UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-04257
Deutsche DWS Variable Series I
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 6/30/2022 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
3 | Performance Summary |
4 | Portfolio Summary |
4 | Portfolio Manager |
5 | Investment Portfolio |
8 | Statement of Assets and Liabilities |
8 | Statement of Operations |
9 | Statements of Changes in Net Assets |
10 | Financial Highlights |
12 | Notes to Financial Statements |
17 | Information About Your Fund's Expenses |
18 | Liquidity Risk Management |
18 | Proxy Voting |
19 | Advisory Agreement Board Considerations and Fee Evaluation |
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Performance SummaryJune 30, 2022 (Unaudited)
Comparative Results | ||||||
DWS Capital Growth VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $7,081 | $7,744 | $13,297 | $18,064 | $37,173 |
Average annual total return | –29.19% | –22.56% | 9.96% | 12.55% | 14.03% | |
Russell 1000® Growth Index | Growth of $10,000 | $7,193 | $8,123 | $14,270 | $19,502 | $39,745 |
Average annual total return | –28.07% | –18.77% | 12.58% | 14.29% | 14.80% | |
DWS Capital Growth VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $7,070 | $7,721 | $13,192 | $17,823 | $36,164 |
Average annual total return | –29.30% | –22.79% | 9.67% | 12.25% | 13.72% | |
Russell 1000® Growth Index | Growth of $10,000 | $7,193 | $8,123 | $14,270 | $19,502 | $39,745 |
Average annual total return | –28.07% | –18.77% | 12.58% | 14.29% | 14.80% | |
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 3 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/22 | 12/31/21 |
Common Stocks | 100% | 99% |
Cash Equivalents | 0% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/22 | 12/31/21 |
Information Technology | 44% | 45% |
Health Care | 13% | 12% |
Consumer Discretionary | 12% | 13% |
Communication Services | 11% | 12% |
Industrials | 8% | 8% |
Financials | 6% | 5% |
Consumer Staples | 3% | 2% |
Real Estate | 2% | 2% |
Materials | 1% | 1% |
100% | 100% |
4 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Investment Portfolioas of June 30, 2022 (Unaudited)
Shares | Value ($) | ||
Common Stocks 99.7% | |||
Communication Services 11.4% | |||
Entertainment 3.0% | |||
Activision Blizzard, Inc. | 64,103 | 4,991,059 | |
Live Nation Entertainment, Inc.* | 79,629 | 6,575,763 | |
Netflix, Inc.* | 23,845 | 4,169,775 | |
Spotify Technology SA* | 43,342 | 4,066,780 | |
Walt Disney Co.* | 50,160 | 4,735,104 | |
24,538,481 | |||
Interactive Media & Services 7.1% | |||
Alphabet, Inc. "A"* | 10,148 | 22,115,131 | |
Alphabet, Inc. "C"* | 10,874 | 23,786,331 | |
Match Group, Inc.* | 83,289 | 5,804,410 | |
Meta Platforms, Inc. "A"* | 35,212 | 5,677,935 | |
Snap, Inc. "A"* | 87,759 | 1,152,276 | |
58,536,083 | |||
Wireless Telecommunication Services 1.3% | |||
T-Mobile U.S., Inc.* | 80,959 | 10,892,224 | |
Consumer Discretionary 12.3% | |||
Diversified Consumer Services 1.2% | |||
Chegg, Inc.* | 102,208 | 1,919,466 | |
Terminix Global Holdings, Inc.* | 198,030 | 8,049,920 | |
9,969,386 | |||
Hotels, Restaurants & Leisure 1.3% | |||
McDonald's Corp. | 24,811 | 6,125,340 | |
Planet Fitness, Inc. "A"* | 72,192 | 4,909,778 | |
11,035,118 | |||
Internet & Direct Marketing Retail 4.3% | |||
Amazon.com, Inc.* | 329,983 | 35,047,494 | |
Multiline Retail 0.8% | |||
Dollar General Corp. | 26,422 | 6,485,016 | |
Specialty Retail 3.4% | |||
Burlington Stores, Inc.* | 15,654 | 2,132,544 | |
CarMax, Inc.* | 64,125 | 5,802,030 | |
Home Depot, Inc. | 74,066 | 20,314,082 | |
28,248,656 | |||
Textiles, Apparel & Luxury Goods 1.3% | |||
Lululemon Athletica, Inc.* | 20,960 | 5,713,906 | |
NIKE, Inc. "B" | 49,706 | 5,079,953 | |
10,793,859 | |||
Consumer Staples 2.7% | |||
Beverages 0.3% | |||
Constellation Brands, Inc. "A" | 12,255 | 2,856,151 | |
Food & Staples Retailing 1.7% | |||
Costco Wholesale Corp. | 28,743 | 13,775,945 |
Shares | Value ($) | ||
Personal Products 0.7% | |||
Estee Lauder Companies, Inc. "A" | 23,142 | 5,893,573 | |
Financials 5.7% | |||
Capital Markets 1.4% | |||
Intercontinental Exchange, Inc. | 124,053 | 11,665,944 | |
Consumer Finance 0.7% | |||
American Express Co. | 30,316 | 4,202,404 | |
SoFi Technologies, Inc.* (a) | 394,483 | 2,078,925 | |
6,281,329 | |||
Insurance 3.6% | |||
Progressive Corp. | 252,874 | 29,401,660 | |
Health Care 13.2% | |||
Biotechnology 0.2% | |||
Exact Sciences Corp.* | 46,240 | 1,821,394 | |
Health Care Equipment & Supplies 4.0% | |||
DexCom, Inc.* | 156,216 | 11,642,778 | |
Hologic, Inc.* | 176,261 | 12,214,887 | |
Intuitive Surgical, Inc.* | 26,929 | 5,404,920 | |
The Cooper Companies, Inc. | 10,846 | 3,396,100 | |
32,658,685 | |||
Health Care Providers & Services 0.6% | |||
agilon health, Inc.* | 217,526 | 4,748,592 | |
Life Sciences Tools & Services 6.7% | |||
Charles River Laboratories International, Inc.* | 21,552 | 4,611,482 | |
Danaher Corp. | 72,010 | 18,255,975 | |
Thermo Fisher Scientific, Inc. | 60,076 | 32,638,089 | |
55,505,546 | |||
Pharmaceuticals 1.7% | |||
Zoetis, Inc. | 81,178 | 13,953,686 | |
Industrials 7.7% | |||
Aerospace & Defense 0.4% | |||
TransDigm Group, Inc.* | 6,149 | 3,299,984 | |
Building Products 0.4% | |||
Trex Co., Inc.* | 60,799 | 3,308,682 | |
Electrical Equipment 2.5% | |||
AMETEK, Inc. | 115,369 | 12,677,900 | |
Generac Holdings, Inc.* | 38,678 | 8,144,813 | |
20,822,713 | |||
Machinery 0.5% | |||
Deere & Co. | 14,262 | 4,271,041 | |
Professional Services 2.6% | |||
TransUnion | 150,122 | 12,008,259 | |
Verisk Analytics, Inc. | 55,653 | 9,632,977 | |
21,641,236 |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 5 |
Shares | Value ($) | ||
Road & Rail 1.0% | |||
Norfolk Southern Corp. | 26,030 | 5,916,358 | |
Uber Technologies, Inc.* | 108,232 | 2,214,427 | |
8,130,785 | |||
Trading Companies & Distributors 0.3% | |||
SiteOne Landscape Supply, Inc.* | 18,115 | 2,153,330 | |
Information Technology 44.3% | |||
IT Services 6.1% | |||
Cloudflare, Inc. "A"* | 47,316 | 2,070,075 | |
Global Payments, Inc. | 73,456 | 8,127,172 | |
Mastercard, Inc. "A" | 66,511 | 20,982,890 | |
PayPal Holdings, Inc.* | 41,707 | 2,912,817 | |
Twilio, Inc. "A"* | 42,727 | 3,580,950 | |
Visa, Inc. "A" | 62,429 | 12,291,646 | |
49,965,550 | |||
Semiconductors & Semiconductor Equipment 5.7% | |||
Advanced Micro Devices, Inc.* | 107,477 | 8,218,766 | |
Analog Devices, Inc. | 69,315 | 10,126,228 | |
Applied Materials, Inc. | 90,178 | 8,204,395 | |
MKS Instruments, Inc. | 38,861 | 3,988,304 | |
NVIDIA Corp. | 108,766 | 16,487,838 | |
47,025,531 | |||
Software 21.4% | |||
Adobe, Inc.* | 40,875 | 14,962,703 | |
Atlassian Corp. PLC "A"* | 14,476 | 2,712,802 | |
Avalara, Inc.* | 56,314 | 3,975,768 | |
Box, Inc. "A"* | 97,744 | 2,457,284 | |
Dynatrace, Inc.* | 118,148 | 4,659,757 | |
Five9, Inc.* | 49,204 | 4,484,453 | |
Intuit, Inc. | 27,154 | 10,466,238 | |
Microsoft Corp. | 335,288 | 86,112,017 | |
Roper Technologies, Inc. | 18,825 | 7,429,286 | |
Salesforce, Inc.* | 64,289 | 10,610,257 | |
ServiceNow, Inc.* | 29,674 | 14,110,580 | |
Synopsys, Inc.* | 49,081 | 14,905,900 | |
176,887,045 |
Shares | Value ($) | ||
Technology Hardware, Storage & Peripherals 11.1% | |||
Apple, Inc. | 670,096 | 91,615,525 | |
Materials 0.6% | |||
Construction Materials | |||
Vulcan Materials Co. | 33,793 | 4,801,985 | |
Real Estate 1.8% | |||
Equity Real Estate Investment Trusts (REITs) | |||
Equinix, Inc. | 10,405 | 6,836,293 | |
Prologis, Inc. | 67,967 | 7,996,318 | |
14,832,611 | |||
Total Common Stocks (Cost $379,468,257) | 822,864,840 | ||
Securities Lending Collateral 0.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.28% (b) (c) (Cost $2,268,272) | 2,268,272 | 2,268,272 | |
Cash Equivalents 0.2% | |||
DWS Central Cash Management Government Fund, 1.36% (b) (Cost $1,738,007) | 1,738,007 | 1,738,007 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $383,474,536) | 100.2 | 826,871,119 | |
Other Assets and Liabilities, Net | (0.2) | (1,473,063) | |
Net Assets | 100.0 | 825,398,056 |
Value ($) at 12/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2022 | Value ($) at 6/30/2022 |
Securities Lending Collateral 0.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.28% (b) (c) | ||||||||
33,665,520 | — | 31,397,248 (d) | — | — | 17,141 | — | 2,268,272 | 2,268,272 |
Cash Equivalents 0.2% | ||||||||
DWS Central Cash Management Government Fund, 1.36% (b) | ||||||||
12,375,306 | 49,294,791 | 59,932,090 | — | — | 6,332 | — | 1,738,007 | 1,738,007 |
46,040,826 | 49,294,791 | 91,329,338 | — | — | 23,473 | — | 4,006,279 | 4,006,279 |
* | Non-income producing security. |
6 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2022 amounted to $2,078,920, which is 0.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2022. |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $ 822,864,840 | $ — | $ — | $ 822,864,840 |
Short-Term Investments (a) | 4,006,279 | — | — | 4,006,279 |
Total | $826,871,119 | $— | $— | $826,871,119 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 7 |
as of June 30, 2022 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $379,468,257) — including $2,078,920 of securities loaned | $ 822,864,840 |
Investment in DWS Government & Agency Securities Portfolio (cost $2,268,272)* | 2,268,272 |
Investment in DWS Central Cash Management Government Fund (cost $1,738,007) | 1,738,007 |
Receivable for investments sold | 4,050,180 |
Receivable for Fund shares sold | 157,464 |
Dividends receivable | 92,519 |
Interest receivable | 4,139 |
Other assets | 12,388 |
Total assets | 831,187,809 |
Liabilities | |
Payable upon return of securities loaned | 2,268,272 |
Payable for investments purchased | 2,860,020 |
Payable for Fund shares redeemed | 207,572 |
Accrued management fee | 262,184 |
Accrued Trustees' fees | 7,313 |
Other accrued expenses and payables | 184,392 |
Total liabilities | 5,789,753 |
Net assets, at value | $825,398,056 |
Net Assets Consist of | |
Distributable earnings (loss) | 463,875,845 |
Paid-in capital | 361,522,211 |
Net assets, at value | $825,398,056 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($821,170,150 ÷ 28,106,628 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $ 29.22 |
Class B | |
Net Asset Value, offering and redemption price per share ($4,227,906 ÷ 145,618 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $ 29.03 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends | $ 2,411,615 |
Income distributions — DWS Central Cash Management Government Fund | 6,332 |
Securities lending income, net of borrower rebates | 17,141 |
Total income | 2,435,088 |
Expenses: | |
Management fee | 1,841,224 |
Administration fee | 482,659 |
Services to shareholders | 1,268 |
Record keeping fee (Class B) | 240 |
Distribution service fee (Class B) | 6,559 |
Custodian fee | 6,758 |
Professional fees | 52,155 |
Reports to shareholders | 21,756 |
Trustees' fees and expenses | 29,803 |
Other | 28,577 |
Total expenses | 2,470,999 |
Net investment income (loss) | (35,911) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 21,171,607 |
Change in net unrealized appreciation (depreciation) on investments | (373,575,301) |
Net gain (loss) | (352,403,694) |
Net increase (decrease) in net assets resulting from operations | $(352,439,605) |
8 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Six Months Ended June 30, 2022 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2021 |
Operations: | ||
Net investment income (loss) | $ (35,911) | $ 881,402 |
Net realized gain (loss) | 21,171,607 | 149,545,914 |
Change in net unrealized appreciation (depreciation) | (373,575,301) | 90,238,879 |
Net increase (decrease) in net assets resulting from operations | (352,439,605) | 240,666,195 |
Distributions to shareholders: | ||
Class A | (149,876,386) | (65,033,932) |
Class B | (792,393) | (342,026) |
Total distributions | (150,668,779) | (65,375,958) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 15,303,710 | 31,455,362 |
Reinvestment of distributions | 149,876,386 | 65,033,932 |
Payments for shares redeemed | (68,390,968) | (172,801,537) |
Net increase (decrease) in net assets from Class A share transactions | 96,789,128 | (76,312,243) |
Class B | ||
Proceeds from shares sold | 604,452 | 920,421 |
Reinvestment of distributions | 792,393 | 342,026 |
Payments for shares redeemed | (959,154) | (1,729,958) |
Net increase (decrease) in net assets from Class B share transactions | 437,691 | (467,511) |
Increase (decrease) in net assets | (405,881,565) | 98,510,483 |
Net assets at beginning of period | 1,231,279,621 | 1,132,769,138 |
Net assets at end of period | $825,398,056 | $1,231,279,621 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 24,941,174 | 26,599,512 |
Shares sold | 370,894 | 695,893 |
Shares issued to shareholders in reinvestment of distributions | 4,608,745 | 1,495,721 |
Shares redeemed | (1,814,185) | (3,849,952) |
Net increase (decrease) in Class A shares | 3,165,454 | (1,658,338) |
Shares outstanding at end of period | 28,106,628 | 24,941,174 |
Class B | ||
Shares outstanding at beginning of period | 132,015 | 141,745 |
Shares sold | 15,983 | 20,632 |
Shares issued to shareholders in reinvestment of distributions | 24,509 | 7,890 |
Shares redeemed | (26,889) | (38,252) |
Net increase (decrease) in Class B shares | 13,603 | (9,730) |
Shares outstanding at end of period | 145,618 | 132,015 |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 9 |
Financial Highlights
DWS Capital Growth VIP — Class A | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $49.11 | $42.36 | $33.24 | $27.27 | $30.86 | $26.70 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.00)* | .03 | .09 | .17 | .14 | .20 |
Net realized and unrealized gain (loss) | (13.71) | 9.29 | 11.69 | 9.53 | (.53) | 6.47 |
Total from investment operations | (13.71) | 9.32 | 11.78 | 9.70 | (.39) | 6.67 |
Less distributions from: | ||||||
Net investment income | (.03) | (.10) | (.18) | (.14) | (.23) | (.22) |
Net realized gains | (6.15) | (2.47) | (2.48) | (3.59) | (2.97) | (2.29) |
Total distributions | (6.18) | (2.57) | (2.66) | (3.73) | (3.20) | (2.51) |
Net asset value, end of period | $29.22 | $49.11 | $42.36 | $33.24 | $27.27 | $30.86 |
Total Return (%) | (29.19)** | 22.78 | 39.04 | 37.14 | (1.60) | 26.30 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 821 | 1,225 | 1,127 | 862 | 725 | 776 |
Ratio of expenses (%)b | .50*** | .48 | .49 | .50 | .50 | .50 |
Ratio of net investment income (loss) (%) | (.01)*** | .08 | .25 | .55 | .46 | .70 |
Portfolio turnover rate (%) | 3** | 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. |
** | Not annualized |
*** | Annualized |
10 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
DWS Capital Growth VIP — Class B | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $48.87 | $42.18 | $33.10 | $27.16 | $30.75 | $26.61 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.05) | (.08) | (.00)* | .09 | .07 | .13 |
Net realized and unrealized gain (loss) | (13.64) | 9.24 | 11.66 | 9.49 | (.54) | 6.44 |
Total from investment operations | (13.69) | 9.16 | 11.66 | 9.58 | (.47) | 6.57 |
Less distributions from: | ||||||
Net investment income | — | — | (.10) | (.05) | (.15) | (.14) |
Net realized gains | (6.15) | (2.47) | (2.48) | (3.59) | (2.97) | (2.29) |
Total distributions | (6.15) | (2.47) | (2.58) | (3.64) | (3.12) | (2.43) |
Net asset value, end of period | $29.03 | $48.87 | $42.18 | $33.10 | $27.16 | $30.75 |
Total Return (%) | (29.30)** | 22.46 | 38.70 | 36.79 | (1.87) | 25.96 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 4 | 6 | 6 | 4 | 3 | 6 |
Ratio of expenses (%)b | .76*** | .75 | .75 | .76 | .76 | .75 |
Ratio of net investment income (loss) (%) | (.27)*** | (.19) | (.01) | .29 | .21 | .45 |
Portfolio turnover rate (%) | 3** | 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. |
** | Not annualized |
*** | Annualized |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 11 |
Notes to Financial Statements (Unaudited)
12 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 13 |
First $250 million of average daily net assets | .390% |
Next $750 million of average daily net assets | .365% |
Over $1 billion of average daily net assets | .340% |
14 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Class A | .74% | |
Class B | .99% |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2022 |
Class A | $ 549 | $ 174 |
Class B | 117 | 33 |
$ 666 | $ 207 |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 15 |
16 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Information About Your Fund’s Expenses (Unaudited)
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/22 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/22 | $ 708.10 | $ 707.00 |
Expenses Paid per $1,000* | $ 2.12 | $ 3.22 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/22 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/22 | $ 1,022.32 | $ 1,021.03 |
Expenses Paid per $1,000* | $ 2.51 | $ 3.81 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | .50% | .76% |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 17 |
18 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Advisory Agreement Board Considerations and Fee Evaluation
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 19 |
20 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 21 |
Contents
3 | Performance Summary |
4 | Portfolio Summary |
4 | Portfolio Management Team |
5 | Investment Portfolio |
8 | Statement of Assets and Liabilities |
8 | Statement of Operations |
9 | Statements of Changes in Net Assets |
10 | Financial Highlights |
12 | Notes to Financial Statements |
17 | Information About Your Fund's Expenses |
18 | Liquidity Risk Management |
18 | Proxy Voting |
19 | Advisory Agreement Board Considerations and Fee Evaluation |
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Performance SummaryJune 30, 2022 (Unaudited)
Comparative Results | ||||||
DWS Core Equity VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $8,173 | $8,902 | $13,110 | $16,296 | $34,450 |
Average annual total return | –18.27% | –10.98% | 9.45% | 10.26% | 13.17% | |
Russell 1000® Index | Growth of $10,000 | $7,906 | $8,696 | $13,373 | $16,852 | $33,408 |
Average annual total return | –20.94% | –13.04% | 10.17% | 11.00% | 12.82% | |
DWS Core Equity VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $8,162 | $8,872 | $12,979 | $16,035 | $33,488 |
Average annual total return | –18.38% | –11.28% | 9.08% | 9.90% | 12.85% | |
Russell 1000® Index | Growth of $10,000 | $7,906 | $8,696 | $13,373 | $16,852 | $33,408 |
Average annual total return | –20.94% | –13.04% | 10.17% | 11.00% | 12.82% | |
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 3 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/22 | 12/31/21 |
Common Stocks | 99% | 99% |
Cash Equivalents | 1% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/22 | 12/31/21 |
Information Technology | 26% | 29% |
Health Care | 17% | 13% |
Consumer Discretionary | 11% | 13% |
Financials | 10% | 11% |
Industrials | 9% | 9% |
Communication Services | 8% | 9% |
Consumer Staples | 6% | 5% |
Energy | 5% | 3% |
Real Estate | 3% | 4% |
Utilities | 3% | 2% |
Materials | 2% | 2% |
100% | 100% |
4 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Investment Portfolioas of June 30, 2022 (Unaudited)
Shares | Value ($) | ||
Common Stocks 98.8% | |||
Communication Services 8.2% | |||
Entertainment 1.5% | |||
Activision Blizzard, Inc. | 3,718 | 289,483 | |
Electronic Arts, Inc. | 3,212 | 390,740 | |
Roku, Inc.* | 4,949 | 406,511 | |
Walt Disney Co.* | 4,483 | 423,195 | |
1,509,929 | |||
Interactive Media & Services 5.1% | |||
Alphabet, Inc. "A"* | 817 | 1,780,456 | |
Alphabet, Inc. "C"* | 1,292 | 2,826,185 | |
Meta Platforms, Inc. "A"* | 2,300 | 370,875 | |
4,977,516 | |||
Wireless Telecommunication Services 1.6% | |||
T-Mobile U.S., Inc.* | 11,935 | 1,605,735 | |
Consumer Discretionary 11.1% | |||
Auto Components 1.5% | |||
BorgWarner, Inc. | 8,977 | 299,563 | |
Lear Corp. | 9,214 | 1,159,950 | |
1,459,513 | |||
Automobiles 0.7% | |||
Ford Motor Co. | 29,746 | 331,073 | |
Tesla, Inc.* | 533 | 358,933 | |
690,006 | |||
Distributors 0.9% | |||
Pool Corp. | 2,578 | 905,471 | |
Diversified Consumer Services 1.1% | |||
Terminix Global Holdings, Inc.* | 26,136 | 1,062,428 | |
Hotels, Restaurants & Leisure 1.9% | |||
Churchill Downs, Inc. | 2,123 | 406,618 | |
Darden Restaurants, Inc. | 3,209 | 363,002 | |
Hilton Worldwide Holdings, Inc. | 3,791 | 422,469 | |
Vail Resorts, Inc. | 937 | 204,313 | |
Wendy's Co. | 24,357 | 459,860 | |
1,856,262 | |||
Household Durables 0.4% | |||
Mohawk Industries, Inc.* | 2,975 | 369,168 | |
Internet & Direct Marketing Retail 1.6% | |||
Amazon.com, Inc.* | 15,400 | 1,635,634 | |
Leisure Products 0.2% | |||
Peloton Interactive, Inc. "A"* | 20,854 | 191,440 | |
Specialty Retail 1.2% | |||
Bath & Body Works, Inc. | 12,542 | 337,631 | |
Five Below, Inc.* | 4,837 | 548,661 | |
RH* | 1,689 | 358,507 | |
1,244,799 |
Shares | Value ($) | ||
Textiles, Apparel & Luxury Goods 1.6% | |||
NIKE, Inc. "B" | 12,146 | 1,241,321 | |
PVH Corp. | 6,142 | 349,480 | |
1,590,801 | |||
Consumer Staples 6.0% | |||
Beverages 4.1% | |||
Coca-Cola Co. | 24,504 | 1,541,547 | |
Constellation Brands, Inc. "A" | 3,417 | 796,366 | |
PepsiCo, Inc. | 10,097 | 1,682,766 | |
4,020,679 | |||
Food & Staples Retailing 1.0% | |||
Costco Wholesale Corp. | 874 | 418,891 | |
Kroger Co. | 13,235 | 626,412 | |
1,045,303 | |||
Personal Products 0.9% | |||
Coty, Inc. "A"* | 65,533 | 524,919 | |
Herbalife Nutrition Ltd.* | 17,959 | 367,262 | |
892,181 | |||
Energy 4.6% | |||
Oil, Gas & Consumable Fuels | |||
Cheniere Energy, Inc. | 4,232 | 562,983 | |
Devon Energy Corp. | 18,609 | 1,025,542 | |
Hess Corp. | 7,756 | 821,671 | |
Occidental Petroleum Corp. | 20,587 | 1,212,162 | |
Valero Energy Corp. | 9,090 | 966,085 | |
4,588,443 | |||
Financials 10.2% | |||
Banks 4.2% | |||
Bank of America Corp. | 21,094 | 656,657 | |
Huntington Bancshares, Inc. | 54,738 | 658,498 | |
JPMorgan Chase & Co. | 18,479 | 2,080,920 | |
Wells Fargo & Co. | 20,695 | 810,623 | |
4,206,698 | |||
Capital Markets 3.5% | |||
Ameriprise Financial, Inc. | 3,621 | 860,639 | |
Intercontinental Exchange, Inc. | 3,901 | 366,850 | |
MSCI, Inc. | 2,795 | 1,151,959 | |
S&P Global, Inc. | 1,231 | 414,921 | |
Tradeweb Markets, Inc. "A" | 9,455 | 645,304 | |
3,439,673 | |||
Diversified Financial Services 0.4% | |||
Apollo Global Management, Inc. | 8,133 | 394,288 | |
Insurance 2.1% | |||
Everest Re Group Ltd. | 1,683 | 471,711 |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 5 |
Shares | Value ($) | ||
Hartford Financial Services Group, Inc. | 6,652 | 435,240 | |
MetLife, Inc. | 18,188 | 1,142,025 | |
2,048,976 | |||
Health Care 16.4% | |||
Biotechnology 5.2% | |||
AbbVie, Inc. | 8,560 | 1,311,050 | |
Amgen, Inc. | 5,838 | 1,420,385 | |
Biogen, Inc.* | 3,346 | 682,383 | |
Gilead Sciences, Inc. | 8,311 | 513,703 | |
Moderna, Inc.* | 5,932 | 847,386 | |
Vertex Pharmaceuticals, Inc.* | 1,229 | 346,320 | |
5,121,227 | |||
Health Care Providers & Services 7.7% | |||
Centene Corp.* | 19,102 | 1,616,220 | |
Cigna Corp. | 3,320 | 874,886 | |
Elevance Health, Inc. | 5,597 | 2,701,000 | |
Humana, Inc. | 1,166 | 545,770 | |
McKesson Corp. | 2,695 | 879,136 | |
Molina Healthcare, Inc.* | 3,604 | 1,007,715 | |
7,624,727 | |||
Life Sciences Tools & Services 0.2% | |||
Danaher Corp. | 919 | 232,985 | |
Pharmaceuticals 3.3% | |||
AstraZeneca PLC (ADR) | 7,060 | 466,454 | |
Bristol-Myers Squibb Co. | 14,325 | 1,103,025 | |
Johnson & Johnson | 7,210 | 1,279,847 | |
Zoetis, Inc. | 2,266 | 389,503 | |
3,238,829 | |||
Industrials 8.8% | |||
Aerospace & Defense 2.6% | |||
General Dynamics Corp. | 4,595 | 1,016,644 | |
Northrop Grumman Corp. | 2,266 | 1,084,439 | |
Raytheon Technologies Corp. | 4,399 | 422,788 | |
2,523,871 | |||
Building Products 0.8% | |||
Owens Corning | 11,283 | 838,440 | |
Commercial Services & Supplies 1.9% | |||
Republic Services, Inc. | 2,689 | 351,910 | |
Waste Management, Inc. | 9,887 | 1,512,513 | |
1,864,423 | |||
Electrical Equipment 0.4% | |||
Emerson Electric Co. | 4,892 | 389,110 | |
Industrial Conglomerates 0.3% | |||
3M Co. | 2,373 | 307,090 | |
Machinery 1.7% | |||
AGCO Corp. | 5,341 | 527,157 | |
Cummins, Inc. | 2,004 | 387,834 |
Shares | Value ($) | ||
Ingersoll Rand, Inc. | 8,206 | 345,308 | |
Oshkosh Corp. | 5,035 | 413,575 | |
1,673,874 | |||
Professional Services 0.6% | |||
TransUnion | 5,005 | 400,350 | |
Verisk Analytics, Inc. | 1,347 | 233,152 | |
633,502 | |||
Road & Rail 0.5% | |||
J.B. Hunt Transport Services, Inc. | 1,208 | 190,224 | |
Norfolk Southern Corp. | 1,178 | 267,747 | |
457,971 | |||
Information Technology 25.2% | |||
Communications Equipment 0.5% | |||
Cisco Systems, Inc. | 12,146 | 517,905 | |
IT Services 2.4% | |||
Accenture PLC "A" | 1,656 | 459,788 | |
Visa, Inc. "A" | 9,495 | 1,869,471 | |
2,329,259 | |||
Semiconductors & Semiconductor Equipment 4.3% | |||
Advanced Micro Devices, Inc.* | 8,957 | 684,942 | |
Intel Corp. | 27,752 | 1,038,202 | |
NVIDIA Corp. | 6,549 | 992,763 | |
QUALCOMM, Inc. | 12,286 | 1,569,414 | |
4,285,321 | |||
Software 10.3% | |||
Dynatrace, Inc.* | 8,908 | 351,331 | |
Microsoft Corp. | 26,674 | 6,850,683 | |
Oracle Corp. | 27,457 | 1,918,421 | |
Salesforce, Inc.* | 3,421 | 564,602 | |
Synopsys, Inc.* | 1,804 | 547,875 | |
10,232,912 | |||
Technology Hardware, Storage & Peripherals 7.7% | |||
Apple, Inc. | 55,657 | 7,609,425 | |
Materials 2.1% | |||
Chemicals 1.6% | |||
Corteva, Inc. | 7,203 | 389,970 | |
DuPont de Nemours, Inc. | 5,794 | 322,031 | |
Linde PLC | 1,627 | 467,811 | |
The Mosaic Co. | 9,318 | 440,089 | |
1,619,901 | |||
Metals & Mining 0.5% | |||
Cleveland-Cliffs, Inc.* | 19,496 | 299,654 | |
United States Steel Corp. | 10,675 | 191,189 | |
490,843 | |||
Real Estate 3.3% | |||
Equity Real Estate Investment Trusts (REITs) | |||
AvalonBay Communities, Inc. | 5,189 | 1,007,963 |
6 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Shares | Value ($) | ||
Iron Mountain, Inc. | 23,673 | 1,152,639 | |
Prologis, Inc. | 9,660 | 1,136,499 | |
3,297,101 | |||
Utilities 2.9% | |||
Electric Utilities 1.2% | |||
NextEra Energy, Inc. | 9,703 | 751,595 | |
NRG Energy, Inc. | 10,784 | 411,625 | |
1,163,220 | |||
Multi-Utilities 0.7% | |||
Public Service Enterprise Group, Inc. | 10,461 | 661,972 | |
Water Utilities 1.0% | |||
American Water Works Co., Inc. | 6,594 | 980,989 | |
Total Common Stocks (Cost $70,184,696) | 97,829,840 |
Shares | Value ($) | ||
Cash Equivalents 1.3% | |||
DWS Central Cash Management Government Fund, 1.36% (a) (Cost $1,332,507) | 1,332,507 | 1,332,507 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $71,517,203) | 100.1 | 99,162,347 | |
Other Assets and Liabilities, Net | (0.1) | (116,278) | |
Net Assets | 100.0 | 99,046,069 |
Value ($) at 12/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2022 | Value ($) at 6/30/2022 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.28% (a) (b) | ||||||||
3,050,235 | — | 3,050,235 (c) | — | — | 968 | — | — | — |
Cash Equivalents 1.3% | ||||||||
DWS Central Cash Management Government Fund, 1.36% (a) | ||||||||
1,168,134 | 5,678,346 | 5,513,973 | — | — | 1,419 | — | 1,332,507 | 1,332,507 |
4,218,369 | 5,678,346 | 8,564,208 | — | — | 2,387 | — | 1,332,507 | 1,332,507 |
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2022. |
ADR: American Depositary Receipt |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $ 97,829,840 | $ — | $ — | $ 97,829,840 |
Short-Term Investments | 1,332,507 | — | — | 1,332,507 |
Total | $99,162,347 | $— | $— | $99,162,347 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 7 |
as of June 30, 2022 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $70,184,696) | $ 97,829,840 |
Investment in DWS Central Cash Management Government Fund (cost $1,332,507) | 1,332,507 |
Cash | 15,649 |
Receivable for Fund shares sold | 3,574 |
Dividends receivable | 70,498 |
Interest receivable | 45 |
Other assets | 830 |
Total assets | 99,252,943 |
Liabilities | |
Payable for Fund shares redeemed | 100,403 |
Accrued management fee | 32,840 |
Accrued Trustees' fees | 278 |
Other accrued expenses and payables | 73,353 |
Total liabilities | 206,874 |
Net assets, at value | $99,046,069 |
Net Assets Consist of | |
Distributable earnings (loss) | 33,151,084 |
Paid-in capital | 65,894,985 |
Net assets, at value | $99,046,069 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($96,226,048 ÷ 9,499,823 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 10.13 |
Class B | |
Net Asset Value, offering and redemption price per share ($2,820,021 ÷ 278,342 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 10.13 |
Investment Income | |
Income: | |
Dividends | $ 806,227 |
Income distributions — DWS Central Cash Management Government Fund | 1,419 |
Securities lending income, net of borrower rebates | 968 |
Total income | 808,614 |
Expenses: | |
Management fee | 217,755 |
Administration fee | 54,160 |
Services to shareholders | 710 |
Record keeping fee (Class B) | 1,056 |
Distribution service fee (Class B) | 4,050 |
Custodian fee | 2,474 |
Audit fee | 26,763 |
Legal fees | 7,779 |
Tax fees | 4,158 |
Reports to shareholders | 13,786 |
Trustees' fees and expenses | 3,526 |
Other | 2,895 |
Total expenses | 339,112 |
Net investment income | 469,502 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 5,311,789 |
Change in net unrealized appreciation (depreciation) on investments | (28,213,359) |
Net gain (loss) | (22,901,570) |
Net increase (decrease) in net assets resulting from operations | $(22,432,068) |
8 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Six Months Ended June 30, 2022 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2021 |
Operations: | ||
Net investment income | $ 469,502 | $ 768,431 |
Net realized gain (loss) | 5,311,789 | 15,289,288 |
Change in net unrealized appreciation (depreciation) | (28,213,359) | 10,515,608 |
Net increase (decrease) in net assets resulting from operations | (22,432,068) | 26,573,327 |
Distributions to shareholders: | ||
Class A | (15,513,224) | (6,046,519) |
Class B | (453,487) | (170,977) |
Total distributions | (15,966,711) | (6,217,496) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 3,574,011 | 5,044,139 |
Reinvestment of distributions | 15,513,224 | 6,046,519 |
Payments for shares redeemed | (6,390,423) | (17,124,502) |
Net increase (decrease) in net assets from Class A share transactions | 12,696,812 | (6,033,844) |
Class B | ||
Proceeds from shares sold | 4,770 | 141,029 |
Reinvestment of distributions | 453,487 | 170,977 |
Payments for shares redeemed | (169,939) | (790,942) |
Net increase (decrease) in net assets from Class B share transactions | 288,318 | (478,936) |
Increase (decrease) in net assets | (25,413,649) | 13,843,051 |
Net assets at beginning of period | 124,459,718 | 110,616,667 |
Net assets at end of period | $99,046,069 | $124,459,718 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 8,323,929 | 8,760,193 |
Shares sold | 279,024 | 376,354 |
Shares issued to shareholders in reinvestment of distributions | 1,398,848 | 469,450 |
Shares redeemed | (501,978) | (1,282,068) |
Net increase (decrease) in Class A shares | 1,175,894 | (436,264) |
Shares outstanding at end of period | 9,499,823 | 8,323,929 |
Class B | ||
Shares outstanding at beginning of period | 251,030 | 288,118 |
Shares sold | 408 | 10,402 |
Shares issued to shareholders in reinvestment of distributions | 40,855 | 13,265 |
Shares redeemed | (13,951) | (60,755) |
Net increase (decrease) in Class B shares | 27,312 | (37,088) |
Shares outstanding at end of period | 278,342 | 251,030 |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 9 |
Financial Highlights
DWS Core Equity VIP — Class A | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $14.52 | $12.23 | $11.31 | $9.83 | $14.64 | $13.16 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .05 | .09 | .11 | .14 | .14 | .17 |
Net realized and unrealized gain (loss) | (2.54) | 2.91 | 1.47 | 2.70 | (.71) | 2.44 |
Total from investment operations | (2.49) | 3.00 | 1.58 | 2.84 | (.57) | 2.61 |
Less distributions from: | ||||||
Net investment income | (.10) | (.10) | (.15) | (.12) | (.27) | (.17) |
Net realized gains | (1.80) | (.61) | (.51) | (1.24) | (3.97) | (.96) |
Total distributions | (1.90) | (.71) | (.66) | (1.36) | (4.24) | (1.13) |
Net asset value, end of period | $10.13 | $14.52 | $12.23 | $11.31 | $9.83 | $14.64 |
Total Return (%) | (18.27)* | 25.30 | 16.13 | 30.30 | (5.69) | 21.02 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 96 | 121 | 107 | 107 | 92 | 105 |
Ratio of expenses (%)b | .60** | .59 | .62 | .62 | .61 | .57 |
Ratio of net investment income (%) | .85** | .66 | 1.01 | 1.32 | 1.14 | 1.22 |
Portfolio turnover rate (%) | 15* | 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. |
* | Not annualized |
** | Annualized |
10 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
DWS Core Equity VIP — Class B | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $14.49 | $12.21 | $11.29 | $9.81 | $14.62 | $13.14 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .03 | .05 | .07 | .11 | .10 | .13 |
Net realized and unrealized gain (loss) | (2.53) | 2.90 | 1.48 | 2.70 | (.72) | 2.44 |
Total from investment operations | (2.50) | 2.95 | 1.55 | 2.81 | (.62) | 2.57 |
Less distributions from: | ||||||
Net investment income | (.06) | (.06) | (.12) | (.09) | (.22) | (.13) |
Net realized gains | (1.80) | (.61) | (.51) | (1.24) | (3.97) | (.96) |
Total distributions | (1.86) | (.67) | (.63) | (1.33) | (4.19) | (1.09) |
Net asset value, end of period | $10.13 | $14.49 | $12.21 | $11.29 | $9.81 | $14.62 |
Total Return (%) | (18.38)* | 24.94 | 15.67 | 29.92 | (6.02) | 20.68 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 3 | 4 | 4 | 3 | 3 | 3 |
Ratio of expenses (%)b | .92** | .91 | .94 | .94 | .93 | .86 |
Ratio of net investment income (%) | .53** | .34 | .69 | 1.00 | .82 | .94 |
Portfolio turnover rate (%) | 15* | 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. |
* | Not annualized |
** | Annualized |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 11 |
Notes to Financial Statements (Unaudited)
12 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 13 |
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 | .66% |
Class B | .98% |
14 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2022 |
Class A | $ 387 | $ 120 |
Class B | 80 | 26 |
$ 467 | $ 146 |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 15 |
16 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Information About Your Fund’s Expenses (Unaudited)
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/22 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/22 | $ 817.30 | $ 816.20 |
Expenses Paid per $1,000* | $ 2.70 | $ 4.14 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/22 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/22 | $ 1,021.82 | $ 1,020.23 |
Expenses Paid per $1,000* | $ 3.01 | $ 4.61 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Core Equity VIP | .60% | .92% |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 17 |
18 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Advisory Agreement Board Considerations and Fee Evaluation
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 19 |
20 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 21 |
Contents
3 | Performance Summary |
4 | Portfolio Summary |
4 | Portfolio Management Team |
5 | Investment Portfolio |
8 | Statement of Assets and Liabilities |
8 | Statement of Operations |
9 | Statements of Changes in Net Assets |
10 | Financial Highlights |
12 | Notes to Financial Statements |
17 | Information About Your Fund's Expenses |
18 | Liquidity Risk Management |
18 | Proxy Voting |
19 | Advisory Agreement Board Considerations and Fee Evaluation |
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Performance SummaryJune 30, 2022 (Unaudited)
Comparative Results | ||||||
DWS CROCI® International VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $8,200 | $8,210 | $10,298 | $10,192 | $13,519 |
Average annual total return | –18.00% | –17.90% | 0.98% | 0.38% | 3.06% | |
MSCI EAFE Value Index | Growth of $10,000 | $8,788 | $8,805 | $10,053 | $10,261 | $15,159 |
Average annual total return | –12.12% | –11.95% | 0.18% | 0.52% | 4.25% | |
DWS CROCI® International VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $8,183 | $8,193 | $10,220 | $10,065 | $13,188 |
Average annual total return | –18.17% | –18.07% | 0.73% | 0.13% | 2.81% | |
MSCI EAFE Value Index | Growth of $10,000 | $8,788 | $8,805 | $10,053 | $10,261 | $15,159 |
Average annual total return | –12.12% | –11.95% | 0.18% | 0.52% | 4.25% | |
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 3 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/22 | 12/31/21 |
Common Stocks | 99% | 99% |
Cash Equivalents | 1% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/22 | 12/31/21 |
Health Care | 23% | 19% |
Financials | 17% | 19% |
Materials | 15% | 13% |
Industrials | 14% | 15% |
Information Technology | 10% | 9% |
Consumer Discretionary | 8% | 9% |
Consumer Staples | 5% | 9% |
Communication Services | 4% | 5% |
Energy | 4% | — |
Utilities | — | 2% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/22 | 12/31/21 |
Japan | 33% | 27% |
Switzerland | 13% | 13% |
France | 11% | 10% |
United Kingdom | 8% | 14% |
Australia | 8% | 10% |
Germany | 6% | 7% |
Denmark | 4% | 4% |
Netherlands | 3% | 5% |
Belgium | 3% | 3% |
Spain | 2% | 2% |
Finland | 2% | 2% |
Other | 7% | 3% |
100% | 100% |
4 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Investment Portfolioas of June 30, 2022 (Unaudited)
Shares | Value ($) | ||
Common Stocks 98.4% | |||
Australia 8.2% | |||
BHP Group Ltd. | 110,820 | 3,145,210 | |
BlueScope Steel Ltd. | 84,294 | 919,277 | |
Sonic Healthcare Ltd. | 41,598 | 948,682 | |
Woodside Energy Group Ltd. | 20,025 | 439,564 | |
(Cost $5,019,759) | 5,452,733 | ||
Austria 0.9% | |||
OMV AG (Cost $745,553) | 12,933 | 608,093 | |
Belgium 2.5% | |||
UCB SA (Cost $2,296,276) | 19,683 | 1,663,526 | |
Denmark 3.8% | |||
AP Moller - Maersk AS "B" | 885 | 2,071,378 | |
Pandora A/S | 7,656 | 486,160 | |
(Cost $2,399,077) | 2,557,538 | ||
Finland 1.7% | |||
Nokia Oyj (Cost $970,220) | 242,166 | 1,122,645 | |
France 11.1% | |||
Arkema SA | 3,456 | 308,558 | |
BNP Paribas SA | 54,885 | 2,630,525 | |
Cie de Saint-Gobain | 5,936 | 255,477 | |
Cie Generale des Etablissements Michelin SCA | 11,696 | 318,507 | |
Credit Agricole SA | 129,562 | 1,188,690 | |
Kering SA | 862 | 443,568 | |
Societe Generale SA | 36,256 | 796,796 | |
Television Francaise 1 | 148,599 | 1,054,779 | |
TotalEnergies SE | 6,873 | 361,844 | |
(Cost $8,280,279) | 7,358,744 | ||
Germany 5.5% | |||
adidas AG | 1,923 | 340,152 | |
BASF SE | 8,654 | 377,341 | |
Bayer AG (Registered) | 22,643 | 1,346,355 | |
Brenntag SE | 5,032 | 328,223 | |
Deutsche Post AG (Registered) | 33,075 | 1,242,782 | |
(Cost $4,375,944) | 3,634,853 | ||
Ireland 1.3% | |||
CRH PLC | 15,848 | 549,008 | |
DCC PLC | 5,175 | 321,952 | |
(Cost $947,036) | 870,960 | ||
Italy 1.2% | |||
Intesa Sanpaolo SpA | 156,811 | 293,033 | |
UniCredit SpA | 51,779 | 494,129 | |
(Cost $1,018,073) | 787,162 | ||
Japan 32.0% | |||
Astellas Pharma, Inc. | 61,900 | 963,985 | |
ITOCHU Corp. | 29,200 | 790,953 | |
Kyocera Corp. | 6,100 | 325,950 |
Shares | Value ($) | ||
Mitsubishi UFJ Financial Group, Inc. | 130,800 | 698,012 | |
Murata Manufacturing Co., Ltd. | 12,200 | 667,654 | |
NEC Corp. | 10,500 | 406,961 | |
Nintendo Co., Ltd. | 4,200 | 1,821,916 | |
Nitto Denko Corp. | 10,400 | 672,241 | |
Ono Pharmaceutical Co., Ltd. | 85,200 | 2,181,346 | |
Sekisui House Ltd. | 103,100 | 1,834,068 | |
Shin-Etsu Chemical Co., Ltd. | 7,409 | 833,866 | |
Sony Group Corp. | 9,600 | 780,947 | |
Sumitomo Chemical Co., Ltd. | 92,000 | 358,187 | |
Sumitomo Corp. | 22,300 | 305,537 | |
Sumitomo Metal Mining Co., Ltd. | 7,200 | 225,459 | |
Sumitomo Mitsui Financial Group, Inc. | 112,956 | 3,340,230 | |
Takeda Pharmaceutical Co., Ltd. | 35,000 | 984,574 | |
Tokyo Electron Ltd. | 6,000 | 1,973,459 | |
Toyota Industries Corp. | 35,332 | 2,180,356 | |
(Cost $23,570,264) | 21,345,701 | ||
Luxembourg 0.6% | |||
ArcelorMittal SA (Cost $609,080) | 18,571 | 418,455 | |
Netherlands 2.5% | |||
PostNL NV | 147,784 | 447,991 | |
QIAGEN NV* | 19,257 | 904,948 | |
Randstad NV | 6,647 | 322,606 | |
(Cost $1,908,332) | 1,675,545 | ||
Norway 1.5% | |||
Equinor ASA (Cost $807,660) | 27,574 | 962,235 | |
Singapore 0.8% | |||
Venture Corp., Ltd. (Cost $560,681) | 43,500 | 521,476 | |
Spain 2.4% | |||
Banco Bilbao Vizcaya Argentaria SA | 112,405 | 509,858 | |
Banco Santander SA | 384,222 | 1,084,264 | |
(Cost $1,758,870) | 1,594,122 | ||
Sweden 1.0% | |||
Telefonaktiebolaget LM Ericsson "B" (Cost $1,039,737) | 93,244 | 695,309 | |
Switzerland 13.2% | |||
Holcim AG | 35,213 | 1,506,774 | |
Kuehne & Nagel International AG (Registered) | 1,306 | 308,496 | |
Novartis AG (Registered) | 35,884 | 3,032,669 | |
Roche Holding AG (Genusschein) | 9,721 | 3,244,081 | |
STMicroelectronics NV | 22,749 | 715,905 | |
(Cost $10,035,844) | 8,807,925 | ||
United Kingdom 8.2% | |||
Anglo American PLC | 7,823 | 279,804 | |
British American Tobacco PLC | 46,468 | 1,988,707 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 5 |
Shares | Value ($) | ||
Ferguson PLC | 4,964 | 550,133 | |
Imperial Brands PLC | 62,372 | 1,394,962 | |
Kingfisher PLC | 200,826 | 596,246 | |
Lloyds Banking Group PLC | 552,050 | 284,296 | |
Next PLC | 5,140 | 366,859 | |
(Cost $5,288,065) | 5,461,007 | ||
Total Common Stocks (Cost $71,630,750) | 65,538,029 | ||
Cash Equivalents 1.2% | |||
DWS Central Cash Management Government Fund, 1.36% (a) (Cost $790,386) | 790,386 | 790,386 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $72,421,136) | 99.6 | 66,328,415 | |
Other Assets and Liabilities, Net | 0.4 | 284,459 | |
Net Assets | 100.0 | 66,612,874 |
Value ($) at 12/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2022 | Value ($) at 6/30/2022 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.28% (a) (b) | ||||||||
3,317,912 | — | 3,317,912 (c) | — | — | 18,810 | — | — | — |
Cash Equivalents 1.2% | ||||||||
DWS Central Cash Management Government Fund, 1.36% (a) | ||||||||
615,058 | 5,199,146 | 5,023,818 | — | — | 1,241 | — | 790,386 | 790,386 |
3,932,970 | 5,199,146 | 8,341,730 | — | — | 20,051 | — | 790,386 | 790,386 |
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2022. |
6 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $ — | $ 5,452,733 | $ — | $ 5,452,733 |
Austria | — | 608,093 | — | 608,093 |
Belgium | — | 1,663,526 | — | 1,663,526 |
Denmark | — | 2,557,538 | — | 2,557,538 |
Finland | — | 1,122,645 | — | 1,122,645 |
France | — | 7,358,744 | — | 7,358,744 |
Germany | — | 3,634,853 | — | 3,634,853 |
Ireland | — | 870,960 | — | 870,960 |
Italy | — | 787,162 | — | 787,162 |
Japan | — | 21,345,701 | — | 21,345,701 |
Luxembourg | — | 418,455 | — | 418,455 |
Netherlands | — | 1,675,545 | — | 1,675,545 |
Norway | — | 962,235 | — | 962,235 |
Singapore | — | 521,476 | — | 521,476 |
Spain | — | 1,594,122 | — | 1,594,122 |
Sweden | — | 695,309 | — | 695,309 |
Switzerland | — | 8,807,925 | — | 8,807,925 |
United Kingdom | — | 5,461,007 | — | 5,461,007 |
Short-Term Investments | 790,386 | — | — | 790,386 |
Total | $790,386 | $65,538,029 | $— | $66,328,415 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 7 |
as of June 30, 2022 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $71,630,750) | $ 65,538,029 |
Investment in DWS Central Cash Management Government Fund (cost $790,386) | 790,386 |
Foreign currency, at value (cost $70,195) | 69,581 |
Receivable for Fund shares sold | 738 |
Dividends receivable | 11,238 |
Interest receivable | 3,506 |
Foreign taxes recoverable | 328,563 |
Other assets | 792 |
Total assets | 66,742,833 |
Liabilities | |
Payable for Fund shares redeemed | 14,062 |
Accrued management fee | 29,882 |
Accrued Trustees' fees | 190 |
Other accrued expenses and payables | 85,825 |
Total liabilities | 129,959 |
Net assets, at value | $66,612,874 |
Net Assets Consist of | |
Distributable earnings (loss) | (34,381,859) |
Paid-in capital | 100,994,733 |
Net assets, at value | $66,612,874 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($66,310,156 ÷ 10,817,368 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 6.13 |
Class B | |
Net Asset Value, offering and redemption price per share ($302,718 ÷ 49,218 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 6.15 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $266,573) | $ 2,155,935 |
Income distributions — DWS Central Cash Management Government Fund | 1,241 |
Securities lending income, net of borrower rebates | 18,810 |
Total income | 2,175,986 |
Expenses: | |
Management fee | 247,036 |
Administration fee | 36,865 |
Services to shareholders | 752 |
Distribution service fee (Class B) | 433 |
Custodian fee | 8,172 |
Audit fee | 29,701 |
Legal fees | 8,801 |
Tax fees | 3,603 |
Reports to shareholders | 18,525 |
Trustees' fees and expenses | 2,262 |
Other | 5,561 |
Total expenses before expense reductions | 361,711 |
Expense reductions | (34,380) |
Total expenses after expense reductions | 327,331 |
Net investment income | 1,848,655 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 1,180,737 |
Foreign currency | (17,331) |
1,163,406 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (17,732,494) |
Foreign currency | (29,864) |
(17,762,358) | |
Net gain (loss) | (16,598,952) |
Net increase (decrease) in net assets resulting from operations | $(14,750,297) |
8 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Six Months Ended June 30, 2022 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2021 |
Operations: | ||
Net investment income | $ 1,848,655 | $ 2,293,388 |
Net realized gain (loss) | 1,163,406 | 6,054,489 |
Change in net unrealized appreciation (depreciation) | (17,762,358) | (1,179,844) |
Net increase (decrease) in net assets resulting from operations | (14,750,297) | 7,168,033 |
Distributions to shareholders: | ||
Class A | (2,284,310) | (2,001,186) |
Class B | (9,492) | (8,123) |
Total distributions | (2,293,802) | (2,009,309) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,338,754 | 5,592,996 |
Reinvestment of distributions | 2,284,310 | 2,001,186 |
Payments for shares redeemed | (3,344,768) | (8,759,770) |
Net increase (decrease) in net assets from Class A share transactions | 278,296 | (1,165,588) |
Class B | ||
Proceeds from shares sold | 3,022 | 20,913 |
Reinvestment of distributions | 9,492 | 8,123 |
Payments for shares redeemed | (15,651) | (27,757) |
Net increase (decrease) in net assets from Class B share transactions | (3,137) | 1,279 |
Increase (decrease) in net assets | (16,768,940) | 3,994,415 |
Net assets at beginning of period | 83,381,814 | 79,387,399 |
Net assets at end of period | $66,612,874 | $83,381,814 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 10,751,199 | 10,909,190 |
Shares sold | 186,852 | 734,747 |
Shares issued to shareholders in reinvestment of distributions | 345,062 | 263,661 |
Shares redeemed | (465,745) | (1,156,399) |
Net increase (decrease) in Class A shares | 66,169 | (157,991) |
Shares outstanding at end of period | 10,817,368 | 10,751,199 |
Class B | ||
Shares outstanding at beginning of period | 49,491 | 49,324 |
Shares sold | 441 | 2,757 |
Shares issued to shareholders in reinvestment of distributions | 1,430 | 1,066 |
Shares redeemed | (2,144) | (3,656) |
Net increase (decrease) in Class B shares | (273) | 167 |
Shares outstanding at end of period | 49,218 | 49,491 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 9 |
Financial Highlights
DWS CROCI® International VIP — Class A | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $7.72 | $7.24 | $7.35 | $6.22 | $7.34 | $6.47 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .17 | .21 | .12 | .22 | .20 | .16 |
Net realized and unrealized gain (loss) | (1.54) | .46 | .00* | 1.11 | (1.25) | 1.21 |
Total from investment operations | (1.37) | .67 | .12 | 1.33 | (1.05) | 1.37 |
Less distributions from: | ||||||
Net investment income | (.22) | (.19) | (.23) | (.20) | (.07) | (.50) |
Net asset value, end of period | $6.13 | $7.72 | $7.24 | $7.35 | $6.22 | $7.34 |
Total Return (%)b | (18.00)** | 9.24 | 2.61 | 21.77 | (14.39) | 21.96 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 66 | 83 | 79 | 81 | 72 | 92 |
Ratio of expenses before expense reductions (%)c | .95*** | .93 | .99 | 1.11 | 1.13 | 1.10 |
Ratio of expenses after expense reductions (%)c | .86*** | .87 | .87 | .87 | .87 | .84 |
Ratio of net investment income (%) | 4.87*** | 2.76 | 1.88 | 3.22 | 2.78 | 2.24 |
Portfolio turnover rate (%) | 32** | 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. |
** | Not annualized |
*** | Annualized |
10 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
DWS CROCI® International VIP — Class B | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $7.74 | $7.26 | $7.36 | $6.24 | $7.36 | $6.48 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .16 | .19 | .10 | .20 | .18 | .13 |
Net realized and unrealized gain (loss) | (1.55) | .46 | .01 | 1.11 | (1.24) | 1.23 |
Total from investment operations | (1.39) | .65 | .11 | 1.31 | (1.06) | 1.36 |
Less distributions from: | ||||||
Net investment income | (.20) | (.17) | (.21) | (.19) | (.06) | (.48) |
Net asset value, end of period | $6.15 | $7.74 | $7.26 | $7.36 | $6.24 | $7.36 |
Total Return (%)b | (18.17)* | 8.94 | 2.49 | 21.24 | (14.57) | 21.76 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | .30 | .38 | .36 | .33 | .28 | .33 |
Ratio of expenses before expense reductions (%)c | 1.23** | 1.21 | 1.27 | 1.39 | 1.41 | 1.38 |
Ratio of expenses after expense reductions (%)c | 1.14** | 1.13 | 1.12 | 1.12 | 1.12 | 1.09 |
Ratio of net investment income (%) | 4.57** | 2.50 | 1.62 | 2.96 | 2.54 | 1.86 |
Portfolio turnover rate (%) | 32* | 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. |
* | Not annualized |
** | Annualized |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 11 |
Notes to Financial Statements (Unaudited)
12 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 13 |
First $500 million of average daily net assets | .650% |
Over $500 million of average daily net assets | .600% |
14 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Class A | .86% | |
Class B | 1.13% |
Class A | $ 34,225 |
Class B | 155 |
$ 34,380 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2022 |
Class A | $ 407 | $ 130 |
Class B | 51 | 16 |
$ 458 | $ 146 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 15 |
16 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Information About Your Fund’s Expenses (Unaudited)
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/22 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/22 | $ 820.00 | $ 818.30 |
Expenses Paid per $1,000* | $ 3.88 | $ 5.14 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/22 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/22 | $ 1,020.53 | $ 1,019.14 |
Expenses Paid per $1,000* | $ 4.31 | $ 5.71 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | .86% | 1.14% |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 17 |
Liquidity Risk Management
18 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Advisory Agreement Board Considerations and Fee Evaluation
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 19 |
20 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 21 |
Contents
3 | Performance Summary |
4 | Portfolio Summary |
4 | Portfolio Management Team |
5 | Investment Portfolio |
9 | Statement of Assets and Liabilities |
9 | Statement of Operations |
10 | Statements of Changes in Net Assets |
11 | Financial Highlights |
13 | Notes to Financial Statements |
18 | Information About Your Fund's Expenses |
19 | Liquidity Risk Management |
19 | Proxy Voting |
20 | Advisory Agreement Board Considerations and Fee Evaluation |
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Performance SummaryJune 30, 2022 (Unaudited)
Comparative Results | ||||||
DWS Global Small Cap VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $7,407 | $7,586 | $10,681 | $10,514 | $17,348 |
Average annual total return | –25.93% | –24.14% | 2.22% | 1.01% | 5.66% | |
S&P Developed SmallCap Index | Growth of $10,000 | $7,750 | $7,777 | $11,216 | $12,606 | $23,535 |
Average annual total return | –22.50% | –22.23% | 3.90% | 4.74% | 8.94% | |
DWS Global Small Cap VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $7,390 | $7,558 | $10,589 | $10,365 | $16,872 |
Average annual total return | –26.10% | –24.42% | 1.92% | 0.72% | 5.37% | |
S&P Developed SmallCap Index | Growth of $10,000 | $7,750 | $7,777 | $11,216 | $12,606 | $23,535 |
Average annual total return | –22.50% | –22.23% | 3.90% | 4.74% | 8.94% | |
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 3 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/22 | 12/31/21 |
Common Stocks | 98% | 99% |
Cash Equivalents | 2% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/22 | 12/31/21 |
Industrials | 18% | 19% |
Information Technology | 14% | 13% |
Financials | 13% | 14% |
Health Care | 12% | 12% |
Consumer Discretionary | 10% | 13% |
Real Estate | 9% | 9% |
Materials | 7% | 7% |
Energy | 6% | 3% |
Consumer Staples | 4% | 4% |
Communication Services | 4% | 3% |
Utilities | 3% | 3% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/22 | 12/31/21 |
United States | 56% | 58% |
United Kingdom | 8% | 5% |
Japan | 6% | 8% |
Germany | 4% | 4% |
Sweden | 3% | 3% |
France | 3% | 2% |
Italy | 2% | 2% |
Spain | 2% | 2% |
Canada | 2% | 2% |
Korea | 2% | 2% |
Australia | 2% | 0% |
Switzerland | 2% | 2% |
Austria | 1% | 2% |
Other | 7% | 8% |
100% | 100% |
4 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Investment Portfolioas of June 30, 2022 (Unaudited)
Shares | Value ($) | ||
Common Stocks 97.5% | |||
Australia 1.9% | |||
Charter Hall Long Wale REIT | 58,328 | 171,904 | |
Liontown Resources Ltd.* | 241,529 | 175,843 | |
Nickel Mines Ltd. | 242,378 | 163,623 | |
Orora Ltd. | 250,105 | 631,122 | |
(Cost $1,430,603) | 1,142,492 | ||
Austria 1.1% | |||
Wienerberger AG (Cost $742,456) | 29,794 | 638,256 | |
Belgium 0.8% | |||
Euronav NV (Cost $313,841) | 37,166 | 444,902 | |
Canada 2.1% | |||
ElectraMeccanica Vehicles Corp.* (a) | 102,528 | 138,413 | |
Linamar Corp. | 14,424 | 611,160 | |
Quebecor, Inc. "B" | 22,394 | 478,604 | |
(Cost $1,257,015) | 1,228,177 | ||
Denmark 0.4% | |||
Netcompany Group A/S 144A* (Cost $543,495) | 4,581 | 250,803 | |
France 2.7% | |||
Alten SA | 5,267 | 572,081 | |
Maisons du Monde SA 144A | 10,438 | 104,051 | |
Rubis SCA | 7,967 | 186,420 | |
Television Francaise 1 | 29,700 | 210,815 | |
Vallourec SA* | 44,524 | 533,851 | |
(Cost $2,066,081) | 1,607,218 | ||
Germany 3.7% | |||
AIXTRON SE | 31,164 | 786,262 | |
Deutz AG | 112,697 | 436,896 | |
PATRIZIA AG | 41,336 | 489,691 | |
United Internet AG (Registered) | 16,617 | 473,120 | |
(Cost $2,119,650) | 2,185,969 | ||
India 0.9% | |||
WNS Holdings Ltd. (ADR)* (Cost $193,879) | 7,251 | 541,215 | |
Ireland 0.8% | |||
Dalata Hotel Group PLC* (Cost $658,449) | 129,550 | 474,616 | |
Italy 2.2% | |||
Buzzi Unicem SpA | 51,265 | 840,780 | |
Moncler SpA | 10,050 | 431,860 | |
(Cost $1,381,204) | 1,272,640 | ||
Japan 6.0% | |||
Ai Holdings Corp. | 25,217 | 287,488 | |
Anicom Holdings, Inc. | 4,300 | 20,513 | |
BML, Inc. | 8,100 | 210,409 | |
Furuya Metal Co., Ltd. (a) | 6,400 | 403,159 |
Shares | Value ($) | ||
Kusuri no Aoki Holdings Co., Ltd. | 12,158 | 520,318 | |
Nippon Paper Industries Co., Ltd. | 34,400 | 243,528 | |
Optorun Co., Ltd. | 22,900 | 302,821 | |
Sawai Group Holdings Co., Ltd. | 7,900 | 239,423 | |
Topcon Corp. | 23,400 | 304,008 | |
Toyo Kanetsu KK | 9,400 | 183,354 | |
UT Group Co., Ltd. | 31,024 | 511,401 | |
Zenkoku Hosho Co., Ltd. | 9,600 | 299,973 | |
(Cost $3,200,885) | 3,526,395 | ||
Korea 2.1% | |||
Advanced Nano Products Co., Ltd. | 3,422 | 185,875 | |
Hanmi Semiconductor Co., Ltd. | 51,968 | 503,252 | |
Seah Besteel Holdings Corp. | 44,172 | 523,006 | |
(Cost $1,675,885) | 1,212,133 | ||
Luxembourg 0.8% | |||
B&M European Value Retail SA (Cost $430,350) | 101,505 | 452,851 | |
Netherlands 1.0% | |||
Boskalis Westminster (Cost $535,941) | 16,916 | 567,651 | |
Portugal 0.5% | |||
REN - Redes Energeticas Nacionais SGPS SA (Cost $261,325) | 92,222 | 277,949 | |
Puerto Rico 0.8% | |||
Popular, Inc. (Cost $463,903) | 6,166 | 474,350 | |
Singapore 0.6% | |||
BW LPG, Ltd. 144A (Cost $282,917) | 46,131 | 341,351 | |
Spain 2.1% | |||
Applus Services SA | 36,846 | 254,970 | |
Fluidra SA (a) | 34,068 | 690,939 | |
Talgo SA 144A (a) | 88,107 | 296,089 | |
(Cost $1,382,320) | 1,241,998 | ||
Sweden 3.0% | |||
Dometic Group AB 144A | 22,461 | 131,683 | |
Fingerprint Cards AB "B"* | 137,398 | 120,245 | |
MIPS AB | 2,974 | 129,790 | |
Nobina AB* (a) | 91,569 | 966,734 | |
Ratos AB "B" | 91,259 | 389,164 | |
(Cost $1,708,636) | 1,737,616 | ||
Switzerland 1.7% | |||
Julius Baer Group Ltd. | 10,082 | 464,744 | |
Siegfried Holding AG (Registered) | 851 | 543,160 | |
(Cost $1,345,966) | 1,007,904 | ||
United Kingdom 7.5% | |||
Clarkson PLC | 7,937 | 290,071 |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 5 |
Shares | Value ($) | ||
Computacenter PLC | 16,822 | 481,825 | |
Domino's Pizza Group PLC | 74,516 | 253,543 | |
Drax Group PLC | 77,233 | 604,572 | |
Dunelm Group PLC | 15,106 | 150,708 | |
Genus PLC | 4,590 | 140,004 | |
Greggs PLC | 10,413 | 230,231 | |
Micro Focus International PLC | 93,845 | 317,958 | |
RS GROUP PLC | 90,511 | 961,320 | |
Saga PLC* | 110,728 | 240,211 | |
Softcat PLC | 23,377 | 376,307 | |
TechnipFMC PLC* (b) | 52,253 | 351,663 | |
(Cost $4,402,569) | 4,398,413 | ||
United States 54.8% | |||
Advanced Drainage Systems, Inc. | 3,618 | 325,873 | |
Affiliated Managers Group, Inc. | 4,445 | 518,287 | |
Alcoa Corp. | 14,278 | 650,791 | |
Americold Realty Trust, Inc. (REIT) | 21,223 | 637,539 | |
Amneal Pharmaceuticals, Inc.* | 65,675 | 208,846 | |
Anika Therapeutics, Inc.* | 7,283 | 162,557 | |
ArcBest Corp. | 3,502 | 246,436 | |
Armada Hoffler Properties, Inc. (REIT) | 15,994 | 205,363 | |
Avis Budget Group, Inc.* | 3,772 | 554,786 | |
Benchmark Electronics, Inc. | 21,642 | 488,243 | |
Benefitfocus, Inc.* | 29,497 | 229,487 | |
Builders FirstSource, Inc.* | 18,554 | 996,350 | |
Casey's General Stores, Inc. | 5,804 | 1,073,624 | |
Cleveland-Cliffs, Inc.* | 8,104 | 124,558 | |
CNX Resources Corp.* | 24,701 | 406,578 | |
comScore, Inc.* | 110,447 | 227,521 | |
Crescent Energy Co. "A" (a) | 25,292 | 315,644 | |
Delek U.S. Holdings, Inc.* | 25,411 | 656,620 | |
Ducommun, Inc.* | 14,814 | 637,595 | |
Easterly Government Properties, Inc. (REIT) | 18,561 | 353,401 | |
Eastern Bankshares, Inc. | 32,195 | 594,320 | |
EastGroup Properties, Inc. (REIT) | 4,274 | 659,606 | |
Envestnet, Inc.* | 9,595 | 506,328 | |
Essential Properties Realty Trust, Inc. (REIT) | 7,406 | 159,155 | |
First Financial Bankshares, Inc. | 3,686 | 144,749 | |
Five9, Inc.* | 4,300 | 391,902 | |
Four Corners Property Trust, Inc. (REIT) | 28,873 | 767,733 | |
Fox Factory Holding Corp.* | 1,854 | 149,321 | |
Fulgent Genetics, Inc.* | 3,216 | 175,368 | |
Hersha Hospitality Trust (REIT)* | 18,809 | 184,516 | |
Hillenbrand, Inc. | 14,810 | 606,618 | |
Hudson Pacific Properties, Inc. (REIT) | 8,486 | 125,932 | |
Intercept Pharmaceuticals, Inc.* (a) | 14,086 | 194,528 | |
iStar, Inc. (REIT) | 11,228 | 153,936 | |
Jack in the Box, Inc. | 6,611 | 370,613 |
Shares | Value ($) | ||
Jefferies Financial Group, Inc. | 35,036 | 967,694 | |
Kronos Bio, Inc.* | 27,376 | 99,649 | |
Latham Group, Inc.* | 21,694 | 150,339 | |
Lazard Ltd. "A" | 10,442 | 338,425 | |
Lumentum Holdings, Inc.* | 8,748 | 694,766 | |
Madison Square Garden Sports Corp.* | 4,212 | 636,012 | |
ModivCare, Inc.* | 5,544 | 468,495 | |
Molina Healthcare, Inc.* | 4,182 | 1,169,329 | |
Multiplan Corp.* | 62,081 | 340,825 | |
National Storage Affiliates Trust (REIT) | 6,655 | 333,216 | |
New Jersey Resources Corp. | 8,717 | 388,168 | |
Option Care Health, Inc.* | 24,644 | 684,857 | |
Outset Medical, Inc.* | 6,295 | 93,544 | |
Pacira BioSciences, Inc.* | 15,060 | 877,998 | |
Physicians Realty Trust (REIT) | 40,028 | 698,489 | |
Precision BioSciences, Inc.* (a) | 32,160 | 51,456 | |
Redwood Trust, Inc. (REIT) | 30,567 | 235,672 | |
RPT Realty (REIT) | 14,932 | 146,782 | |
Rush Enterprises, Inc. "A" | 26,138 | 1,259,827 | |
Sana Biotechnology, Inc.* (a) | 72,673 | 467,287 | |
Selecta Biosciences, Inc.* | 153,975 | 201,707 | |
Senseonics Holdings, Inc.* (a) | 72,701 | 74,882 | |
SJW Group | 7,263 | 453,284 | |
SkyWest, Inc.* | 9,677 | 205,636 | |
South State Corp. | 13,381 | 1,032,344 | |
SpartanNash Co. | 8,900 | 268,513 | |
Spectrum Brands Holdings, Inc. | 5,161 | 423,305 | |
Synovus Financial Corp. | 26,456 | 953,739 | |
Tandem Diabetes Care, Inc.* | 3,297 | 195,149 | |
Thermon Group Holdings, Inc.* | 40,418 | 567,873 | |
TopBuild Corp.* | 5,670 | 947,797 | |
Varonis Systems, Inc.* | 4,344 | 127,366 | |
Vista Outdoor, Inc.* | 6,952 | 193,961 | |
WEX, Inc.* | 2,214 | 344,410 | |
Whiting Petroleum Corp. | 3,822 | 260,011 | |
Xperi Holding Corp. | 16,460 | 237,518 | |
YETI Holdings, Inc.* | 15,222 | 658,656 | |
Zions Bancorp. NA | 12,982 | 660,784 | |
(Cost $26,891,890) | 32,114,489 | ||
Total Common Stocks (Cost $53,289,260) | 57,139,388 | ||
Securities Lending Collateral 4.1% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.28% (c) (d) (Cost $2,400,888) | 2,400,888 | 2,400,888 |
6 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Shares | Value ($) | ||
Cash Equivalents 1.8% | |||
DWS Central Cash Management Government Fund, 1.36% (c) (Cost $1,066,397) | 1,066,397 | 1,066,397 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $56,756,545) | 103.4 | 60,606,673 | |
Other Assets and Liabilities, Net | (3.4) | (1,985,432) | |
Net Assets | 100.0 | 58,621,241 |
Value ($) at 12/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2022 | Value ($) at 6/30/2022 |
Securities Lending Collateral 4.1% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.28% (c) (d) | ||||||||
3,537,256 | — | 1,136,368 (e) | — | — | 17,416 | — | 2,400,888 | 2,400,888 |
Cash Equivalents 1.8% | ||||||||
DWS Central Cash Management Government Fund, 1.36% (c) | ||||||||
817,560 | 8,679,322 | 8,430,485 | — | — | 2,529 | — | 1,066,397 | 1,066,397 |
4,354,816 | 8,679,322 | 9,566,853 | — | — | 19,945 | — | 3,467,285 | 3,467,285 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2022 amounted to $2,694,102, which is 4.6% of net assets. |
(b) | Listed on the New York Stock Exchange. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $408,335. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2022. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
REIT: Real Estate Investment Trust |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 7 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $ — | $ 1,142,492 | $ — | $ 1,142,492 |
Austria | — | 638,256 | — | 638,256 |
Belgium | — | 444,902 | — | 444,902 |
Canada | 1,228,177 | — | — | 1,228,177 |
Denmark | — | 250,803 | — | 250,803 |
France | — | 1,607,218 | — | 1,607,218 |
Germany | — | 2,185,969 | — | 2,185,969 |
India | 541,215 | — | — | 541,215 |
Ireland | — | 474,616 | — | 474,616 |
Italy | — | 1,272,640 | — | 1,272,640 |
Japan | — | 3,526,395 | — | 3,526,395 |
Korea | — | 1,212,133 | — | 1,212,133 |
Luxembourg | — | 452,851 | — | 452,851 |
Netherlands | — | 567,651 | — | 567,651 |
Portugal | — | 277,949 | — | 277,949 |
Puerto Rico | 474,350 | — | — | 474,350 |
Singapore | — | 341,351 | — | 341,351 |
Spain | — | 1,241,998 | — | 1,241,998 |
Sweden | — | 1,737,616 | — | 1,737,616 |
Switzerland | — | 1,007,904 | — | 1,007,904 |
United Kingdom | 351,663 | 4,046,750 | — | 4,398,413 |
United States | 32,114,489 | — | — | 32,114,489 |
Short-Term Investments (a) | 3,467,285 | — | — | 3,467,285 |
Total | $38,177,179 | $22,429,494 | $— | $60,606,673 |
(a) | See Investment Portfolio for additional detailed categorizations. |
8 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
as of June 30, 2022 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $53,289,260) — including $2,694,102 of securities loaned | $ 57,139,388 |
Investment in DWS Government & Agency Securities Portfolio (cost $2,400,888)* | 2,400,888 |
Investment in DWS Central Cash Management Government Fund (cost $1,066,397) | 1,066,397 |
Foreign currency, at value (cost $81,785) | 80,205 |
Receivable for investments sold | 293,035 |
Receivable for Fund shares sold | 6,273 |
Dividends receivable | 93,635 |
Interest receivable | 3,972 |
Foreign taxes recoverable | 46,081 |
Other assets | 790 |
Total assets | 61,130,664 |
Liabilities | |
Cash overdraft | 2,122 |
Payable upon return of securities loaned | 2,400,888 |
Payable for Fund shares redeemed | 10,217 |
Accrued management fee | 24,469 |
Accrued Trustees' fees | 740 |
Other accrued expenses and payables | 70,987 |
Total liabilities | 2,509,423 |
Net assets, at value | $58,621,241 |
Net Assets Consist of | |
Distributable earnings (loss) | 5,079,068 |
Paid-in capital | 53,542,173 |
Net assets, at value | $58,621,241 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($56,958,459 ÷ 6,857,753 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 8.31 |
Class B | |
Net Asset Value, offering and redemption price per share ($1,662,782 ÷ 210,686 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 7.89 |
* | Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $408,335. |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $62,825) | $ 742,535 |
Income distributions — DWS Central Cash Management Government Fund | 2,529 |
Securities lending income, net of borrower rebates | 17,416 |
Total income | 762,480 |
Expenses: | |
Management fee | 278,799 |
Administration fee | 33,804 |
Services to shareholders | 787 |
Record keeping fee (Class B) | 282 |
Distribution service fee (Class B) | 2,562 |
Custodian fee | 5,130 |
Audit fee | 20,488 |
Legal fees | 9,835 |
Tax fees | 4,158 |
Reports to shareholders | 15,264 |
Trustees' fees and expenses | 3,312 |
Other | 6,226 |
Total expenses before expense reductions | 380,647 |
Expense reductions | (98,915) |
Total expenses after expense reductions | 281,732 |
Net investment income | 480,748 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 1,090,923 |
Foreign currency | (16,404) |
1,074,519 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (22,376,796) |
Foreign currency | (6,602) |
(22,383,398) | |
Net gain (loss) | (21,308,879) |
Net increase (decrease) in net assets resulting from operations | $(20,828,131) |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 9 |
Six Months Ended June 30, 2022 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2021 |
Operations: | ||
Net investment income | $ 480,748 | $ 346,587 |
Net realized gain (loss) | 1,074,519 | 13,512,189 |
Change in net unrealized appreciation (depreciation) | (22,383,398) | (2,621,566) |
Net increase (decrease) in net assets resulting from operations | (20,828,131) | 11,237,210 |
Distributions to shareholders: | ||
Class A | (11,569,665) | (284,998) |
Class B | (354,576) | (1,897) |
Total distributions | (11,924,241) | (286,895) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 865,228 | 4,203,449 |
Reinvestment of distributions | 11,569,665 | 284,998 |
Payments for shares redeemed | (2,871,095) | (11,414,575) |
Net increase (decrease) in net assets from Class A share transactions | 9,563,798 | (6,926,128) |
Class B | ||
Proceeds from shares sold | 81,179 | 86,982 |
Reinvestment of distributions | 354,576 | 1,897 |
Payments for shares redeemed | (298,314) | (537,896) |
Net increase (decrease) in net assets from Class B share transactions | 137,441 | (449,017) |
Increase (decrease) in net assets | (23,051,133) | 3,575,170 |
Net assets at beginning of period | 81,672,374 | 78,097,204 |
Net assets at end of period | $58,621,241 | $81,672,374 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 5,808,696 | 6,344,768 |
Shares sold | 77,767 | 320,008 |
Shares issued to shareholders in reinvestment of distributions | 1,221,718 | 21,493 |
Shares redeemed | (250,428) | (877,573) |
Net increase (decrease) in Class A shares | 1,049,057 | (536,072) |
Shares outstanding at end of period | 6,857,753 | 5,808,696 |
Class B | ||
Shares outstanding at beginning of period | 191,764 | 227,196 |
Shares sold | 7,019 | 6,834 |
Shares issued to shareholders in reinvestment of distributions | 39,397 | 149 |
Shares redeemed | (27,494) | (42,415) |
Net increase (decrease) in Class B shares | 18,922 | (35,432) |
Shares outstanding at end of period | 210,686 | 191,764 |
10 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Financial Highlights
DWS Global Small Cap VIP — Class A | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $13.63 | $11.90 | $10.24 | $8.91 | $12.90 | $11.78 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .08 | .06 | .04 | .05 | .02 | .00* |
Net realized and unrealized gain (loss) | (3.37) | 1.72 | 1.70 | 1.82 | (2.32) | 2.21 |
Total from investment operations | (3.29) | 1.78 | 1.74 | 1.87 | (2.30) | 2.21 |
Less distributions from: | ||||||
Net investment income | (.06) | (.05) | (.08) | — | (.04) | — |
Net realized gains | (1.97) | — | — | (.54) | (1.65) | (1.09) |
Total distributions | (2.03) | (.05) | (.08) | (.54) | (1.69) | (1.09) |
Net asset value, end of period | $8.31 | $13.63 | $11.90 | $10.24 | $8.91 | $12.90 |
Total Return (%)b | (25.93)** | 14.94 | 17.36 | 21.29 | (20.51) | 20.02 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 57 | 79 | 76 | 71 | 63 | 85 |
Ratio of expenses before expense reductions (%)c | 1.08*** | 1.05 | 1.10 | 1.11 | 1.10 | 1.15 |
Ratio of expenses after expense reductions (%)c | .80*** | .81 | .81 | .82 | .78 | .94 |
Ratio of net investment income (%) | 1.39*** | .43 | .38 | .54 | .21 | .03 |
Portfolio turnover rate (%) | 13** | 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. |
** | Not annualized |
*** | Annualized |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 11 |
DWS Global Small Cap VIP — Class B | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $13.05 | $11.39 | $9.81 | $8.57 | $12.47 | $11.45 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | .06 | .02 | .01 | .03 | (.01) | (.03) |
Net realized and unrealized gain (loss) | (3.22) | 1.65 | 1.62 | 1.75 | (2.24) | 2.14 |
Total from investment operations | (3.16) | 1.67 | 1.63 | 1.78 | (2.25) | 2.11 |
Less distributions from: | ||||||
Net investment income | (.03) | (.01) | (.05) | — | — | — |
Net realized gains | (1.97) | — | — | (.54) | (1.65) | (1.09) |
Total distributions | (2.00) | (.01) | (.05) | (.54) | (1.65) | (1.09) |
Net asset value, end of period | $7.89 | $13.05 | $11.39 | $9.81 | $8.57 | $12.47 |
Total Return (%)b | (26.10)* | 14.65 | 16.94 | 21.08 | (20.74) | 19.60 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 2 | 3 | 3 | 2 | 2 | 3 |
Ratio of expenses before expense reductions (%)c | 1.37** | 1.33 | 1.39 | 1.40 | 1.39 | 1.44 |
Ratio of expenses after expense reductions (%)c | 1.09** | 1.09 | 1.09 | 1.09 | 1.06 | 1.22 |
Ratio of net investment income (loss) (%) | 1.07** | .15 | .10 | .27 | (.08) | (.26) |
Portfolio turnover rate (%) | 13* | 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. |
* | Not annualized |
** | Annualized |
12 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Notes to Financial Statements (Unaudited)
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 13 |
Overnight and Continuous | ˂30 days | Between 30 & 90 days | ˃90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $ 2,400,888 | $ — | $ — | $ 408,335 | $ 2,809,223 |
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | $2,809,223 |
14 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 15 |
Class A | .80% | |
Class B | 1.09% |
Class A | $ 96,015 |
Class B | 2,900 |
$ 98,915 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2022 |
Class A | $ 320 | $ 102 |
Class B | 93 | 29 |
$ 413 | $ 131 |
16 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 17 |
Information About Your Fund’s Expenses (Unaudited)
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/22 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/22 | $ 740.70 | $ 739.00 |
Expenses Paid per $1,000* | $ 3.45 | $ 4.70 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/22 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/22 | $ 1,020.83 | $ 1,019.39 |
Expenses Paid per $1,000* | $ 4.01 | $ 5.46 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | .80% | 1.09% |
18 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Liquidity Risk Management
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 19 |
Advisory Agreement Board Considerations and Fee Evaluation
20 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 21 |
22 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Deutsche DWS Variable Series I |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 8/15/2022 |
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: | 8/15/2022 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 8/15/2022 |