.8% | |||
Ameriprise Financial, Inc. | 3,639 | 1,097,740 | |
Apollo Global Management, Inc. (a) | 8,174 | 592,043 | |
Carlyle Group, Inc. | 18,030 | 989,847 | |
Intercontinental Exchange, Inc. | 3,921 | 536,275 | |
MSCI, Inc. | 2,809 | 1,721,046 | |
T. Rowe Price Group, Inc. | 3,175 | 624,332 | |
Tradeweb Markets, Inc. "A" | 4,191 | 419,687 | |
5,980,970 | |||
Insurance 1.7% | |||
Everest Re Group Ltd. | 1,692 | 463,473 |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 7 |
Shares | Value ($) | ||
Hartford Financial Services Group, Inc. | 6,686 | 461,601 | |
MetLife, Inc. | 18,281 | 1,142,380 | |
2,067,454 | |||
Health Care 13.3% | |||
Biotechnology 2.7% | |||
AbbVie, Inc. | 8,604 | 1,164,982 | |
Amgen, Inc. | 5,868 | 1,320,124 | |
Biogen, Inc.* | 3,363 | 806,851 | |
3,291,957 | |||
Health Care Equipment & Supplies 0.2% | |||
Danaher Corp. | 924 | 304,005 | |
Health Care Providers & Services 7.4% | |||
Anthem, Inc. | 6,133 | 2,842,891 | |
Centene Corp.* | 19,199 | 1,581,997 | |
Cigna Corp. | 1,354 | 310,919 | |
DaVita, Inc.* | 6,580 | 748,541 | |
HCA Healthcare, Inc. | 3,540 | 909,497 | |
McKesson Corp. | 5,928 | 1,473,523 | |
Molina Healthcare, Inc.* | 4,092 | 1,301,583 | |
9,168,951 | |||
Pharmaceuticals 3.0% | |||
AstraZeneca PLC (ADR) | 7,096 | 413,342 | |
Bristol-Myers Squibb Co. | 14,398 | 897,715 | |
Johnson & Johnson | 8,512 | 1,456,148 | |
Viatris, Inc. | 31,378 | 424,544 | |
Zoetis, Inc. | 2,278 | 555,901 | |
3,747,650 | |||
Industrials 8.9% | |||
Aerospace & Defense 2.1% | |||
Howmet Aerospace, Inc. | 20,987 | 668,016 | |
Raytheon Technologies Corp. | 4,421 | 380,472 | |
Textron, Inc. | 20,746 | 1,601,591 | |
2,650,079 | |||
Building Products 0.8% | |||
Owens Corning | 11,340 | 1,026,270 | |
Commercial Services & Supplies 2.3% | |||
Cintas Corp. | 955 | 423,227 | |
Republic Services, Inc. | 2,703 | 376,933 | |
Waste Management, Inc. | 12,674 | 2,115,291 | |
2,915,451 | |||
Electrical Equipment 0.4% | |||
Emerson Electric Co. | 4,917 | 457,133 | |
Industrial Conglomerates 0.3% | |||
3M Co. | 2,385 | 423,648 | |
Machinery 1.9% | |||
AGCO Corp. | 5,368 | 622,795 | |
Cummins, Inc. | 2,014 | 439,334 | |
Ingersoll Rand, Inc.* | 8,248 | 510,304 |
Shares | Value ($) | ||
Oshkosh Corp. | 2,656 | 299,358 | |
Parker-Hannifin Corp. | 1,443 | 459,047 | |
2,330,838 | |||
Professional Services 0.5% | |||
TransUnion | 2,526 | 299,533 | |
Verisk Analytics, Inc. | 1,354 | 309,701 | |
609,234 | |||
Road & Rail 0.6% | |||
Norfolk Southern Corp. | 2,347 | 698,725 | |
Information Technology 28.9% | |||
Communications Equipment 1.0% | |||
Cisco Systems, Inc. | 19,485 | 1,234,764 | |
IT Services 2.6% | |||
Accenture PLC "A" | 1,664 | 689,811 | |
DXC Technology Co.* | 15,590 | 501,842 | |
Visa, Inc. "A" (a) | 9,543 | 2,068,064 | |
3,259,717 | |||
Semiconductors & Semiconductor Equipment 5.6% | |||
Advanced Micro Devices, Inc.* | 9,003 | 1,295,532 | |
Intel Corp. | 27,893 | 1,436,489 | |
NVIDIA Corp. | 6,582 | 1,935,832 | |
QUALCOMM, Inc. | 12,349 | 2,258,262 | |
6,926,115 | |||
Software 11.4% | |||
Dynatrace, Inc.* | 8,953 | 540,314 | |
Intuit, Inc. | 725 | 466,335 | |
Microsoft Corp. | 27,493 | 9,246,446 | |
Oracle Corp. | 27,597 | 2,406,734 | |
salesforce.com, Inc.* | 3,438 | 873,699 | |
Synopsys, Inc.* | 1,813 | 668,090 | |
14,201,618 | |||
Technology Hardware, Storage & Peripherals 8.3% | |||
Apple, Inc. | 58,298 | 10,351,976 | |
Materials 2.3% | |||
Chemicals 1.3% | |||
DuPont de Nemours, Inc. | 5,824 | 470,463 | |
Linde PLC* | 1,635 | 566,413 | |
The Mosaic Co. | 13,946 | 547,938 | |
1,584,814 | |||
Metals & Mining 1.0% | |||
Arconic Corp.* | 17,289 | 570,710 | |
Newmont Corp. | 6,745 | 418,325 | |
United States Steel Corp. | 10,729 | 255,457 | |
1,244,492 | |||
Real Estate 3.6% | |||
Equity Real Estate Investment Trusts (REITs) | |||
AvalonBay Communities, Inc. | 5,215 | 1,317,257 |
8 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Shares | Value ($) | ||
Iron Mountain, Inc. | 29,868 | 1,562,992 | |
Prologis, Inc. | 9,709 | 1,634,607 | |
4,514,856 | |||
Utilities 2.3% | |||
Electric Utilities 0.7% | |||
NextEra Energy, Inc. | 9,752 | 910,447 | |
Multi-Utilities 0.6% | |||
Public Service Enterprise Group, Inc. | 10,514 | 701,599 | |
Water Utilities 1.0% | |||
American Water Works Co., Inc. | 6,628 | 1,251,764 | |
Total Common Stocks (Cost $67,650,972) | 123,509,475 | ||
Securities Lending Collateral 2.5% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $3,050,235) | 3,050,235 | 3,050,235 |
Shares | Value ($) | ||
Cash Equivalents 0.9% | |||
DWS Central Cash Management Government Fund, 0.05% (b) (Cost $1,168,134) | 1,168,134 | 1,168,134 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $71,869,341) | 102.6 | 127,727,844 | |
Other Assets and Liabilities, Net | (2.6) | (3,268,126) | |
Net Assets | 100.0 | 124,459,718 |
Value ($) 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 12/31/2021 | Value ($) at 12/31/2021 |
Securities Lending Collateral 2.5% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
3,846,941 | — | 796,706 (d) | — | — | 5,349 | — | 3,050,235 | 3,050,235 |
Cash Equivalents 0.9% | ||||||||
DWS Central Cash Management Government Fund, 0.05% (b) | ||||||||
740,536 | 13,844,138 | 13,416,540 | — | — | 198 | — | 1,168,134 | 1,168,134 |
4,587,477 | 13,844,138 | 14,213,246 | — | — | 5,547 | — | 4,218,369 | 4,218,369 |
* | 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 December 31, 2021 amounted to $2,960,674, which is 2.4% 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 year ended December 31, 2021. |
ADR: American Depositary Receipt |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 9 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $ 123,509,475 | $ — | $ — | $ 123,509,475 |
Short-Term Investments (a) | 4,218,369 | — | — | 4,218,369 |
Total | $ 127,727,844 | $ — | $ — | $ 127,727,844 |
(a) | See Investment Portfolio for additional detailed categorizations. |
10 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Statement of Assets and Liabilities |
Assets | |
Investments in non-affiliated securities, at value (cost $67,650,972) — including $2,960,674 of securities loaned | $ 123,509,475 |
Investment in DWS Government & Agency Securities Portfolio (cost $3,050,235)* | 3,050,235 |
Investment in DWS Central Cash Management Government Fund (cost $1,168,134) | 1,168,134 |
Cash | 14,504 |
Receivable for Fund shares sold | 628 |
Dividends receivable | 64,389 |
Interest receivable | 898 |
Other assets | 2,037 |
Total assets | 127,810,300 |
Liabilities | |
Payable upon return of securities loaned | 3,050,235 |
Payable for Fund shares redeemed | 165,150 |
Accrued management fee | 40,594 |
Accrued Trustees' fees | 1,460 |
Other accrued expenses and payables | 93,143 |
Total liabilities | 3,350,582 |
Net assets, at value | $ 124,459,718 |
Net Assets Consist of | |
Distributable earnings (loss) | 71,549,863 |
Paid-in capital | 52,909,855 |
Net assets, at value | $ 124,459,718 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($120,821,967 ÷ 8,323,929 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 14.52 |
Class B | |
Net Asset Value, offering and redemption price per share ($3,637,751 ÷ 251,030 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 14.49 |
* | Represents collateral on securities loaned. |
Statement of Operations |
Investment Income | |
Income: | |
Dividends | $ 1,471,312 |
Income distributions — DWS Central Cash Management Government Fund | 198 |
Securities lending income, net of borrower rebates | 5,349 |
Total income | 1,476,859 |
Expenses: | |
Management fee | 460,464 |
Administration fee | 114,526 |
Services to shareholders | 1,294 |
Record keeping fee (Class B) | 2,219 |
Distribution service fee (Class B) | 8,651 |
Custodian fee | 5,432 |
Audit fee | 53,933 |
Legal fees | 16,334 |
Tax fees | 8,316 |
Reports to shareholders | 25,578 |
Trustees' fees and expenses | 5,868 |
Other | 5,813 |
Total expenses | 708,428 |
Net investment income | 768,431 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 15,286,776 |
Payments by affiliates (see Note F) | 2,512 |
15,289,288 | |
Change in net unrealized appreciation (depreciation) on investments | 10,515,608 |
Net gain (loss) | 25,804,896 |
Net increase (decrease) in net assets resulting from operations | $26,573,327 |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 11 |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 768,431 | $ 997,393 |
Net realized gain (loss) | 15,289,288 | 5,117,424 |
Change in net unrealized appreciation (depreciation) | 10,515,608 | 8,536,882 |
Net increase (decrease) in net assets resulting from operations | 26,573,327 | 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 | 5,044,139 | 2,502,706 |
Reinvestment of distributions | 6,046,519 | 5,813,005 |
Payments for shares redeemed | (17,124,502) | (16,323,485) |
Net increase (decrease) in net assets from Class A share transactions | (6,033,844) | (8,007,774) |
Class B | ||
Proceeds from shares sold | 141,029 | 141,998 |
Reinvestment of distributions | 170,977 | 175,513 |
Payments for shares redeemed | (790,942) | (428,535) |
Net increase (decrease) in net assets from Class B share transactions | (478,936) | (111,024) |
Increase (decrease) in net assets | 13,843,051 | 544,383 |
Net assets at beginning of period | 110,616,667 | 110,072,284 |
Net assets at end of period | $124,459,718 | $110,616,667 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 8,760,193 | 9,438,162 |
Shares sold | 376,354 | 240,122 |
Shares issued to shareholders in reinvestment of distributions | 469,450 | 652,414 |
Shares redeemed | (1,282,068) | (1,570,505) |
Net increase (decrease) in Class A shares | (436,264) | (677,969) |
Shares outstanding at end of period | 8,323,929 | 8,760,193 |
Class B | ||
Shares outstanding at beginning of period | 288,118 | 295,485 |
Shares sold | 10,402 | 12,670 |
Shares issued to shareholders in reinvestment of distributions | 13,265 | 19,676 |
Shares redeemed | (60,755) | (39,713) |
Net increase (decrease) in Class B shares | (37,088) | (7,367) |
Shares outstanding at end of period | 251,030 | 288,118 |
12 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
DWS Core Equity VIP — Class A | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $12.23 | $11.31 | $9.83 | $14.64 | $13.16 |
Income (loss) from investment operations: | |||||
Net investment incomea | .09 | .11 | .14 | .14 | .17 |
Net realized and unrealized gain (loss) | 2.91 | 1.47 | 2.70 | (.71) | 2.44 |
Total from investment operations | 3.00 | 1.58 | 2.84 | (.57) | 2.61 |
Less distributions from: | |||||
Net investment income | (.10) | (.15) | (.12) | (.27) | (.17) |
Net realized gains | (.61) | (.51) | (1.24) | (3.97) | (.96) |
Total distributions | (.71) | (.66) | (1.36) | (4.24) | (1.13) |
Net asset value, end of period | $14.52 | $12.23 | $11.31 | $9.83 | $14.64 |
Total Return (%) | 25.30 | 16.13 | 30.30 | (5.69) | 21.02 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 121 | 107 | 107 | 92 | 105 |
Ratio of expenses (%)b | .59 | .62 | .62 | .61 | .57 |
Ratio of net investment income (%) | .66 | 1.01 | 1.32 | 1.14 | 1.22 |
Portfolio turnover rate (%) | 34 | 45 | 40 | 43 | 39 |
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. |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 13 |
DWS Core Equity VIP — Class B | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $12.21 | $11.29 | $9.81 | $14.62 | $13.14 |
Income (loss) from investment operations: | |||||
Net investment incomea | .05 | .07 | .11 | .10 | .13 |
Net realized and unrealized gain (loss) | 2.90 | 1.48 | 2.70 | (.72) | 2.44 |
Total from investment operations | 2.95 | 1.55 | 2.81 | (.62) | 2.57 |
Less distributions from: | |||||
Net investment income | (.06) | (.12) | (.09) | (.22) | (.13) |
Net realized gains | (.61) | (.51) | (1.24) | (3.97) | (.96) |
Total distributions | (.67) | (.63) | (1.33) | (4.19) | (1.09) |
Net asset value, end of period | $14.49 | $12.21 | $11.29 | $9.81 | $14.62 |
Total Return (%) | 24.94 | 15.67 | 29.92 | (6.02) | 20.68 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 4 | 4 | 3 | 3 | 3 |
Ratio of expenses (%)b | .91 | .94 | .94 | .93 | .86 |
Ratio of net investment income (%) | .34 | .69 | 1.00 | .82 | .94 |
Portfolio turnover rate (%) | 34 | 45 | 40 | 43 | 39 |
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. |
14 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
A. | Organization and Significant Accounting Policies |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 15 |
16 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Undistributed ordinary income* | $ 1,802,142 |
Undistributed long-term capital gains | $ 14,184,889 |
Net unrealized appreciation (depreciation) on investments | $ 55,544,264 |
Years Ended December 31, | ||
2021 | 2020 | |
Distributions from ordinary income* | $ 904,846 | $ 1,359,627 |
Distributions from long-term capital gains | $ 5,312,650 | $ 4,628,891 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
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% |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 17 |
Class A | .72% |
Class B | 1.04% |
Class A | .66% | |
Class B | .98% |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2021 |
Class A | $ 763 | $ 128 |
Class B | 158 | 27 |
$ 921 | $ 155 |
18 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
D. | Ownership of the Fund |
E. | Line of Credit |
F. | Payments by Affiliates |
G. | Other — COVID-19 Pandemic |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 19 |
20 | | 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 7/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 12/31/21 | $ 1,089.30 | $ 1,087.00 |
Expenses Paid per $1,000* | $ 3.05 | $ 4.73 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 7/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 12/31/21 | $ 1,022.28 | $ 1,020.67 |
Expenses Paid per $1,000* | $ 2.96 | $ 4.58 |
* | 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 184 (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 | .58% | .90% |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 21 |
Tax Information | (Unaudited) |
22 | | 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 | | 23 |
24 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 25 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 70 | — |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 70 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 70 | — |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 70 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 70 | — |
26 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Chad D. Perry (1972)Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 21 4 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 70 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
Catherine Schrand (1964)Board Member or Advisory Board Member since 20213 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 21 4 | — |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 70 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette8 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally8 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 27 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson8 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980)Anti-Money Laundering Compliance Officer, since October 6, 2021 | DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. |
4 | Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
28 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
3 | Performance Summary |
4 | Management Summary |
6 | Portfolio Summary |
7 | Investment Portfolio |
10 | Statement of Assets and Liabilities |
10 | Statement of Operations |
11 | Statements of Changes in Net Assets |
12 | Financial Highlights |
14 | Notes to Financial Statements |
20 | Report of Independent Registered Public Accounting Firm |
21 | Information About Your Fund's Expenses |
22 | Tax Information |
22 | Proxy Voting |
23 | Advisory Agreement Board Considerations and Fee Evaluation |
26 | Board Members and Officers |
2 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Performance Summary | December 31, 2021 (Unaudited) |
Comparative Results | ||||||
DWS CROCI® International VIP | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $10,924 | $13,650 | $14,251 | $17,367 | |
Average annual total return | 9.24% | 10.93% | 7.34% | 5.67% | ||
MSCI EAFE Value Index | Growth of $10,000 | $11,089 | $12,535 | $12,973 | $17,591 | |
Average annual total return | 10.89% | 7.82% | 5.34% | 5.81% | ||
DWS CROCI® International VIP | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $10,894 | $13,537 | $14,081 | $16,929 | |
Average annual total return | 8.94% | 10.62% | 7.09% | 5.41% | ||
MSCI EAFE Value Index | Growth of $10,000 | $11,089 | $12,535 | $12,973 | $17,591 | |
Average annual total return | 10.89% | 7.82% | 5.34% | 5.81% | ||
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 3 |
Management Summary | December 31, 2021 (Unaudited) |
4 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
* | Not held at December 31, 2021. |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 5 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/21 | 12/31/20 |
Common Stocks | 99% | 97% |
Cash Equivalents | 1% | 0% |
Preferred Stocks | — | 3% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/21 | 12/31/20 |
Health Care | 19% | 20% |
Financials | 19% | 15% |
Industrials | 15% | 8% |
Materials | 13% | 12% |
Consumer Discretionary | 9% | 16% |
Consumer Staples | 9% | 11% |
Information Technology | 9% | 10% |
Communication Services | 5% | 5% |
Utilities | 2% | 3% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/21 | 12/31/20 |
Japan | 27% | 27% |
United Kingdom | 14% | 14% |
Switzerland | 13% | 10% |
France | 10% | 13% |
Australia | 10% | 8% |
Germany | 7% | 10% |
Netherlands | 5% | 3% |
Denmark | 4% | 3% |
Belgium | 3% | 2% |
Spain | 2% | — |
Finland | 2% | 1% |
Singapore | — | 3% |
Italy | — | 3% |
Sweden | — | 2% |
Other | 3% | 1% |
100% | 100% |
6 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Investment Portfolio | as of December 31, 2021 |
Shares | Value ($) | ||
Common Stocks 98.9% | |||
Australia 9.7% | |||
Australia & New Zealand Banking Group Ltd. | 84,558 | 1,692,456 | |
BHP Group Ltd. (a) | 106,025 | 3,205,303 | |
BlueScope Steel Ltd. | 18,267 | 278,217 | |
Commonwealth Bank of Australia | 4,883 | 358,692 | |
National Australia Bank Ltd. | 63,855 | 1,339,399 | |
Sonic Healthcare Ltd. | 37,000 | 1,256,895 | |
(Cost $6,578,489) | 8,130,962 | ||
Belgium 3.1% | |||
Solvay SA | 4,135 | 480,232 | |
UCB SA | 18,773 | 2,148,675 | |
(Cost $2,722,346) | 2,628,907 | ||
Denmark 4.4% | |||
AP Moller - Maersk AS "B" | 896 | 3,214,461 | |
Pandora A/S | 3,404 | 423,861 | |
(Cost $2,011,880) | 3,638,322 | ||
Finland 1.8% | |||
Nokia Oyj* (Cost $943,520) | 235,625 | 1,485,329 | |
France 10.3% | |||
BNP Paribas SA | 54,732 | 3,785,632 | |
Credit Agricole SA | 124,264 | 1,775,345 | |
Engie SA | 82,054 | 1,215,170 | |
Kering SA | 488 | 392,680 | |
Television Francaise 1 | 142,971 | 1,421,702 | |
(Cost $6,614,770) | 8,590,529 | ||
Germany 7.2% | |||
Bayer AG (Registered) | 21,659 | 1,159,268 | |
Beiersdorf AG | 15,671 | 1,611,849 | |
Deutsche Boerse AG | 1,603 | 268,033 | |
Deutsche Post AG (Registered) | 30,613 | 1,964,083 | |
Fresenius SE & Co. KGaA | 15,080 | 606,563 | |
HeidelbergCement AG | 5,781 | 392,003 | |
(Cost $5,996,822) | 6,001,799 | ||
Hong Kong 0.9% | |||
Hong Kong & China Gas Co., Ltd. (Cost $717,433) | 468,000 | 729,427 | |
Ireland 0.8% | |||
CRH PLC (Cost $426,464) | 12,532 | 665,017 | |
Japan 27.1% | |||
Astellas Pharma, Inc. | 56,600 | 920,788 | |
Dentsu Group, Inc. | 14,500 | 516,919 | |
ITOCHU Corp. | 25,500 | 780,405 | |
KDDI Corp. | 20,700 | 604,214 | |
Mitsubishi UFJ Financial Group, Inc. | 113,200 | 613,958 | |
Murata Manufacturing Co., Ltd. | 10,100 | 802,595 | |
NEC Corp. | 4,900 | 226,302 |
Shares | Value ($) | ||
Nitto Denko Corp. | 8,700 | 671,338 | |
Otsuka Holdings Co., Ltd. | 31,000 | 1,122,732 | |
Sekisui House Ltd. | 99,000 | 2,124,178 | |
Seven & i Holdings Co., Ltd. | 10,500 | 461,468 | |
Shin-Etsu Chemical Co., Ltd. | 6,509 | 1,126,186 | |
Sony Group Corp. | 8,000 | 1,007,309 | |
Sumitomo Chemical Co., Ltd. | 56,600 | 266,857 | |
Sumitomo Mitsui Financial Group, Inc. | 113,356 | 3,879,297 | |
Takeda Pharmaceutical Co., Ltd. | 31,200 | 851,363 | |
Tokyo Electron Ltd. | 5,600 | 3,213,215 | |
Toyota Industries Corp. | 42,332 | 3,383,610 | |
(Cost $20,176,666) | 22,572,734 | ||
Luxembourg 0.6% | |||
ArcelorMittal SA (Cost $533,332) | 15,862 | 507,575 | |
Netherlands 5.0% | |||
Koninklijke Ahold Delhaize NV | 73,374 | 2,514,810 | |
Koninklijke KPN NV | 366,394 | 1,138,879 | |
PostNL NV | 113,371 | 495,483 | |
(Cost $3,245,120) | 4,149,172 | ||
Spain 2.0% | |||
Banco Bilbao Vizcaya Argentaria SA | 88,018 | 522,631 | |
Banco Santander SA | 348,429 | 1,161,524 | |
(Cost $1,547,630) | 1,684,155 | ||
Switzerland 12.4% | |||
Holcim Ltd. | 33,724 | 1,723,586 | |
Logitech International SA (Registered) | 14,782 | 1,231,134 | |
Novartis AG (Registered) | 35,650 | 3,131,176 | |
Roche Holding AG (Genusschein) | 10,298 | 4,279,926 | |
(Cost $10,069,810) | 10,365,822 | ||
United Kingdom 13.6% | |||
AstraZeneca PLC | 2,310 | 270,533 | |
BAE Systems PLC | 93,963 | 698,459 | |
Barratt Developments PLC | 65,050 | 657,604 | |
British American Tobacco PLC | 44,438 | 1,649,007 | |
Bunzl PLC | 23,229 | 907,560 | |
Ferguson PLC | 3,598 | 637,215 | |
Imperial Brands PLC | 58,326 | 1,274,986 | |
ITV PLC* | 248,992 | 365,545 | |
Kingfisher PLC | 155,410 | 712,040 | |
Persimmon PLC | 53,615 | 2,071,526 | |
Rio Tinto PLC | 21,000 | 1,392,951 |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 7 |
Shares | Value ($) | ||
Royal Mail PLC | 47,523 | 325,939 | |
Taylor Wimpey PLC | 160,115 | 379,522 | |
(Cost $9,268,582) | 11,342,887 | ||
Total Common Stocks (Cost $70,852,864) | 82,492,637 | ||
Securities Lending Collateral 4.0% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $3,317,912) | 3,317,912 | 3,317,912 | |
Cash Equivalents 0.8% | |||
DWS Central Cash Management Government Fund, 0.05% (b) (Cost $615,058) | 615,058 | 615,058 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $74,785,834) | 103.7 | 86,425,607 | |
Other Assets and Liabilities, Net | (3.7) | (3,043,793) | |
Net Assets | 100.0 | 83,381,814 |
Value ($) 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 12/31/2021 | Value ($) at 12/31/2021 |
Securities Lending Collateral 4.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
— | 3,317,912 (d) | — | — | — | 18,296 | — | 3,317,912 | 3,317,912 |
Cash Equivalents 0.8% | ||||||||
DWS Central Cash Management Government Fund, 0.05% (b) | ||||||||
249,295 | 7,576,820 | 7,211,057 | — | — | 191 | — | 615,058 | 615,058 |
249,295 | 10,894,732 | 7,211,057 | — | — | 18,487 | — | 3,932,970 | 3,932,970 |
* | 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 December 31, 2021 amounted to $3,173,230, which is 3.8% 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 year ended December 31, 2021. |
8 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $ — | $ 8,130,962 | $ — | $ 8,130,962 |
Belgium | — | 2,628,907 | — | 2,628,907 |
Denmark | — | 3,638,322 | — | 3,638,322 |
Finland | — | 1,485,329 | — | 1,485,329 |
France | — | 8,590,529 | — | 8,590,529 |
Germany | — | 6,001,799 | — | 6,001,799 |
Hong Kong | — | 729,427 | — | 729,427 |
Ireland | — | 665,017 | — | 665,017 |
Japan | — | 22,572,734 | — | 22,572,734 |
Luxembourg | — | 507,575 | — | 507,575 |
Netherlands | — | 4,149,172 | — | 4,149,172 |
Spain | — | 1,684,155 | — | 1,684,155 |
Switzerland | — | 10,365,822 | — | 10,365,822 |
United Kingdom | — | 11,342,887 | — | 11,342,887 |
Short-Term Investments (a) | 3,932,970 | — | — | 3,932,970 |
Total | $3,932,970 | $82,492,637 | $ — | $86,425,607 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 9 |
Statement of Assets and Liabilities |
Assets | |
Investments in non-affiliated securities, at value (cost $70,852,864) — including $3,173,230 of securities loaned | $ 82,492,637 |
Investment in DWS Government & Agency Securities Portfolio (cost $3,317,912)* | 3,317,912 |
Investment in DWS Central Cash Management Government Fund (cost $615,058) | 615,058 |
Cash | 217 |
Foreign currency, at value (cost $64,578) | 65,212 |
Receivable for Fund shares sold | 18,836 |
Dividends receivable | 111,514 |
Interest receivable | 1,249 |
Foreign taxes recoverable | 266,205 |
Other assets | 1,677 |
Total assets | 86,890,517 |
Liabilities | |
Payable upon return of securities loaned | 3,317,912 |
Payable for Fund shares redeemed | 35,328 |
Accrued management fee | 46,882 |
Accrued Trustees' fees | 1,565 |
Other accrued expenses and payables | 107,016 |
Total liabilities | 3,508,703 |
Net assets, at value | $ 83,381,814 |
Net Assets Consist of | |
Distributable earnings (loss) | (17,337,760) |
Paid-in capital | 100,719,574 |
Net assets, at value | $ 83,381,814 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($82,998,978 ÷ 10,751,199 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 7.72 |
Class B | |
Net Asset Value, offering and redemption price per share ($382,836 ÷ 49,491 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 7.74 |
* | Represents collateral on securities loaned. |
Statement of Operations |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $220,284) | $ 3,000,400 |
Income distributions — DWS Central Cash Management Government Fund | 191 |
Securities lending income, net of borrower rebates | 18,296 |
Total income | 3,018,887 |
Expenses: | |
Management fee | 540,178 |
Administration fee | 80,611 |
Services to shareholders | 228 |
Distribution service fee (Class B) | 942 |
Custodian fee | 14,866 |
Audit fee | 59,924 |
Legal fees | 14,875 |
Tax fees | 7,206 |
Reports to shareholders | 41,754 |
Trustees' fees and expenses | 4,413 |
Other | 9,033 |
Total expenses before expense reductions | 774,030 |
Expense reductions | (48,531) |
Total expenses after expense reductions | 725,499 |
Net investment income | 2,293,388 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 6,071,662 |
Foreign currency | (17,173) |
6,054,489 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (1,162,011) |
Foreign currency | (17,833) |
(1,179,844) | |
Net gain (loss) | 4,874,645 |
Net increase (decrease) in net assets resulting from operations | $ 7,168,033 |
10 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 2,293,388 | $ 1,344,811 |
Net realized gain (loss) | 6,054,489 | (5,460,872) |
Change in net unrealized appreciation (depreciation) | (1,179,844) | 5,820,367 |
Net increase (decrease) in net assets resulting from operations | 7,168,033 | 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 | 5,592,996 | 3,807,686 |
Reinvestment of distributions | 2,001,186 | 2,471,928 |
Payments for shares redeemed | (8,759,770) | (7,817,535) |
Net increase (decrease) in net assets from Class A share transactions | (1,165,588) | (1,537,921) |
Class B | ||
Proceeds from shares sold | 20,913 | 32,846 |
Reinvestment of distributions | 8,123 | 9,620 |
Payments for shares redeemed | (27,757) | (17,279) |
Net increase (decrease) in net assets from Class B share transactions | 1,279 | 25,187 |
Increase (decrease) in net assets | 3,994,415 | (2,289,976) |
Net assets at beginning of period | 79,387,399 | 81,677,375 |
Net assets at end of period | $83,381,814 | $79,387,399 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 10,909,190 | 11,073,845 |
Shares sold | 734,747 | 608,760 |
Shares issued to shareholders in reinvestment of distributions | 263,661 | 453,565 |
Shares redeemed | (1,156,399) | (1,226,980) |
Net increase (decrease) in Class A shares | (157,991) | (164,655) |
Shares outstanding at end of period | 10,751,199 | 10,909,190 |
Class B | ||
Shares outstanding at beginning of period | 49,324 | 45,067 |
Shares sold | 2,757 | 5,148 |
Shares issued to shareholders in reinvestment of distributions | 1,066 | 1,759 |
Shares redeemed | (3,656) | (2,650) |
Net increase (decrease) in Class B shares | 167 | 4,257 |
Shares outstanding at end of period | 49,491 | 49,324 |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 11 |
DWS CROCI® International VIP — Class A | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $7.24 | $7.35 | $6.22 | $7.34 | $6.47 |
Income (loss) from investment operations: | |||||
Net investment incomea | .21 | .12 | .22 | .20 | .16 |
Net realized and unrealized gain (loss) | .46 | .00 * | 1.11 | (1.25) | 1.21 |
Total from investment operations | .67 | .12 | 1.33 | (1.05) | 1.37 |
Less distributions from: | |||||
Net investment income | (.19) | (.23) | (.20) | (.07) | (.50) |
Net asset value, end of period | $7.72 | $7.24 | $7.35 | $6.22 | $7.34 |
Total Return (%)b | 9.24 | 2.61 | 21.77 | (14.39) | 21.96 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 83 | 79 | 81 | 72 | 92 |
Ratio of expenses before expense reductions (%)c | .93 | .99 | 1.11 | 1.13 | 1.10 |
Ratio of expenses after expense reductions (%)c | .87 | .87 | .87 | .87 | .84 |
Ratio of net investment income (%) | 2.76 | 1.88 | 3.22 | 2.78 | 2.24 |
Portfolio turnover rate (%) | 66 | 67 | 101 | 59 | 73 |
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. |
12 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
DWS CROCI® International VIP — Class B | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $7.26 | $7.36 | $6.24 | $7.36 | $6.48 |
Income (loss) from investment operations: | |||||
Net investment incomea | .19 | .10 | .20 | .18 | .13 |
Net realized and unrealized gain (loss) | .46 | .01 | 1.11 | (1.24) | 1.23 |
Total from investment operations | .65 | .11 | 1.31 | (1.06) | 1.36 |
Less distributions from: | |||||
Net investment income | (.17) | (.21) | (.19) | (.06) | (.48) |
Net asset value, end of period | $7.74 | $7.26 | $7.36 | $6.24 | $7.36 |
Total Return (%)b | 8.94 | 2.49 | 21.24 | (14.57) | 21.76 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | .38 | .36 | .33 | .28 | .33 |
Ratio of expenses before expense reductions (%)c | 1.21 | 1.27 | 1.39 | 1.41 | 1.38 |
Ratio of expenses after expense reductions (%)c | 1.13 | 1.12 | 1.12 | 1.12 | 1.09 |
Ratio of net investment income (%) | 2.50 | 1.62 | 2.96 | 2.54 | 1.86 |
Portfolio turnover rate (%) | 66 | 67 | 101 | 59 | 73 |
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. |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 13 |
A. | Organization and Significant Accounting Policies |
14 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 15 |
Undistributed ordinary income* | $ 2,253,771 |
Capital loss carryforwards | $ (30,408,000) |
Net unrealized appreciation (depreciation) on investments | $ 10,814,496 |
Years Ended December 31, | ||
2021 | 2020 | |
Distributions from ordinary income* | $ 2,009,309 | $ 2,481,548 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
16 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
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% |
Class A | .87% |
Class B | 1.12% |
Class A | .88% | |
Class B | 1.13% |
Class A | .86% | ||
Class B | 1.13% |
Class A | $ 48,232 |
Class B | 299 |
$ 48,531 |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 17 |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2021 |
Class A | $ 802 | $ 136 |
Class B | 103 | 17 |
$ 905 | $ 153 |
D. | Ownership of the Fund |
E. | Line of Credit |
F. | Other — COVID-19 Pandemic |
18 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 19 |
20 | | 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 7/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 12/31/21 | $ 1,001.30 | $ 1,001.30 |
Expenses Paid per $1,000* | $ 4.39 | $ 5.70 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 7/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 12/31/21 | $ 1,020.82 | $ 1,019.51 |
Expenses Paid per $1,000* | $ 4.43 | $ 5.75 |
* | 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 184 (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% | 1.13% |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 21 |
Tax Information | (Unaudited) |
22 | | 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 | | 23 |
24 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 25 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 70 | — |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 70 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 70 | — |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 70 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 70 | — |
26 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Chad D. Perry (1972)Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 21 4 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 70 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
Catherine Schrand (1964)Board Member or Advisory Board Member since 20213 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 21 4 | — |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 70 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette8 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally8 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Deutsche DWS Variable Series I —DWS CROCI® International VIP | | 27 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson8 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980)Anti-Money Laundering Compliance Officer, since October 6, 2021 | DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. |
4 | Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
28 | | Deutsche DWS Variable Series I —DWS CROCI® International VIP |
3 | Performance Summary |
4 | Management Summary |
6 | Portfolio Summary |
7 | Investment Portfolio |
11 | Statement of Assets and Liabilities |
11 | Statement of Operations |
12 | Statements of Changes in Net Assets |
13 | Financial Highlights |
15 | Notes to Financial Statements |
20 | Report of Independent Registered Public Accounting Firm |
21 | Information About Your Fund's Expenses |
22 | Tax Information |
22 | Proxy Voting |
23 | Advisory Agreement Board Considerations and Fee Evaluation |
26 | Board Members and Officers |
2 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Performance Summary | December 31, 2021 (Unaudited) |
Comparative Results | ||||||
DWS Global Small Cap VIP | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $11,494 | $16,361 | $15,610 | $24,117 | |
Average annual total return | 14.94% | 17.83% | 9.32% | 9.20% | ||
S&P Developed SmallCap Index | Growth of $10,000 | $11,518 | $16,882 | $17,943 | $32,242 | |
Average annual total return | 15.18% | 19.07% | 12.40% | 12.42% | ||
DWS Global Small Cap VIP | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $11,465 | $16,233 | $15,388 | $23,479 | |
Average annual total return | 14.65% | 17.53% | 9.00% | 8.91% | ||
S&P Developed SmallCap Index | Growth of $10,000 | $11,518 | $16,882 | $17,943 | $32,242 | |
Average annual total return | 15.18% | 19.07% | 12.40% | 12.42% | ||
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 3 |
Management Summary | December 31, 2021 (Unaudited) |
4 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 5 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/21 | 12/31/20 |
Common Stocks | 99% | 94% |
Cash Equivalents | 1% | 4% |
Exchange-Traded Funds | — | 2% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 12/31/21 | 12/31/20 |
Industrials | 19% | 21% |
Financials | 14% | 10% |
Information Technology | 13% | 19% |
Consumer Discretionary | 13% | 13% |
Health Care | 12% | 16% |
Real Estate | 9% | 8% |
Materials | 7% | 6% |
Consumer Staples | 4% | 3% |
Communication Services | 3% | 3% |
Utilities | 3% | 0% |
Energy | 3% | 1% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/21 | 12/31/20 |
United States | 58% | 61% |
Japan | 8% | 10% |
United Kingdom | 5% | 5% |
Germany | 4% | 3% |
Sweden | 3% | 2% |
Korea | 2% | 1% |
Canada | 2% | 3% |
Spain | 2% | 2% |
Italy | 2% | 2% |
Switzerland | 2% | 1% |
France | 2% | 2% |
Austria | 2% | 2% |
Luxembourg | 1% | 2% |
Other | 7% | 4% |
100% | 100% |
6 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Investment Portfolio | as of December 31, 2021 |
Shares | Value ($) | ||
Common Stocks 98.8% | |||
Australia 0.4% | |||
Liontown Resources Ltd.* (Cost $258,366) | 241,529 | 291,703 | |
Austria 1.6% | |||
Wienerberger AG (Cost $921,227) | 36,328 | 1,337,518 | |
Belgium 0.4% | |||
Euronav NV (Cost $313,841) | 37,166 | 330,563 | |
Bermuda 0.9% | |||
Lazard Ltd. "A" (a) (Cost $345,986) | 16,265 | 709,642 | |
Canada 2.4% | |||
ElectraMeccanica Vehicles Corp.* (b) | 102,528 | 233,764 | |
Linamar Corp. | 14,424 | 854,413 | |
Quebecor, Inc. "B" | 39,795 | 898,176 | |
(Cost $1,482,622) | 1,986,353 | ||
Denmark 0.6% | |||
Netcompany Group A/S 144A (Cost $543,495) | 4,581 | 493,458 | |
France 1.7% | |||
Alten SA | 4,570 | 824,173 | |
Rubis SCA | 7,967 | 238,108 | |
Television Francaise 1 | 29,700 | 295,336 | |
(Cost $1,230,866) | 1,357,617 | ||
Germany 3.8% | |||
AIXTRON SE | 31,164 | 629,564 | |
Deutz AG* | 112,697 | 843,137 | |
PATRIZIA AG | 41,336 | 961,666 | |
United Internet AG (Registered) | 16,617 | 657,623 | |
(Cost $2,119,650) | 3,091,990 | ||
India 0.8% | |||
WNS Holdings Ltd. (ADR)* (Cost $193,879) | 7,251 | 639,683 | |
Ireland 0.7% | |||
Dalata Hotel Group PLC* (Cost $658,449) | 129,550 | 550,163 | |
Italy 2.3% | |||
Buzzi Unicem SpA | 51,265 | 1,102,202 | |
Moncler SpA | 10,050 | 729,505 | |
(Cost $1,406,181) | 1,831,707 | ||
Japan 7.6% | |||
Ai Holdings Corp. | 41,617 | 694,992 | |
Anicom Holdings, Inc. | 46,200 | 333,009 | |
BML, Inc. | 17,200 | 534,984 | |
Furuya Metal Co., Ltd. | 6,400 | 673,213 | |
Kusuri No Aoki Holdings Co., Ltd. | 12,158 | 769,622 | |
Sawai Group Holdings Co., Ltd. | 12,600 | 482,146 |
Shares | Value ($) | ||
Topcon Corp. | 23,400 | 338,027 | |
Toyo Kanetsu KK | 9,400 | 205,284 | |
UT Group Co., Ltd. | 31,024 | 1,165,792 | |
Zenkoku Hosho Co., Ltd. | 23,800 | 1,036,212 | |
(Cost $4,096,361) | 6,233,281 | ||
Korea 2.5% | |||
Hanmi Semiconductor Co., Ltd.* | 25,984 | 823,975 | |
i-SENS, Inc. | 17,591 | 447,556 | |
Seah Besteel Corp.* | 44,172 | 738,829 | |
(Cost $1,960,419) | 2,010,360 | ||
Luxembourg 1.1% | |||
B&M European Value Retail SA (Cost $430,350) | 101,505 | 872,179 | |
Netherlands 0.6% | |||
Boskalis Westminster (Cost $535,941) | 16,916 | 494,300 | |
Norway 0.3% | |||
Fjordkraft Holding ASA 144A (Cost $371,495) | 43,142 | 234,060 | |
Portugal 0.3% | |||
REN - Redes Energeticas Nacionais SGPS SA (Cost $261,325) | 92,222 | 267,361 | |
Puerto Rico 0.6% | |||
Popular, Inc. (a) (Cost $463,903) | 6,166 | 505,859 | |
Singapore 0.4% | |||
BW LPG, Ltd. 144A (Cost $336,865) | 54,731 | 309,965 | |
Spain 2.3% | |||
Fluidra SA | 34,068 | 1,361,450 | |
Talgo SA 144A* | 88,107 | 544,186 | |
(Cost $1,114,368) | 1,905,636 | ||
Sweden 3.1% | |||
Dometic Group AB 144A | 22,461 | 294,975 | |
Fingerprint Cards AB "B"* (b) | 92,297 | 210,842 | |
MIPS AB | 2,974 | 389,534 | |
Nobina AB 144A | 91,569 | 1,083,972 | |
Ratos AB "B" | 91,259 | 586,487 | |
(Cost $1,657,434) | 2,565,810 | ||
Switzerland 1.7% | |||
Bachem Holding AG (Registered) | 320 | 250,203 | |
Julius Baer Group Ltd. | 10,082 | 672,942 | |
Siegfried Holding AG (Registered) | 469 | 455,523 | |
(Cost $1,315,740) | 1,378,668 | ||
United Kingdom 5.1% | |||
Domino's Pizza Group PLC | 74,516 | 465,924 |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 7 |
Shares | Value ($) | ||
Drax Group PLC | 108,643 | 891,539 | |
Electrocomponents PLC | 90,511 | 1,474,680 | |
Genus PLC | 4,590 | 306,719 | |
Micro Focus International PLC | 93,845 | 530,668 | |
Softcat PLC | 8,357 | 204,618 | |
TechnipFMC PLC* (c) | 52,253 | 309,338 | |
(Cost $2,606,503) | 4,183,486 | ||
United States 57.6% | |||
Advanced Drainage Systems, Inc. | 3,618 | 492,518 | |
Affiliated Managers Group, Inc. | 4,445 | 731,247 | |
Agilysys, Inc.* | 9,963 | 442,955 | |
Alcoa Corp. | 14,278 | 850,683 | |
AMC Entertainment Holdings, Inc. "A"* (b) | 9,714 | 264,221 | |
Americold Realty Trust (REIT) | 21,223 | 695,902 | |
Amicus Therapeutics, Inc.* | 29,421 | 339,813 | |
Amneal Pharmaceuticals, Inc.* | 65,675 | 314,583 | |
Anika Therapeutics, Inc.* | 7,283 | 260,950 | |
Armada Hoffler Properties, Inc. (REIT) | 15,994 | 243,429 | |
Avis Budget Group, Inc.* | 3,772 | 782,200 | |
Benchmark Electronics, Inc. | 21,642 | 586,498 | |
Builders FirstSource, Inc.* | 18,554 | 1,590,263 | |
CarLotz, Inc.* (b) | 108,012 | 245,187 | |
Casey's General Stores, Inc. | 6,443 | 1,271,526 | |
Cleveland-Cliffs, Inc.* | 49,411 | 1,075,677 | |
CNX Resources Corp.* | 14,817 | 203,734 | |
Crescent Energy, Inc. "A"* (b) | 25,292 | 320,703 | |
Delek U.S. Holdings, Inc.* | 12,073 | 180,974 | |
Dril-Quip, Inc.* | 8,742 | 172,043 | |
Ducommun, Inc.* | 21,800 | 1,019,586 | |
Easterly Government Properties, Inc. (REIT) | 18,561 | 425,418 | |
Eastern Bankshares, Inc. | 32,195 | 649,373 | |
EastGroup Properties, Inc. (REIT) | 4,274 | 973,831 | |
Envestnet, Inc.* | 9,595 | 761,267 | |
Essential Properties Realty Trust, Inc. (REIT) | 24,757 | 713,744 | |
First Financial Bankshares, Inc. | 12,714 | 646,380 | |
Five9, Inc.* | 5,308 | 728,895 | |
FNB Corp. | 30,449 | 369,346 | |
Four Corners Property Trust, Inc. (REIT) | 28,873 | 849,155 | |
Fox Factory Holding Corp.* | 8,664 | 1,473,746 | |
Heron Therapeutics, Inc.* (b) | 22,446 | 204,932 | |
Hillenbrand, Inc. | 14,810 | 769,972 | |
Home BancShares, Inc. | 9,644 | 234,831 | |
Hudson Pacific Properties, Inc. (REIT) | 8,486 | 209,689 | |
Jack in the Box, Inc. | 6,611 | 578,330 | |
Jefferies Financial Group, Inc. | 35,036 | 1,359,397 | |
Kronos Bio, Inc.* (b) | 27,376 | 372,040 | |
Lumentum Holdings, Inc.* (b) | 8,748 | 925,276 | |
Madison Square Garden Sports Corp.* | 4,212 | 731,751 |
Shares | Value ($) | ||
Masonite International Corp.* (b) | 8,169 | 963,534 | |
ModivCare, Inc.* | 6,223 | 922,855 | |
Molina Healthcare, Inc.* | 4,393 | 1,397,325 | |
Multiplan Corp.* (b) | 62,081 | 275,019 | |
National Storage Affiliates Trust (REIT) | 15,303 | 1,058,968 | |
New Jersey Resources Corp. | 8,717 | 357,920 | |
Novavax, Inc.* (b) | 1,412 | 202,015 | |
Option Care Health, Inc.* | 24,644 | 700,875 | |
Outset Medical, Inc.* | 6,295 | 290,137 | |
Pacira BioSciences, Inc.* | 15,060 | 906,160 | |
Physicians Realty Trust (REIT) | 40,028 | 753,727 | |
Precision BioSciences, Inc.* | 32,160 | 237,984 | |
Redwood Trust, Inc. (REIT) | 30,567 | 403,179 | |
Rush Enterprises, Inc. "A" | 28,281 | 1,573,527 | |
Sana Biotechnology, Inc.* (b) | 14,355 | 222,215 | |
Selecta Biosciences, Inc.* | 47,405 | 154,540 | |
Senseonics Holdings, Inc.* (b) | 72,701 | 194,112 | |
SJW Group | 7,263 | 531,652 | |
SkyWest, Inc.* | 9,677 | 380,306 | |
South State Corp. | 13,381 | 1,071,952 | |
SpartanNash Co. | 8,900 | 229,264 | |
Spectrum Brands Holdings, Inc. | 5,161 | 524,977 | |
Synovus Financial Corp. | 26,456 | 1,266,449 | |
Tandem Diabetes Care, Inc.* | 3,297 | 496,264 | |
Tenneco, Inc. "A"* | 31,253 | 353,159 | |
Thermon Group Holdings, Inc.* | 40,418 | 684,277 | |
TopBuild Corp.* | 5,670 | 1,564,410 | |
Varonis Systems, Inc.* | 11,515 | 561,702 | |
Vista Outdoor, Inc.* | 6,952 | 320,279 | |
Vital Farms, Inc.* (b) | 12,874 | 232,504 | |
WEX, Inc.* | 2,214 | 310,823 | |
Whiting Petroleum Corp.* | 7,332 | 474,234 | |
Xperi Holding Corp. | 16,460 | 311,259 | |
YETI Holdings, Inc.* | 15,222 | 1,260,838 | |
Zions Bancorp. NA | 12,982 | 819,943 | |
(Cost $29,799,621) | 47,070,449 | ||
Total Common Stocks (Cost $54,424,887) | 80,651,811 | ||
Securities Lending Collateral 4.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (d) (e) (Cost $3,537,256) | 3,537,256 | 3,537,256 | |
Cash Equivalents 1.0% | |||
DWS Central Cash Management Government Fund, 0.05% (d) (Cost $817,560) | 817,560 | 817,560 |
8 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $58,779,703) | 104.1 | 85,006,627 | |
Other Assets and Liabilities, Net | (4.1) | (3,334,253) | |
Net Assets | 100.0 | 81,672,374 |
Value ($) 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 12/31/2021 | Value ($) at 12/31/2021 |
Securities Lending Collateral 4.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (d) (e) | ||||||||
1,184,652 | 2,352,604 (f) | — | — | — | 11,906 | — | 3,537,256 | 3,537,256 |
Cash Equivalents 1.0% | ||||||||
DWS Central Cash Management Government Fund, 0.05% (d) | ||||||||
3,011,728 | 12,038,572 | 14,232,740 | — | — | 476 | — | 817,560 | 817,560 |
4,196,380 | 14,391,176 | 14,232,740 | — | — | 12,382 | — | 4,354,816 | 4,354,816 |
* | 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 December 31, 2021 amounted to $3,388,544, which is 4.2% of net assets. |
(c) | Listed on the New York Stock Exchange. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 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 | | 9 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $ 291,703 | $ — | $ — | $ 291,703 |
Austria | — | 1,337,518 | — | 1,337,518 |
Belgium | — | 330,563 | — | 330,563 |
Bermuda | 709,642 | — | — | 709,642 |
Canada | 1,986,353 | — | — | 1,986,353 |
Denmark | — | 493,458 | — | 493,458 |
France | — | 1,357,617 | — | 1,357,617 |
Germany | — | 3,091,990 | — | 3,091,990 |
India | 639,683 | — | — | 639,683 |
Ireland | — | 550,163 | — | 550,163 |
Italy | — | 1,831,707 | — | 1,831,707 |
Japan | — | 6,233,281 | — | 6,233,281 |
Korea | — | 2,010,360 | — | 2,010,360 |
Luxembourg | — | 872,179 | — | 872,179 |
Netherlands | — | 494,300 | — | 494,300 |
Norway | — | 234,060 | — | 234,060 |
Portugal | — | 267,361 | — | 267,361 |
Puerto Rico | 505,859 | — | — | 505,859 |
Singapore | — | 309,965 | — | 309,965 |
Spain | — | 1,905,636 | — | 1,905,636 |
Sweden | — | 2,565,810 | — | 2,565,810 |
Switzerland | — | 1,378,668 | — | 1,378,668 |
United Kingdom | 309,338 | 3,874,148 | — | 4,183,486 |
United States | 47,070,449 | — | — | 47,070,449 |
Short-Term Investments (a) | 4,354,816 | — | — | 4,354,816 |
Total | $55,867,843 | $29,138,784 | $ — | $85,006,627 |
(a) | See Investment Portfolio for additional detailed categorizations. |
10 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Statement of Assets and Liabilities |
Assets | |
Investments in non-affiliated securities, at value (cost $54,424,887) — including $3,388,544 of securities loaned | $ 80,651,811 |
Investment in DWS Government & Agency Securities Portfolio (cost $3,537,256)* | 3,537,256 |
Investment in DWS Central Cash Management Government Fund (cost $817,560) | 817,560 |
Foreign currency, at value (cost $28,931) | 29,182 |
Receivable for investments sold | 52,054 |
Receivable for Fund shares sold | 132,073 |
Dividends receivable | 97,314 |
Interest receivable | 690 |
Foreign taxes recoverable | 35,800 |
Other assets | 1,674 |
Total assets | 85,355,414 |
Liabilities | |
Payable upon return of securities loaned | 3,537,256 |
Payable for Fund shares redeemed | 26,604 |
Accrued management fee | 38,731 |
Accrued Trustees' fees | 955 |
Other accrued expenses and payables | 79,494 |
Total liabilities | 3,683,040 |
Net assets, at value | $ 81,672,374 |
Net Assets Consist of | |
Distributable earnings (loss) | 37,831,440 |
Paid-in capital | 43,840,934 |
Net assets, at value | $ 81,672,374 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($79,170,203 ÷ 5,808,696 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.63 |
Class B | |
Net Asset Value, offering and redemption price per share ($2,502,171 ÷ 191,764 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.05 |
* | Represents collateral on securities loaned. |
Statement of Operations |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $90,614) | $ 1,006,876 |
Income distributions — DWS Central Cash Management Government Fund | 476 |
Securities lending income, net of borrower rebates | 11,906 |
Total income | 1,019,258 |
Expenses: | |
Management fee | 655,460 |
Administration fee | 79,474 |
Services to shareholders | 557 |
Record keeping fee (Class B) | 742 |
Distribution service fee (Class B) | 6,732 |
Custodian fee | 10,968 |
Professional fees | 69,130 |
Reports to shareholders | 29,193 |
Trustees' fees and expenses | 3,868 |
Other | 10,980 |
Total expenses before expense reductions | 867,104 |
Expense reductions | (194,433) |
Total expenses after expense reductions | 672,671 |
Net investment income | 346,587 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 13,501,514 |
Foreign currency | 10,675 |
13,512,189 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (2,615,849) |
Foreign currency | (5,717) |
(2,621,566) | |
Net gain (loss) | 10,890,623 |
Net increase (decrease) in net assets resulting from operations | $11,237,210 |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 11 |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 346,587 | $ 238,619 |
Net realized gain (loss) | 13,512,189 | (1,077,595) |
Change in net unrealized appreciation (depreciation) | (2,621,566) | 11,994,951 |
Net increase (decrease) in net assets resulting from operations | 11,237,210 | 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 | 4,203,449 | 2,748,177 |
Reinvestment of distributions | 284,998 | 509,172 |
Payments for shares redeemed | (11,414,575) | (8,776,264) |
Net increase (decrease) in net assets from Class A share transactions | (6,926,128) | (5,518,915) |
Class B | ||
Proceeds from shares sold | 86,982 | 152,440 |
Reinvestment of distributions | 1,897 | 12,523 |
Payments for shares redeemed | (537,896) | (301,149) |
Net increase (decrease) in net assets from Class B share transactions | (449,017) | (136,186) |
Increase (decrease) in net assets | 3,575,170 | 4,979,179 |
Net assets at beginning of period | 78,097,204 | 73,118,025 |
Net assets at end of period | $ 81,672,374 | $78,097,204 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 6,344,768 | 6,910,961 |
Shares sold | 320,008 | 293,128 |
Shares issued to shareholders in reinvestment of distributions | 21,493 | 66,298 |
Shares redeemed | (877,573) | (925,619) |
Net increase (decrease) in Class A shares | (536,072) | (566,193) |
Shares outstanding at end of period | 5,808,696 | 6,344,768 |
Class B | ||
Shares outstanding at beginning of period | 227,196 | 238,523 |
Shares sold | 6,834 | 18,334 |
Shares issued to shareholders in reinvestment of distributions | 149 | 1,701 |
Shares redeemed | (42,415) | (31,362) |
Net increase (decrease) in Class B shares | (35,432) | (11,327) |
Shares outstanding at end of period | 191,764 | 227,196 |
12 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
DWS Global Small Cap VIP — Class A | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.90 | $10.24 | $8.91 | $12.90 | $11.78 |
Income (loss) from investment operations: | |||||
Net investment incomea | .06 | .04 | .05 | .02 | .00 * |
Net realized and unrealized gain (loss) | 1.72 | 1.70 | 1.82 | (2.32) | 2.21 |
Total from investment operations | 1.78 | 1.74 | 1.87 | (2.30) | 2.21 |
Less distributions from: | |||||
Net investment income | (.05) | (.08) | — | (.04) | — |
Net realized gains | — | — | (.54) | (1.65) | (1.09) |
Total distributions | (.05) | (.08) | (.54) | (1.69) | (1.09) |
Net asset value, end of period | $13.63 | $11.90 | $10.24 | $8.91 | $12.90 |
Total Return (%)b | 14.94 | 17.36 | 21.29 | (20.51) | 20.02 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 79 | 76 | 71 | 63 | 85 |
Ratio of expenses before expense reductions (%)c | 1.05 | 1.10 | 1.11 | 1.10 | 1.15 |
Ratio of expenses after expense reductions (%)c | .81 | .81 | .82 | .78 | .94 |
Ratio of net investment income (%) | .43 | .38 | .54 | .21 | .03 |
Portfolio turnover rate (%) | 38 | 9 | 23 | 32 | 42 |
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. |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 13 |
DWS Global Small Cap VIP — Class B | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.39 | $9.81 | $8.57 | $12.47 | $11.45 |
Income (loss) from investment operations: | |||||
Net investment income (loss)a | .02 | .01 | .03 | (.01) | (.03) |
Net realized and unrealized gain (loss) | 1.65 | 1.62 | 1.75 | (2.24) | 2.14 |
Total from investment operations | 1.67 | 1.63 | 1.78 | (2.25) | 2.11 |
Less distributions from: | |||||
Net investment income | (.01) | (.05) | — | — | — |
Net realized gains | — | — | (.54) | (1.65) | (1.09) |
Total distributions | (.01) | (.05) | (.54) | (1.65) | (1.09) |
Net asset value, end of period | $13.05 | $11.39 | $9.81 | $8.57 | $12.47 |
Total Return (%)b | 14.65 | 16.94 | 21.08 | (20.74) | 19.60 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 3 | 3 | 2 | 2 | 3 |
Ratio of expenses before expense reductions (%)c | 1.33 | 1.39 | 1.40 | 1.39 | 1.44 |
Ratio of expenses after expense reductions (%)c | 1.09 | 1.09 | 1.09 | 1.06 | 1.22 |
Ratio of net investment income (loss) (%) | .15 | .10 | .27 | (.08) | (.26) |
Portfolio turnover rate (%) | 38 | 9 | 23 | 32 | 42 |
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. |
14 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
A. | Organization and Significant Accounting Policies |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 15 |
16 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Undistributed ordinary income* | $ 1,048,058 |
Undistributed long-term capital gains | $ 10,784,732 |
Net unrealized appreciation (depreciation) on investments | $ 25,982,605 |
Years Ended December 31, | ||
2021 | 2020 | |
Distributions from ordinary income* | $ 286,895 | $ 521,695 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
B. | Purchases and Sales of Securities |
C. | Related Parties |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 17 |
Class A | .81% |
Class B | 1.09% |
Class A | .82% | |
Class B | 1.10% |
Class A | .80% | ||
Class B | 1.09% |
Class A | $ 188,011 |
Class B | 6,422 |
$ 194,433 |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2021 |
Class A | $ 642 | $ 107 |
Class B | 187 | 31 |
$ 829 | $ 138 |
18 | | 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 | | 19 |
20 | | Deutsche DWS Variable Series I —DWS Global Small Cap 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 7/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 12/31/21 | $ 1,024.00 | $ 1,022.70 |
Expenses Paid per $1,000* | $ 4.13 | $ 5.61 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 7/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 12/31/21 | $ 1,021.12 | $ 1,019.66 |
Expenses Paid per $1,000* | $ 4.13 | $ 5.60 |
* | 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 184 (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% | 1.10% |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 21 |
Tax Information | (Unaudited) |
22 | | Deutsche DWS Variable Series I —DWS Global Small Cap 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 Global Small Cap VIP | | 23 |
24 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 25 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 70 | — |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 70 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 70 | — |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 70 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 70 | — |
26 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Chad D. Perry (1972)Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 21 4 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 70 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
Catherine Schrand (1964)Board Member or Advisory Board Member since 20213 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 21 4 | — |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 70 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette8 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally8 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 27 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson8 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980)Anti-Money Laundering Compliance Officer, since October 6, 2021 | DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. |
4 | Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
28 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Deutsche DWS Variable Series I
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended December 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2021 | $209,213 | $0 | $38,369 | $0 |
2020 | $255,646 | $0 | $39,360 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended December 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2021 | $0 | $461,717 | $0 |
2020 | $0 | $650,763 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended December 31, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2021 | $38,369 | $461,717 | $0 | $500,086 |
2020 | $39,360 | $650,763 | $0 | $690,123 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2020 and 2021 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(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: | 2/15/2022 |
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: | 2/15/2022 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 2/15/2022 |