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: | 6/30/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
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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, 2023 (Unaudited)
Comparative Results | ||||||
DWS Capital Growth VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $12,623 | $12,347 | $13,177 | $18,700 | $39,711 |
Average annual total return | 26.23% | 23.47% | 9.63% | 13.34% | 14.79% | |
Russell 1000® Growth Index | Growth of $10,000 | $12,902 | $12,711 | $14,712 | $20,234 | $43,154 |
Average annual total return | 29.02% | 27.11% | 13.73% | 15.14% | 15.74% | |
DWS Capital Growth VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $12,604 | $12,318 | $13,072 | $18,459 | $38,660 |
Average annual total return | 26.04% | 23.18% | 9.34% | 13.04% | 14.48% | |
Russell 1000® Growth Index | Growth of $10,000 | $12,902 | $12,711 | $14,712 | $20,234 | $43,154 |
Average annual total return | 29.02% | 27.11% | 13.73% | 15.14% | 15.74% | |
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 3 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio) | 6/30/23 | 12/31/22 |
Common Stocks | 99% | 95% |
Cash Equivalents | 1% | 5% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents) | 6/30/23 | 12/31/22 |
Information Technology | 42% | 43% |
Health Care | 15% | 17% |
Communication Services | 12% | 10% |
Financials | 10% | 6% |
Consumer Discretionary | 9% | 11% |
Industrials | 7% | 7% |
Consumer Staples | 3% | 3% |
Real Estate | 1% | 2% |
Materials | 1% | 1% |
100% | 100% |
4 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Investment Portfolioas of June 30, 2023 (Unaudited)
Shares | Value ($) | ||
Common Stocks 98.6% | |||
Communication Services 11.8% | |||
Entertainment 3.5% | |||
Activision Blizzard, Inc.* | 57,088 | 4,812,518 | |
Live Nation Entertainment, Inc.* | 70,916 | 6,461,157 | |
Netflix, Inc.* | 22,528 | 9,923,359 | |
ROBLOX Corp. "A"* | 113,947 | 4,592,064 | |
Spotify Technology SA* | 38,600 | 6,197,230 | |
31,986,328 | |||
Interactive Media & Services 7.4% | |||
Alphabet, Inc. "A"* | 180,743 | 21,634,937 | |
Alphabet, Inc. "C"* | 165,882 | 20,066,746 | |
Match Group, Inc.* | 158,813 | 6,646,324 | |
Meta Platforms, Inc. "A"* | 71,049 | 20,389,642 | |
68,737,649 | |||
Wireless Telecommunication Services 0.9% | |||
T-Mobile U.S., Inc.* | 60,371 | 8,385,532 | |
Consumer Discretionary 8.5% | |||
Broadline Retail 4.1% | |||
Amazon.com, Inc.* | 293,872 | 38,309,154 | |
Hotels, Restaurants & Leisure 1.3% | |||
McDonald's Corp. | 22,095 | 6,593,369 | |
Planet Fitness, Inc. "A"* | 75,483 | 5,090,574 | |
11,683,943 | |||
Specialty Retail 1.7% | |||
Burlington Stores, Inc.* | 22,394 | 3,524,592 | |
Home Depot, Inc. | 38,388 | 11,924,848 | |
15,449,440 | |||
Textiles, Apparel & Luxury Goods 1.4% | |||
Lululemon Athletica, Inc.* | 24,528 | 9,283,848 | |
NIKE, Inc. "B" | 34,941 | 3,856,438 | |
13,140,286 | |||
Consumer Staples 3.2% | |||
Beverages 0.8% | |||
Constellation Brands, Inc. "A" | 31,278 | 7,698,454 | |
Consumer Staples Distribution & Retail 1.5% | |||
Costco Wholesale Corp. | 25,598 | 13,781,451 | |
Personal Care Products 0.9% | |||
Estee Lauder Companies, Inc. "A" | 28,033 | 5,505,121 | |
Kenvue, Inc.* | 95,863 | 2,532,700 | |
8,037,821 | |||
Financials 10.1% | |||
Capital Markets 1.4% | |||
Intercontinental Exchange, Inc. | 110,478 | 12,492,852 |
Shares | Value ($) | ||
Consumer Finance 0.5% | |||
American Express Co. | 26,998 | 4,703,052 | |
Financial Services 5.0% | |||
Global Payments, Inc. | 25,615 | 2,523,590 | |
Mastercard, Inc. "A" | 59,233 | 23,296,339 | |
Visa, Inc. "A" | 86,875 | 20,631,075 | |
46,451,004 | |||
Insurance 3.2% | |||
Progressive Corp. | 225,201 | 29,809,856 | |
Health Care 14.6% | |||
Biotechnology 0.6% | |||
Exact Sciences Corp.* | 62,541 | 5,872,600 | |
Health Care Equipment & Supplies 6.2% | |||
Becton, Dickinson & Co. | 34,966 | 9,231,374 | |
Boston Scientific Corp.* | 82,967 | 4,487,685 | |
DexCom, Inc.* | 139,121 | 17,878,440 | |
Hologic, Inc.* | 112,362 | 9,097,951 | |
Intuitive Surgical, Inc.* | 23,981 | 8,200,063 | |
Stryker Corp. | 15,186 | 4,633,097 | |
The Cooper Companies, Inc. | 9,659 | 3,703,550 | |
57,232,160 | |||
Health Care Providers & Services 2.1% | |||
agilon health, Inc.* | 291,875 | 5,061,113 | |
UnitedHealth Group, Inc. | 29,507 | 14,182,244 | |
19,243,357 | |||
Life Sciences Tools & Services 4.3% | |||
Danaher Corp. | 50,594 | 12,142,560 | |
Thermo Fisher Scientific, Inc. | 53,502 | 27,914,668 | |
40,057,228 | |||
Pharmaceuticals 1.4% | |||
Zoetis, Inc. | 72,294 | 12,449,750 | |
Industrials 6.7% | |||
Aerospace & Defense 0.5% | |||
TransDigm Group, Inc. | 5,476 | 4,896,475 | |
Building Products 0.5% | |||
Trex Co., Inc.* | 75,243 | 4,932,931 | |
Electrical Equipment 2.0% | |||
AMETEK, Inc. | 79,993 | 12,949,267 | |
Generac Holdings, Inc.* | 34,445 | 5,136,783 | |
18,086,050 | |||
Ground Transportation 0.9% | |||
Uber Technologies, Inc.* | 186,642 | 8,057,335 | |
Machinery 0.6% | |||
Deere & Co. | 12,702 | 5,146,723 |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 5 |
Shares | Value ($) | ||
Professional Services 2.2% | |||
TransUnion | 100,237 | 7,851,564 | |
Verisk Analytics, Inc. | 56,069 | 12,673,276 | |
20,524,840 | |||
Information Technology 41.6% | |||
IT Services 0.3% | |||
Cloudflare, Inc. "A"* | 42,136 | 2,754,431 | |
Semiconductors & Semiconductor Equipment 7.9% | |||
Advanced Micro Devices, Inc.* | 55,528 | 6,325,194 | |
Analog Devices, Inc. | 47,769 | 9,305,879 | |
Applied Materials, Inc. | 63,069 | 9,115,993 | |
MKS Instruments, Inc. | 34,608 | 3,741,125 | |
NVIDIA Corp. | 105,739 | 44,729,712 | |
73,217,903 | |||
Software 22.1% | |||
Adobe, Inc.* | 26,587 | 13,000,777 | |
Aspen Technology, Inc.* | 22,144 | 3,711,556 | |
Atlassian Corp. "A"* | 16,655 | 2,794,876 | |
Box, Inc. "A"* | 215,103 | 6,319,726 | |
Dynatrace, Inc.* | 105,220 | 5,415,673 | |
Five9, Inc.* | 43,819 | 3,612,876 | |
Guidewire Software, Inc.* | 32,027 | 2,436,614 | |
Intuit, Inc. | 24,183 | 11,080,409 | |
Microsoft Corp. | 289,310 | 98,521,627 | |
Roper Technologies, Inc. | 16,766 | 8,061,093 | |
Salesforce, Inc.* | 38,560 | 8,146,186 | |
ServiceNow, Inc.* | 26,426 | 14,850,619 | |
Synopsys, Inc.* | 43,710 | 19,031,771 | |
Teradata Corp.* | 52,905 | 2,825,656 | |
Workiva, Inc.* | 43,166 | 4,388,256 | |
204,197,715 |
Shares | Value ($) | ||
Technology Hardware, Storage & Peripherals 11.3% | |||
Apple, Inc. | 541,030 | 104,943,589 | |
Materials 0.7% | |||
Construction Materials | |||
Vulcan Materials Co. | 30,094 | 6,784,391 | |
Real Estate 1.4% | |||
Industrial REITs 0.8% | |||
Prologis, Inc. | 60,529 | 7,422,671 | |
Specialized REITs 0.6% | |||
Equinix, Inc. | 6,757 | 5,297,083 | |
Total Common Stocks (Cost $348,814,124) | 911,784,054 | ||
Cash Equivalents 1.5% | |||
DWS Central Cash Management Government Fund, 5.13% (a) (Cost $13,386,460) | 13,386,460 | 13,386,460 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $362,200,584) | 100.1 | 925,170,514 | |
Other Assets and Liabilities, Net | (0.1 ) | (701,983 ) | |
Net Assets | 100.0 | 924,468,531 |
Value ($) at 12/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2023 | Value ($) at 6/30/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (a) (b) | ||||||||
— | 0 (c) | — | — | — | 674 | — | — | — |
Cash Equivalents 1.5% | ||||||||
DWS Central Cash Management Government Fund, 5.13% (a) | ||||||||
38,196,795 | 63,032,694 | 87,843,029 | — | — | 671,581 | — | 13,386,460 | 13,386,460 |
38,196,795 | 63,032,694 | 87,843,029 | — | — | 672,255 | — | 13,386,460 | 13,386,460 |
* | 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, 2023. |
REIT: Real Estate Investment Trust |
6 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $911,784,054 | $— | $— | $911,784,054 |
Short-Term Investments | 13,386,460 | — | — | 13,386,460 |
Total | $925,170,514 | $— | $— | $925,170,514 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 7 |
as of June 30, 2023 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $348,814,124) | $911,784,054 |
Investment in DWS Central Cash Management Government Fund (cost $13,386,460) | 13,386,460 |
Receivable for Fund shares sold | 76,023 |
Dividends receivable | 71,789 |
Interest receivable | 84,234 |
Other assets | 8,240 |
Total assets | 925,410,800 |
Liabilities | |
Payable for Fund shares redeemed | 501,429 |
Accrued management fee | 275,486 |
Accrued Trustees' fees | 13,688 |
Other accrued expenses and payables | 151,666 |
Total liabilities | 942,269 |
Net assets, at value | $924,468,531 |
Net Assets Consist of | |
Distributable earnings (loss) | 606,219,380 |
Paid-in capital | 318,249,151 |
Net assets, at value | $924,468,531 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($920,207,861 ÷ 26,696,038 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $34.47 |
Class B | |
Net Asset Value, offering and redemption price per share ($4,260,670 ÷ 124,653 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $34.18 |
Investment Income | |
Income: | |
Dividends | $2,296,513 |
Income distributions — DWS Central Cash Management Government Fund | 671,581 |
Securities lending income, net of borrower rebates | 674 |
Total income | 2,968,768 |
Expenses: | |
Management fee | 1,547,275 |
Administration fee | 402,957 |
Services to shareholders | 1,234 |
Record keeping fee (Class B) | 151 |
Distribution service fee (Class B) | 5,400 |
Custodian fee | 5,342 |
Professional fees | 44,686 |
Reports to shareholders | 18,766 |
Trustees' fees and expenses | 19,864 |
Other | 21,936 |
Total expenses | 2,067,611 |
Net investment income | 901,157 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 43,132,588 |
Change in net unrealized appreciation (depreciation) on investments | 151,734,079 |
Net gain (loss) | 194,866,667 |
Net increase (decrease) in net assets resulting from operations | $195,767,824 |
8 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Six Months Ended June 30, 2023 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $901,157 | $684,448 |
Net realized gain (loss) | 43,132,588 | 35,845,447 |
Change in net unrealized appreciation (depreciation) | 151,734,079 | (405,736,033 ) |
Net increase (decrease) in net assets resulting from operations | 195,767,824 | (369,206,138 ) |
Distributions to shareholders: | ||
Class A | (36,467,005 ) | (149,876,386 ) |
Class B | (190,751 ) | (792,393 ) |
Total distributions | (36,657,756 ) | (150,668,779 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 17,404,611 | 29,158,356 |
Reinvestment of distributions | 36,467,005 | 149,876,386 |
Payments for shares redeemed | (61,383,604 ) | (117,318,126 ) |
Net increase (decrease) in net assets from Class A share transactions | (7,511,988 ) | 61,716,616 |
Class B | ||
Proceeds from shares sold | 214,154 | 1,088,278 |
Reinvestment of distributions | 190,751 | 792,393 |
Payments for shares redeemed | (1,003,107 ) | (1,533,338 ) |
Net increase (decrease) in net assets from Class B share transactions | (598,202 ) | 347,333 |
Increase (decrease) in net assets | 150,999,878 | (457,810,968 ) |
Net assets at beginning of period | 773,468,653 | 1,231,279,621 |
Net assets at end of period | $924,468,531 | $773,468,653 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 26,918,649 | 24,941,174 |
Shares sold | 547,142 | 822,902 |
Shares issued to shareholders in reinvestment of distributions | 1,199,178 | 4,608,745 |
Shares redeemed | (1,968,931 ) | (3,454,172 ) |
Net increase (decrease) in Class A shares | (222,611 ) | 1,977,475 |
Shares outstanding at end of period | 26,696,038 | 26,918,649 |
Class B | ||
Shares outstanding at beginning of period | 142,697 | 132,015 |
Shares sold | 6,839 | 32,085 |
Shares issued to shareholders in reinvestment of distributions | 6,323 | 24,509 |
Shares redeemed | (31,206 ) | (45,912 ) |
Net increase (decrease) in Class B shares | (18,044 ) | 10,682 |
Shares outstanding at end of period | 124,653 | 142,697 |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 9 |
Financial Highlights
DWS Capital Growth VIP — Class A | ||||||
Six Months Ended 6/30/23 | Years Ended December 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $28.58 | $49.11 | $42.36 | $33.24 | $27.27 | $30.86 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .03 | .03 | .03 | .09 | .17 | .14 |
Net realized and unrealized gain (loss) | 7.28 | (14.38 ) | 9.29 | 11.69 | 9.53 | (.53 ) |
Total from investment operations | 7.31 | (14.35 ) | 9.32 | 11.78 | 9.70 | (.39 ) |
Less distributions from: | ||||||
Net investment income | (.03 ) | (.03 ) | (.10 ) | (.18 ) | (.14 ) | (.23 ) |
Net realized gains | (1.39 ) | (6.15 ) | (2.47 ) | (2.48 ) | (3.59 ) | (2.97 ) |
Total distributions | (1.42 ) | (6.18 ) | (2.57 ) | (2.66 ) | (3.73 ) | (3.20 ) |
Net asset value, end of period | $34.47 | $28.58 | $49.11 | $42.36 | $33.24 | $27.27 |
Total Return (%) | 26.23 * | (30.74 ) | 22.78 | 39.04 | 37.14 | (1.60 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 920 | 769 | 1,225 | 1,127 | 862 | 725 |
Ratio of expenses (%)b | .50 ** | .49 | .48 | .49 | .50 | .50 |
Ratio of net investment income (%) | .22 ** | .08 | .08 | .25 | .55 | .46 |
Portfolio turnover rate (%) | 10 * | 7 | 12 | 13 | 11 | 26 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
10 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
DWS Capital Growth VIP — Class B | ||||||
Six Months Ended 6/30/23 | Years Ended December 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $28.37 | $48.87 | $42.18 | $33.10 | $27.16 | $30.75 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.01 ) | (.06 ) | (.08 ) | (.00 )* | .09 | .07 |
Net realized and unrealized gain (loss) | 7.21 | (14.29 ) | 9.24 | 11.66 | 9.49 | (.54 ) |
Total from investment operations | 7.20 | (14.35 ) | 9.16 | 11.66 | 9.58 | (.47 ) |
Less distributions from: | ||||||
Net investment income | — | — | — | (.10 ) | (.05 ) | (.15 ) |
Net realized gains | (1.39 ) | (6.15 ) | (2.47 ) | (2.48 ) | (3.59 ) | (2.97 ) |
Total distributions | (1.39 ) | (6.15 ) | (2.47 ) | (2.58 ) | (3.64 ) | (3.12 ) |
Net asset value, end of period | $34.18 | $28.37 | $48.87 | $42.18 | $33.10 | $27.16 |
Total Return (%) | 26.04 ** | (30.91 ) | 22.46 | 38.70 | 36.79 | (1.87 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 4 | 4 | 6 | 6 | 4 | 3 |
Ratio of expenses (%)b | .76 *** | .76 | .75 | .75 | .76 | .76 |
Ratio of net investment income (loss) (%) | (.04 )*** | (.19 ) | (.19 ) | (.01 ) | .29 | .21 |
Portfolio turnover rate (%) | 10 ** | 7 | 12 | 13 | 11 | 26 |
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 |
14 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
First $250 million of the Fund's average daily net assets | .390% |
Next $750 million of such net assets | .365% |
Over $1 billion of such net assets | .340% |
Class A | .73% | |
Class B | .99% |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2023 |
Class A | $603 | $198 |
Class B | 118 | 31 |
$721 | $229 |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 15 |
16 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Other Information (Unaudited)
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 17 |
Information About Your Fund’s Expenses (Unaudited)
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $1,262.30 | $1,260.40 |
Expenses Paid per $1,000* | $2.80 | $4.26 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $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% |
18 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 19 |
Advisory Agreement Board Considerations and Fee Evaluation
20 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
ounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 21 |
22 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Contents
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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, 2023 (Unaudited)
Comparative Results | ||||||
DWS CROCI® International VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $11,003 | $11,649 | $12,185 | $11,569 | $13,370 |
Average annual total return | 10.03% | 16.49% | 6.81% | 2.96% | 2.95% | |
MSCI EAFE Value Index | Growth of $10,000 | $10,928 | $11,740 | $13,801 | $11,555 | $15,011 |
Average annual total return | 9.28% | 17.40% | 11.34% | 2.93% | 4.15% | |
DWS CROCI® International VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $10,985 | $11,611 | $12,081 | $11,416 | $13,023 |
Average annual total return | 9.85% | 16.11% | 6.50% | 2.68% | 2.68% | |
MSCI EAFE Value Index | Growth of $10,000 | $10,928 | $11,740 | $13,801 | $11,555 | $15,011 |
Average annual total return | 9.28% | 17.40% | 11.34% | 2.93% | 4.15% | |
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 3 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/23 | 12/31/22 |
Common Stocks | 99% | 100% |
Cash Equivalents | 1% | 0% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/23 | 12/31/22 |
Information Technology | 16% | 14% |
Health Care | 15% | 17% |
Materials | 15% | 14% |
Financials | 15% | 18% |
Consumer Discretionary | 11% | 10% |
Industrials | 9% | 12% |
Energy | 7% | 6% |
Communication Services | 6% | 4% |
Consumer Staples | 4% | 5% |
Utilities | 2% | — |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/23 | 12/31/22 |
Japan | 32% | 30% |
France | 15% | 14% |
United Kingdom | 14% | 12% |
Switzerland | 7% | 14% |
Germany | 6% | 5% |
Australia | 4% | 6% |
Finland | 4% | 2% |
Netherlands | 4% | 2% |
Denmark | 3% | 2% |
Singapore | 3% | 1% |
Norway | 2% | 2% |
Spain | 2% | 2% |
Ireland | 1% | 2% |
Belgium | — | 2% |
Other | 3% | 4% |
100% | 100% |
4 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Investment Portfolioas of June 30, 2023 (Unaudited)
Shares | Value ($) | ||
Common Stocks 98.5% | |||
Australia 4.2% | |||
BHP Group Ltd. | 52,069 | 1,569,759 | |
BlueScope Steel Ltd. | 87,970 | 1,215,368 | |
Santos Ltd. | 49,597 | 251,752 | |
(Cost $2,371,929) | 3,036,879 | ||
Austria 0.8% | |||
OMV AG (Cost $755,091) | 13,336 | 566,177 | |
Denmark 2.8% | |||
AP Moller - Maersk AS "B" | 810 | 1,421,122 | |
Pandora AS | 7,116 | 635,480 | |
(Cost $2,043,259) | 2,056,602 | ||
Finland 3.6% | |||
Fortum Oyj | 15,915 | 213,106 | |
Nokia Oyj | 572,225 | 2,396,259 | |
(Cost $2,672,646) | 2,609,365 | ||
France 15.0% | |||
BNP Paribas SA | 35,982 | 2,270,203 | |
Cie de Saint-Gobain | 5,931 | 360,673 | |
Cie Generale des Etablissements Michelin SCA | 11,726 | 346,229 | |
Credit Agricole SA | 124,787 | 1,481,079 | |
Engie SA | 13,855 | 230,642 | |
Kering SA | 2,191 | 1,206,842 | |
Sanofi | 15,961 | 1,714,166 | |
Societe Generale SA | 40,527 | 1,054,688 | |
Television Francaise 1 | 166,145 | 1,140,891 | |
TotalEnergies SE | 6,951 | 400,440 | |
Vivendi SE | 70,892 | 650,046 | |
(Cost $10,262,539) | 10,855,899 | ||
Germany 6.2% | |||
Bayer AG (Registered) | 22,327 | 1,235,080 | |
Brenntag SE | 18,588 | 1,450,636 | |
Deutsche Post AG (Registered) | 15,841 | 774,162 | |
Infineon Technologies AG | 25,268 | 1,040,661 | |
(Cost $3,682,704) | 4,500,539 | ||
Hong Kong 0.3% | |||
Yue Yuen Industrial Holdings Ltd. (Cost $215,405) | 146,000 | 191,207 | |
Ireland 1.2% | |||
CRH PLC (Cost $523,547) | 15,250 | 839,671 | |
Israel 0.4% | |||
Teva Pharmaceutical Industries Ltd. (ADR)* (Cost $360,118) | 43,941 | 330,876 | |
Italy 1.3% | |||
Intesa Sanpaolo SpA | 160,127 | 419,737 | |
UniCredit SpA | 22,562 | 524,206 | |
(Cost $585,288) | 943,943 |
Shares | Value ($) | ||
Japan 31.6% | |||
Advantest Corp. | 6,100 | 817,979 | |
Astellas Pharma, Inc. | 29,000 | 433,578 | |
Chugai Pharmaceutical Co., Ltd. | 18,400 | 523,126 | |
Fujitsu Ltd. | 5,500 | 711,569 | |
ITOCHU Corp. | 27,600 | 1,095,745 | |
Kyocera Corp. | 49,300 | 2,676,496 | |
Mitsubishi UFJ Financial Group, Inc. | 107,200 | 793,830 | |
Nintendo Co., Ltd. | 38,700 | 1,762,493 | |
Nitto Denko Corp. | 9,700 | 718,913 | |
Ono Pharmaceutical Co., Ltd. | 135,500 | 2,452,045 | |
Sekisui House Ltd. | 97,400 | 1,969,656 | |
Shin-Etsu Chemical Co., Ltd. | 65,945 | 2,182,811 | |
Shionogi & Co., Ltd. | 23,800 | 1,005,437 | |
Sony Group Corp. | 14,200 | 1,283,706 | |
Sumitomo Metal Mining Co., Ltd. | 11,300 | 364,872 | |
Sumitomo Mitsui Financial Group, Inc. | 33,756 | 1,443,189 | |
Takeda Pharmaceutical Co., Ltd. | 49,600 | 1,559,923 | |
Tokyo Electron Ltd. | 2,000 | 286,404 | |
Tokyo Gas Co., Ltd. | 37,200 | 811,714 | |
(Cost $21,131,641) | 22,893,486 | ||
Luxembourg 0.6% | |||
ArcelorMittal SA (Cost $549,003) | 17,349 | 474,368 | |
Netherlands 3.5% | |||
Randstad NV | 24,155 | 1,274,921 | |
Stellantis NV | 73,338 | 1,289,401 | |
(Cost $2,446,035) | 2,564,322 | ||
Norway 1.8% | |||
Equinor ASA (Cost $1,367,975) | 44,565 | 1,298,572 | |
Singapore 2.7% | |||
DBS Group Holdings Ltd. | 10,500 | 245,367 | |
Oversea-Chinese Banking Corp., Ltd. | 38,900 | 354,233 | |
Venture Corp., Ltd. | 123,900 | 1,352,562 | |
(Cost $2,172,642) | 1,952,162 | ||
Spain 1.7% | |||
Banco Santander SA (Cost $1,014,313) | 334,962 | 1,240,069 | |
Switzerland 7.2% | |||
Glencore PLC | 200,392 | 1,137,001 | |
Holcim AG | 27,234 | 1,832,547 | |
STMicroelectronics NV | 44,650 | 2,228,090 | |
(Cost $4,523,646) | 5,197,638 | ||
United Kingdom 13.6% | |||
BP PLC | 386,394 | 2,254,089 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 5 |
Shares | Value ($) | ||
British American Tobacco PLC | 45,545 | 1,512,971 | |
GSK PLC | 97,320 | 1,723,159 | |
Imperial Brands PLC | 57,342 | 1,268,698 | |
ITV PLC | 990,046 | 861,920 | |
Johnson Matthey PLC | 8,000 | 177,683 | |
Kingfisher PLC | 196,646 | 578,841 | |
Lloyds Banking Group PLC | 1,580,989 | 875,614 | |
Mondi PLC | 13,615 | 207,593 | |
Taylor Wimpey PLC | 302,624 | 394,921 | |
(Cost $10,074,138) | 9,855,489 | ||
Total Common Stocks (Cost $66,751,919) | 71,407,264 | ||
Cash Equivalents 0.9% | |||
DWS Central Cash Management Government Fund, 5.13% (a) (Cost $668,092) | 668,092 | 668,092 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $67,420,011) | 99.4 | 72,075,356 | |
Other Assets and Liabilities, Net | 0.6 | 450,379 | |
Net Assets | 100.0 | 72,525,735 |
Value ($) at 12/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2023 | Value ($) at 6/30/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (a) (b) | ||||||||
475,495 | — | 475,495 (c) | — | — | 21,991 | — | — | — |
Cash Equivalents 0.9% | ||||||||
DWS Central Cash Management Government Fund, 5.13% (a) | ||||||||
156,136 | 4,341,786 | 3,829,830 | — | — | 6,871 | — | 668,092 | 668,092 |
631,631 | 4,341,786 | 4,305,325 | — | — | 28,862 | — | 668,092 | 668,092 |
* | 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, 2023. |
ADR: American Depositary Receipt |
6 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $3,036,879 | $— | $3,036,879 |
Austria | — | 566,177 | — | 566,177 |
Denmark | — | 2,056,602 | — | 2,056,602 |
Finland | — | 2,609,365 | — | 2,609,365 |
France | — | 10,855,899 | — | 10,855,899 |
Germany | — | 4,500,539 | — | 4,500,539 |
Hong Kong | — | 191,207 | — | 191,207 |
Ireland | — | 839,671 | — | 839,671 |
Israel | 330,876 | — | — | 330,876 |
Italy | — | 943,943 | — | 943,943 |
Japan | — | 22,893,486 | — | 22,893,486 |
Luxembourg | — | 474,368 | — | 474,368 |
Netherlands | — | 2,564,322 | — | 2,564,322 |
Norway | — | 1,298,572 | — | 1,298,572 |
Singapore | — | 1,952,162 | — | 1,952,162 |
Spain | — | 1,240,069 | — | 1,240,069 |
Switzerland | — | 5,197,638 | — | 5,197,638 |
United Kingdom | — | 9,855,489 | — | 9,855,489 |
Short-Term Investments | 668,092 | — | — | 668,092 |
Total | $998,968 | $71,076,388 | $— | $72,075,356 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 7 |
as of June 30, 2023 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $66,751,919) | $71,407,264 |
Investment in DWS Central Cash Management Government Fund (cost $668,092) | 668,092 |
Cash | 2 |
Foreign currency, at value (cost $82,749) | 82,776 |
Receivable for Fund shares sold | 7,879 |
Dividends receivable | 52,898 |
Interest receivable | 4,543 |
Foreign taxes recoverable | 438,176 |
Other assets | 667 |
Total assets | 72,662,297 |
Liabilities | |
Payable for Fund shares redeemed | 27,734 |
Accrued management fee | 28,951 |
Accrued Trustees' fees | 1,042 |
Other accrued expenses and payables | 78,835 |
Total liabilities | 136,562 |
Net assets, at value | $72,525,735 |
Net Assets Consist of | |
Distributable earnings (loss) | (26,120,137 ) |
Paid-in capital | 98,645,872 |
Net assets, at value | $72,525,735 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($72,193,542 ÷ 10,453,920 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $6.91 |
Class B | |
Net Asset Value, offering and redemption price per share ($332,193 ÷ 47,930 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $6.93 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $281,479) | $2,220,291 |
Income distributions — DWS Central Cash Management Government Fund | 6,871 |
Securities lending income, net of borrower rebates | 21,991 |
Total income | 2,249,153 |
Expenses: | |
Management fee | 233,541 |
Administration fee | 34,851 |
Services to shareholders | 686 |
Distribution service fee (Class B) | 409 |
Custodian fee | 14,237 |
Audit fee | 28,223 |
Legal fees | 8,238 |
Tax fees | 3,603 |
Reports to shareholders | 16,721 |
Trustees' fees and expenses | 2,384 |
Other | 5,237 |
Total expenses before expense reductions | 348,130 |
Expense reductions | (38,728 ) |
Total expenses after expense reductions | 309,402 |
Net investment income | 1,939,751 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 593,343 |
Foreign currency | (2,140 ) |
591,203 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 4,237,636 |
Foreign currency | 773 |
4,238,409 | |
Net gain (loss) | 4,829,612 |
Net increase (decrease) in net assets resulting from operations | $6,769,363 |
8 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Six Months Ended June 30, 2023 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $1,939,751 | $2,539,773 |
Net realized gain (loss) | 591,203 | (2,190,019 ) |
Change in net unrealized appreciation (depreciation) | 4,238,409 | (11,233,008 ) |
Net increase (decrease) in net assets resulting from operations | 6,769,363 | (10,883,254 ) |
Distributions to shareholders: | ||
Class A | (2,364,739 ) | (2,284,310 ) |
Class B | (9,946 ) | (9,492 ) |
Total distributions | (2,374,685 ) | (2,293,802 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,207,311 | 2,754,867 |
Reinvestment of distributions | 2,364,739 | 2,284,310 |
Payments for shares redeemed | (4,231,855 ) | (6,442,077 ) |
Net increase (decrease) in net assets from Class A share transactions | (659,805 ) | (1,402,900 ) |
Class B | ||
Proceeds from shares sold | 2,068 | 7,804 |
Reinvestment of distributions | 9,946 | 9,492 |
Payments for shares redeemed | (9,473 ) | (30,833 ) |
Net increase (decrease) in net assets from Class B share transactions | 2,541 | (13,537 ) |
Increase (decrease) in net assets | 3,737,414 | (14,593,493 ) |
Net assets at beginning of period | 68,788,321 | 83,381,814 |
Net assets at end of period | $72,525,735 | $68,788,321 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 10,547,844 | 10,751,199 |
Shares sold | 174,802 | 423,197 |
Shares issued to shareholders in reinvestment of distributions | 341,725 | 345,062 |
Shares redeemed | (610,451 ) | (971,614 ) |
Net increase (decrease) in Class A shares | (93,924 ) | (203,355 ) |
Shares outstanding at end of period | 10,453,920 | 10,547,844 |
Class B | ||
Shares outstanding at beginning of period | 47,557 | 49,491 |
Shares sold | 299 | 1,213 |
Shares issued to shareholders in reinvestment of distributions | 1,431 | 1,430 |
Shares redeemed | (1,357 ) | (4,577 ) |
Net increase (decrease) in Class B shares | 373 | (1,934 ) |
Shares outstanding at end of period | 47,930 | 47,557 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 9 |
Financial Highlights
DWS CROCI® International VIP — Class A | ||||||
Six Months Ended 6/30/23 | Years Ended December 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $6.49 | $7.72 | $7.24 | $7.35 | $6.22 | $7.34 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .19 | .24 | .21 | .12 | .22 | .20 |
Net realized and unrealized gain (loss) | .46 | (1.25 ) | .46 | .00 * | 1.11 | (1.25 ) |
Total from investment operations | .65 | (1.01 ) | .67 | .12 | 1.33 | (1.05 ) |
Less distributions from: | ||||||
Net investment income | (.23 ) | (.22 ) | (.19 ) | (.23 ) | (.20 ) | (.07 ) |
Net asset value, end of period | $6.91 | $6.49 | $7.72 | $7.24 | $7.35 | $6.22 |
Total Return (%)b | 10.03 ** | (13.19 ) | 9.24 | 2.61 | 21.77 | (14.39 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 72 | 68 | 83 | 79 | 81 | 72 |
Ratio of expenses before expense reductions (%)c | .97 *** | .95 | .93 | .99 | 1.11 | 1.13 |
Ratio of expenses after expense reductions (%)c | .86 *** | .86 | .87 | .87 | .87 | .87 |
Ratio of net investment income (%) | 5.40 *** | 3.58 | 2.76 | 1.88 | 3.22 | 2.78 |
Portfolio turnover rate (%) | 34 ** | 62 | 66 | 67 | 101 | 59 |
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 6/30/23 | Years Ended December 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $6.50 | $7.74 | $7.26 | $7.36 | $6.24 | $7.36 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .18 | .22 | .19 | .10 | .20 | .18 |
Net realized and unrealized gain (loss) | .46 | (1.26 ) | .46 | .01 | 1.11 | (1.24 ) |
Total from investment operations | .64 | (1.04 ) | .65 | .11 | 1.31 | (1.06 ) |
Less distributions from: | ||||||
Net investment income | (.21 ) | (.20 ) | (.17 ) | (.21 ) | (.19 ) | (.06 ) |
Net asset value, end of period | $6.93 | $6.50 | $7.74 | $7.26 | $7.36 | $6.24 |
Total Return (%)b | 9.85 * | (13.51 ) | 8.94 | 2.49 | 21.24 | (14.57 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | .33 | .31 | .38 | .36 | .33 | .28 |
Ratio of expenses before expense reductions (%)c | 1.25 ** | 1.24 | 1.21 | 1.27 | 1.39 | 1.41 |
Ratio of expenses after expense reductions (%)c | 1.11 ** | 1.14 | 1.13 | 1.12 | 1.12 | 1.12 |
Ratio of net investment income (%) | 5.16 ** | 3.30 | 2.50 | 1.62 | 2.96 | 2.54 |
Portfolio turnover rate (%) | 34 * | 62 | 66 | 67 | 101 | 59 |
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 |
14 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
First $500 million of the Fund’s average daily net assets | .650% |
Over $500 million of such net assets | .600% |
Class A | .86% |
Class B | 1.11% |
Class A | $38,501 |
Class B | 227 |
$38,728 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2023 |
Class A | $422 | $134 |
Class B | 53 | 16 |
$475 | $150 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 15 |
16 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Other Information (Unaudited)
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 17 |
Information About Your Fund’s Expenses (Unaudited)
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $1,100.30 | $1,098.50 |
Expenses Paid per $1,000* | $4.48 | $5.78 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $1,020.53 | $1,019.29 |
Expenses Paid per $1,000* | $4.31 | $5.56 |
* | 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% | 1.11% |
18 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Liquidity Risk Management
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 19 |
Advisory Agreement Board Considerations and Fee Evaluation
20 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 21 |
22 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Contents
3 | |
4 | |
4 | |
5 | |
8 | |
8 | |
9 | |
10 | |
12 | |
17 | |
18 | |
19 | |
19 | |
20 |
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, 2023 (Unaudited)
Comparative Results | ||||||
DWS Core Equity VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $11,459 | $11,844 | $14,923 | $16,721 | $32,675 |
Average annual total return | 14.59% | 18.44% | 14.27% | 10.83% | 12.57% | |
Russell 1000® Index | Growth of $10,000 | $11,668 | $11,936 | $14,852 | $17,562 | $32,891 |
Average annual total return | 16.68% | 19.36% | 14.09% | 11.92% | 12.64% | |
DWS Core Equity VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $11,442 | $11,815 | $14,802 | $16,461 | $31,744 |
Average annual total return | 14.42% | 18.15% | 13.97% | 10.48% | 12.24% | |
Russell 1000® Index | Growth of $10,000 | $11,668 | $11,936 | $14,852 | $17,562 | $32,891 |
Average annual total return | 16.68% | 19.36% | 14.09% | 11.92% | 12.64% | |
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 3 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio) | 6/30/23 | 12/31/22 |
Common Stocks | 99% | 99% |
Cash Equivalents | 1% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents) | 6/30/23 | 12/31/22 |
Information Technology | 27% | 25% |
Financials | 12% | 11% |
Health Care | 12% | 16% |
Consumer Discretionary | 11% | 11% |
Industrials | 10% | 9% |
Communication Services | 8% | 7% |
Consumer Staples | 7% | 7% |
Energy | 4% | 5% |
Materials | 3% | 3% |
Real Estate | 3% | 3% |
Utilities | 3% | 3% |
100% | 100% |
4 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Investment Portfolioas of June 30, 2023 (Unaudited)
Shares | Value ($) | ||
Common Stocks 99.6% | |||
Communication Services 8.5% | |||
Entertainment 1.0% | |||
Spotify Technology SA* | 6,076 | 975,502 | |
Interactive Media & Services 6.5% | |||
Alphabet, Inc. "A"* | 15,077 | 1,804,717 | |
Alphabet, Inc. "C"* | 25,427 | 3,075,904 | |
Match Group, Inc.* | 7,598 | 317,976 | |
Meta Platforms, Inc. "A"* | 6,023 | 1,728,481 | |
6,927,078 | |||
Wireless Telecommunication Services 1.0% | |||
T-Mobile U.S., Inc.* | 7,770 | 1,079,253 | |
Consumer Discretionary 11.3% | |||
Automobile Components 1.1% | |||
Lear Corp. | 8,309 | 1,192,757 | |
Automobiles 0.4% | |||
Tesla, Inc.* | 1,574 | 412,026 | |
Broadline Retail 2.4% | |||
Amazon.com, Inc.* | 17,675 | 2,304,113 | |
Macy's, Inc. | 18,221 | 292,447 | |
2,596,560 | |||
Distributors 0.4% | |||
Genuine Parts Co. | 2,703 | 457,429 | |
Diversified Consumer Services 0.2% | |||
ADT, Inc. | 35,602 | 214,680 | |
Hotels, Restaurants & Leisure 2.4% | |||
DraftKings, Inc. "A"* | 12,680 | 336,908 | |
Hilton Worldwide Holdings, Inc. | 3,638 | 529,511 | |
Hyatt Hotels Corp. "A" | 6,038 | 691,834 | |
Wendy's Co. | 45,875 | 997,781 | |
2,556,034 | |||
Household Durables 0.8% | |||
Whirlpool Corp. | 5,356 | 796,919 | |
Leisure Products 0.5% | |||
Brunswick Corp. | 6,236 | 540,287 | |
Specialty Retail 1.0% | |||
Bath & Body Works, Inc. | 12,341 | 462,788 | |
Five Below, Inc.* | 2,752 | 540,878 | |
1,003,666 | |||
Textiles, Apparel & Luxury Goods 2.1% | |||
Deckers Outdoor Corp.* | 1,234 | 651,132 | |
Lululemon Athletica, Inc.* | 980 | 370,930 | |
PVH Corp. | 14,169 | 1,203,940 | |
2,226,002 | |||
Consumer Staples 6.5% | |||
Beverages 3.0% | |||
Coca-Cola Co. | 19,246 | 1,158,994 |
Shares | Value ($) | ||
Constellation Brands, Inc. "A" | 5,283 | 1,300,305 | |
PepsiCo, Inc. | 4,065 | 752,919 | |
3,212,218 | |||
Consumer Staples Distribution & Retail 0.5% | |||
Kroger Co. | 10,990 | 516,530 | |
Household Products 1.2% | |||
Church & Dwight Co., Inc. | 13,118 | 1,314,817 | |
Personal Care Products 1.3% | |||
Coty, Inc. "A"* | 107,065 | 1,315,829 | |
Tobacco 0.5% | |||
Philip Morris International, Inc. | 5,597 | 546,379 | |
Energy 4.0% | |||
Energy Equipment & Services 0.9% | |||
Schlumberger NV | 18,945 | 930,578 | |
Oil, Gas & Consumable Fuels 3.1% | |||
Cheniere Energy, Inc. | 7,396 | 1,126,854 | |
Devon Energy Corp. | 18,311 | 885,154 | |
HF Sinclair Corp. | 28,244 | 1,259,965 | |
3,271,973 | |||
Financials 12.1% | |||
Banks 4.5% | |||
Bank of America Corp. | 20,757 | 595,518 | |
Huntington Bancshares, Inc. | 49,309 | 531,551 | |
JPMorgan Chase & Co. | 18,184 | 2,644,681 | |
Wells Fargo & Co. | 24,561 | 1,048,264 | |
4,820,014 | |||
Capital Markets 3.7% | |||
Ameriprise Financial, Inc. | 3,563 | 1,183,486 | |
LPL Financial Holdings, Inc. | 5,480 | 1,191,517 | |
MSCI, Inc. | 2,284 | 1,071,858 | |
S&P Global, Inc. | 1,211 | 485,478 | |
3,932,339 | |||
Financial Services 3.2% | |||
Apollo Global Management, Inc. | 8,003 | 614,710 | |
Mastercard, Inc. "A" | 1,120 | 440,496 | |
PayPal Holdings, Inc.* | 2,792 | 186,310 | |
Visa, Inc. "A" | 9,343 | 2,218,776 | |
3,460,292 | |||
Insurance 0.7% | |||
Aflac, Inc. | 6,128 | 427,734 | |
Marsh & McLennan Companies, Inc. | 1,433 | 269,519 | |
697,253 | |||
Health Care 12.0% | |||
Biotechnology 3.5% | |||
AbbVie, Inc. | 9,513 | 1,281,686 | |
Amgen, Inc. | 5,744 | 1,275,283 |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 5 |
Shares | Value ($) | ||
Gilead Sciences, Inc. | 3,427 | 264,119 | |
Moderna, Inc.* | 7,807 | 948,551 | |
3,769,639 | |||
Health Care Equipment & Supplies 1.5% | |||
Becton, Dickinson & Co. | 3,629 | 958,092 | |
Stryker Corp. | 1,920 | 585,773 | |
1,543,865 | |||
Health Care Providers & Services 4.2% | |||
Centene Corp.* | 18,796 | 1,267,790 | |
Cigna Group | 3,267 | 916,720 | |
CVS Health Corp. | 5,377 | 371,712 | |
Elevance Health, Inc. | 3,151 | 1,399,958 | |
McKesson Corp. | 1,256 | 536,702 | |
4,492,882 | |||
Life Sciences Tools & Services 0.4% | |||
Danaher Corp. | 1,708 | 409,920 | |
Pharmaceuticals 2.4% | |||
Bristol-Myers Squibb Co. | 17,139 | 1,096,039 | |
Johnson & Johnson | 7,095 | 1,174,364 | |
Merck & Co., Inc. | 2,305 | 265,974 | |
2,536,377 | |||
Industrials 10.2% | |||
Aerospace & Defense 3.1% | |||
General Dynamics Corp. | 4,521 | 972,693 | |
Lockheed Martin Corp. | 1,830 | 842,495 | |
Northrop Grumman Corp. | 3,237 | 1,475,425 | |
3,290,613 | |||
Building Products 1.4% | |||
Owens Corning | 11,103 | 1,448,942 | |
Commercial Services & Supplies 1.6% | |||
Waste Management, Inc. | 9,728 | 1,687,030 | |
Electrical Equipment 0.4% | |||
Emerson Electric Co. | 4,813 | 435,047 | |
Ground Transportation 0.6% | |||
J.B. Hunt Transport Services, Inc. | 3,485 | 630,890 | |
Machinery 2.7% | |||
Caterpillar, Inc. | 6,868 | 1,689,871 | |
Cummins, Inc. | 1,972 | 483,455 | |
PACCAR, Inc. | 8,767 | 733,360 | |
2,906,686 | |||
Professional Services 0.4% | |||
Verisk Analytics, Inc. | 1,904 | 430,361 | |
Information Technology 27.2% | |||
Communications Equipment 0.6% | |||
Cisco Systems, Inc. | 11,952 | 618,396 | |
IT Services 0.5% | |||
Accenture PLC "A" | 1,630 | 502,985 |
Shares | Value ($) | ||
Semiconductors & Semiconductor Equipment 5.0% | |||
Advanced Micro Devices, Inc.* | 8,814 | 1,004,003 | |
Intel Corp. | 23,550 | 787,512 | |
Lam Research Corp. | 1,371 | 881,361 | |
NVIDIA Corp. | 2,861 | 1,210,260 | |
QUALCOMM, Inc. | 12,090 | 1,439,194 | |
5,322,330 | |||
Software 12.1% | |||
Adobe, Inc.* | 1,215 | 594,123 | |
Microsoft Corp. | 24,994 | 8,511,457 | |
Oracle Corp. | 21,919 | 2,610,334 | |
Salesforce, Inc.* | 3,366 | 711,101 | |
Synopsys, Inc.* | 1,061 | 461,970 | |
12,888,985 | |||
Technology Hardware, Storage & Peripherals 9.0% | |||
Apple, Inc. | 49,389 | 9,579,985 | |
Materials 2.8% | |||
Chemicals 1.1% | |||
Corteva, Inc. | 4,118 | 235,961 | |
DuPont de Nemours, Inc. | 4,409 | 314,979 | |
Linde PLC | 1,601 | 610,109 | |
1,161,049 | |||
Metals & Mining 1.7% | |||
Cleveland-Cliffs, Inc.* | 62,593 | 1,049,059 | |
United States Steel Corp. | 29,294 | 732,643 | |
1,781,702 | |||
Real Estate 2.5% | |||
Industrial REITs 1.0% | |||
Prologis, Inc. | 8,935 | 1,095,699 | |
Residential REITs 0.9% | |||
AvalonBay Communities, Inc. | 5,106 | 966,413 | |
Specialized REITs 0.6% | |||
Iron Mountain, Inc. | 11,147 | 633,372 | |
Utilities 2.5% | |||
Electric Utilities 1.4% | |||
FirstEnergy Corp. | 10,561 | 410,612 | |
NextEra Energy, Inc. | 9,548 | 708,461 | |
NRG Energy, Inc. | 10,612 | 396,783 | |
1,515,856 | |||
Multi-Utilities 0.2% | |||
Public Service Enterprise Group, Inc. | 3,942 | 246,808 | |
Water Utilities 0.9% | |||
American Water Works Co., Inc. | 6,488 | 926,162 | |
Total Common Stocks (Cost $65,259,245) | 105,818,409 |
6 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Shares | Value ($) | ||
Cash Equivalents 0.5% | |||
DWS Central Cash Management Government Fund, 5.13% (a) (Cost $557,790) | 557,790 | 557,790 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $65,817,035) | 100.1 | 106,376,199 | |
Other Assets and Liabilities, Net | (0.1 ) | (77,640 ) | |
Net Assets | 100.0 | 106,298,559 |
Value ($) at 12/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2023 | Value ($) at 6/30/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (a) (b) | ||||||||
— | 0 (c) | — | — | — | 6 | — | — | — |
Cash Equivalents 0.5% | ||||||||
DWS Central Cash Management Government Fund, 5.13% (a) | ||||||||
1,108,909 | 4,381,428 | 4,932,547 | — | — | 16,420 | — | 557,790 | 557,790 |
1,108,909 | 4,381,428 | 4,932,547 | — | — | 16,426 | — | 557,790 | 557,790 |
* | 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, 2023. |
REIT: Real Estate Investment Trust |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $105,818,409 | $— | $— | $105,818,409 |
Short-Term Investments | 557,790 | — | — | 557,790 |
Total | $106,376,199 | $— | $— | $106,376,199 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 7 |
as of June 30, 2023 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $65,259,245) | $105,818,409 |
Investment in DWS Central Cash Management Government Fund (cost $557,790) | 557,790 |
Receivable for Fund shares sold | 2,373 |
Dividends receivable | 57,258 |
Interest receivable | 3,661 |
Other assets | 605 |
Total assets | 106,440,096 |
Liabilities | |
Payable for Fund shares redeemed | 41,525 |
Accrued management fee | 32,596 |
Accrued Trustees' fees | 526 |
Other accrued expenses and payables | 66,890 |
Total liabilities | 141,537 |
Net assets, at value | $106,298,559 |
Net Assets Consist of | |
Distributable earnings (loss) | 43,544,009 |
Paid-in capital | 62,754,550 |
Net assets, at value | $106,298,559 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($104,248,370 ÷ 9,329,430 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $11.17 |
Class B | |
Net Asset Value, offering and redemption price per share ($2,050,189 ÷ 183,405 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $11.18 |
Investment Income | |
Income: | |
Dividends | $787,821 |
Income distributions — DWS Central Cash Management Government Fund | 16,420 |
Securities lending income, net of borrower rebates | 6 |
Total income | 804,247 |
Expenses: | |
Management fee | 194,566 |
Administration fee | 48,392 |
Services to shareholders | 734 |
Record keeping fee (Class B) | 850 |
Distribution service fee (Class B) | 3,265 |
Custodian fee | 2,173 |
Audit fee | 25,345 |
Legal fees | 8,029 |
Tax fees | 4,158 |
Reports to shareholders | 14,034 |
Trustees' fees and expenses | 3,258 |
Other | 4,903 |
Total expenses before expense reductions | 309,707 |
Expense reductions | (6,327 ) |
Total expenses after expense reductions | 303,380 |
Net investment income | 500,867 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 2,815,670 |
Change in net unrealized appreciation (depreciation) on investments | 10,470,501 |
Net gain (loss) | 13,286,171 |
Net increase (decrease) in net assets resulting from operations | $13,787,038 |
8 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Six Months Ended June 30, 2023 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $500,867 | $899,555 |
Net realized gain (loss) | 2,815,670 | 5,894,820 |
Change in net unrealized appreciation (depreciation) | 10,470,501 | (25,769,840 ) |
Net increase (decrease) in net assets resulting from operations | 13,787,038 | (18,975,465 ) |
Distributions to shareholders: | ||
Class A | (6,659,807 ) | (15,513,224 ) |
Class B | (172,212 ) | (453,487 ) |
Total distributions | (6,832,019 ) | (15,966,711 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,530,464 | 4,330,391 |
Reinvestment of distributions | 6,659,807 | 15,513,224 |
Payments for shares redeemed | (4,831,199 ) | (12,624,334 ) |
Net increase (decrease) in net assets from Class A share transactions | 3,359,072 | 7,219,281 |
Class B | ||
Proceeds from shares sold | 37,033 | 8,245 |
Reinvestment of distributions | 172,212 | 453,487 |
Payments for shares redeemed | (1,071,562 ) | (351,770 ) |
Net increase (decrease) in net assets from Class B share transactions | (862,317 ) | 109,962 |
Increase (decrease) in net assets | 9,451,774 | (27,612,933 ) |
Net assets at beginning of period | 96,846,785 | 124,459,718 |
Net assets at end of period | $106,298,559 | $96,846,785 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 8,984,214 | 8,323,929 |
Shares sold | 140,651 | 350,141 |
Shares issued to shareholders in reinvestment of distributions | 649,104 | 1,398,848 |
Shares redeemed | (444,539 ) | (1,088,704 ) |
Net increase (decrease) in Class A shares | 345,216 | 660,285 |
Shares outstanding at end of period | 9,329,430 | 8,984,214 |
Class B | ||
Shares outstanding at beginning of period | 261,799 | 251,030 |
Shares sold | 3,369 | 737 |
Shares issued to shareholders in reinvestment of distributions | 16,768 | 40,855 |
Shares redeemed | (98,531 ) | (30,823 ) |
Net increase (decrease) in Class B shares | (78,394 ) | 10,769 |
Shares outstanding at end of period | 183,405 | 261,799 |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 9 |
Financial Highlights
DWS Core Equity VIP — Class A | ||||||
Six Months Ended 6/30/23 | Years Ended December 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $10.47 | $14.52 | $12.23 | $11.31 | $9.83 | $14.64 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .05 | .10 | .09 | .11 | .14 | .14 |
Net realized and unrealized gain (loss) | 1.41 | (2.25 ) | 2.91 | 1.47 | 2.70 | (.71 ) |
Total from investment operations | 1.46 | (2.15 ) | 3.00 | 1.58 | 2.84 | (.57 ) |
Less distributions from: | ||||||
Net investment income | (.11 ) | (.10 ) | (.10 ) | (.15 ) | (.12 ) | (.27 ) |
Net realized gains | (.65 ) | (1.80 ) | (.61 ) | (.51 ) | (1.24 ) | (3.97 ) |
Total distributions | (.76 ) | (1.90 ) | (.71 ) | (.66 ) | (1.36 ) | (4.24 ) |
Net asset value, end of period | $11.17 | $10.47 | $14.52 | $12.23 | $11.31 | $9.83 |
Total Return (%) | 14.59 b* | (15.53 )b | 25.30 | 16.13 | 30.30 | (5.69 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 104 | 94 | 121 | 107 | 107 | 92 |
Ratio of expenses before expense reductions (%)c | .61 ** | .61 | .59 | .62 | .62 | .61 |
Ratio of expenses after expense reductions (%)c | .60 ** | .60 | .59 | .62 | .62 | .61 |
Ratio of net investment income (%) | 1.01 ** | .85 | .66 | 1.01 | 1.32 | 1.14 |
Portfolio turnover rate (%) | 14 * | 29 | 34 | 45 | 40 | 43 |
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 |
10 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
DWS Core Equity VIP — Class B | ||||||
Six Months Ended 6/30/23 | Years Ended December 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $10.46 | $14.49 | $12.21 | $11.29 | $9.81 | $14.62 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .04 | .06 | .05 | .07 | .11 | .10 |
Net realized and unrealized gain (loss) | 1.40 | (2.23 ) | 2.90 | 1.48 | 2.70 | (.72 ) |
Total from investment operations | 1.44 | (2.17 ) | 2.95 | 1.55 | 2.81 | (.62 ) |
Less distributions from: | ||||||
Net investment income | (.07 ) | (.06 ) | (.06 ) | (.12 ) | (.09 ) | (.22 ) |
Net realized gains | (.65 ) | (1.80 ) | (.61 ) | (.51 ) | (1.24 ) | (3.97 ) |
Total distributions | (.72 ) | (1.86 ) | (.67 ) | (.63 ) | (1.33 ) | (4.19 ) |
Net asset value, end of period | $11.18 | $10.46 | $14.49 | $12.21 | $11.29 | $9.81 |
Total Return (%) | 14.42 b* | (15.73 )b | 24.94 | 15.67 | 29.92 | (6.02 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 2 | 3 | 4 | 4 | 3 | 3 |
Ratio of expenses before expense reductions (%)c | .93 ** | .93 | .91 | .94 | .94 | .93 |
Ratio of expenses after expense reductions (%)c | .91 ** | .92 | .91 | .94 | .94 | .93 |
Ratio of net investment income (%) | .69 ** | .53 | .34 | .69 | 1.00 | .82 |
Portfolio turnover rate (%) | 14 * | 29 | 34 | 45 | 40 | 43 |
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 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 the Fund's average daily net assets | .390% |
Next $750 million of such net assets | .365% |
Over $1 billion of such net assets | .340% |
14 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Class A | .60% |
Class B | .91% |
Class A | $6,028 |
Class B | 299 |
$6,327 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2023 |
Class A | $432 | $143 |
Class B | 82 | 26 |
$514 | $169 |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 15 |
16 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Other Information (Unaudited)
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 17 |
Information About Your Fund’s Expenses (Unaudited)
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $1,145.90 | $1,144.20 |
Expenses Paid per $1,000* | $3.19 | $4.84 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $1,021.82 | $1,020.28 |
Expenses Paid per $1,000* | $3.01 | $4.56 |
* | 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% | .91% |
18 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 19 |
Advisory Agreement Board Considerations and Fee Evaluation
20 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 21 |
22 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Contents
3 | |
4 | |
4 | |
5 | |
9 | |
9 | |
10 | |
11 | |
13 | |
18 | |
19 | |
20 | |
20 | |
21 |
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, 2023 (Unaudited)
Comparative Results | ||||||
DWS Global Small Cap VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $11,205 | $11,488 | $12,933 | $10,901 | $15,884 |
Average annual total return | 12.05% | 14.88% | 8.95% | 1.74% | 4.74% | |
S&P Developed SmallCap Index | Growth of $10,000 | $10,789 | $11,372 | $13,499 | $12,530 | $21,819 |
Average annual total return | 7.89% | 13.72% | 10.52% | 4.61% | 8.11% | |
DWS Global Small Cap VIP | 6-Month‡ | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $11,180 | $11,464 | $12,820 | $10,744 | $15,452 |
Average annual total return | 11.80% | 14.64% | 8.63% | 1.45% | 4.45% | |
S&P Developed SmallCap Index | Growth of $10,000 | $10,789 | $11,372 | $13,499 | $12,530 | $21,819 |
Average annual total return | 7.89% | 13.72% | 10.52% | 4.61% | 8.11% | |
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 3 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/23 | 12/31/22 |
Common Stocks | 98% | 99% |
Cash Equivalents | 2% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/23 | 12/31/22 |
Industrials | 18% | 17% |
Consumer Discretionary | 14% | 12% |
Financials | 14% | 13% |
Information Technology | 13% | 14% |
Health Care | 11% | 11% |
Materials | 8% | 8% |
Real Estate | 7% | 8% |
Energy | 5% | 5% |
Consumer Staples | 5% | 5% |
Communication Services | 3% | 4% |
Utilities | 2% | 3% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/23 | 12/31/22 |
United States | 58% | 60% |
United Kingdom | 10% | 9% |
Japan | 6% | 7% |
Korea | 5% | 2% |
Italy | 3% | 3% |
Germany | 3% | 2% |
Australia | 3% | 3% |
France | 3% | 3% |
Switzerland | 2% | 2% |
Other | 7% | 9% |
100% | 100% |
4 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Investment Portfolioas of June 30, 2023 (Unaudited)
Shares | Value ($) | ||
Common Stocks 98.1% | |||
Australia 2.9% | |||
AMP Ltd. | 327,127 | 247,440 | |
Charter Hall Long Wale REIT | 138,078 | 369,649 | |
Nickel Industries Ltd. | 544,338 | 323,958 | |
Orora Ltd. | 252,905 | 556,558 | |
Southern Cross Media Group Ltd. | 265,699 | 153,941 | |
Syrah Resources Ltd.* | 189,265 | 114,939 | |
(Cost $2,319,102) | 1,766,485 | ||
Belgium 0.2% | |||
Euronav NV (Cost $66,558) | 7,882 | 119,432 | |
Canada 0.6% | |||
Quebecor, Inc. "B" (Cost $185,022) | 16,271 | 401,018 | |
Denmark 0.3% | |||
Topdanmark AS (Cost $233,615) | 4,142 | 203,573 | |
Finland 0.5% | |||
Tokmanni Group Corp. (Cost $278,398) | 23,624 | 308,484 | |
France 2.6% | |||
Alten SA* | 5,327 | 838,438 | |
Maisons du Monde SA 144A* | 25,860 | 259,666 | |
Vallourec SA* | 45,025 | 532,619 | |
(Cost $1,601,743) | 1,630,723 | ||
Germany 2.9% | |||
AIXTRON SE | 31,515 | 1,070,236 | |
Jumia Technologies AG (ADR)* (a) | 44,714 | 152,922 | |
MorphoSys AG* | 11,347 | 335,968 | |
United Internet AG (Registered) | 16,804 | 236,618 | |
(Cost $1,444,610) | 1,795,744 | ||
Ireland 1.1% | |||
Dalata Hotel Group PLC* (Cost $662,452) | 130,999 | 664,022 | |
Italy 3.1% | |||
Buzzi SpA | 48,067 | 1,203,384 | |
Moncler SpA | 10,163 | 702,635 | |
(Cost $1,297,182) | 1,906,019 | ||
Japan 6.1% | |||
BML, Inc. | 8,200 | 165,358 | |
JTOWER, Inc.* | 5,000 | 239,746 | |
Kusuri no Aoki Holdings Co., Ltd. | 12,258 | 691,744 | |
Nankai Electric Railway Co., Ltd. | 13,800 | 308,651 | |
Nippon Paper Industries Co., Ltd.* | 68,300 | 562,574 | |
Optorun Co., Ltd. | 23,200 | 393,385 | |
Sawai Group Holdings Co., Ltd. | 8,000 | 201,648 |
Shares | Value ($) | ||
Tsurumi Manufacturing Co., Ltd. | 9,400 | 170,223 | |
UT Group Co., Ltd.* | 31,324 | 661,743 | |
Zenkoku Hosho Co., Ltd. | 9,800 | 340,528 | |
(Cost $3,019,426) | 3,735,600 | ||
Jersey 0.1% | |||
Novocure Ltd.* (b) (Cost $146,583) | 2,260 | 93,790 | |
Korea 4.7% | |||
Advanced Nano Products Co., Ltd. | 5,770 | 547,803 | |
Grand Korea Leisure Co., Ltd.* | 18,607 | 231,225 | |
Hanmi Semiconductor Co., Ltd. | 52,551 | 1,216,421 | |
Seah Besteel Holdings Corp. | 44,669 | 878,845 | |
(Cost $2,152,049) | 2,874,294 | ||
Malta 0.6% | |||
Kindred Group PLC (Cost $273,101) | 33,151 | 352,846 | |
Norway 0.4% | |||
Hexagon Composites ASA* (Cost $257,949) | 86,778 | 219,735 | |
Portugal 0.4% | |||
REN - Redes Energeticas Nacionais SGPS SA (Cost $264,147) | 93,254 | 254,136 | |
Puerto Rico 0.6% | |||
Popular, Inc. (Cost $469,111) | 6,236 | 377,403 | |
Singapore 0.7% | |||
Kulicke & Soffa Industries, Inc. (b) (Cost $311,171) | 6,796 | 404,022 | |
Spain 0.5% | |||
Fluidra SA (a) (Cost $252,248) | 15,819 | 308,270 | |
Sweden 0.9% | |||
Cibus Nordic Real Estate AB | 19,703 | 191,645 | |
Dometic Group AB 144A | 22,714 | 149,495 | |
Ratos AB "B" | 73,815 | 206,990 | |
(Cost $963,858) | 548,130 | ||
Switzerland 2.4% | |||
Julius Baer Group Ltd. | 10,195 | 641,593 | |
OC Oerlikon Corp. AG (Registered) | 26,409 | 131,525 | |
Siegfried Holding AG (Registered)* | 861 | 711,435 | |
(Cost $1,506,771) | 1,484,553 | ||
United Kingdom 9.4% | |||
Abcam PLC (ADR)* | 19,390 | 474,473 | |
B&M European Value Retail SA | 102,640 | 727,975 | |
Clarkson PLC | 8,027 | 301,970 | |
Computacenter PLC | 22,414 | 650,513 | |
Drax Group PLC | 78,099 | 577,072 | |
Dunelm Group PLC | 15,276 | 218,115 |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 5 |
Shares | Value ($) | ||
Genus PLC | 4,642 | 127,890 | |
Greggs PLC | 20,613 | 668,837 | |
RS GROUP PLC | 69,760 | 673,645 | |
Saga PLC* | 111,966 | 170,399 | |
Softcat PLC | 23,640 | 424,890 | |
TechnipFMC PLC* (c) | 47,580 | 790,780 | |
(Cost $4,693,070) | 5,806,559 | ||
United States 57.1% | |||
Adeia, Inc. | 16,645 | 183,261 | |
Affiliated Managers Group, Inc. | 4,495 | 673,756 | |
Alcoa Corp. | 14,438 | 489,881 | |
Americold Realty Trust, Inc. (REIT) | 21,462 | 693,223 | |
Amneal Pharmaceuticals, Inc.* | 66,412 | 205,877 | |
Apple Hospitality REIT, Inc. (REIT) | 18,296 | 276,453 | |
ArcBest Corp. | 5,345 | 528,086 | |
Armada Hoffler Properties, Inc. (REIT) | 16,174 | 188,912 | |
Atkore, Inc.* | 4,837 | 754,282 | |
Avis Budget Group, Inc.* | 2,940 | 672,290 | |
Bank OZK | 7,401 | 297,224 | |
Beam Global* (a) | 19,418 | 200,976 | |
Benchmark Electronics, Inc. | 21,886 | 565,315 | |
Bluebird Bio, Inc.* (a) | 55,856 | 183,766 | |
Bridgebio Pharma, Inc.* | 33,577 | 577,524 | |
Builders FirstSource, Inc.* | 11,285 | 1,534,760 | |
Bumble, Inc. "A"* | 11,954 | 200,588 | |
Casey's General Stores, Inc. | 5,216 | 1,272,078 | |
Chord Energy Corp. | 2,232 | 343,254 | |
Clearway Energy, Inc. "A" | 8,709 | 235,143 | |
CNX Resources Corp.* | 24,979 | 442,628 | |
CommScope Holding Co., Inc.* | 38,077 | 214,374 | |
Delek U.S. Holdings, Inc. | 25,698 | 615,467 | |
Ducommun, Inc.* | 14,980 | 652,679 | |
Easterly Government Properties, Inc. (REIT) | 18,770 | 272,165 | |
Eastern Bankshares, Inc. | 32,558 | 399,487 | |
EastGroup Properties, Inc. (REIT) | 2,146 | 372,546 | |
Envestnet, Inc.* | 9,702 | 575,814 | |
Essential Properties Realty Trust, Inc. (REIT) | 7,490 | 176,315 | |
Exact Sciences Corp.* | 4,623 | 434,100 | |
First Financial Bankshares, Inc. | 3,728 | 106,211 | |
Four Corners Property Trust, Inc. (REIT) | 29,198 | 741,629 | |
Hersha Hospitality Trust "A", (REIT) | 19,021 | 115,838 | |
Hillenbrand, Inc. | 14,976 | 767,969 | |
Jefferies Financial Group, Inc. | 32,048 | 1,063,032 | |
Kite Realty Group Trust (REIT) | 13,787 | 308,002 | |
Ladder Capital Corp. (REIT) | 22,361 | 242,617 | |
Lamb Weston Holdings, Inc. | 3,992 | 458,880 | |
Latham Group, Inc.* | 21,939 | 81,394 | |
Lazard Ltd. "A" | 10,388 | 332,416 |
Shares | Value ($) | ||
Lumentum Holdings, Inc.* | 8,847 | 501,890 | |
Madison Square Garden Sports Corp. | 4,259 | 800,905 | |
Modine Manufacturing Co.* | 18,773 | 619,884 | |
ModivCare, Inc.* | 5,606 | 253,461 | |
Molina Healthcare, Inc.* | 2,183 | 657,607 | |
New Jersey Resources Corp. | 8,816 | 416,115 | |
Option Care Health, Inc.* | 24,922 | 809,716 | |
Outset Medical, Inc.* | 6,366 | 139,224 | |
Pacira BioSciences, Inc.* | 15,229 | 610,226 | |
Physicians Realty Trust (REIT) | 31,161 | 435,942 | |
Reinsurance Group of America, Inc. | 2,032 | 281,818 | |
RPT Realty (REIT) | 22,291 | 232,941 | |
Rush Enterprises, Inc. "A" | 21,145 | 1,284,317 | |
Safehold, Inc. (REIT) | 869 | 20,621 | |
Sana Biotechnology, Inc.* (a) | 73,487 | 437,983 | |
SentinelOne, Inc. "A"* | 36,072 | 544,687 | |
Skillsoft Corp.* (a) | 113,748 | 141,048 | |
SkyWest, Inc.* | 17,763 | 723,309 | |
South State Corp. | 12,835 | 844,543 | |
Spectrum Brands Holdings, Inc. | 5,219 | 407,343 | |
Stride, Inc.* | 7,312 | 272,226 | |
Synovus Financial Corp. | 26,754 | 809,308 | |
Taylor Morrison Home Corp.* | 22,480 | 1,096,350 | |
Thermon Group Holdings, Inc.* | 40,872 | 1,087,195 | |
TopBuild Corp.* | 5,734 | 1,525,359 | |
Unum Group | 3,682 | 175,631 | |
Vitesse Energy, Inc. | 3,772 | 84,501 | |
WEX, Inc.* | 2,239 | 407,655 | |
Xperi, Inc.* | 11,170 | 146,878 | |
YETI Holdings, Inc.* | 15,393 | 597,864 | |
Zions Bancorp. NA | 13,128 | 352,618 | |
(Cost $26,590,655) | 35,169,377 | ||
Total Common Stocks (Cost $48,988,821) | 60,424,215 | ||
Securities Lending Collateral 2.1% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (d) (e) (Cost $1,307,200) | 1,307,200 | 1,307,200 | |
Cash Equivalents 1.7% | |||
DWS Central Cash Management Government Fund, 5.13% (d) (Cost $1,054,433) | 1,054,433 | 1,054,433 |
6 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $51,350,454) | 101.9 | 62,785,848 | |
Other Assets and Liabilities, Net | (1.9 ) | (1,184,868 ) | |
Net Assets | 100.0 | 61,600,980 |
Value ($) at 12/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2023 | Value ($) at 6/30/2023 |
Securities Lending Collateral 2.1% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (d) (e) | ||||||||
263,098 | 1,044,102 (f) | — | — | — | 33,388 | — | 1,307,200 | 1,307,200 |
Cash Equivalents 1.7% | ||||||||
DWS Central Cash Management Government Fund, 5.13% (d) | ||||||||
753,014 | 5,090,214 | 4,788,795 | — | — | 13,097 | — | 1,054,433 | 1,054,433 |
1,016,112 | 6,134,316 | 4,788,795 | — | — | 46,485 | — | 2,361,633 | 2,361,633 |
* | 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, 2023 amounted to $1,245,207, which is 2.0% of net assets. |
(b) | Listed on the NASDAQ Stock Market, Inc. |
(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 period ended June 30, 2023. |
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 | $— | $1,766,485 | $— | $1,766,485 |
Belgium | — | 119,432 | — | 119,432 |
Canada | 401,018 | — | — | 401,018 |
Denmark | — | 203,573 | — | 203,573 |
Finland | — | 308,484 | — | 308,484 |
France | — | 1,630,723 | — | 1,630,723 |
Germany | 152,922 | 1,642,822 | — | 1,795,744 |
Ireland | — | 664,022 | — | 664,022 |
Italy | — | 1,906,019 | — | 1,906,019 |
Japan | — | 3,735,600 | — | 3,735,600 |
Jersey | 93,790 | — | — | 93,790 |
Korea | — | 2,874,294 | — | 2,874,294 |
Malta | — | 352,846 | — | 352,846 |
Norway | — | 219,735 | — | 219,735 |
Portugal | — | 254,136 | — | 254,136 |
Puerto Rico | 377,403 | — | — | 377,403 |
Singapore | 404,022 | — | — | 404,022 |
Spain | — | 308,270 | — | 308,270 |
Sweden | — | 548,130 | — | 548,130 |
Switzerland | — | 1,484,553 | — | 1,484,553 |
United Kingdom | 1,265,253 | 4,541,306 | — | 5,806,559 |
United States | 35,169,377 | — | — | 35,169,377 |
Short-Term Investments (a) | 2,361,633 | — | — | 2,361,633 |
Total | $40,225,418 | $22,560,430 | $— | $62,785,848 |
(a) | See Investment Portfolio for additional detailed categorizations. |
8 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
as of June 30, 2023 (Unaudited)
���
Assets | |
Investments in non-affiliated securities, at value (cost $48,988,821) — including $1,245,207 of securities loaned | $60,424,215 |
Investment in DWS Government & Agency Securities Portfolio (cost $1,307,200)* | 1,307,200 |
Investment in DWS Central Cash Management Government Fund (cost $1,054,433) | 1,054,433 |
Cash | 312 |
Foreign currency, at value (cost $77,425) | 77,860 |
Receivable for investments sold | 3,938 |
Receivable for Fund shares sold | 1,126 |
Dividends receivable | 96,076 |
Interest receivable | 9,491 |
Foreign taxes recoverable | 53,300 |
Other assets | 585 |
Total assets | 63,028,536 |
Liabilities | |
Payable upon return of securities loaned | 1,307,200 |
Payable for Fund shares redeemed | 25,578 |
Accrued management fee | 28,733 |
Accrued Trustees' fees | 1,259 |
Other accrued expenses and payables | 64,786 |
Total liabilities | 1,427,556 |
Net assets, at value | $61,600,980 |
Net Assets Consist of | |
Distributable earnings (loss) | 12,448,710 |
Paid-in capital | 49,152,270 |
Net assets, at value | $61,600,980 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($59,853,733 ÷ 6,366,715 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $9.40 |
Class B | |
Net Asset Value, offering and redemption price per share ($1,747,247 ÷ 195,631 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $8.93 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $43,157) | $639,989 |
Income distributions — DWS Central Cash Management Government Fund | 13,097 |
Securities lending income, net of borrower rebates | 33,388 |
Total income | 686,474 |
Expenses: | |
Management fee | 236,940 |
Administration fee | 28,729 |
Services to shareholders | 770 |
Record keeping fee (Class B) | 290 |
Distribution service fee (Class B) | 2,149 |
Custodian fee | 5,430 |
Audit fee | 19,523 |
Legal fees | 8,601 |
Tax fees | 4,158 |
Reports to shareholders | 15,629 |
Trustees' fees and expenses | 2,324 |
Other | 6,819 |
Total expenses before expense reductions | 331,362 |
Expense reductions | (84,087 ) |
Total expenses after expense reductions | 247,275 |
Net investment income | 439,199 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 671,254 |
Foreign currency | (15,303 ) |
Payments by affiliates (see Note F) | 323 |
656,274 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 5,667,350 |
Foreign currency | 1,323 |
5,668,673 | |
Net gain (loss) | 6,324,947 |
Net increase (decrease) in net assets resulting from operations | $6,764,146 |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 9 |
Six Months Ended June 30, 2023 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $439,199 | $712,899 |
Net realized gain (loss) | 656,274 | 406,586 |
Change in net unrealized appreciation (depreciation) | 5,668,673 | (20,461,356 ) |
Net increase (decrease) in net assets resulting from operations | 6,764,146 | (19,341,871 ) |
Distributions to shareholders: | ||
Class A | (859,286 ) | (11,569,665 ) |
Class B | (21,478 ) | (354,576 ) |
Total distributions | (880,764 ) | (11,924,241 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 782,731 | 2,345,624 |
Reinvestment of distributions | 859,286 | 11,569,665 |
Payments for shares redeemed | (4,105,021 ) | (6,151,401 ) |
Net increase (decrease) in net assets from Class A share transactions | (2,463,004 ) | 7,763,888 |
Class B | ||
Proceeds from shares sold | 13,657 | 107,878 |
Reinvestment of distributions | 21,478 | 354,576 |
Payments for shares redeemed | (106,625 ) | (380,512 ) |
Net increase (decrease) in net assets from Class B share transactions | (71,490 ) | 81,942 |
Increase (decrease) in net assets | 3,348,888 | (23,420,282 ) |
Net assets at beginning of period | 58,252,092 | 81,672,374 |
Net assets at end of period | $61,600,980 | $58,252,092 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 6,642,956 | 5,808,696 |
Shares sold | 86,880 | 249,530 |
Shares issued to shareholders in reinvestment of distributions | 98,429 | 1,221,718 |
Shares redeemed | (461,550 ) | (636,988 ) |
Net increase (decrease) in Class A shares | (276,241 ) | 834,260 |
Shares outstanding at end of period | 6,366,715 | 6,642,956 |
Class B | ||
Shares outstanding at beginning of period | 203,753 | 191,764 |
Shares sold | 1,621 | 10,340 |
Shares issued to shareholders in reinvestment of distributions | 2,588 | 39,397 |
Shares redeemed | (12,331 ) | (37,748 ) |
Net increase (decrease) in Class B shares | (8,122 ) | 11,989 |
Shares outstanding at end of period | 195,631 | 203,753 |
10 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Financial Highlights
DWS Global Small Cap VIP — Class A | ||||||
Six Months Ended 6/30/23 | Years Ended December 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.52 | $13.63 | $11.90 | $10.24 | $8.91 | $12.90 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .07 | .11 | .06 | .04 | .05 | .02 |
Net realized and unrealized gain (loss) | .94 | (3.19 ) | 1.72 | 1.70 | 1.82 | (2.32 ) |
Total from investment operations | 1.01 | (3.08 ) | 1.78 | 1.74 | 1.87 | (2.30 ) |
Less distributions from: | ||||||
Net investment income | (.08 ) | (.06 ) | (.05 ) | (.08 ) | — | (.04 ) |
Net realized gains | (.05 ) | (1.97 ) | — | — | (.54 ) | (1.65 ) |
Total distributions | (.13 ) | (2.03 ) | (.05 ) | (.08 ) | (.54 ) | (1.69 ) |
Net asset value, end of period | $9.40 | $8.52 | $13.63 | $11.90 | $10.24 | $8.91 |
Total Return (%)b | 12.05 ` * | (24.05 ) | 14.94 | 17.36 | 21.29 | (20.51 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 60 | 57 | 79 | 76 | 71 | 63 |
Ratio of expenses before expense reductions (%)c | 1.11 ** | 1.10 | 1.05 | 1.10 | 1.11 | 1.10 |
Ratio of expenses after expense reductions (%)c | .83 ** | .80 | .81 | .81 | .82 | .78 |
Ratio of net investment income (%) | 1.49 ** | 1.11 | .43 | .38 | .54 | .21 |
Portfolio turnover rate (%) | 10 * | 27 | 38 | 9 | 23 | 32 |
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 Global Small Cap VIP | | 11 |
DWS Global Small Cap VIP — Class B | ||||||
Six Months Ended 6/30/23 | Years Ended December 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.08 | $13.05 | $11.39 | $9.81 | $8.57 | $12.47 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | .05 | .08 | .02 | .01 | .03 | (.01 ) |
Net realized and unrealized gain (loss) | .90 | (3.05 ) | 1.65 | 1.62 | 1.75 | (2.24 ) |
Total from investment operations | .95 | (2.97 ) | 1.67 | 1.63 | 1.78 | (2.25 ) |
Less distributions from: | ||||||
Net investment income | (.05 ) | (.03 ) | (.01 ) | (.05 ) | — | — |
Net realized gains | (.05 ) | (1.97 ) | — | — | (.54 ) | (1.65 ) |
Total distributions | (.10 ) | (2.00 ) | (.01 ) | (.05 ) | (.54 ) | (1.65 ) |
Net asset value, end of period | $8.93 | $8.08 | $13.05 | $11.39 | $9.81 | $8.57 |
Total Return (%)b | 11.80 * | (24.22 ) | 14.65 | 16.94 | 21.08 | (20.74 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 2 | 2 | 3 | 3 | 2 | 2 |
Ratio of expenses before expense reductions (%)c | 1.40 ** | 1.38 | 1.33 | 1.39 | 1.40 | 1.39 |
Ratio of expenses after expense reductions (%)c | 1.11 ** | 1.09 | 1.09 | 1.09 | 1.09 | 1.06 |
Ratio of net investment income (loss) (%) | 1.21 ** | .80 | .15 | .10 | .27 | (.08 ) |
Portfolio turnover rate (%) | 10 * | 27 | 38 | 9 | 23 | 32 |
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 |
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 | .88% |
Class B | 1.15% |
Class A | $81,560 |
Class B | 2,527 |
$84,087 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2023 |
Class A | $342 | $113 |
Class B | 95 | 36 |
$437 | $149 |
16 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 17 |
Other Information (Unaudited)
18 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Information About Your Fund’s Expenses (Unaudited)
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $1,120.50 | $1,118.00 |
Expenses Paid per $1,000* | $4.36 | $5.83 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $1,020.68 | $1,019.29 |
Expenses Paid per $1,000* | $4.16 | $5.56 |
* | 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 | .83% | 1.11% |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 19 |
Liquidity Risk Management
20 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Advisory Agreement Board Considerations and Fee Evaluation
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 21 |
22 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 23 |
(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. | 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: | 8/15/2023 |
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: | 8/15/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 8/15/2023 |