UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-04257
Deutsche DWS Variable Series I
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 12/31/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
Contents
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2 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Performance SummaryDecember 31, 2023 (Unaudited)
Comparative Results | |||||
DWS Capital Growth VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $13,857 | $11,784 | $22,470 | $35,722 |
Average annual total return | 38.57% | 5.62% | 17.58% | 13.58% | |
Russell 1000® Growth Index | Growth of $10,000 | $14,268 | $12,901 | $24,368 | $39,972 |
Average annual total return | 42.68% | 8.86% | 19.50% | 14.86% | |
DWS Capital Growth VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $13,817 | $11,691 | $22,181 | $34,800 |
Average annual total return | 38.17% | 5.34% | 17.27% | 13.28% | |
Russell 1000® Growth Index | Growth of $10,000 | $14,268 | $12,901 | $24,368 | $39,972 |
Average annual total return | 42.68% | 8.86% | 19.50% | 14.86% | |
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 3 |
4 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 5 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio) | 12/31/23 | 12/31/22 |
Common Stocks | 98% | 95% |
Cash Equivalents | 2% | 5% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents) | 12/31/23 | 12/31/22 |
Information Technology | 42% | 43% |
Health Care | 14% | 17% |
Communication Services | 11% | 10% |
Financials | 11% | 6% |
Consumer Discretionary | 9% | 11% |
Industrials | 6% | 7% |
Consumer Staples | 4% | 3% |
Real Estate | 2% | 2% |
Materials | 1% | 1% |
100% | 100% |
6 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Investment Portfolioas of December 31, 2023
Shares | Value ($) | ||
Common Stocks 97.9% | |||
Communication Services 11.4% | |||
Entertainment 3.1% | |||
Live Nation Entertainment, Inc.* | 68,810 | 6,440,616 | |
Netflix, Inc.* | 24,659 | 12,005,974 | |
ROBLOX Corp. "A"* | 110,563 | 5,054,941 | |
Spotify Technology SA* | 37,454 | 7,037,981 | |
30,539,512 | |||
Interactive Media & Services 7.3% | |||
Alphabet, Inc. "A"* | 175,375 | 24,498,134 | |
Alphabet, Inc. "C"* | 160,955 | 22,683,388 | |
Meta Platforms, Inc. "A"* | 68,939 | 24,401,648 | |
71,583,170 | |||
Wireless Telecommunication Services 1.0% | |||
T-Mobile U.S., Inc. | 58,578 | 9,391,811 | |
Consumer Discretionary 8.8% | |||
Broadline Retail 4.4% | |||
Amazon.com, Inc.* | 285,145 | 43,324,931 | |
Hotels, Restaurants & Leisure 0.9% | |||
DraftKings, Inc. "A"* | 93,656 | 3,301,374 | |
Planet Fitness, Inc. "A"* | 73,241 | 5,346,593 | |
8,647,967 | |||
Specialty Retail 1.7% | |||
Burlington Stores, Inc.* | 21,729 | 4,225,856 | |
Home Depot, Inc. | 37,247 | 12,907,948 | |
17,133,804 | |||
Textiles, Apparel & Luxury Goods 1.8% | |||
Lululemon Athletica, Inc.* | 20,175 | 10,315,276 | |
NIKE, Inc. "B" | 64,584 | 7,011,885 | |
17,327,161 | |||
Consumer Staples 3.7% | |||
Beverages 0.9% | |||
Constellation Brands, Inc. "A" | 35,131 | 8,492,919 | |
Consumer Staples Distribution & Retail 1.7% | |||
Costco Wholesale Corp. | 24,838 | 16,395,067 | |
Personal Care Products 1.1% | |||
Estee Lauder Companies, Inc. "A" | 43,470 | 6,357,488 | |
Kenvue, Inc. | 232,240 | 5,000,127 | |
11,357,615 | |||
Financials 11.0% | |||
Capital Markets 1.7% | |||
Intercontinental Exchange, Inc. | 127,064 | 16,318,830 | |
Consumer Finance 0.5% | |||
American Express Co. | 26,197 | 4,907,746 |
Shares | Value ($) | ||
Financial Services 5.2% | |||
Global Payments, Inc. | 38,560 | 4,897,120 | |
Mastercard, Inc. "A" | 57,474 | 24,513,236 | |
Visa, Inc. "A" | 84,295 | 21,946,203 | |
51,356,559 | |||
Insurance 3.6% | |||
Progressive Corp. | 218,512 | 34,804,591 | |
Health Care 13.8% | |||
Biotechnology 0.4% | |||
Exact Sciences Corp.* | 60,683 | 4,489,328 | |
Health Care Equipment & Supplies 6.8% | |||
Becton Dickinson & Co. | 27,644 | 6,740,436 | |
Boston Scientific Corp.* | 175,695 | 10,156,928 | |
Dexcom, Inc.* | 154,906 | 19,222,286 | |
Hologic, Inc.* | 109,025 | 7,789,836 | |
Intuitive Surgical, Inc.* | 23,269 | 7,850,030 | |
Stryker Corp. | 38,680 | 11,583,113 | |
The Cooper Companies, Inc. | 9,372 | 3,546,740 | |
66,889,369 | |||
Health Care Providers & Services 1.9% | |||
agilon health, Inc.* | 283,207 | 3,554,248 | |
UnitedHealth Group, Inc. | 28,630 | 15,072,837 | |
18,627,085 | |||
Life Sciences Tools & Services 3.5% | |||
Danaher Corp. | 41,969 | 9,709,109 | |
Thermo Fisher Scientific, Inc. | 45,908 | 24,367,507 | |
34,076,616 | |||
Pharmaceuticals 1.2% | |||
Zoetis, Inc. | 58,258 | 11,498,381 | |
Industrials 5.7% | |||
Aerospace & Defense 0.6% | |||
TransDigm Group, Inc. | 5,313 | 5,374,631 | |
Building Products 0.6% | |||
Trex Co., Inc.* | 73,008 | 6,044,332 | |
Construction & Engineering 0.4% | |||
Quanta Services, Inc. | 16,462 | 3,552,500 | |
Electrical Equipment 1.3% | |||
AMETEK, Inc. | 77,617 | 12,798,267 | |
Ground Transportation 1.1% | |||
Uber Technologies, Inc.* | 181,099 | 11,150,265 | |
Machinery 0.5% | |||
Deere & Co. | 12,325 | 4,928,398 | |
Professional Services 1.2% | |||
TransUnion | 66,702 | 4,583,094 | |
Verisk Analytics, Inc. | 29,058 | 6,940,794 | |
11,523,888 |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 7 |
Shares | Value ($) | ||
Information Technology 41.0% | |||
IT Services 0.3% | |||
Cloudflare, Inc. "A"* | 40,885 | 3,404,085 | |
Semiconductors & Semiconductor Equipment 7.9% | |||
Advanced Micro Devices, Inc.* | 53,879 | 7,942,303 | |
Analog Devices, Inc. | 25,568 | 5,076,782 | |
Applied Materials, Inc. | 61,196 | 9,918,036 | |
MKS Instruments, Inc. | 33,580 | 3,454,375 | |
NVIDIA Corp. | 102,599 | 50,809,077 | |
77,200,573 | |||
Software 23.6% | |||
Adobe, Inc.* | 25,798 | 15,391,086 | |
Aspen Technology, Inc.* | 21,487 | 4,730,363 | |
Atlassian Corp. "A"* | 16,161 | 3,844,055 | |
Box, Inc. "A"* | 208,715 | 5,345,191 | |
Dynatrace, Inc.* | 136,655 | 7,473,662 | |
Five9, Inc.* | 73,813 | 5,808,345 | |
Guidewire Software, Inc.* | 48,071 | 5,241,662 | |
Intuit, Inc. | 23,464 | 14,665,704 | |
Microsoft Corp. | 280,718 | 105,561,197 | |
Roper Technologies, Inc. | 12,745 | 6,948,192 | |
Salesforce, Inc.* | 47,238 | 12,430,207 | |
ServiceNow, Inc.* | 21,404 | 15,121,712 | |
Synopsys, Inc.* | 42,412 | 21,838,363 | |
Teradata Corp.* | 51,334 | 2,233,542 | |
Workiva, Inc.* | 41,884 | 4,252,482 | |
230,885,763 | |||
Technology Hardware, Storage & Peripherals 9.2% | |||
Apple, Inc. | 470,496 | 90,584,595 |
Shares | Value ($) | ||
Materials 0.7% | |||
Construction Materials 0.7% | |||
Vulcan Materials Co. | 29,200 | 6,628,692 | |
Real Estate 1.8% | |||
Industrial REITs 0.8% | |||
Prologis, Inc. | 58,731 | 7,828,842 | |
Real Estate Management & Development 0.5% | |||
CoStar Group, Inc.* | 56,436 | 4,931,942 | |
Specialized REITs 0.5% | |||
Equinix, Inc. | 6,556 | 5,280,137 | |
Total Common Stocks (Cost $345,834,050) | 959,279,372 | ||
Cash Equivalents 2.1% | |||
DWS Central Cash Management Government Fund, 5.38% (a) (Cost $20,323,418) | 20,323,418 | 20,323,418 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $366,157,468) | 100.0 | 979,602,790 | |
Other Assets and Liabilities, Net | (0.0 ) | (207,112 ) | |
Net Assets | 100.0 | 979,395,678 |
Value ($) 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 12/31/2023 | Value ($) at 12/31/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (a) (b) | ||||||||
— | 0 (c) | — | — | — | 55,239 | — | — | — |
Cash Equivalents 2.1% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (a) | ||||||||
38,196,795 | 128,560,124 | 146,433,501 | — | — | 1,008,558 | — | 20,323,418 | 20,323,418 |
38,196,795 | 128,560,124 | 146,433,501 | — | — | 1,063,797 | — | 20,323,418 | 20,323,418 |
* | 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 year ended December 31, 2023. |
REIT: Real Estate Investment Trust |
8 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $959,279,372 | $— | $— | $959,279,372 |
Short-Term Investments | 20,323,418 | — | — | 20,323,418 |
Total | $979,602,790 | $— | $— | $979,602,790 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 9 |
as of December 31, 2023
Assets | |
Investments in non-affiliated securities, at value (cost $345,834,050) | $959,279,372 |
Investment in DWS Central Cash Management Government Fund (cost $20,323,418) | 20,323,418 |
Cash | 10,000 |
Receivable for Fund shares sold | 473,033 |
Dividends receivable | 462,022 |
Interest receivable | 58,658 |
Other assets | 21,637 |
Total assets | 980,628,140 |
Liabilities | |
Payable for Fund shares redeemed | 743,469 |
Accrued management fee | 304,318 |
Accrued Trustees' fees | 12,121 |
Other accrued expenses and payables | 172,554 |
Total liabilities | 1,232,462 |
Net assets, at value | $979,395,678 |
Net Assets Consist of | |
Distributable earnings (loss) | 693,972,596 |
Paid-in capital | 285,423,082 |
Net assets, at value | $979,395,678 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($975,175,655 ÷ 25,769,843 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $37.84 |
Class B | |
Net Asset Value, offering and redemption price per share ($4,220,023 ÷ 112,611 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $37.47 |
Investment Income | |
Income: | |
Dividends | $5,191,990 |
Income distributions — DWS Central Cash Management Government Fund | 1,008,558 |
Securities lending income, net of borrower rebates | 55,239 |
Total income | 6,255,787 |
Expenses: | |
Management fee | 3,270,380 |
Administration fee | 852,505 |
Services to shareholders | 2,288 |
Record keeping fee (Class B) | 294 |
Distribution service fee (Class B) | 10,503 |
Custodian fee | 2,177 |
Professional fees | 82,569 |
Reports to shareholders | 29,215 |
Trustees' fees and expenses | 30,898 |
Other | 48,973 |
Total expenses | 4,329,802 |
Net investment income | 1,925,985 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 79,385,584 |
Change in net unrealized appreciation (depreciation) on investments | 202,209,471 |
Net gain (loss) | 281,595,055 |
Net increase (decrease) in net assets resulting from operations | $283,521,040 |
10 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2023 | 2022 |
Operations: | ||
Net investment income | $1,925,985 | $684,448 |
Net realized gain (loss) | 79,385,584 | 35,845,447 |
Change in net unrealized appreciation (depreciation) | 202,209,471 | (405,736,033 ) |
Net increase (decrease) in net assets resulting from operations | 283,521,040 | (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 | 36,990,468 | 29,158,356 |
Reinvestment of distributions | 36,467,005 | 149,876,386 |
Payments for shares redeemed | (113,385,717 ) | (117,318,126 ) |
Net increase (decrease) in net assets from Class A share transactions | (39,928,244 ) | 61,716,616 |
Class B | ||
Proceeds from shares sold | 823,604 | 1,088,278 |
Reinvestment of distributions | 190,751 | 792,393 |
Payments for shares redeemed | (2,022,370 ) | (1,533,338 ) |
Net increase (decrease) in net assets from Class B share transactions | (1,008,015 ) | 347,333 |
Increase (decrease) in net assets | 205,927,025 | (457,810,968 ) |
Net assets at beginning of period | 773,468,653 | 1,231,279,621 |
Net assets at end of period | $979,395,678 | $773,468,653 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 26,918,649 | 24,941,174 |
Shares sold | 1,111,045 | 822,902 |
Shares issued to shareholders in reinvestment of distributions | 1,199,178 | 4,608,745 |
Shares redeemed | (3,459,029 ) | (3,454,172 ) |
Net increase (decrease) in Class A shares | (1,148,806 ) | 1,977,475 |
Shares outstanding at end of period | 25,769,843 | 26,918,649 |
Class B | ||
Shares outstanding at beginning of period | 142,697 | 132,015 |
Shares sold | 24,450 | 32,085 |
Shares issued to shareholders in reinvestment of distributions | 6,323 | 24,509 |
Shares redeemed | (60,859 ) | (45,912 ) |
Net increase (decrease) in Class B shares | (30,086 ) | 10,682 |
Shares outstanding at end of period | 112,611 | 142,697 |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 11 |
Financial Highlights
DWS Capital Growth VIP — Class A | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $28.58 | $49.11 | $42.36 | $33.24 | $27.27 |
Income (loss) from investment operations: | |||||
Net investment incomea | .07 | .03 | .03 | .09 | .17 |
Net realized and unrealized gain (loss) | 10.61 | (14.38 ) | 9.29 | 11.69 | 9.53 |
Total from investment operations | 10.68 | (14.35 ) | 9.32 | 11.78 | 9.70 |
Less distributions from: | |||||
Net investment income | (.03 ) | (.03 ) | (.10 ) | (.18 ) | (.14 ) |
Net realized gains | (1.39 ) | (6.15 ) | (2.47 ) | (2.48 ) | (3.59 ) |
Total distributions | (1.42 ) | (6.18 ) | (2.57 ) | (2.66 ) | (3.73 ) |
Net asset value, end of period | $37.84 | $28.58 | $49.11 | $42.36 | $33.24 |
Total Return (%) | 38.57 | (30.74 ) | 22.78 | 39.04 | 37.14 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 975 | 769 | 1,225 | 1,127 | 862 |
Ratio of expenses (%)b | .49 | .49 | .48 | .49 | .50 |
Ratio of net investment income (%) | .22 | .08 | .08 | .25 | .55 |
Portfolio turnover rate (%) | 16 | 7 | 12 | 13 | 11 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
12 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
DWS Capital Growth VIP — Class B | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $28.37 | $48.87 | $42.18 | $33.10 | $27.16 |
Income (loss) from investment operations: | |||||
Net investment income (loss)a | (.01 ) | (.06 ) | (.08 ) | (.00 )* | .09 |
Net realized and unrealized gain (loss) | 10.50 | (14.29 ) | 9.24 | 11.66 | 9.49 |
Total from investment operations | 10.49 | (14.35 ) | 9.16 | 11.66 | 9.58 |
Less distributions from: | |||||
Net investment income | — | — | — | (.10 ) | (.05 ) |
Net realized gains | (1.39 ) | (6.15 ) | (2.47 ) | (2.48 ) | (3.59 ) |
Total distributions | (1.39 ) | (6.15 ) | (2.47 ) | (2.58 ) | (3.64 ) |
Net asset value, end of period | $37.47 | $28.37 | $48.87 | $42.18 | $33.10 |
Total Return (%) | 38.17 | (30.91 ) | 22.46 | 38.70 | 36.79 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 4 | 4 | 6 | 6 | 4 |
Ratio of expenses (%)b | .76 | .76 | .75 | .75 | .76 |
Ratio of net investment income (loss) (%) | (.04 ) | (.19 ) | (.19 ) | (.01 ) | .29 |
Portfolio turnover rate (%) | 16 | 7 | 12 | 13 | 11 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Amount is less than $.005. |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 13 |
Notes to Financial Statements
14 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 15 |
Undistributed ordinary income* | $2,553,322 |
Undistributed long-term capital gains | $78,719,992 |
Net unrealized appreciation (depreciation) on investments | $612,699,282 |
Years Ended December 31, | ||
2023 | 2022 | |
Distributions from ordinary income* | $650,599 | $5,336,315 |
Distributions from long-term capital gains | $36,007,157 | $145,332,464 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
16 | | 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 December 31, 2023 |
Class A | $1,185 | $195 |
Class B | 267 | 45 |
$1,452 | $240 |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 17 |
18 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Report of Independent Registered Public Accounting Firm
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 19 |
Other Information (Unaudited)
20 | | 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 7/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/23 | $1,097.80 | $1,096.30 |
Expenses Paid per $1,000* | $2.59 | $3.96 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 7/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/23 | $1,022.74 | $1,021.42 |
Expenses Paid per $1,000* | $2.50 | $3.82 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | .49% | .75% |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 21 |
22 | | 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 | | 23 |
24 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 25 |
Board Members and Officers
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly: Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company) (2003–2021); and Prisma Energy International; Former Not-for- Profit Directorships: Public Radio International; Palm Beach Civic Assn. | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); Driessen Water, Inc. (2016–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
26 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), member Systemic Risk Council (2012–present) and member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 | Executive Vice President and General Counsel, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 214 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | | 27 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Daugherty are each a Board Member of each other Trust. |
4 | Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
28 | | Deutsche DWS Variable Series I — DWS Capital Growth VIP |
Contents
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26 |
2 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Performance SummaryDecember 31, 2023 (Unaudited)
Comparative Results | |||||
DWS Core Equity VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $12,557 | $13,290 | $20,112 | $29,848 |
Average annual total return | 25.57% | 9.95% | 15.00% | 11.56% | |
Russell 1000 Index | Growth of $10,000 | $12,653 | $12,940 | $20,572 | $30,522 |
Average annual total return | 26.53% | 8.97% | 15.52% | 11.80% | |
DWS Core Equity VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $12,517 | $13,179 | $19,805 | $28,973 |
Average annual total return | 25.17% | 9.64% | 14.65% | 11.22% | |
Russell 1000 Index | Growth of $10,000 | $12,653 | $12,940 | $20,572 | $30,522 |
Average annual total return | 26.53% | 8.97% | 15.52% | 11.80% | |
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 3 |
Management Summary December 31, 2023 (Unaudited)
4 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/23 | 12/31/22 |
Common Stocks | 100% | 99% |
Cash Equivalents | 0% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/23 | 12/31/22 |
Information Technology | 27% | 25% |
Consumer Discretionary | 13% | 11% |
Financials | 12% | 11% |
Health Care | 12% | 16% |
Industrials | 11% | 9% |
Communication Services | 8% | 7% |
Consumer Staples | 6% | 7% |
Energy | 4% | 5% |
Real Estate | 3% | 3% |
Materials | 2% | 3% |
Utilities | 2% | 3% |
100% | 100% |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 5 |
Investment Portfolioas of December 31, 2023
Shares | Value ($) | ||
Common Stocks 99.8% | |||
Communication Services 7.7% | |||
Entertainment 1.0% | |||
Spotify Technology SA* | 5,909 | 1,110,360 | |
Interactive Media & Services 5.6% | |||
Alphabet, Inc. "A"* | 4,239 | 592,146 | |
Alphabet, Inc. "C"* | 24,733 | 3,485,622 | |
Meta Platforms, Inc. "A"* | 5,858 | 2,073,498 | |
6,151,266 | |||
Wireless Telecommunication Services 1.1% | |||
T-Mobile U.S., Inc. | 7,558 | 1,211,774 | |
Consumer Discretionary 12.6% | |||
Automobiles 0.8% | |||
Tesla, Inc.* | 1,531 | 380,423 | |
Thor Industries, Inc. | 4,380 | 517,935 | |
898,358 | |||
Broadline Retail 4.1% | |||
Amazon.com, Inc.* | 20,676 | 3,141,511 | |
Macy's, Inc. | 65,483 | 1,317,518 | |
4,459,029 | |||
Distributors 0.3% | |||
Genuine Parts Co. | 2,629 | 364,117 | |
Diversified Consumer Services 0.3% | |||
ADT, Inc. | 50,484 | 344,301 | |
Hotels, Restaurants & Leisure 2.5% | |||
DraftKings, Inc. "A"* | 26,749 | 942,902 | |
Hilton Worldwide Holdings, Inc. | 5,415 | 986,018 | |
Hyatt Hotels Corp. "A" | 5,873 | 765,898 | |
2,694,818 | |||
Household Durables 1.0% | |||
PulteGroup, Inc. | 4,629 | 477,805 | |
Whirlpool Corp. | 5,210 | 634,422 | |
1,112,227 | |||
Leisure Products 0.9% | |||
Brunswick Corp. | 6,065 | 586,789 | |
Hasbro, Inc. | 7,954 | 406,131 | |
992,920 | |||
Specialty Retail 0.5% | |||
Bath & Body Works, Inc. | 12,003 | 518,049 | |
Textiles, Apparel & Luxury Goods 2.2% | |||
Deckers Outdoor Corp.* | 1,201 | 802,785 | |
Lululemon Athletica, Inc.* | 953 | 487,259 | |
PVH Corp. | 9,418 | 1,150,126 | |
2,440,170 | |||
Consumer Staples 6.1% | |||
Beverages 2.6% | |||
Coca-Cola Co. | 18,719 | 1,103,111 |
Shares | Value ($) | ||
Constellation Brands, Inc. "A" | 5,138 | 1,242,111 | |
Molson Coors Beverage Co. "B" | 8,152 | 498,984 | |
2,844,206 | |||
Consumer Staples Distribution & Retail 0.8% | |||
Walmart, Inc. | 5,672 | 894,191 | |
Household Products 1.1% | |||
Church & Dwight Co., Inc. | 12,758 | 1,206,396 | |
Personal Care Products 1.2% | |||
Coty, Inc. "A"* | 104,123 | 1,293,208 | |
Tobacco 0.4% | |||
Philip Morris International, Inc. | 5,444 | 512,171 | |
Energy 3.8% | |||
Energy Equipment & Services 0.9% | |||
Schlumberger NV | 18,429 | 959,045 | |
Oil, Gas & Consumable Fuels 2.9% | |||
Cheniere Energy, Inc. | 7,194 | 1,228,088 | |
HF Sinclair Corp. | 35,749 | 1,986,572 | |
3,214,660 | |||
Financials 12.2% | |||
Banks 4.4% | |||
Bank of America Corp. | 20,190 | 679,797 | |
JPMorgan Chase & Co. | 17,687 | 3,008,559 | |
Wells Fargo & Co. | 23,890 | 1,175,866 | |
4,864,222 | |||
Capital Markets 2.9% | |||
Ameriprise Financial, Inc. | 3,465 | 1,316,111 | |
LPL Financial Holdings, Inc. | 3,341 | 760,478 | |
MSCI, Inc. | 1,077 | 609,205 | |
S&P Global, Inc. | 1,178 | 518,933 | |
3,204,727 | |||
Financial Services 3.3% | |||
Apollo Global Management, Inc. | 7,786 | 725,577 | |
Mastercard, Inc. "A" | 1,089 | 464,470 | |
Visa, Inc. "A" | 9,088 | 2,366,061 | |
3,556,108 | |||
Insurance 1.6% | |||
Aflac, Inc. | 5,961 | 491,782 | |
Cincinnati Financial Corp. | 4,829 | 499,608 | |
Marsh & McLennan Companies, Inc. | 4,195 | 794,827 | |
1,786,217 | |||
Health Care 12.1% | |||
Biotechnology 2.8% | |||
AbbVie, Inc. | 9,254 | 1,434,092 | |
Amgen, Inc. | 5,587 | 1,609,168 | |
3,043,260 |
6 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Shares | Value ($) | ||
Health Care Equipment & Supplies 2.2% | |||
Becton Dickinson & Co. | 3,531 | 860,964 | |
Medtronic PLC | 6,209 | 511,498 | |
Stryker Corp. | 1,868 | 559,391 | |
Zimmer Biomet Holdings, Inc. | 3,689 | 448,951 | |
2,380,804 | |||
Health Care Providers & Services 4.2% | |||
Centene Corp.* | 18,283 | 1,356,781 | |
Cigna Group | 3,178 | 951,652 | |
CVS Health Corp. | 5,230 | 412,961 | |
Elevance Health, Inc. | 3,064 | 1,444,860 | |
HCA Healthcare, Inc. | 1,643 | 444,727 | |
4,610,981 | |||
Life Sciences Tools & Services 0.3% | |||
Danaher Corp. | 1,661 | 384,256 | |
Pharmaceuticals 2.6% | |||
Bristol-Myers Squibb Co. | 16,671 | 855,389 | |
Johnson & Johnson | 6,901 | 1,081,663 | |
Merck & Co., Inc. | 4,237 | 461,918 | |
Viatris, Inc. | 48,152 | 521,486 | |
2,920,456 | |||
Industrials 10.6% | |||
Aerospace & Defense 3.1% | |||
Curtiss-Wright Corp. | 2,478 | 552,073 | |
Lockheed Martin Corp. | 3,959 | 1,794,377 | |
Textron, Inc. | 5,952 | 478,660 | |
TransDigm Group, Inc. | 555 | 561,438 | |
3,386,548 | |||
Building Products 1.4% | |||
Owens Corning | 10,799 | 1,600,736 | |
Commercial Services & Supplies 1.8% | |||
Veralto Corp. | 3,545 | 291,612 | |
Waste Management, Inc. | 9,462 | 1,694,644 | |
1,986,256 | |||
Electrical Equipment 0.9% | |||
Emerson Electric Co. | 4,682 | 455,699 | |
Sunrun, Inc.* | 24,847 | 487,747 | |
943,446 | |||
Machinery 2.5% | |||
Caterpillar, Inc. | 6,680 | 1,975,076 | |
PACCAR, Inc. | 8,528 | 832,759 | |
2,807,835 | |||
Professional Services 0.9% | |||
Automatic Data Processing, Inc. | 2,311 | 538,394 | |
Verisk Analytics, Inc. | 1,853 | 442,607 | |
981,001 | |||
Information Technology 27.4% | |||
Communications Equipment 0.5% | |||
Cisco Systems, Inc. | 11,625 | 587,295 |
Shares | Value ($) | ||
IT Services 0.5% | |||
Accenture PLC "A" | 1,586 | 556,543 | |
Semiconductors & Semiconductor Equipment 6.7% | |||
Advanced Micro Devices, Inc.* | 8,574 | 1,263,893 | |
Intel Corp. | 22,907 | 1,151,077 | |
Lam Research Corp. | 1,334 | 1,044,869 | |
NVIDIA Corp. | 4,351 | 2,154,702 | |
QUALCOMM, Inc. | 11,758 | 1,700,560 | |
7,315,101 | |||
Software 11.4% | |||
Adobe, Inc.* | 1,182 | 705,181 | |
Microsoft Corp. | 24,311 | 9,141,908 | |
Oracle Corp. | 19,916 | 2,099,744 | |
Synopsys, Inc.* | 1,033 | 531,902 | |
12,478,735 | |||
Technology Hardware, Storage & Peripherals 8.3% | |||
Apple, Inc. | 47,545 | 9,153,839 | |
Materials 2.6% | |||
Chemicals 1.3% | |||
Corteva, Inc. | 9,977 | 478,098 | |
DuPont de Nemours, Inc. | 4,289 | 329,953 | |
Linde PLC | 1,558 | 639,886 | |
1,447,937 | |||
Containers & Packaging 0.4% | |||
AptarGroup, Inc. | 3,806 | 470,498 | |
Metals & Mining 0.9% | |||
Nucor Corp. | 3,253 | 566,152 | |
United States Steel Corp. | 7,416 | 360,788 | |
926,940 | |||
Real Estate 2.7% | |||
Health Care REITs 0.2% | |||
Medical Properties Trust, Inc. (a) | 52,897 | 259,724 | |
Industrial REITs 1.1% | |||
Prologis, Inc. | 8,691 | 1,158,510 | |
Residential REITs 0.9% | |||
AvalonBay Communities, Inc. | 4,967 | 929,922 | |
Specialized REITs 0.5% | |||
Iron Mountain, Inc. | 8,094 | 566,418 | |
Utilities 2.0% | |||
Electric Utilities 0.8% | |||
FirstEnergy Corp. | 10,273 | 376,608 | |
NRG Energy, Inc. | 10,322 | 533,648 | |
910,256 | |||
Multi-Utilities 0.5% | |||
WEC Energy Group, Inc. | 5,991 | 504,262 |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 7 |
Shares | Value ($) | ||
Water Utilities 0.7% | |||
American Water Works Co., Inc. | 6,310 | 832,857 | |
Total Common Stocks (Cost $63,379,983) | 109,776,956 | ||
Securities Lending Collateral 0.2% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (b) (c) (Cost $277,200) | 277,200 | 277,200 | |
Cash Equivalents 0.3% | |||
DWS Central Cash Management Government Fund, 5.38% (b) (Cost $283,620) | 283,620 | 283,620 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $63,940,803) | 100.3 | 110,337,776 | |
Other Assets and Liabilities, Net | (0.3 ) | (338,975 ) | |
Net Assets | 100.0 | 109,998,801 |
Value ($) 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 12/31/2023 | Value ($) at 12/31/2023 |
Securities Lending Collateral 0.2% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (b) (c) | ||||||||
— | 277,200 (d) | — | — | — | 2,716 | — | 277,200 | 277,200 |
Cash Equivalents 0.3% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (b) | ||||||||
1,108,909 | 10,179,752 | 11,005,041 | — | — | 34,104 | — | 283,620 | 283,620 |
1,108,909 | 10,456,952 | 11,005,041 | — | — | 36,820 | — | 560,820 | 560,820 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2023 amounted to $259,248, which is 0.2% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2023. |
REIT: Real Estate Investment Trust |
8 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $109,776,956 | $— | $— | $109,776,956 |
Short-Term Investments (a) | 560,820 | — | — | 560,820 |
Total | $110,337,776 | $— | $— | $110,337,776 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 9 |
as of December 31, 2023
Assets | |
Investments in non-affiliated securities, at value (cost $63,379,983) — including $259,248 of securities loaned | $109,776,956 |
Investment in DWS Government & Agency Securities Portfolio (cost $277,200)* | 277,200 |
Investment in DWS Central Cash Management Government Fund (cost $283,620) | 283,620 |
Receivable for Fund shares sold | 54 |
Dividends receivable | 101,475 |
Interest receivable | 4,309 |
Other assets | 2,555 |
Total assets | 110,446,169 |
Liabilities | |
Payable upon return of securities loaned | 277,200 |
Payable for Fund shares redeemed | 41,630 |
Accrued management fee | 34,411 |
Accrued Trustees' fees | 1,574 |
Other accrued expenses and payables | 92,553 |
Total liabilities | 447,368 |
Net assets, at value | $109,998,801 |
Net Assets Consist of | |
Distributable earnings (loss) | 53,239,412 |
Paid-in capital | 56,759,389 |
Net assets, at value | $109,998,801 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($107,848,568 ÷ 8,811,319 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $12.24 |
Class B | |
Net Asset Value, offering and redemption price per share ($2,150,233 ÷ 175,875 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $12.23 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends | $1,578,741 |
Income distributions — DWS Central Cash Management Government Fund | 34,104 |
Securities lending income, net of borrower rebates | 2,716 |
Total income | 1,615,561 |
Expenses: | |
Management fee | 400,398 |
Administration fee | 99,586 |
Services to shareholders | 1,538 |
Record keeping fee (Class B) | 1,550 |
Distribution service fee (Class B) | 5,916 |
Custodian fee | 2,095 |
Audit fee | 51,236 |
Legal fees | 24,107 |
Tax fees | 8,316 |
Reports to shareholders | 22,066 |
Trustees' fees and expenses | 6,198 |
Other | 12,790 |
Total expenses before expense reductions | 635,796 |
Expense reductions | (12,420 ) |
Total expenses after expense reductions | 623,376 |
Net investment income | 992,185 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 6,181,946 |
Change in net unrealized appreciation (depreciation) on investments | 16,308,310 |
Net gain (loss) | 22,490,256 |
Net increase (decrease) in net assets resulting from operations | $23,482,441 |
10 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2023 | 2022 |
Operations: | ||
Net investment income | $992,185 | $899,555 |
Net realized gain (loss) | 6,181,946 | 5,894,820 |
Change in net unrealized appreciation (depreciation) | 16,308,310 | (25,769,840 ) |
Net increase (decrease) in net assets resulting from operations | 23,482,441 | (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 | 2,935,403 | 4,330,391 |
Reinvestment of distributions | 6,659,807 | 15,513,224 |
Payments for shares redeemed | (12,139,488 ) | (12,624,334 ) |
Net increase (decrease) in net assets from Class A share transactions | (2,544,278 ) | 7,219,281 |
Class B | ||
Proceeds from shares sold | 511,434 | 8,245 |
Reinvestment of distributions | 172,212 | 453,487 |
Payments for shares redeemed | (1,637,774 ) | (351,770 ) |
Net increase (decrease) in net assets from Class B share transactions | (954,128 ) | 109,962 |
Increase (decrease) in net assets | 13,152,016 | (27,612,933 ) |
Net assets at beginning of period | 96,846,785 | 124,459,718 |
Net assets at end of period | $109,998,801 | $96,846,785 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 8,984,214 | 8,323,929 |
Shares sold | 265,272 | 350,141 |
Shares issued to shareholders in reinvestment of distributions | 649,104 | 1,398,848 |
Shares redeemed | (1,087,271 ) | (1,088,704 ) |
Net increase (decrease) in Class A shares | (172,895 ) | 660,285 |
Shares outstanding at end of period | 8,811,319 | 8,984,214 |
Class B | ||
Shares outstanding at beginning of period | 261,799 | 251,030 |
Shares sold | 44,773 | 737 |
Shares issued to shareholders in reinvestment of distributions | 16,768 | 40,855 |
Shares redeemed | (147,465 ) | (30,823 ) |
Net increase (decrease) in Class B shares | (85,924 ) | 10,769 |
Shares outstanding at end of period | 175,875 | 261,799 |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 11 |
Financial Highlights
DWS Core Equity VIP — Class A | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $10.47 | $14.52 | $12.23 | $11.31 | $9.83 |
Income (loss) from investment operations: | |||||
Net investment incomea | .11 | .10 | .09 | .11 | .14 |
Net realized and unrealized gain (loss) | 2.42 | (2.25 ) | 2.91 | 1.47 | 2.70 |
Total from investment operations | 2.53 | (2.15 ) | 3.00 | 1.58 | 2.84 |
Less distributions from: | |||||
Net investment income | (.11 ) | (.10 ) | (.10 ) | (.15 ) | (.12 ) |
Net realized gains | (.65 ) | (1.80 ) | (.61 ) | (.51 ) | (1.24 ) |
Total distributions | (.76 ) | (1.90 ) | (.71 ) | (.66 ) | (1.36 ) |
Net asset value, end of period | $12.24 | $10.47 | $14.52 | $12.23 | $11.31 |
Total Return (%) | 25.57 b | (15.53 )b | 25.30 | 16.13 | 30.30 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 108 | 94 | 121 | 107 | 107 |
Ratio of expenses before expense reductions (%)c | .61 | .61 | .59 | .62 | .62 |
Ratio of expenses after expense reductions (%)c | .60 | .60 | .59 | .62 | .62 |
Ratio of net investment income (%) | .97 | .85 | .66 | 1.01 | 1.32 |
Portfolio turnover rate (%) | 29 | 29 | 34 | 45 | 40 |
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. |
12 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
DWS Core Equity VIP — Class B | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $10.46 | $14.49 | $12.21 | $11.29 | $9.81 |
Income (loss) from investment operations: | |||||
Net investment incomea | .07 | .06 | .05 | .07 | .11 |
Net realized and unrealized gain (loss) | 2.42 | (2.23 ) | 2.90 | 1.48 | 2.70 |
Total from investment operations | 2.49 | (2.17 ) | 2.95 | 1.55 | 2.81 |
Less distributions from: | |||||
Net investment income | (.07 ) | (.06 ) | (.06 ) | (.12 ) | (.09 ) |
Net realized gains | (.65 ) | (1.80 ) | (.61 ) | (.51 ) | (1.24 ) |
Total distributions | (.72 ) | (1.86 ) | (.67 ) | (.63 ) | (1.33 ) |
Net asset value, end of period | $12.23 | $10.46 | $14.49 | $12.21 | $11.29 |
Total Return (%) | 25.17 b | (15.73 )b | 24.94 | 15.67 | 29.92 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2 | 3 | 4 | 4 | 3 |
Ratio of expenses before expense reductions (%)c | .93 | .93 | .91 | .94 | .94 |
Ratio of expenses after expense reductions (%)c | .91 | .92 | .91 | .94 | .94 |
Ratio of net investment income (%) | .66 | .53 | .34 | .69 | 1.00 |
Portfolio turnover rate (%) | 29 | 29 | 34 | 45 | 40 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 13 |
Notes to Financial Statements
14 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 15 |
Undistributed ordinary income* | $1,059,035 |
Undistributed long-term capital gains | $6,032,844 |
Net unrealized appreciation (depreciation) on investments | $46,135,363 |
Years Ended December 31, | ||
2023 | 2022 | |
Distributions from ordinary income* | $955,816 | $1,815,445 |
Distributions from long-term capital gains | $5,876,203 | $14,151,267 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
16 | | Deutsche DWS Variable Series I — DWS Core Equity 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 | .60% |
Class B | .91% |
Class A | $11,857 |
Class B | 563 |
$12,420 |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2023 |
Class A | $879 | $147 |
Class B | 172 | 29 |
$1,051 | $176 |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 17 |
18 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Report of Independent Registered Public Accounting Firm
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 19 |
Other Information (Unaudited)
20 | | 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 7/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/23 | $1,095.80 | $1,093.90 |
Expenses Paid per $1,000* | $3.17 | $4.80 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 7/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/23 | $1,022.18 | $1,020.62 |
Expenses Paid per $1,000* | $3.06 | $4.63 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Core Equity VIP | .60% | .91% |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 21 |
22 | | 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 | | 23 |
24 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 25 |
Board Members and Officers
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly: Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company) (2003–2021); and Prisma Energy International; Former Not-for- Profit Directorships: Public Radio International; Palm Beach Civic Assn. | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); Driessen Water, Inc. (2016–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
26 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), member Systemic Risk Council (2012–present) and member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 | Executive Vice President and General Counsel, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 214 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Deutsche DWS Variable Series I — DWS Core Equity VIP | | 27 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Daugherty are each a Board Member of each other Trust. |
4 | Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
28 | | Deutsche DWS Variable Series I — DWS Core Equity VIP |
Contents
3 | |
4 | |
6 | |
7 | |
10 | |
10 | |
11 | |
12 | |
14 | |
19 | |
20 | |
21 | |
22 | |
22 | |
23 | |
26 |
2 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Performance SummaryDecember 31, 2023 (Unaudited)
Comparative Results | |||||
DWS CROCI® International VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $11,895 | $11,280 | $14,095 | $12,363 |
Average annual total return | 18.95% | 4.10% | 7.11% | 2.14% | |
MSCI EAFE Value Index | Growth of $10,000 | $11,895 | $12,454 | $14,078 | $13,654 |
Average annual total return | 18.95% | 7.59% | 7.08% | 3.16% | |
DWS CROCI® International VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $11,857 | $11,171 | $13,882 | $12,042 |
Average annual total return | 18.57% | 3.76% | 6.78% | 1.88% | |
MSCI EAFE Value Index | Growth of $10,000 | $11,895 | $12,454 | $14,078 | $13,654 |
Average annual total return | 18.95% | 7.59% | 7.08% | 3.16% | |
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 3 |
4 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 5 |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/23 | 12/31/22 |
Common Stocks | 99% | 100% |
Cash Equivalents | 1% | 0% |
Preferred Stocks | 0% | — |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/23 | 12/31/22 |
Health Care | 18% | 17% |
Financials | 17% | 18% |
Materials | 15% | 14% |
Consumer Discretionary | 14% | 10% |
Communication Services | 11% | 4% |
Industrials | 10% | 12% |
Information Technology | 7% | 14% |
Energy | 6% | 6% |
Utilities | 1% | — |
Consumer Staples | 1% | 5% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/23 | 12/31/22 |
Japan | 29% | 30% |
France | 19% | 14% |
United Kingdom | 9% | 12% |
Switzerland | 9% | 14% |
Germany | 7% | 5% |
Australia | 5% | 6% |
Netherlands | 5% | 2% |
Denmark | 3% | 2% |
Singapore | 3% | 1% |
Spain | 2% | 2% |
Norway | 2% | 2% |
Austria | 2% | 1% |
Belgium | 1% | 2% |
Ireland | — | 2% |
Finland | — | 2% |
Other | 4% | 3% |
100% | 100% |
6 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Investment Portfolioas of December 31, 2023
Shares | Value ($) | ||
Common Stocks 98.6% | |||
Australia 5.5% | |||
BHP Group Ltd. | 48,286 | 1,651,952 | |
BlueScope Steel Ltd. | 83,817 | 1,332,072 | |
National Australia Bank Ltd. | 40,499 | 845,029 | |
Santos Ltd. | 50,530 | 261,017 | |
(Cost $3,148,877) | 4,090,070 | ||
Austria 1.6% | |||
OMV AG | 14,117 | 621,326 | |
Verbund AG | 6,061 | 562,694 | |
(Cost $1,314,636) | 1,184,020 | ||
Belgium 0.9% | |||
UCB SA (Cost $631,297) | 7,481 | 652,278 | |
Denmark 3.2% | |||
AP Moller - Maersk AS "B" | 758 | 1,361,587 | |
Pandora AS | 7,280 | 1,006,009 | |
(Cost $1,942,957) | 2,367,596 | ||
France 19.2% | |||
BNP Paribas SA | 17,653 | 1,221,132 | |
Cie de Saint-Gobain SA | 5,963 | 439,298 | |
Cie Generale des Etablissements Michelin SCA | 12,043 | 431,975 | |
Credit Agricole SA | 122,729 | 1,744,876 | |
Engie SA | 14,607 | 257,279 | |
Kering SA | 2,254 | 992,267 | |
Sanofi SA | 15,647 | 1,553,701 | |
Societe Generale SA | 25,795 | 685,509 | |
STMicroelectronics NV | 43,577 | 2,182,973 | |
Television Francaise 1 SA | 174,378 | 1,376,976 | |
TotalEnergies SE | 6,977 | 475,420 | |
Vivendi SE | 282,127 | 3,010,897 | |
(Cost $12,765,605) | 14,372,303 | ||
Germany 6.5% | |||
Bayer AG (Registered) | 22,357 | 830,499 | |
Brenntag SE | 18,444 | 1,697,424 | |
Deutsche Post AG | 16,348 | 811,883 | |
Infineon Technologies AG | 35,988 | 1,513,464 | |
(Cost $4,018,118) | 4,853,270 | ||
Hong Kong 0.2% | |||
Yue Yuen Industrial Holdings Ltd. (Cost $218,738) | 149,000 | 165,210 | |
Israel 0.6% | |||
Teva Pharmaceutical Industries Ltd. (ADR)* (Cost $366,086) | 44,674 | 466,397 | |
Italy 1.5% | |||
Intesa Sanpaolo SpA | 160,473 | 469,667 | |
UniCredit SpA | 23,146 | 628,807 | |
(Cost $599,532) | 1,098,474 |
Shares | Value ($) | ||
Japan 28.5% | |||
Astellas Pharma, Inc. | 29,800 | 355,662 | |
Fujitsu Ltd. | 5,500 | 827,686 | |
ITOCHU Corp. | 26,800 | 1,092,312 | |
Komatsu Ltd. | 9,100 | 237,121 | |
Nintendo Co., Ltd. | 50,500 | 2,633,765 | |
Nitto Denko Corp. | 20,800 | 1,552,178 | |
Omron Corp. | 4,200 | 195,482 | |
Otsuka Holdings Co. Ltd. | 23,400 | 876,689 | |
Sekisui House Ltd. | 95,200 | 2,114,127 | |
Seven & i Holdings Co. Ltd. | 11,600 | 459,252 | |
Shin-Etsu Chemical Co., Ltd. | 64,645 | 2,700,614 | |
Shionogi & Co., Ltd. | 55,900 | 2,694,457 | |
Sony Group Corp. | 14,600 | 1,384,693 | |
Subaru Corp. | 14,000 | 255,663 | |
Sumitomo Mitsui Financial Group, Inc. | 32,156 | 1,570,580 | |
Takeda Pharmaceutical Co., Ltd. | 71,500 | 2,055,807 | |
TDK Corp. | 6,600 | 313,120 | |
(Cost $17,991,399) | 21,319,208 | ||
Luxembourg 0.6% | |||
ArcelorMittal SA (Cost $532,807) | 16,906 | 479,630 | |
Netherlands 4.8% | |||
Randstad NV | 23,263 | 1,459,208 | |
Stellantis NV | 91,344 | 2,139,828 | |
(Cost $2,730,927) | 3,599,036 | ||
New Zealand 0.2% | |||
Fletcher Building Ltd. (Cost $162,480) | 64,193 | 194,100 | |
Norway 1.7% | |||
Equinor ASA (Cost $1,251,241) | 41,439 | 1,312,233 | |
Singapore 2.7% | |||
DBS Group Holdings Ltd. | 24,400 | 616,204 | |
Oversea-Chinese Banking Corp., Ltd. | 144,200 | 1,418,122 | |
(Cost $1,951,025) | 2,034,326 | ||
Spain 1.8% | |||
Banco Santander SA (Cost $968,516) | 322,345 | 1,347,401 | |
Sweden 0.6% | |||
Telefonaktiebolaget LM Ericsson "B" (Cost $320,968) | 72,103 | 454,258 | |
Switzerland 9.2% | |||
Cie Financiere Richemont SA "A", (Registered) | 13,220 | 1,823,433 | |
Glencore PLC | 193,787 | 1,166,501 | |
Holcim AG | 26,303 | 2,066,974 | |
Novartis AG (Registered) | 18,259 | 1,846,219 | |
(Cost $6,043,844) | 6,903,127 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 7 |
Shares | Value ($) | ||
United Kingdom 9.3% | |||
BP PLC | 339,968 | 2,023,716 | |
GSK PLC | 95,287 | 1,762,225 | |
ITV PLC | 1,011,076 | 813,832 | |
Lloyds Banking Group PLC | 3,499,803 | 2,128,194 | |
NatWest Group PLC | 83,552 | 233,522 | |
(Cost $6,539,186) | 6,961,489 | ||
Total Common Stocks (Cost $63,498,239) | 73,854,426 | ||
Preferred Stocks 0.3% | |||
Germany | |||
Henkel AG & Co. KGaA (Cost $215,539) | 3,010 | 242,525 |
Shares | Value ($) | ||
Cash Equivalents 0.7% | |||
DWS Central Cash Management Government Fund, 5.38% (a) (Cost $478,128) | 478,128 | 478,128 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $64,191,906) | 99.6 | 74,575,079 | |
Other Assets and Liabilities, Net | 0.4 | 300,615 | |
Net Assets | 100.0 | 74,875,694 |
Value ($) 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 12/31/2023 | Value ($) at 12/31/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (a) (b) | ||||||||
475,495 | — | 475,495 (c) | — | — | 22,326 | — | — | — |
Cash Equivalents 0.7% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (a) | ||||||||
156,136 | 9,543,438 | 9,221,446 | — | — | 20,443 | — | 478,128 | 478,128 |
631,631 | 9,543,438 | 9,696,941 | — | — | 42,769 | — | 478,128 | 478,128 |
* | 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 year ended December 31, 2023. |
ADR: American Depositary Receipt |
8 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $4,090,070 | $— | $4,090,070 |
Austria | — | 1,184,020 | — | 1,184,020 |
Belgium | — | 652,278 | — | 652,278 |
Denmark | — | 2,367,596 | — | 2,367,596 |
France | — | 14,372,303 | — | 14,372,303 |
Germany | — | 4,853,270 | — | 4,853,270 |
Hong Kong | — | 165,210 | — | 165,210 |
Israel | 466,397 | — | — | 466,397 |
Italy | — | 1,098,474 | — | 1,098,474 |
Japan | — | 21,319,208 | — | 21,319,208 |
Luxembourg | — | 479,630 | — | 479,630 |
Netherlands | — | 3,599,036 | — | 3,599,036 |
New Zealand | — | 194,100 | — | 194,100 |
Norway | — | 1,312,233 | — | 1,312,233 |
Singapore | — | 2,034,326 | — | 2,034,326 |
Spain | — | 1,347,401 | — | 1,347,401 |
Sweden | — | 454,258 | — | 454,258 |
Switzerland | — | 6,903,127 | — | 6,903,127 |
United Kingdom | — | 6,961,489 | — | 6,961,489 |
Preferred Stocks | — | 242,525 | — | 242,525 |
Short-Term Investments | 478,128 | — | — | 478,128 |
Total | $944,525 | $73,630,554 | $— | $74,575,079 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 9 |
as of December 31, 2023
Assets | |
Investments in non-affiliated securities, at value (cost $63,713,778) | $74,096,951 |
Investment in DWS Central Cash Management Government Fund (cost $478,128) | 478,128 |
Cash | 12 |
Foreign currency, at value (cost $79,468) | 79,994 |
Receivable for Fund shares sold | 584 |
Dividends receivable | 24,274 |
Interest receivable | 1,276 |
Foreign taxes recoverable | 341,102 |
Other assets | 1,720 |
Total assets | 75,024,041 |
Liabilities | |
Payable for Fund shares redeemed | 18,046 |
Accrued management fee | 30,694 |
Accrued Trustees' fees | 1,625 |
Other accrued expenses and payables | 97,982 |
Total liabilities | 148,347 |
Net assets, at value | $74,875,694 |
Net Assets Consist of | |
Distributable earnings (loss) | (20,465,679 ) |
Paid-in capital | 95,341,373 |
Net assets, at value | $74,875,694 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($74,526,200 ÷ 9,981,646 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $7.47 |
Class B | |
Net Asset Value, offering and redemption price per share ($349,494 ÷ 46,700 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $7.48 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $348,724) | $3,017,126 |
Income distributions — DWS Central Cash Management Government Fund | 20,443 |
Securities lending income, net of borrower rebates | 22,326 |
Total income | 3,059,895 |
Expenses: | |
Management fee | 467,481 |
Administration fee | 69,762 |
Services to shareholders | 1,497 |
Distribution service fee (Class B) | 821 |
Custodian fee | 27,212 |
Audit fee | 56,913 |
Legal fees | 14,305 |
Tax fees | 7,206 |
Reports to shareholders | 21,451 |
Trustees' fees and expenses | 4,428 |
Other | 11,790 |
Total expenses before expense reductions | 682,866 |
Expense reductions | (66,990 ) |
Total expenses after expense reductions | 615,876 |
Net investment income | 2,444,019 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 3,709 |
Foreign currency | (12,285 ) |
(8,576 ) | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 9,965,464 |
Foreign currency | 22,914 |
9,988,378 | |
Net gain (loss) | 9,979,802 |
Net increase (decrease) in net assets resulting from operations | $12,423,821 |
10 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2023 | 2022 |
Operations: | ||
Net investment income | $2,444,019 | $2,539,773 |
Net realized gain (loss) | (8,576 ) | (2,190,019 ) |
Change in net unrealized appreciation (depreciation) | 9,988,378 | (11,233,008 ) |
Net increase (decrease) in net assets resulting from operations | 12,423,821 | (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 | 2,659,675 | 2,754,867 |
Reinvestment of distributions | 2,364,739 | 2,284,310 |
Payments for shares redeemed | (8,980,112 ) | (6,442,077 ) |
Net increase (decrease) in net assets from Class A share transactions | (3,955,698 ) | (1,402,900 ) |
Class B | ||
Proceeds from shares sold | 5,945 | 7,804 |
Reinvestment of distributions | 9,946 | 9,492 |
Payments for shares redeemed | (21,956 ) | (30,833 ) |
Net increase (decrease) in net assets from Class B share transactions | (6,065 ) | (13,537 ) |
Increase (decrease) in net assets | 6,087,373 | (14,593,493 ) |
Net assets at beginning of period | 68,788,321 | 83,381,814 |
Net assets at end of period | $74,875,694 | $68,788,321 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 10,547,844 | 10,751,199 |
Shares sold | 383,986 | 423,197 |
Shares issued to shareholders in reinvestment of distributions | 341,725 | 345,062 |
Shares redeemed | (1,291,909 ) | (971,614 ) |
Net increase (decrease) in Class A shares | (566,198 ) | (203,355 ) |
Shares outstanding at end of period | 9,981,646 | 10,547,844 |
Class B | ||
Shares outstanding at beginning of period | 47,557 | 49,491 |
Shares sold | 855 | 1,213 |
Shares issued to shareholders in reinvestment of distributions | 1,431 | 1,430 |
Shares redeemed | (3,143 ) | (4,577 ) |
Net increase (decrease) in Class B shares | (857 ) | (1,934 ) |
Shares outstanding at end of period | 46,700 | 47,557 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 11 |
Financial Highlights
DWS CROCI® International VIP — Class A | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $6.49 | $7.72 | $7.24 | $7.35 | $6.22 |
Income (loss) from investment operations: | |||||
Net investment incomea | .24 | .24 | .21 | .12 | .22 |
Net realized and unrealized gain (loss) | .97 | (1.25 ) | .46 | .00 * | 1.11 |
Total from investment operations | 1.21 | (1.01 ) | .67 | .12 | 1.33 |
Less distributions from: | |||||
Net investment income | (.23 ) | (.22 ) | (.19 ) | (.23 ) | (.20 ) |
Net asset value, end of period | $7.47 | $6.49 | $7.72 | $7.24 | $7.35 |
Total Return (%)b | 18.95 | (13.19 ) | 9.24 | 2.61 | 21.77 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 75 | 68 | 83 | 79 | 81 |
Ratio of expenses before expense reductions (%)c | .95 | .95 | .93 | .99 | 1.11 |
Ratio of expenses after expense reductions (%)c | .86 | .86 | .87 | .87 | .87 |
Ratio of net investment income (%) | 3.40 | 3.58 | 2.76 | 1.88 | 3.22 |
Portfolio turnover rate (%) | 69 | 62 | 66 | 67 | 101 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Amount is less than $.005. |
12 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
DWS CROCI® International VIP — Class B | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $6.50 | $7.74 | $7.26 | $7.36 | $6.24 |
Income (loss) from investment operations: | |||||
Net investment incomea | .22 | .22 | .19 | .10 | .20 |
Net realized and unrealized gain (loss) | .97 | (1.26 ) | .46 | .01 | 1.11 |
Total from investment operations | 1.19 | (1.04 ) | .65 | .11 | 1.31 |
Less distributions from: | |||||
Net investment income | (.21 ) | (.20 ) | (.17 ) | (.21 ) | (.19 ) |
Net asset value, end of period | $7.48 | $6.50 | $7.74 | $7.26 | $7.36 |
Total Return (%)b | 18.57 | (13.51 ) | 8.94 | 2.49 | 21.24 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | .35 | .31 | .38 | .36 | .33 |
Ratio of expenses before expense reductions (%)c | 1.23 | 1.24 | 1.21 | 1.27 | 1.39 |
Ratio of expenses after expense reductions (%)c | 1.11 | 1.14 | 1.13 | 1.12 | 1.12 |
Ratio of net investment income (%) | 3.15 | 3.30 | 2.50 | 1.62 | 2.96 |
Portfolio turnover rate (%) | 69 | 62 | 66 | 67 | 101 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 13 |
Notes to Financial Statements
14 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 15 |
Undistributed ordinary income* | $2,420,544 |
Capital loss carryforwards | $(32,927,691 ) |
Net unrealized appreciation (depreciation) on investments | $10,027,661 |
Years Ended December 31, | ||
2023 | 2022 | |
Distributions from ordinary income* | $2,374,685 | $2,293,802 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
16 | | 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 | .84% | |
Class B | 1.09% |
Class A | $66,575 |
Class B | 415 |
$66,990 |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 17 |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2023 |
Class A | $879 | $148 |
Class B | 113 | 18 |
$992 | $166 |
18 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Report of Independent Registered Public Accounting Firm
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 19 |
Other Information (Unaudited)
20 | | 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 7/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/23 | $1,081.00 | $1,079.40 |
Expenses Paid per $1,000* | $4.46 | $5.77 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 7/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/23 | $1,020.92 | $1,019.66 |
Expenses Paid per $1,000* | $4.33 | $5.60 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | .85% | 1.10% |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 21 |
22 | | 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 | | 23 |
24 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 25 |
Board Members and Officers
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly: Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company) (2003–2021); and Prisma Energy International; Former Not-for- Profit Directorships: Public Radio International; Palm Beach Civic Assn. | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); Driessen Water, Inc. (2016–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
26 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), member Systemic Risk Council (2012–present) and member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 | Executive Vice President and General Counsel, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 214 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Deutsche DWS Variable Series I — DWS CROCI® International VIP | | 27 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Daugherty are each a Board Member of each other Trust. |
4 | Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
28 | | Deutsche DWS Variable Series I — DWS CROCI® International VIP |
Contents
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2 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Performance SummaryDecember 31, 2023 (Unaudited)
Comparative Results | |||||
DWS Global Small Cap VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A | Growth of $10,000 | $12,456 | $10,873 | $15,478 | $14,547 |
Average annual total return | 24.56% | 2.83% | 9.13% | 3.82% | |
S&P Developed SmallCap Index | Growth of $10,000 | $11,590 | $10,905 | $15,984 | $19,504 |
Average annual total return | 15.90% | 2.93% | 9.83% | 6.91% | |
DWS Global Small Cap VIP | 1-Year | 3-Year | 5-Year | 10-Year | |
Class B | Growth of $10,000 | $12,420 | $10,790 | $15,278 | $14,161 |
Average annual total return | 24.20% | 2.57% | 8.85% | 3.54% | |
S&P Developed SmallCap Index | Growth of $10,000 | $11,590 | $10,905 | $15,984 | $19,504 |
Average annual total return | 15.90% | 2.93% | 9.83% | 6.91% | |
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 3 |
Management Summary December 31, 2023 (Unaudited)
4 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Portfolio Summary(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/23 | 12/31/22 |
Common Stocks | 99% | 99% |
Cash Equivalents | 1% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/23 | 12/31/22 |
Industrials | 20% | 17% |
Consumer Discretionary | 14% | 12% |
Financials | 14% | 13% |
Information Technology | 13% | 14% |
Health Care | 9% | 11% |
Materials | 8% | 8% |
Real Estate | 7% | 8% |
Consumer Staples | 5% | 5% |
Energy | 5% | 5% |
Communication Services | 3% | 4% |
Utilities | 2% | 3% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 12/31/23 | 12/31/22 |
United States | 59% | 60% |
United Kingdom | 8% | 9% |
Japan | 6% | 7% |
Korea | 4% | 2% |
Germany | 4% | 2% |
Switzerland | 3% | 2% |
Australia | 3% | 3% |
France | 3% | 3% |
Italy | 2% | 3% |
Other | 8% | 9% |
100% | 100% |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 5 |
Investment Portfolioas of December 31, 2023
Shares | Value ($) | ||
Common Stocks 98.9% | |||
Australia 2.8% | |||
AMP Ltd. | 327,127 | 206,640 | |
Charter Hall Long Wale REIT | 138,078 | 353,348 | |
IPH Ltd. | 71,849 | 313,268 | |
Nickel Industries Ltd. | 544,338 | 256,313 | |
Orora Ltd. | 252,905 | 447,605 | |
Southern Cross Media Group Ltd. | 265,699 | 180,308 | |
Syrah Resources Ltd.* | 189,265 | 82,820 | |
(Cost $2,631,972) | 1,840,302 | ||
Belgium 0.5% | |||
Galapagos NV* (Cost $309,437) | 7,825 | 318,905 | |
Canada 0.6% | |||
Quebecor, Inc. "B" (Cost $185,022) | 16,271 | 387,051 | |
Denmark 1.2% | |||
Topdanmark AS (Cost $792,772) | 16,460 | 786,231 | |
Finland 0.6% | |||
Tokmanni Group Corp. (Cost $278,398) | 23,624 | 381,460 | |
France 2.8% | |||
Alten SA | 5,327 | 792,097 | |
Eiffage SA | 3,026 | 324,376 | |
Vallourec SACA* | 45,025 | 700,220 | |
(Cost $1,505,005) | 1,816,693 | ||
Germany 3.6% | |||
AIXTRON SE | 31,515 | 1,348,068 | |
Jumia Technologies AG (ADR)* (a) | 44,714 | 157,840 | |
MorphoSys AG* (a) | 11,347 | 428,450 | |
United Internet AG (Registered) | 16,804 | 427,881 | |
(Cost $1,444,610) | 2,362,239 | ||
Ireland 1.0% | |||
Dalata Hotel Group PLC (Cost $662,452) | 130,999 | 669,730 | |
Italy 1.8% | |||
Buzzi SpA (Cost $903,806) | 39,686 | 1,207,319 | |
Japan 6.4% | |||
BML, Inc. | 8,200 | 174,188 | |
JTOWER, Inc.* | 5,000 | 176,214 | |
Kusuri no Aoki Holdings Co., Ltd. | 8,374 | 190,353 | |
Mani, Inc. | 41,100 | 620,550 | |
Nankai Electric Railway Co., Ltd. | 17,300 | 351,071 | |
Nippon Paper Industries Co., Ltd.* | 68,300 | 611,922 | |
Optorun Co., Ltd. | 23,200 | 267,478 | |
Sawai Group Holdings Co., Ltd. | 8,000 | 295,361 | |
Systena Corp. | 328,600 | 710,947 | |
Tsurumi Manufacturing Co., Ltd. | 9,400 | 247,122 |
Shares | Value ($) | ||
TV Asahi Holdings Corp. | 13,500 | 153,733 | |
Zenkoku Hosho Co., Ltd. | 9,800 | 369,143 | |
(Cost $4,000,366) | 4,168,082 | ||
Jersey 0.4% | |||
Novocure Ltd.* (b) (Cost $398,061) | 19,232 | 287,134 | |
Korea 4.4% | |||
Advanced Nano Products Co., Ltd. | 5,770 | 536,712 | |
Amotech Co., Ltd.* | 84,479 | 521,120 | |
Grand Korea Leisure Co., Ltd.* | 18,607 | 194,525 | |
Hanmi Semiconductor Co., Ltd.* | 11,514 | 548,345 | |
Hite Jinro Co. Ltd. | 13,896 | 242,438 | |
Seah Besteel Holdings Corp. | 44,669 | 860,227 | |
(Cost $2,393,168) | 2,903,367 | ||
Malta 0.5% | |||
Kindred Group PLC (Cost $273,101) | 33,151 | 306,163 | |
Norway 0.4% | |||
Hexagon Composites ASA* | 86,778 | 246,414 | |
Hexagon Purus ASA* (a) | 29,783 | 32,731 | |
(Cost $311,801) | 279,145 | ||
Portugal 0.4% | |||
REN - Redes Energeticas Nacionais SGPS SA (Cost $264,147) | 93,254 | 239,514 | |
Puerto Rico 0.8% | |||
Popular, Inc. (Cost $469,111) | 6,236 | 511,788 | |
Singapore 0.6% | |||
Kulicke & Soffa Industries, Inc. (b) (Cost $311,171) | 6,796 | 371,877 | |
Spain 0.5% | |||
Fluidra SA (Cost $252,248) | 15,819 | 329,608 | |
Sweden 1.1% | |||
Cibus Nordic Real Estate AB publ | 37,692 | 500,252 | |
Dometic Group AB 144A | 22,714 | 203,068 | |
(Cost $751,418) | 703,320 | ||
Switzerland 2.8% | |||
OC Oerlikon Corp. AG (Registered) | 217,973 | 984,228 | |
Siegfried Holding AG (Registered) | 861 | 880,652 | |
(Cost $1,755,727) | 1,864,880 | ||
United Kingdom 7.4% | |||
B&M European Value Retail SA | 73,334 | 522,925 | |
Clarkson PLC | 8,027 | 323,943 | |
Computacenter PLC | 22,414 | 798,679 | |
Drax Group PLC | 78,099 | 486,959 | |
Dunelm Group PLC | 15,276 | 214,261 | |
Genus PLC | 4,642 | 128,722 |
6 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Shares | Value ($) | ||
Greggs PLC | 20,613 | 685,382 | |
RS GROUP PLC | 57,698 | 603,834 | |
Softcat PLC | 23,640 | 409,486 | |
TechnipFMC PLC (c) | 35,501 | 714,990 | |
(Cost $3,798,320) | 4,889,181 | ||
United States 58.3% | |||
Adeia, Inc. | 16,645 | 206,233 | |
Affiliated Managers Group, Inc. | 4,495 | 680,633 | |
Alcoa Corp. | 14,438 | 490,892 | |
Americold Realty Trust, Inc. (REIT) | 21,462 | 649,655 | |
Apple Hospitality REIT, Inc. (REIT) | 18,296 | 303,897 | |
ArcBest Corp. | 5,345 | 642,522 | |
Armada Hoffler Properties, Inc. (REIT) | 16,174 | 200,072 | |
Aspen Aerogels, Inc.* | 38,133 | 601,739 | |
Atkore, Inc.* | 4,837 | 773,920 | |
Avis Budget Group, Inc. | 2,940 | 521,144 | |
Bank OZK | 7,401 | 368,792 | |
Beam Global* (a) | 19,418 | 137,674 | |
Benchmark Electronics, Inc. | 21,886 | 604,929 | |
Bluebird Bio, Inc.* | 140,203 | 193,480 | |
Bridgebio Pharma, Inc.* | 24,077 | 971,988 | |
Builders FirstSource, Inc.* | 10,423 | 1,740,016 | |
Carvana Co.* | 6,642 | 351,627 | |
Casey's General Stores, Inc. | 5,216 | 1,433,044 | |
Chord Energy Corp. | 2,232 | 370,996 | |
Clearway Energy, Inc. "A" | 8,709 | 222,776 | |
CNX Resources Corp.* | 24,979 | 499,580 | |
Delek U.S. Holdings, Inc. | 25,698 | 663,008 | |
Ducommun, Inc.* | 14,980 | 779,859 | |
Easterly Government Properties, Inc. (REIT) | 18,770 | 252,269 | |
Eastern Bankshares, Inc. | 32,558 | 462,324 | |
EastGroup Properties, Inc. (REIT) | 2,146 | 393,877 | |
Essential Properties Realty Trust, Inc. (REIT) | 7,490 | 191,444 | |
Exact Sciences Corp.* | 4,623 | 342,010 | |
First Citizens BancShares, Inc. "A" | 211 | 299,403 | |
Five Below, Inc.* | 1,577 | 336,153 | |
Four Corners Property Trust, Inc. (REIT) | 29,198 | 738,709 | |
Hillenbrand, Inc. | 14,976 | 716,602 | |
Industrial Logistics Properties Trust (REIT) | 73,443 | 345,182 | |
Jefferies Financial Group, Inc. | 27,228 | 1,100,283 | |
Kite Realty Group Trust (REIT) | 13,787 | 315,171 | |
Kohl's Corp. | 9,160 | 262,709 | |
Ladder Capital Corp. (REIT) | 22,361 | 257,375 | |
Lamb Weston Holdings, Inc. | 7,107 | 768,196 | |
Lazard Ltd. "A" | 10,388 | 361,502 |
Shares | Value ($) | ||
Lumentum Holdings, Inc.* | 8,847 | 463,760 | |
Madison Square Garden Sports Corp.* | 4,259 | 774,414 | |
Modine Manufacturing Co.* | 18,773 | 1,120,748 | |
New Jersey Resources Corp. | 8,816 | 393,017 | |
NiSource, Inc. | 11,674 | 309,945 | |
Option Care Health, Inc.* | 24,922 | 839,622 | |
Physicians Realty Trust (REIT) | 31,161 | 414,753 | |
Reinsurance Group of America, Inc. | 3,926 | 635,148 | |
RPT Realty (REIT) | 22,291 | 285,993 | |
Rush Enterprises, Inc. "A" | 31,717 | 1,595,352 | |
SentinelOne, Inc. "A"* | 48,619 | 1,334,105 | |
Skillsoft Corp.* | 14,805 | 260,279 | |
SkyWest, Inc.* | 12,511 | 653,074 | |
SouthState Corp. | 12,835 | 1,083,916 | |
Spectrum Brands Holdings, Inc. | 5,219 | 416,320 | |
Stride, Inc.* | 7,312 | 434,113 | |
Synovus Financial Corp. | 26,754 | 1,007,288 | |
Taylor Morrison Home Corp.* | 14,345 | 765,306 | |
Teladoc Health, Inc.* | 11,156 | 240,412 | |
Thermon Group Holdings, Inc.* | 35,737 | 1,163,954 | |
TopBuild Corp.* | 4,741 | 1,774,367 | |
Unum Group | 3,682 | 166,500 | |
Vitesse Energy, Inc. | 3,772 | 82,577 | |
Xperi, Inc.* | 11,169 | 123,087 | |
YETI Holdings, Inc.* | 15,393 | 797,050 | |
Zions Bancorp. NA | 13,128 | 575,925 | |
(Cost $25,384,652) | 38,262,710 | ||
Total Common Stocks (Cost $49,076,765) | 64,886,699 | ||
Securities Lending Collateral 0.8% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (d) (e) (Cost $522,836) | 522,836 | 522,836 | |
Cash Equivalents 1.0% | |||
DWS Central Cash Management Government Fund, 5.38% (d) (Cost $685,087) | 685,087 | 685,087 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $50,284,688) | 100.7 | 66,094,622 | |
Other Assets and Liabilities, Net | (0.7 ) | (463,992 ) | |
Net Assets | 100.0 | 65,630,630 |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 7 |
Value ($) 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 12/31/2023 | Value ($) at 12/31/2023 |
Securities Lending Collateral 0.8% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (d) (e) | ||||||||
263,098 | 259,738 (f) | — | — | — | 44,508 | — | 522,836 | 522,836 |
Cash Equivalents 1.0% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (d) | ||||||||
753,014 | 8,316,535 | 8,384,462 | — | — | 37,084 | — | 685,087 | 685,087 |
1,016,112 | 8,576,273 | 8,384,462 | — | — | 81,592 | — | 1,207,923 | 1,207,923 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2023 amounted to $477,254, which is 0.7% 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 year ended December 31, 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 |
8 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $1,840,302 | $— | $1,840,302 |
Belgium | — | 318,905 | — | 318,905 |
Canada | 387,051 | — | — | 387,051 |
Denmark | — | 786,231 | — | 786,231 |
Finland | — | 381,460 | — | 381,460 |
France | — | 1,816,693 | — | 1,816,693 |
Germany | 157,840 | 2,204,399 | — | 2,362,239 |
Ireland | — | 669,730 | — | 669,730 |
Italy | — | 1,207,319 | — | 1,207,319 |
Japan | — | 4,168,082 | — | 4,168,082 |
Jersey | 287,134 | — | — | 287,134 |
Korea | — | 2,903,367 | — | 2,903,367 |
Malta | — | 306,163 | — | 306,163 |
Norway | — | 279,145 | — | 279,145 |
Portugal | — | 239,514 | — | 239,514 |
Puerto Rico | 511,788 | — | — | 511,788 |
Singapore | 371,877 | — | — | 371,877 |
Spain | — | 329,608 | — | 329,608 |
Sweden | — | 703,320 | — | 703,320 |
Switzerland | — | 1,864,880 | — | 1,864,880 |
United Kingdom | 714,990 | 4,174,191 | — | 4,889,181 |
United States | 38,262,710 | — | — | 38,262,710 |
Short-Term Investments (a) | 1,207,923 | — | — | 1,207,923 |
Total | $41,901,313 | $24,193,309 | $— | $66,094,622 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 9 |
as of December 31, 2023
Assets | |
Investments in non-affiliated securities, at value (cost $49,076,765) — including $477,254 of securities loaned | $64,886,699 |
Investment in DWS Government & Agency Securities Portfolio (cost $522,836)* | 522,836 |
Investment in DWS Central Cash Management Government Fund (cost $685,087) | 685,087 |
Foreign currency, at value (cost $76,110) | 77,322 |
Receivable for Fund shares sold | 40 |
Dividends receivable | 74,325 |
Interest receivable | 6,366 |
Foreign taxes recoverable | 44,874 |
Other assets | 1,443 |
Total assets | 66,298,992 |
Liabilities | |
Cash overdraft | 1,897 |
Payable upon return of securities loaned | 522,836 |
Payable for Fund shares redeemed | 24,533 |
Accrued management fee | 37,112 |
Accrued Trustees' fees | 1,464 |
Other accrued expenses and payables | 80,520 |
Total liabilities | 668,362 |
Net assets, at value | $65,630,630 |
Net Assets Consist of | |
Distributable earnings (loss) | 19,153,227 |
Paid-in capital | 46,477,403 |
Net assets, at value | $65,630,630 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($63,899,261 ÷ 6,112,858 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $10.45 |
Class B | |
Net Asset Value, offering and redemption price per share ($1,731,369 ÷ 174,583 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $9.92 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $59,896) | $1,124,977 |
Income distributions — DWS Central Cash Management Government Fund | 37,084 |
Securities lending income, net of borrower rebates | 44,508 |
Total income | 1,206,569 |
Expenses: | |
Management fee | 481,692 |
Administration fee | 58,405 |
Services to shareholders | 1,504 |
Record keeping fee (Class B) | 551 |
Distribution service fee (Class B) | 4,249 |
Custodian fee | 12,112 |
Audit fee | 39,361 |
Legal fees | 13,712 |
Tax fees | 8,316 |
Reports to shareholders | 22,334 |
Trustees' fees and expenses | 3,858 |
Other | 16,986 |
Total expenses before expense reductions | 663,080 |
Expense reductions | (145,761 ) |
Total expenses after expense reductions | 517,319 |
Net investment income | 689,250 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 2,751,056 |
Foreign currency | (18,531 ) |
Payments by affiliates (see Note F) | 323 |
2,732,848 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 10,041,890 |
Foreign currency | 4,675 |
10,046,565 | |
Net gain (loss) | 12,779,413 |
Net increase (decrease) in net assets resulting from operations | $13,468,663 |
10 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2023 | 2022 |
Operations: | ||
Net investment income | $689,250 | $712,899 |
Net realized gain (loss) | 2,732,848 | 406,586 |
Change in net unrealized appreciation (depreciation) | 10,046,565 | (20,461,356 ) |
Net increase (decrease) in net assets resulting from operations | 13,468,663 | (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 | 1,613,243 | 2,345,624 |
Reinvestment of distributions | 859,286 | 11,569,665 |
Payments for shares redeemed | (7,416,672 ) | (6,151,401 ) |
Net increase (decrease) in net assets from Class A share transactions | (4,944,143 ) | 7,763,888 |
Class B | ||
Proceeds from shares sold | 20,186 | 107,878 |
Reinvestment of distributions | 21,478 | 354,576 |
Payments for shares redeemed | (306,882 ) | (380,512 ) |
Net increase (decrease) in net assets from Class B share transactions | (265,218 ) | 81,942 |
Increase (decrease) in net assets | 7,378,538 | (23,420,282 ) |
Net assets at beginning of period | 58,252,092 | 81,672,374 |
Net assets at end of period | $65,630,630 | $58,252,092 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 6,642,956 | 5,808,696 |
Shares sold | 177,834 | 249,530 |
Shares issued to shareholders in reinvestment of distributions | 98,429 | 1,221,718 |
Shares redeemed | (806,361 ) | (636,988 ) |
Net increase (decrease) in Class A shares | (530,098 ) | 834,260 |
Shares outstanding at end of period | 6,112,858 | 6,642,956 |
Class B | ||
Shares outstanding at beginning of period | 203,753 | 191,764 |
Shares sold | 2,349 | 10,340 |
Shares issued to shareholders in reinvestment of distributions | 2,588 | 39,397 |
Shares redeemed | (34,107 ) | (37,748 ) |
Net increase (decrease) in Class B shares | (29,170 ) | 11,989 |
Shares outstanding at end of period | 174,583 | 203,753 |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 11 |
Financial Highlights
DWS Global Small Cap VIP — Class A | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $8.52 | $13.63 | $11.90 | $10.24 | $8.91 |
Income (loss) from investment operations: | |||||
Net investment incomea | .11 | .11 | .06 | .04 | .05 |
Net realized and unrealized gain (loss) | 1.95 | (3.19 ) | 1.72 | 1.70 | 1.82 |
Total from investment operations | 2.06 | (3.08 ) | 1.78 | 1.74 | 1.87 |
Less distributions from: | |||||
Net investment income | (.08 ) | (.06 ) | (.05 ) | (.08 ) | — |
Net realized gains | (.05 ) | (1.97 ) | — | — | (.54 ) |
Total distributions | (.13 ) | (2.03 ) | (.05 ) | (.08 ) | (.54 ) |
Net asset value, end of period | $10.45 | $8.52 | $13.63 | $11.90 | $10.24 |
Total Return (%)b | 24.56 | (24.05 ) | 14.94 | 17.36 | 21.29 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 64 | 57 | 79 | 76 | 71 |
Ratio of expenses before expense reductions (%)c | 1.09 | 1.10 | 1.05 | 1.10 | 1.11 |
Ratio of expenses after expense reductions (%)c | .85 | .80 | .81 | .81 | .82 |
Ratio of net investment income (%) | 1.15 | 1.11 | .43 | .38 | .54 |
Portfolio turnover rate (%) | 26 | 27 | 38 | 9 | 23 |
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. |
12 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
DWS Global Small Cap VIP — Class B | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $8.08 | $13.05 | $11.39 | $9.81 | $8.57 |
Income (loss) from investment operations: | |||||
Net investment incomea | .08 | .08 | .02 | .01 | .03 |
Net realized and unrealized gain (loss) | 1.86 | (3.05 ) | 1.65 | 1.62 | 1.75 |
Total from investment operations | 1.94 | (2.97 ) | 1.67 | 1.63 | 1.78 |
Less distributions from: | |||||
Net investment income | (.05 ) | (.03 ) | (.01 ) | (.05 ) | — |
Net realized gains | (.05 ) | (1.97 ) | — | — | (.54 ) |
Total distributions | (.10 ) | (2.00 ) | (.01 ) | (.05 ) | (.54 ) |
Net asset value, end of period | $9.92 | $8.08 | $13.05 | $11.39 | $9.81 |
Total Return (%)b | 24.20 | (24.22 ) | 14.65 | 16.94 | 21.08 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2 | 2 | 3 | 3 | 2 |
Ratio of expenses before expense reductions (%)c | 1.39 | 1.38 | 1.33 | 1.39 | 1.40 |
Ratio of expenses after expense reductions (%)c | 1.13 | 1.09 | 1.09 | 1.09 | 1.09 |
Ratio of net investment income (%) | .88 | .80 | .15 | .10 | .27 |
Portfolio turnover rate (%) | 26 | 27 | 38 | 9 | 23 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 13 |
Notes to Financial Statements
14 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 15 |
Undistributed ordinary income* | $867,323 |
Undistributed long-term capital gains | $2,674,983 |
Net unrealized appreciation (depreciation) on investments | $15,591,482 |
Years Ended December 31, | ||
2023 | 2022 | |
Distributions from ordinary income* | $529,108 | $1,102,706 |
Distributions from long-term capital gains | $351,656 | $10,821,535 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
16 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Class A | .80% | |
Class B | 1.09% |
Class A | .88% |
Class B | 1.15% |
Class A | $141,394 |
Class B | 4,367 |
$145,761 |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 17 |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2023 |
Class A | $693 | $116 |
Class B | 199 | 34 |
$892 | $150 |
18 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Report of Independent Registered Public Accounting Firm
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 19 |
Other Information (Unaudited)
20 | | 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 7/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/23 | $1,111.70 | $1,110.90 |
Expenses Paid per $1,000* | $4.68 | $6.12 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 7/1/23 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/23 | $1,020.77 | $1,019.41 |
Expenses Paid per $1,000* | $4.48 | $5.85 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | .88% | 1.15% |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 21 |
22 | | 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 | | 23 |
24 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 25 |
Board Members and Officers
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 68 | — |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly: Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company) (2003–2021); and Prisma Energy International; Former Not-for- Profit Directorships: Public Radio International; Palm Beach Civic Assn. | 68 | — |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 | Senior Fellow in Applied Finance, Department of Finance, Opus College of Business at the University of St. Thomas (1987–present); Directorships: The Meritex Company (2017–present); Driessen Water, Inc. (2016–present); and The Hardenbergh Foundation (2021–present); Former Directorships: Mairs & Power Funds Trust (mutual funds) (2010–2022); and Crescent Electric Supply Company (2010–2019) | 214 | — |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 68 | — |
26 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), member Systemic Risk Council (2012–present) and member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 68 | — |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 | Executive Vice President and General Counsel, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 214 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 68 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Advisory Board Member, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 68 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 68 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc. (2018–2023); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | | 27 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 | Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Daugherty are each a Board Member of each other Trust. |
4 | Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
28 | | Deutsche DWS Variable Series I — DWS Global Small Cap VIP |
| |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Ms. Catherine Schrand, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Deutche DWS variable series I
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended December 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2023 | $198,753 | $0 | $27,195 | $0 |
2022 | $198,753 | $0 | $31,044 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended December 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2023 | $0 | $424,143 | $0 |
2022 | $0 | $148,212 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended December 31 | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2023 | $27,195 | $424,143 | $0 | $451,338 |
2022 | $31,044 | $148,212 | $0 | $179,256 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.
***
In connection with the audit of the 2022 and 2023 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Deutsche DWS Variable Series I |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 2/15/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 2/15/2024 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 2/15/2024 |