UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-06698
Deutsche DWS Equity 500 Index Portfolio
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 12/31/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
DWS Equity 500 Index Fund | |
4 | Letter to Shareholders |
5 | Portfolio Management Review |
10 | Performance Summary |
12 | Portfolio Summary |
14 | Statement of Assets and Liabilities |
15 | Statement of Operations |
16 | Statements of Changes in Net Assets |
17 | Financial Highlights |
20 | Notes to Financial Statements |
26 | Report of Independent Registered Public Accounting Firm |
28 | Information About Your Fund’s Expenses |
29 | Tax Information |
Deutsche DWS Equity 500Index Portfolio | |
32 | Investment Portfolio |
51 | Statement of Assets and Liabilities |
52 | Statement of Operations |
53 | Statements of Changes in Net Assets |
54 | Financial Highlights |
55 | Notes to Financial Statements |
62 | Report of Independent Registered Public Accounting Firm |
64 | Advisory Agreement Board Considerations and Fee Evaluation |
69 | Board Members and Officers |
75 | Account Management Resources |
2 | | | DWS Equity 500 Index Fund |
DWS Equity 500 Index Fund | | | 3 |
4 | | | DWS Equity 500 Index Fund |
Portfolio Management Review | (Unaudited) |
DWS Equity 500 Index Fund | | | 5 |
6 | | | DWS Equity 500 Index Fund |
DWS Equity 500 Index Fund | | | 7 |
8 | | | DWS Equity 500 Index Fund |
— | Joined Northern Trust Investments, Inc. in 1993 and is responsible for the management of quantitative equity portfolios. |
DWS Equity 500 Index Fund | | | 9 |
Performance Summary | December 31, 2021 (Unaudited) |
Class R6 | 1-Year | Life of Class* |
Average Annual Total Returns as of 12/31/21 | ||
No Sales Charges | 28.44% | 17.86% |
S&P 500® Index† | 28.71% | 17.98% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | |||
No Sales Charges | 28.37% | 18.21% | 16.23% |
S&P 500® Index† | 28.71% | 18.47% | 16.55% |
Institutional Class | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | |||
No Sales Charges | 28.43% | 18.27% | 16.29% |
S&P 500® Index† | 28.71% | 18.47% | 16.55% |
10 | | | DWS Equity 500 Index Fund |
* | Class R6 shares commenced operations on March 31, 2017. |
† | The S&P 500 Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. |
Class R6 | Class S | Institutional Class | |
Net Asset Value | |||
12/31/21 | $213.73 | $208.54 | $213.77 |
12/31/20 | $192.26 | $188.17 | $192.30 |
Distribution Information as of 12/31/21 | |||
Income Dividends, Twelve Months | $ 2.90 | $ 2.73 | $ 2.90 |
Capital Gain Distributions | $ 29.31 | $ 29.31 | $ 29.31 |
DWS Equity 500 Index Fund | | | 11 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/21 | 12/31/20 |
Common Stocks | 99% | 98% |
Cash Equivalents | 1% | 2% |
Government & Agency Obligations | 0% | 0% |
100% | 100% |
Sector Diversification (As a % of Common Stocks) | 12/31/21 | 12/31/20 |
Information Technology | 29% | 28% |
Health Care | 13% | 13% |
Consumer Discretionary | 12% | 13% |
Financials | 11% | 10% |
Communication Services | 10% | 11% |
Industrials | 8% | 8% |
Consumer Staples | 6% | 7% |
Real Estate | 3% | 2% |
Energy | 3% | 2% |
Materials | 3% | 3% |
Utilities | 2% | 3% |
100% | 100% |
12 | | | DWS Equity 500 Index Fund |
Ten Largest Equity Holdings at December 31, 2021 (30.1% of Net Assets) | |
1 Apple, Inc. | 6.8% |
Designs, manufactures and markets personal computers and related computing and mobile-communication devices | |
2 Microsoft Corp. | 6.2% |
Develops, manufactures, licenses, sells and supports software products | |
3 Alphabet, Inc. | 4.1% |
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications | |
4 Amazon.com, Inc. | 3.6% |
Online retailer offering a wide range of products | |
5 Tesla, Inc. | 2.1% |
Designs,manufactures and sells high-perfomance electric vehicles and electric vehicle powertrain components | |
6 Meta Platforms, Inc. | 1.9% |
Operator of social networking Web site | |
7 NVIDIA Corp. | 1.8% |
Designs, develops and markets three dimensional (3D) graphic processors | |
8 Berkshire Hathaway, Inc. | 1.3% |
Holding company of insurance business and a variety of other businesses | |
9 UnitedHealth Group, Inc. | 1.2% |
Operator of organized health systems | |
10 JPMorgan Chase & Co. | 1.1% |
Provider of global financial services |
DWS Equity 500 Index Fund | | | 13 |
Assets | |
Investments in Deutsche DWS Equity 500 Index Portfolio, at value | $ 662,970,433 |
Receivable for Fund shares sold | 140,462 |
Other assets | 19,558 |
Total assets | 663,130,453 |
Liabilities | |
Payable for Fund shares redeemed | 119,927 |
Accrued Trustees' fees | 760 |
Other accrued expenses and payables | 186,051 |
Total liabilities | 306,738 |
Net assets, at value | $ 662,823,715 |
Net Assets Consist of | |
Distributable earnings (loss) | 594,823,282 |
Paid-in capital | 68,000,433 |
Net assets, at value | $ 662,823,715 |
Net Asset Value | |
Class R6 | |
Net Asset Value, offering and redemption price per share ($8,390,883 ÷ 39,259 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 213.73 |
Class S | |
Net Asset Value, offering and redemption price per share ($336,632,566 ÷ 1,614,249 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 208.54 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($317,800,266 ÷ 1,486,661 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 213.77 |
14 | | | DWS Equity 500 Index Fund |
Investment Income | |
Income and expenses allocated from Deutsche DWS Equity 500 Index Portfolio: | |
Dividends (net of foreign taxes withheld of $42,057) | $ 8,876,161 |
Interest | 324 |
Income distributions — DWS Central Cash Management Government Fund | 1,725 |
Securities lending income, net of borrower rebates | 8,479 |
Expenses | (601,542) |
Net investment income allocated from Deutsche DWS Equity 500 Index Portfolio | 8,285,147 |
Expenses: | |
Administration fee | 612,300 |
Services to shareholders | 610,273 |
Professional fees | 52,861 |
Reports to shareholders | 29,285 |
Registration fees | 61,296 |
Trustees' fees and expenses | 2,298 |
Other | 7,349 |
Total expenses before expense reductions | 1,375,662 |
Expense reductions | (553,073) |
Total expenses after expense reductions | 822,589 |
Net investment income | 7,462,558 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) allocated from Deutsche DWS Equity 500 Index Portfolio: | |
Investments | 44,864,238 |
Futures | 2,361,851 |
47,226,089 | |
Change in net unrealized appreciation (depreciation) allocated from Deutsche DWS Equity 500 Index Portfolio: | |
Investments | 103,178,158 |
Futures | 53,707 |
103,231,865 | |
Net gain (loss) | 150,457,954 |
Net increase (decrease) in net assets resulting from operations | $ 157,920,512 |
DWS Equity 500 Index Fund | | | 15 |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 7,462,558 | $ 9,315,235 |
Net realized gain (loss) | 47,226,089 | 54,515,314 |
Change in net unrealized appreciation (depreciation) | 103,231,865 | 31,272,400 |
Net increase (decrease) in net assets resulting from operations | 157,920,512 | 95,102,949 |
Distributions to shareholders: | ||
Class R6 | (1,128,607) | (1,247,845) |
Class S | (46,594,720) | (59,674,017) |
Institutional Class | (43,180,991) | (49,870,833) |
Total distributions | (90,904,318) | (110,792,695) |
Fund share transactions: | ||
Proceeds from shares sold | 81,607,967 | 108,706,287 |
Reinvestment of distributions | 86,674,563 | 105,844,743 |
Payments for shares redeemed | (183,542,392) | (215,549,274) |
Net increase (decrease) in net assets from Fund share transactions | (15,259,862) | (998,244) |
Increase (decrease) in net assets | 51,756,332 | (16,687,990) |
Net assets at beginning of period | 611,067,383 | 627,755,373 |
Net assets at end of period | $ 662,823,715 | $ 611,067,383 |
16 | | | DWS Equity 500 Index Fund |
DWS Equity 500 Index Fund — Class R6 | |||||
Years Ended December 31, | Period Ended | ||||
2021 | 2020 | 2019 | 2018 | 12/31/17 a | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $192.26 | $198.17 | $172.91 | $220.83 | $221.70 |
Income (loss) from investment operations: | |||||
Net investment incomeb | 2.61 | 3.17 | 3.55 | 4.09 | 3.10 |
Net realized and unrealized gain (loss) | 51.07 | 29.98 | 49.27 | (12.67) c | 28.65 |
Total from investment operations | 53.68 | 33.15 | 52.82 | (8.58) | 31.75 |
Less distributions from: | |||||
Net investment income | (2.90) | (3.20) | (3.44) | (3.78) | (3.08) |
Net realized gains | (29.31) | (35.86) | (24.12) | (35.56) | (29.54) |
Total distributions | (32.21) | (39.06) | (27.56) | (39.34) | (32.62) |
Net asset value, end of period | $213.73 | $192.26 | $198.17 | $172.91 | $220.83 |
Total Return (%) | 28.44 d | 18.05 d | 31.21 d | (4.23) c | 14.62 d* |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 8 | 7 | 5 | 4 | .01 |
Ratio of expenses before expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .22 | .23 | .24 | .23 | .43 ** |
Ratio of expenses after expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .20 | .20 | .23 | .23 | .24 ** |
Ratio of net investment income (%) | 1.21 | 1.64 | 1.80 | 1.82 | 1.80 ** |
Portfolio turnover rate for Deutsche DWS Equity 500 Index Portfolio (%) | 2 | 4 | 3 | 3 | 6 e |
a | For the period from March 31, 2017 (commencement of operations) to December 31, 2017. |
b | Based on average shares outstanding during the period. |
c | Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.62 per share. Excluding this reimbursement, total return would have been .30% lower. |
d | Total return would have been lower had certain expenses not been reduced. |
e | Represents the Deutsche DWS Equity 500 Index Portfolio’s turnover rate for the year ended December 31, 2017. |
* | Not annualized |
** | Annualized |
DWS Equity 500 Index Fund | | | 17 |
DWS Equity 500 Index Fund — Class S | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $188.17 | $194.65 | $170.17 | $217.91 | $207.59 |
Income (loss) from investment operations: | |||||
Net investment incomea | 2.44 | 3.03 | 3.40 | 3.80 | 3.90 |
Net realized and unrealized gain (loss) | 49.97 | 29.40 | 48.47 | (12.38) b | 39.77 |
Total from investment operations | 52.41 | 32.43 | 51.87 | (8.58) | 43.67 |
Less distributions from: | |||||
Net investment income | (2.73) | (3.05) | (3.27) | (3.60) | (3.81) |
Net realized gains | (29.31) | (35.86) | (24.12) | (35.56) | (29.54) |
Total distributions | (32.04) | (38.91) | (27.39) | (39.16) | (33.35) |
Net asset value, end of period | $208.54 | $188.17 | $194.65 | $170.17 | $217.91 |
Total Return (%)c | 28.37 | 17.99 | 31.14 | (4.27) b | 21.42 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 337 | 325 | 331 | 329 | 409 |
Ratio of expenses before expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .35 | .36 | .39 | .34 | .37 |
Ratio of expenses after expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .25 | .25 | .28 | .29 | .29 |
Ratio of net investment income (%) | 1.16 | 1.61 | 1.75 | 1.71 | 1.75 |
Portfolio turnover rate for Deutsche DWS Equity 500 Index Portfolio (%) | 2 | 4 | 3 | 3 | 6 |
a | Based on average shares outstanding during the period. |
b | Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.62 per share. Excluding this reimbursement, total return would have been .30% lower. |
c | Total return would have been lower had certain expenses not been reduced. |
18 | | | DWS Equity 500 Index Fund |
DWS Equity 500 Index Fund — Institutional Class | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $192.30 | $198.20 | $172.92 | $220.85 | $210.06 |
Income (loss) from investment operations: | |||||
Net investment incomea | 2.60 | 3.19 | 3.56 | 3.94 | 4.06 |
Net realized and unrealized gain (loss) | 51.08 | 29.97 | 49.27 | (12.55) b | 40.24 |
Total from investment operations | 53.68 | 33.16 | 52.83 | (8.61) | 44.30 |
Less distributions from: | |||||
Net investment income | (2.90) | (3.20) | (3.43) | (3.76) | (3.97) |
Net realized gains | (29.31) | (35.86) | (24.12) | (35.56) | (29.54) |
Total distributions | (32.21) | (39.06) | (27.55) | (39.32) | (33.51) |
Net asset value, end of period | $213.77 | $192.30 | $198.20 | $172.92 | $220.85 |
Total Return (%)c | 28.43 | 18.05 | 31.21 | (4.23) b | 21.48 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 318 | 279 | 291 | 217 | 335 |
Ratio of expenses before expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .28 | .29 | .27 | .33 | .30 |
Ratio of expenses after expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .20 | .20 | .23 | .24 | .24 |
Ratio of net investment income (%) | 1.21 | 1.66 | 1.80 | 1.75 | 1.80 |
Portfolio turnover rate for Deutsche DWS Equity 500 Index Portfolio (%) | 2 | 4 | 3 | 3 | 6 |
a | Based on average shares outstanding during the period. |
b | Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.62 per share. Excluding this reimbursement, total return would have been .30% lower. |
c | Total return would have been lower had certain expenses not been reduced. |
DWS Equity 500 Index Fund | | | 19 |
A. | Organization and Significant Accounting Policies |
20 | | | DWS Equity 500 Index Fund |
DWS Equity 500 Index Fund | | | 21 |
Undistributed ordinary income* | $ 534,317 |
Undistributed long-term capital gains | $ 4,020,911 |
Years Ended December 31, | ||
2021 | 2020 | |
Distributions from ordinary income* | $ 10,616,681 | $ 10,599,620 |
Distributions from long-term capital gains | $ 80,287,637 | $ 100,193,075 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
B. | Related Parties |
22 | | | DWS Equity 500 Index Fund |
Class R6 | .20% |
Class S | .25% |
Institutional Class | .20% |
Class R6 | $ 1,562 |
Class S | 306,306 |
Institutional Class | 245,205 |
$ 553,073 |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2021 |
Class R6 | $ 145 | $ 24 |
Class S | 23,653 | 3,996 |
Institutional Class | 1,396 | 214 |
$ 25,194 | $ 4,234 |
DWS Equity 500 Index Fund | | | 23 |
Sub-Recordkeeping | Total Aggregated |
Class S | $ 385,984 |
Institutional Class | 190,018 |
$ 576,002 |
C. | Fund Share Transactions |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class R6 | 5,499 | $ 1,186,689 | 8,132 | $ 1,540,378 |
Class S | 99,731 | 20,934,151 | 247,055 | 43,226,674 |
Institutional Class | 276,258 | 59,487,127 | 339,951 | 63,939,235 |
$ 81,607,967 | $ 108,706,287 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class R6 | 5,135 | $ 1,085,883 | 6,448 | $ 1,209,076 |
Class S | 222,724 | 45,969,211 | 321,874 | 59,037,021 |
Institutional Class | 187,334 | 39,619,469 | 243,528 | 45,598,646 |
$ 86,674,563 | $ 105,844,743 | |||
Shares redeemed | ||||
Class R6 | (8,732) | $ (1,957,254) | (4,388) | $ (872,405) |
Class S | (435,943) | (88,900,632) | (543,819) | (101,708,742) |
Institutional Class | (426,632) | (92,684,506) | (601,766) | (112,968,127) |
$ (183,542,392) | $ (215,549,274) |
24 | | | DWS Equity 500 Index Fund |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
Class R6 | 1,902 | $ 315,318 | 10,192 | $ 1,877,049 |
Class S | (113,488) | (21,997,270) | 25,110 | 554,953 |
Institutional Class | 36,960 | 6,422,090 | (18,287) | (3,430,246) |
$ (15,259,862) | $ (998,244) |
D. | Other — COVID-19 Pandemic |
DWS Equity 500 Index Fund | | | 25 |
26 | | | DWS Equity 500 Index Fund |
DWS Equity 500 Index Fund | | | 27 |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
28 | | | DWS Equity 500 Index Fund |
Actual Fund Return* | Class R6 | Class S | Institutional Class |
Beginning Account Value 7/1/21 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/21 | $1,115.50 | $1,115.20 | $1,115.50 |
Expenses Paid per $1,000** | $ 1.07 | $ 1.33 | $ 1.07 |
Hypothetical 5% Fund Return | Class R6 | Class S | Institutional Class |
Beginning Account Value 7/1/21 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/21 | $1,024.20 | $1,023.95 | $1,024.20 |
Expenses Paid per $1,000** | $ 1.02 | $ 1.28 | $ 1.02 |
* | Expenses include amounts allocated proportionally from the master portfolio. |
** | 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 R6 | Class S | Institutional Class |
DWS Equity 500 Index Fund | .20% | .25% | .20% |
Tax Information | (Unaudited) |
DWS Equity 500 Index Fund | | | 29 |
30 | | | DWS Equity 500 Index Fund |
Deutsche DWS Equity 500 Index Portfolio | | | 31 |
Investment Portfolio | as of December 31, 2021 |
Shares | Value ($) | ||
Common Stocks 98.6% | |||
Communication Services 10.0% | |||
Diversified Telecommunication Services 1.0% | |||
AT&T, Inc. | 349,166 | 8,589,484 | |
Lumen Technologies, Inc. (a) | 45,375 | 569,456 | |
Verizon Communications, Inc. | 203,471 | 10,572,353 | |
�� | 19,731,293 | ||
Entertainment 1.6% | |||
Activision Blizzard, Inc. | 38,596 | 2,567,792 | |
Electronic Arts, Inc. | 13,839 | 1,825,364 | |
Live Nation Entertainment, Inc.* | 6,494 | 777,267 | |
Netflix, Inc.* | 21,689 | 13,066,321 | |
Take-Two Interactive Software, Inc.* | 5,611 | 997,187 | |
Walt Disney Co.* | 88,864 | 13,764,145 | |
32,998,076 | |||
Interactive Media & Services 6.2% | |||
Alphabet, Inc. “A” * | 14,734 | 42,684,987 | |
Alphabet, Inc. “C” * | 13,704 | 39,653,757 | |
Match Group, Inc.* | 14,077 | 1,861,683 | |
Meta Platforms, Inc. “A” * | 115,936 | 38,995,074 | |
Twitter, Inc.* | 39,616 | 1,712,204 | |
124,907,705 | |||
Media 1.0% | |||
Charter Communications, Inc. “A” * | 6,028 | 3,930,075 | |
Comcast Corp. “A” | 222,687 | 11,207,837 | |
Discovery, Inc. “A” * (a) | 8,658 | 203,809 | |
Discovery, Inc. “C” * (a) | 15,502 | 354,996 | |
DISH Network Corp. “A” * | 12,530 | 406,473 | |
Fox Corp. “A” | 16,233 | 598,998 | |
Fox Corp. “B” | 7,728 | 264,839 | |
Interpublic Group of Companies, Inc. | 19,896 | 745,105 | |
News Corp. “A” | 19,680 | 439,061 | |
News Corp. “B” | 5,883 | 132,367 | |
Omnicom Group, Inc. (a) | 10,445 | 765,305 | |
ViacomCBS, Inc. “B” | 29,710 | 896,648 | |
19,945,513 | |||
Wireless Telecommunication Services 0.2% | |||
T-Mobile U.S., Inc.* | 28,797 | 3,339,876 |
32 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Consumer Discretionary 12.4% | |||
Auto Components 0.1% | |||
Aptiv PLC* | 13,383 | 2,207,526 | |
BorgWarner, Inc. | 12,199 | 549,809 | |
2,757,335 | |||
Automobiles 2.5% | |||
Ford Motor Co. | 190,902 | 3,965,035 | |
General Motors Co.* | 71,358 | 4,183,720 | |
Tesla, Inc.* | 39,848 | 42,110,569 | |
50,259,324 | |||
Distributors 0.1% | |||
Genuine Parts Co. | 7,014 | 983,363 | |
LKQ Corp. | 13,420 | 805,602 | |
Pool Corp. | 1,973 | 1,116,718 | |
2,905,683 | |||
Hotels, Restaurants & Leisure 1.9% | |||
Booking Holdings, Inc.* | 2,000 | 4,798,460 | |
Caesars Entertainment, Inc.* (a) | 10,551 | 986,835 | |
Carnival Corp.* (a) | 40,393 | 812,707 | |
Chipotle Mexican Grill, Inc.* | 1,393 | 2,435,312 | |
Darden Restaurants, Inc. | 6,379 | 960,933 | |
Domino’s Pizza, Inc. | 1,761 | 993,785 | |
Hilton Worldwide Holdings, Inc.* | 13,336 | 2,080,283 | |
Las Vegas Sands Corp.* | 16,429 | 618,388 | |
Marriott International, Inc. “A” * | 13,467 | 2,225,287 | |
McDonald’s Corp. | 36,606 | 9,812,970 | |
MGM Resorts International | 19,430 | 872,018 | |
Norwegian Cruise Line Holdings Ltd.* (a) | 19,093 | 395,989 | |
Penn National Gaming, Inc.* (a) | 8,255 | 428,022 | |
Royal Caribbean Cruises Ltd.* (a) | 11,075 | 851,667 | |
Starbucks Corp. | 57,736 | 6,753,380 | |
Wynn Resorts Ltd.* | 5,313 | 451,818 | |
Yum! Brands, Inc. | 14,443 | 2,005,555 | |
37,483,409 | |||
Household Durables 0.4% | |||
D.R. Horton, Inc. | 16,103 | 1,746,370 | |
Garmin Ltd. | 7,565 | 1,030,126 | |
Lennar Corp. “A” | 13,535 | 1,572,226 | |
Mohawk Industries, Inc.* | 2,755 | 501,906 | |
Newell Brands, Inc. | 19,210 | 419,546 |
Deutsche DWS Equity 500 Index Portfolio | | | 33 |
Shares | Value ($) | ||
NVR, Inc.* | 150 | 886,330 | |
PulteGroup, Inc. | 12,629 | 721,874 | |
Whirlpool Corp. (a) | 3,033 | 711,724 | |
7,590,102 | |||
Internet & Direct Marketing Retail 3.8% | |||
Amazon.com, Inc.* | 21,388 | 71,314,864 | |
eBay, Inc. | 30,848 | 2,051,392 | |
Etsy, Inc.* | 6,290 | 1,377,132 | |
Expedia Group, Inc.* | 7,130 | 1,288,534 | |
76,031,922 | |||
Leisure Products 0.0% | |||
Hasbro, Inc. | 6,513 | 662,893 | |
Multiline Retail 0.5% | |||
Dollar General Corp. | 11,504 | 2,712,988 | |
Dollar Tree, Inc.* | 10,735 | 1,508,482 | |
Target Corp. | 23,834 | 5,516,141 | |
9,737,611 | |||
Specialty Retail 2.4% | |||
Advance Auto Parts, Inc. | 3,175 | 761,619 | |
AutoZone, Inc.* | 1,034 | 2,167,667 | |
Bath & Body Works, Inc. | 12,804 | 893,591 | |
Best Buy Co., Inc. | 10,889 | 1,106,323 | |
CarMax, Inc.* | 7,628 | 993,395 | |
Home Depot, Inc. | 51,837 | 21,512,873 | |
Lowe’s Companies, Inc. | 33,963 | 8,778,756 | |
O’Reilly Automotive, Inc.* | 3,262 | 2,303,722 | |
Ross Stores, Inc. | 16,925 | 1,934,189 | |
The Gap, Inc. | 10,491 | 185,166 | |
TJX Companies, Inc. | 59,252 | 4,498,412 | |
Tractor Supply Co. | 5,655 | 1,349,283 | |
Ulta Beauty, Inc.* | 2,642 | 1,089,402 | |
47,574,398 | |||
Textiles, Apparel & Luxury Goods 0.7% | |||
NIKE, Inc. “B” | 62,512 | 10,418,875 | |
PVH Corp. | 3,546 | 378,181 | |
Ralph Lauren Corp. | 2,374 | 282,174 | |
Tapestry, Inc. | 13,212 | 536,407 | |
Under Armour, Inc. “A” * | 9,570 | 202,788 |
34 | | | Deutsche DWS Equity 500 Index Portfolio |
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Under Armour, Inc. “C” * | 11,629 | 209,787 | |
VF Corp. | 16,266 | 1,190,997 | |
13,219,209 | |||
Consumer Staples 5.8% | |||
Beverages 1.4% | |||
Brown-Forman Corp. “B” | 9,223 | 671,988 | |
Coca-Cola Co. | 190,768 | 11,295,373 | |
Constellation Brands, Inc. “A” | 8,054 | 2,021,312 | |
Molson Coors Beverage Co. “B” (a) | 9,379 | 434,717 | |
Monster Beverage Corp.* | 18,652 | 1,791,338 | |
PepsiCo, Inc. | 67,939 | 11,801,684 | |
28,016,412 | |||
Food & Staples Retailing 1.4% | |||
Costco Wholesale Corp. | 21,722 | 12,331,579 | |
Kroger Co. (a) | 33,025 | 1,494,712 | |
Sysco Corp. | 25,217 | 1,980,795 | |
Walgreens Boots Alliance, Inc. | 35,501 | 1,851,732 | |
Walmart, Inc. | 69,814 | 10,101,388 | |
27,760,206 | |||
Food Products 0.8% | |||
Archer-Daniels-Midland Co. | 27,499 | 1,858,657 | |
Campbell Soup Co. | 10,294 | 447,377 | |
Conagra Brands, Inc. | 24,006 | 819,805 | |
General Mills, Inc. | 30,038 | 2,023,961 | |
Hormel Foods Corp. (a) | 13,578 | 662,742 | |
J M Smucker Co. | 4,910 | 666,876 | |
Kellogg Co. | 12,679 | 816,781 | |
Kraft Heinz Co. | 35,289 | 1,266,875 | |
Lamb Weston Holdings, Inc. | 7,479 | 474,019 | |
McCormick & Co., Inc. | 12,173 | 1,176,034 | |
Mondelez International, Inc. “A” | 68,018 | 4,510,274 | |
The Hershey Co. | 7,178 | 1,388,728 | |
Tyson Foods, Inc. “A” | 14,450 | 1,259,462 | |
17,371,591 | |||
Household Products 1.4% | |||
Church & Dwight Co., Inc. | 11,913 | 1,221,083 | |
Clorox Co. | 6,038 | 1,052,786 | |
Colgate-Palmolive Co. | 40,951 | 3,494,758 |
Deutsche DWS Equity 500 Index Portfolio | | | 35 |
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Kimberly-Clark Corp. | 16,707 | 2,387,764 | |
Procter & Gamble Co. (a) | 118,818 | 19,436,248 | |
27,592,639 | |||
Personal Products 0.2% | |||
Estee Lauder Companies, Inc. “A” | 11,292 | 4,180,298 | |
Tobacco 0.6% | |||
Altria Group, Inc. | 89,363 | 4,234,913 | |
Philip Morris International, Inc. | 75,995 | 7,219,525 | |
11,454,438 | |||
Energy 2.6% | |||
Energy Equipment & Services 0.2% | |||
Baker Hughes Co. | 43,075 | 1,036,384 | |
Halliburton Co. | 44,792 | 1,024,393 | |
Schlumberger NV | 68,927 | 2,064,364 | |
4,125,141 | |||
Oil, Gas & Consumable Fuels 2.4% | |||
APA Corp. | 17,180 | 461,970 | |
Chevron Corp. | 94,568 | 11,097,555 | |
ConocoPhillips | 64,439 | 4,651,207 | |
Coterra Energy, Inc. | 40,376 | 767,144 | |
Devon Energy Corp. | 30,582 | 1,347,137 | |
Diamondback Energy, Inc. (a) | 8,525 | 919,421 | |
EOG Resources, Inc. | 28,903 | 2,567,454 | |
Exxon Mobil Corp. | 207,784 | 12,714,303 | |
Hess Corp. | 13,577 | 1,005,105 | |
Kinder Morgan, Inc. | 95,764 | 1,518,817 | |
Marathon Oil Corp. | 37,134 | 609,740 | |
Marathon Petroleum Corp. | 29,508 | 1,888,217 | |
Occidental Petroleum Corp. | 44,093 | 1,278,256 | |
ONEOK, Inc. | 20,936 | 1,230,199 | |
Phillips 66 | 21,614 | 1,566,151 | |
Pioneer Natural Resources Co. | 11,279 | 2,051,425 | |
Valero Energy Corp. | 20,071 | 1,507,533 | |
Williams Companies, Inc. | 57,723 | 1,503,107 | |
48,684,741 | |||
Financials 10.5% | |||
Banks 3.9% | |||
Bank of America Corp. | 353,816 | 15,741,274 | |
Citigroup, Inc. | 97,189 | 5,869,244 | |
Citizens Financial Group, Inc. | 20,771 | 981,430 |
36 | | | Deutsche DWS Equity 500 Index Portfolio |
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Comerica, Inc. | 5,789 | 503,643 | |
Fifth Third Bancorp. | 33,435 | 1,456,094 | |
First Republic Bank | 8,914 | 1,840,830 | |
Huntington Bancshares, Inc. (a) | 71,049 | 1,095,575 | |
JPMorgan Chase & Co. | 145,120 | 22,979,752 | |
KeyCorp. | 46,639 | 1,078,760 | |
M&T Bank Corp. | 5,959 | 915,183 | |
People’s United Financial, Inc. | 21,143 | 376,768 | |
PNC Financial Services Group, Inc. | 20,661 | 4,142,944 | |
Regions Financial Corp. | 46,897 | 1,022,355 | |
Signature Bank | 2,973 | 961,676 | |
SVB Financial Group* | 2,905 | 1,970,287 | |
Truist Financial Corp. | 64,655 | 3,785,550 | |
U.S. Bancorp. | 66,786 | 3,751,370 | |
Wells Fargo & Co. | 195,467 | 9,378,507 | |
Zions Bancorp. NA | 7,614 | 480,900 | |
78,332,142 | |||
Capital Markets 2.9% | |||
Ameriprise Financial, Inc. | 5,510 | 1,662,147 | |
Bank of New York Mellon Corp. | 37,407 | 2,172,598 | |
BlackRock, Inc. | 6,993 | 6,402,511 | |
Cboe Global Markets, Inc. | 5,238 | 683,035 | |
Charles Schwab Corp. | 73,509 | 6,182,107 | |
CME Group, Inc. | 17,482 | 3,993,938 | |
FactSet Research Systems, Inc. | 1,860 | 903,979 | |
Franklin Resources, Inc. (a) | 13,576 | 454,660 | |
Intercontinental Exchange, Inc. | 27,379 | 3,744,626 | |
Invesco Ltd. | 16,955 | 390,304 | |
MarketAxess Holdings, Inc. | 1,880 | 773,188 | |
Moody’s Corp. | 8,026 | 3,134,795 | |
Morgan Stanley | 70,223 | 6,893,090 | |
MSCI, Inc. | 4,100 | 2,512,029 | |
Nasdaq, Inc. | 5,794 | 1,216,798 | |
Northern Trust Corp. | 9,788 | 1,170,743 | |
Raymond James Financial, Inc. | 9,283 | 932,013 | |
S&P Global, Inc. | 11,794 | 5,565,942 | |
State Street Corp. | 18,174 | 1,690,182 | |
T. Rowe Price Group, Inc. | 11,066 | 2,176,018 | |
The Goldman Sachs Group, Inc. | 16,586 | 6,344,974 | |
58,999,677 | |||
Consumer Finance 0.6% | |||
American Express Co. | 30,569 | 5,001,089 |
Deutsche DWS Equity 500 Index Portfolio | | | 37 |
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Capital One Financial Corp. | 20,688 | 3,001,622 | |
Discover Financial Services | 14,420 | 1,666,375 | |
Synchrony Financial | 26,762 | 1,241,489 | |
10,910,575 | |||
Diversified Financial Services 1.3% | |||
Berkshire Hathaway, Inc. “B” * | 89,881 | 26,874,419 | |
Insurance 1.8% | |||
Aflac, Inc. | 29,756 | 1,737,454 | |
Allstate Corp. | 13,790 | 1,622,393 | |
American International Group, Inc. | 40,960 | 2,328,986 | |
Aon PLC “A” | 10,744 | 3,229,217 | |
Arthur J. Gallagher & Co. | 9,857 | 1,672,437 | |
Assurant, Inc. | 2,766 | 431,109 | |
Brown & Brown, Inc. | 11,392 | 800,630 | |
Chubb Ltd. | 21,310 | 4,119,436 | |
Cincinnati Financial Corp. | 7,529 | 857,779 | |
Everest Re Group Ltd. | 1,875 | 513,600 | |
Globe Life, Inc. | 4,388 | 411,243 | |
Hartford Financial Services Group, Inc. | 16,637 | 1,148,618 | |
Lincoln National Corp. | 8,518 | 581,439 | |
Loews Corp. | 9,751 | 563,218 | |
Marsh & McLennan Companies, Inc. | 24,910 | 4,329,856 | |
MetLife, Inc. | 35,305 | 2,206,209 | |
Principal Financial Group, Inc. | 12,223 | 884,089 | |
Progressive Corp. | 28,306 | 2,905,611 | |
Prudential Financial, Inc. | 18,720 | 2,026,253 | |
Travelers Companies, Inc. | 12,153 | 1,901,094 | |
W.R. Berkley Corp. | 6,648 | 547,729 | |
Willis Towers Watson PLC | 6,162 | 1,463,413 | |
36,281,813 | |||
Health Care 13.1% | |||
Biotechnology 1.8% | |||
AbbVie, Inc. | 86,823 | 11,755,834 | |
Amgen, Inc. | 27,544 | 6,196,574 | |
Biogen, Inc.* | 7,197 | 1,726,704 | |
Gilead Sciences, Inc. | 61,160 | 4,440,828 | |
Incyte Corp.* | 9,436 | 692,602 | |
Moderna, Inc.* | 17,294 | 4,392,330 | |
Regeneron Pharmaceuticals, Inc.* | 5,204 | 3,286,430 | |
Vertex Pharmaceuticals, Inc.* | 12,503 | 2,745,659 | |
35,236,961 |
38 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Health Care Equipment & Supplies 3.5% | |||
Abbott Laboratories | 86,909 | 12,231,573 | |
ABIOMED, Inc.* | 2,289 | 822,140 | |
Align Technology, Inc.* | 3,593 | 2,361,248 | |
Baxter International, Inc. | 23,976 | 2,058,100 | |
Becton, Dickinson & Co. | 14,209 | 3,573,279 | |
Boston Scientific Corp.* | 70,462 | 2,993,226 | |
Danaher Corp. | 31,168 | 10,254,584 | |
DENTSPLY SIRONA, Inc. | 11,042 | 616,033 | |
DexCom, Inc.* (a) | 4,800 | 2,577,360 | |
Edwards Lifesciences Corp.* | 30,874 | 3,999,727 | |
Hologic, Inc.* | 12,642 | 967,871 | |
IDEXX Laboratories, Inc.* | 4,104 | 2,702,320 | |
Intuitive Surgical, Inc.* | 17,374 | 6,242,478 | |
Medtronic PLC | 65,854 | 6,812,596 | |
ResMed, Inc. | 7,226 | 1,882,228 | |
STERIS PLC (a) | 4,892 | 1,190,762 | |
Stryker Corp. | 16,347 | 4,371,515 | |
Teleflex, Inc. | 2,361 | 775,541 | |
The Cooper Companies, Inc. | 2,413 | 1,010,902 | |
West Pharmaceutical Services, Inc. | 3,658 | 1,715,639 | |
Zimmer Biomet Holdings, Inc. (a) | 10,156 | 1,290,218 | |
70,449,340 | |||
Health Care Providers & Services 2.7% | |||
AmerisourceBergen Corp. | 7,481 | 994,150 | |
Anthem, Inc. | 11,972 | 5,549,501 | |
Cardinal Health, Inc. | 13,844 | 712,828 | |
Centene Corp.* | 28,891 | 2,380,618 | |
Cigna Corp. | 16,301 | 3,743,199 | |
CVS Health Corp. | 64,623 | 6,666,509 | |
DaVita, Inc.* | 3,098 | 352,429 | |
HCA Healthcare, Inc. | 11,807 | 3,033,454 | |
Henry Schein, Inc.* | 6,582 | 510,302 | |
Humana, Inc. | 6,219 | 2,884,745 | |
Laboratory Corp. of America Holdings* | 4,684 | 1,471,760 | |
McKesson Corp. | 7,488 | 1,861,292 | |
Quest Diagnostics, Inc. | 6,042 | 1,045,326 | |
UnitedHealth Group, Inc. | 46,228 | 23,212,928 | |
Universal Health Services, Inc. “B” | 3,686 | 477,927 | |
54,896,968 | |||
Health Care Technology 0.1% | |||
Cerner Corp. | 14,336 | 1,331,385 |
Deutsche DWS Equity 500 Index Portfolio | | | 39 |
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Life Sciences Tools & Services 1.4% | |||
Agilent Technologies, Inc. | 15,042 | 2,401,455 | |
Bio-Rad Laboratories, Inc. “A” * | 1,053 | 795,615 | |
Bio-Techne Corp. | 1,897 | 981,394 | |
Charles River Laboratories International, Inc.* | 2,542 | 957,775 | |
Illumina, Inc.* | 7,692 | 2,926,345 | |
IQVIA Holdings, Inc.* | 9,490 | 2,677,509 | |
Mettler-Toledo International, Inc.* | 1,124 | 1,907,664 | |
PerkinElmer, Inc. | 5,964 | 1,199,122 | |
Thermo Fisher Scientific, Inc. | 19,314 | 12,887,073 | |
Waters Corp.* | 3,019 | 1,124,879 | |
27,858,831 | |||
Pharmaceuticals 3.6% | |||
Bristol-Myers Squibb Co. | 108,441 | 6,761,296 | |
Catalent, Inc.* | 8,382 | 1,073,147 | |
Eli Lilly & Co. | 38,989 | 10,769,542 | |
Johnson & Johnson | 129,257 | 22,111,995 | |
Merck & Co., Inc. | 123,359 | 9,454,234 | |
Organon & Co. | 12,747 | 388,146 | |
Pfizer, Inc. | 275,655 | 16,277,428 | |
Viatris, Inc. | 61,111 | 826,832 | |
Zoetis, Inc. | 23,113 | 5,640,265 | |
73,302,885 | |||
Industrials 7.7% | |||
Aerospace & Defense 1.3% | |||
Boeing Co.* | 27,321 | 5,500,264 | |
General Dynamics Corp. | 11,528 | 2,403,242 | |
Howmet Aerospace, Inc. | 18,697 | 595,125 | |
Huntington Ingalls Industries, Inc. | 2,030 | 379,082 | |
L3Harris Technologies, Inc. | 9,662 | 2,060,325 | |
Lockheed Martin Corp. | 12,083 | 4,294,419 | |
Northrop Grumman Corp. | 7,343 | 2,842,255 | |
Raytheon Technologies Corp. | 73,226 | 6,301,830 | |
Textron, Inc. | 10,752 | 830,054 | |
TransDigm Group, Inc.* (a) | 2,603 | 1,656,237 | |
26,862,833 | |||
Air Freight & Logistics 0.6% | |||
C.H. Robinson Worldwide, Inc. | 5,932 | 638,461 | |
Expeditors International of Washington, Inc. | 7,948 | 1,067,337 |
40 | | | Deutsche DWS Equity 500 Index Portfolio |
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FedEx Corp. | 11,846 | 3,063,850 | |
United Parcel Service, Inc. “B” | 35,748 | 7,662,226 | |
12,431,874 | |||
Airlines 0.2% | |||
Alaska Air Group, Inc.* | 6,220 | 324,062 | |
American Airlines Group, Inc.* (a) | 32,448 | 582,766 | |
Delta Air Lines, Inc.* | 31,367 | 1,225,822 | |
Southwest Airlines Co.* | 29,047 | 1,244,374 | |
United Airlines Holdings, Inc.* | 15,507 | 678,896 | |
4,055,920 | |||
Building Products 0.5% | |||
A.O. Smith Corp. | 6,355 | 545,577 | |
Allegion PLC | 4,333 | 573,863 | |
Carrier Global Corp. | 41,756 | 2,264,845 | |
Fortune Brands Home & Security, Inc. | 6,607 | 706,288 | |
Johnson Controls International PLC | 34,425 | 2,799,097 | |
Masco Corp. | 12,317 | 864,900 | |
Trane Technologies PLC | 11,442 | 2,311,627 | |
10,066,197 | |||
Commercial Services & Supplies 0.4% | |||
Cintas Corp. | 4,281 | 1,897,211 | |
Copart, Inc.* | 10,577 | 1,603,685 | |
Republic Services, Inc. | 10,419 | 1,452,929 | |
Rollins, Inc. | 11,123 | 380,518 | |
Waste Management, Inc. | 18,694 | 3,120,028 | |
8,454,371 | |||
Construction & Engineering 0.1% | |||
Quanta Services, Inc. | 7,197 | 825,208 | |
Electrical Equipment 0.6% | |||
AMETEK, Inc. | 11,004 | 1,618,028 | |
Eaton Corp. PLC | 19,335 | 3,341,475 | |
Emerson Electric Co. | 29,287 | 2,722,812 | |
Generac Holdings, Inc.* | 3,168 | 1,114,883 | |
Rockwell Automation, Inc. (a) | 5,759 | 2,009,027 | |
10,806,225 | |||
Industrial Conglomerates 1.0% | |||
3M Co. | 28,163 | 5,002,594 | |
General Electric Co. | 53,585 | 5,062,175 |
Deutsche DWS Equity 500 Index Portfolio | | | 41 |
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Honeywell International, Inc. | 33,746 | 7,036,378 | |
Roper Technologies, Inc. | 5,218 | 2,566,526 | |
19,667,673 | |||
Machinery 1.5% | |||
Caterpillar, Inc. | 26,431 | 5,464,345 | |
Cummins, Inc. | 6,820 | 1,487,715 | |
Deere & Co. | 13,779 | 4,724,681 | |
Dover Corp. | 7,053 | 1,280,825 | |
Fortive Corp. | 17,566 | 1,340,110 | |
IDEX Corp. | 3,833 | 905,814 | |
Illinois Tool Works, Inc. | 13,916 | 3,434,469 | |
Ingersoll Rand, Inc. | 20,292 | 1,255,466 | |
Otis Worldwide Corp. | 21,137 | 1,840,399 | |
PACCAR, Inc. | 17,138 | 1,512,600 | |
Parker-Hannifin Corp. | 6,358 | 2,022,607 | |
Pentair PLC | 8,430 | 615,643 | |
Snap-on, Inc. (a) | 2,387 | 514,112 | |
Stanley Black & Decker, Inc. | 8,129 | 1,533,292 | |
Westinghouse Air Brake Technologies Corp. | 8,999 | 828,898 | |
Xylem, Inc. | 9,050 | 1,085,276 | |
29,846,252 | |||
Professional Services 0.4% | |||
Equifax, Inc. | 6,050 | 1,771,379 | |
IHS Markit Ltd. | 19,803 | 2,632,215 | |
Jacobs Engineering Group, Inc. | 6,013 | 837,190 | |
Leidos Holdings, Inc. | 7,099 | 631,101 | |
Nielsen Holdings PLC | 17,955 | 368,257 | |
Robert Half International, Inc. | 5,409 | 603,212 | |
Verisk Analytics, Inc. | 8,019 | 1,834,186 | |
8,677,540 | |||
Road & Rail 0.9% | |||
CSX Corp. | 109,539 | 4,118,666 | |
J.B. Hunt Transport Services, Inc. | 4,220 | 862,568 | |
Norfolk Southern Corp. | 12,011 | 3,575,795 | |
Old Dominion Freight Line, Inc. | 4,457 | 1,597,300 | |
Union Pacific Corp. | 31,559 | 7,950,659 | |
18,104,988 | |||
Trading Companies & Distributors 0.2% | |||
Fastenal Co. | 28,608 | 1,832,628 |
42 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
United Rentals, Inc.* | 3,557 | 1,181,956 | |
W.W. Grainger, Inc. | 2,160 | 1,119,398 | |
4,133,982 | |||
Information Technology 28.8% | |||
Communications Equipment 0.9% | |||
Arista Networks, Inc.* | 11,108 | 1,596,775 | |
Cisco Systems, Inc. | 206,540 | 13,088,440 | |
F5, Inc.* | 3,054 | 747,344 | |
Juniper Networks, Inc. | 16,549 | 590,965 | |
Motorola Solutions, Inc. | 8,390 | 2,279,563 | |
18,303,087 | |||
Electronic Equipment, Instruments & Components 0.7% | |||
Amphenol Corp. “A” | 29,496 | 2,579,720 | |
CDW Corp. | 6,474 | 1,325,745 | |
Corning, Inc. | 38,169 | 1,421,032 | |
IPG Photonics Corp.* | 1,814 | 312,262 | |
Keysight Technologies, Inc.* | 9,063 | 1,871,600 | |
TE Connectivity Ltd. | 16,020 | 2,584,667 | |
Teledyne Technologies, Inc.* | 2,165 | 945,867 | |
Trimble, Inc.* | 12,311 | 1,073,396 | |
Zebra Technologies Corp. “A” * | 2,634 | 1,567,757 | |
13,682,046 | |||
IT Services 4.4% | |||
Accenture PLC “A” | 31,030 | 12,863,487 | |
Akamai Technologies, Inc.* | 7,847 | 918,413 | |
Automatic Data Processing, Inc. (a) | 20,786 | 5,125,412 | |
Broadridge Financial Solutions, Inc. | 5,678 | 1,038,052 | |
Cognizant Technology Solutions Corp. “A” | 26,120 | 2,317,366 | |
DXC Technology Co.* | 12,779 | 411,356 | |
EPAM Systems, Inc.* | 2,814 | 1,881,018 | |
Fidelity National Information Services, Inc. | 29,528 | 3,222,981 | |
Fiserv, Inc.* (a) | 29,130 | 3,023,403 | |
FleetCor Technologies, Inc.* | 4,037 | 903,642 | |
Gartner, Inc.* | 4,045 | 1,352,324 | |
Global Payments, Inc. | 14,227 | 1,923,206 | |
International Business Machines Corp. | 43,714 | 5,842,813 | |
Jack Henry & Associates, Inc. | 3,585 | 598,659 | |
Mastercard, Inc. “A” | 42,509 | 15,274,334 | |
Paychex, Inc. | 15,810 | 2,158,065 | |
PayPal Holdings, Inc.* | 57,432 | 10,830,527 |
Deutsche DWS Equity 500 Index Portfolio | | | 43 |
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VeriSign, Inc.* | 4,694 | 1,191,431 | |
Visa, Inc. “A” (a) | 82,166 | 17,806,194 | |
88,682,683 | |||
Semiconductors & Semiconductor Equipment 6.3% | |||
Advanced Micro Devices, Inc.* | 59,206 | 8,519,743 | |
Analog Devices, Inc. | 26,212 | 4,607,283 | |
Applied Materials, Inc. | 44,202 | 6,955,627 | |
Broadcom, Inc. | 20,170 | 13,421,320 | |
Enphase Energy, Inc.* | 6,636 | 1,213,990 | |
Intel Corp. | 199,549 | 10,276,774 | |
KLA Corp. | 7,356 | 3,163,889 | |
Lam Research Corp. | 6,873 | 4,942,718 | |
Microchip Technology, Inc. | 27,497 | 2,393,889 | |
Micron Technology, Inc. | 54,563 | 5,082,543 | |
Monolithic Power Systems, Inc. | 2,154 | 1,062,633 | |
NVIDIA Corp. | 122,598 | 36,057,298 | |
NXP Semiconductors NV | 12,843 | 2,925,379 | |
Qorvo, Inc.* | 5,496 | 859,519 | |
QUALCOMM, Inc. | 54,929 | 10,044,866 | |
Skyworks Solutions, Inc. | 8,179 | 1,268,890 | |
SolarEdge Technologies, Inc.* | 2,576 | 722,748 | |
Teradyne, Inc. | 8,083 | 1,321,813 | |
Texas Instruments, Inc. | 45,320 | 8,541,460 | |
Xilinx, Inc. | 11,986 | 2,541,392 | |
125,923,774 | |||
Software 9.4% | |||
Adobe, Inc.* | 23,266 | 13,193,218 | |
ANSYS, Inc.* | 4,152 | 1,665,450 | |
Autodesk, Inc.* | 10,777 | 3,030,385 | |
Cadence Design Systems, Inc.* | 13,777 | 2,567,344 | |
Ceridian HCM Holding, Inc.* | 6,731 | 703,120 | |
Citrix Systems, Inc. | 6,233 | 589,579 | |
Fortinet, Inc.* (a) | 6,715 | 2,413,371 | |
Intuit, Inc. | 13,871 | 8,922,105 | |
Microsoft Corp. | 368,139 | 123,812,509 | |
NortonLifeLock, Inc. (a) | 28,977 | 752,822 | |
Oracle Corp. | 79,105 | 6,898,747 | |
Paycom Software, Inc.* | 2,397 | 995,210 | |
PTC, Inc.* | 5,347 | 647,789 | |
salesforce.com, Inc.* | 47,926 | 12,179,434 | |
ServiceNow, Inc.* | 9,679 | 6,282,736 |
44 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Synopsys, Inc.* | 7,561 | 2,786,229 | |
Tyler Technologies, Inc.* | 2,040 | 1,097,418 | |
188,537,466 | |||
Technology Hardware, Storage & Peripherals 7.1% | |||
Apple, Inc. | 764,410 | 135,736,284 | |
Hewlett Packard Enterprise Co. | 65,430 | 1,031,831 | |
HP, Inc. | 56,718 | 2,136,567 | |
NetApp, Inc. | 11,152 | 1,025,873 | |
Seagate Technology Holdings PLC (a) | 10,045 | 1,134,884 | |
Western Digital Corp.* | 14,791 | 964,521 | |
142,029,960 | |||
Materials 2.5% | |||
Chemicals 1.7% | |||
Air Products & Chemicals, Inc. | 10,739 | 3,267,448 | |
Albemarle Corp. | 5,781 | 1,351,424 | |
Celanese Corp. | 5,453 | 916,431 | |
CF Industries Holdings, Inc. | 9,674 | 684,726 | |
Corteva, Inc. | 36,267 | 1,714,704 | |
Dow, Inc. | 36,151 | 2,050,485 | |
DuPont de Nemours, Inc. | 25,359 | 2,048,500 | |
Eastman Chemical Co. | 6,607 | 798,852 | |
Ecolab, Inc. | 12,377 | 2,903,520 | |
FMC Corp. | 6,160 | 676,922 | |
International Flavors & Fragrances, Inc. | 12,601 | 1,898,341 | |
Linde PLC* | 25,138 | 8,708,557 | |
LyondellBasell Industries NV “A” | 12,987 | 1,197,791 | |
PPG Industries, Inc. | 11,747 | 2,025,653 | |
Sherwin-Williams Co. | 11,794 | 4,153,375 | |
The Mosaic Co. | 18,412 | 723,408 | |
35,120,137 | |||
Construction Materials 0.1% | |||
Martin Marietta Materials, Inc. | 2,945 | 1,297,332 | |
Vulcan Materials Co. | 6,264 | 1,300,281 | |
2,597,613 | |||
Containers & Packaging 0.3% | |||
Amcor PLC | 71,097 | 853,875 | |
Avery Dennison Corp. | 4,056 | 878,408 | |
Ball Corp. | 16,034 | 1,543,593 | |
International Paper Co. | 18,815 | 883,929 | |
Packaging Corp. of America | 4,766 | 648,891 |
Deutsche DWS Equity 500 Index Portfolio | | | 45 |
Shares | Value ($) | ||
Sealed Air Corp. | 6,479 | 437,138 | |
Westrock Co. | 13,430 | 595,755 | |
5,841,589 | |||
Metals & Mining 0.4% | |||
Freeport-McMoRan, Inc. | 72,787 | 3,037,401 | |
Newmont Corp. | 38,407 | 2,382,002 | |
Nucor Corp. | 14,138 | 1,613,853 | |
7,033,256 | |||
Real Estate 2.7% | |||
Equity Real Estate Investment Trusts (REITs) 2.6% | |||
Alexandria Real Estate Equities, Inc. | 6,910 | 1,540,654 | |
American Tower Corp. | 22,226 | 6,501,105 | |
AvalonBay Communities, Inc. | 6,874 | 1,736,304 | |
Boston Properties, Inc. (a) | 6,844 | 788,292 | |
Crown Castle International Corp. (a) | 21,049 | 4,393,768 | |
Digital Realty Trust, Inc. | 14,004 | 2,476,888 | |
Duke Realty Corp. | 18,905 | 1,240,924 | |
Equinix, Inc. | 4,410 | 3,730,154 | |
Equity Residential | 16,953 | 1,534,247 | |
Essex Property Trust, Inc. | 3,258 | 1,147,565 | |
Extra Space Storage, Inc. | 6,608 | 1,498,232 | |
Federal Realty Investment Trust | 3,536 | 482,028 | |
Healthpeak Properties, Inc. | 26,026 | 939,278 | |
Host Hotels & Resorts, Inc.* | 35,747 | 621,640 | |
Iron Mountain, Inc. | 14,633 | 765,745 | |
Kimco Realty Corp. | 30,383 | 748,941 | |
Mid-America Apartment Communities, Inc. | 5,598 | 1,284,405 | |
Prologis, Inc. | 36,058 | 6,070,725 | |
Public Storage | 7,472 | 2,798,712 | |
Realty Income Corp. | 27,972 | 2,002,515 | |
Regency Centers Corp. (a) | 7,439 | 560,529 | |
SBA Communications Corp. | 5,316 | 2,068,030 | |
Simon Property Group, Inc. | 16,243 | 2,595,144 | |
UDR, Inc. | 14,437 | 866,076 | |
Ventas, Inc. | 19,792 | 1,011,767 | |
Vornado Realty Trust | 7,927 | 331,824 | |
Welltower, Inc. | 21,465 | 1,841,053 | |
Weyerhaeuser Co. | 37,002 | 1,523,742 | |
53,100,287 | |||
Real Estate Management & Development 0.1% | |||
CBRE Group, Inc. “A” * | 16,639 | 1,805,498 |
46 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Utilities 2.5% | |||
Electric Utilities 1.6% | |||
Alliant Energy Corp. | 12,471 | 766,592 | |
American Electric Power Co., Inc. | 24,880 | 2,213,574 | |
Duke Energy Corp. | 37,480 | 3,931,652 | |
Edison International | 19,020 | 1,298,115 | |
Entergy Corp. | 10,091 | 1,136,751 | |
Evergy, Inc. | 11,153 | 765,207 | |
Eversource Energy | 17,009 | 1,547,479 | |
Exelon Corp. (a) | 48,431 | 2,797,375 | |
FirstEnergy Corp. | 25,392 | 1,056,053 | |
NextEra Energy, Inc. | 96,259 | 8,986,740 | |
NRG Energy, Inc. (a) | 12,513 | 539,060 | |
Pinnacle West Capital Corp. | 5,708 | 402,928 | |
PPL Corp. | 37,013 | 1,112,611 | |
Southern Co. | 51,432 | 3,527,206 | |
Xcel Energy, Inc. | 26,706 | 1,807,996 | |
31,889,339 | |||
Gas Utilities 0.0% | |||
Atmos Energy Corp. | 6,714 | 703,426 | |
Independent Power & Renewable Electricity Producers 0.1% | |||
AES Corp. | 32,073 | 779,374 | |
Multi-Utilities 0.7% | |||
Ameren Corp. | 12,877 | 1,146,182 | |
CenterPoint Energy, Inc. | 31,062 | 866,940 | |
CMS Energy Corp. | 13,377 | 870,174 | |
Consolidated Edison, Inc. | 17,361 | 1,481,241 | |
Dominion Energy, Inc. | 39,184 | 3,078,295 | |
DTE Energy Co. | 9,482 | 1,133,478 | |
NiSource, Inc. | 19,694 | 543,751 | |
Public Service Enterprise Group, Inc. | 24,837 | 1,657,373 | |
Sempra Energy | 15,815 | 2,092,008 | |
WEC Energy Group, Inc. | 15,650 | 1,519,146 | |
14,388,588 | |||
Water Utilities 0.1% | |||
American Water Works Co., Inc. | 8,986 | 1,697,096 | |
Total Common Stocks (Cost $452,869,516) | 1,978,853,093 |
Deutsche DWS Equity 500 Index Portfolio | | | 47 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 0.1% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Bills, 0.038% (b), 1/27/2022 (c) (Cost $2,659,928) | 2,660,000 | 2,659,951 |
Shares | Value ($) | ||
Securities Lending Collateral 0.6% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (d) (e) (Cost $12,413,546) | 12,413,546 | 12,413,546 | |
Cash Equivalents 1.3% | |||
DWS Central Cash Management Government Fund, 0.05% (d) (Cost $25,082,012) | 25,082,012 | 25,082,012 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $493,025,002) | 100.6 | 2,019,008,602 | |
Other Assets and Liabilities, Net | (0.6) | (11,415,234) | |
Net Assets | 100.0 | 2,007,593,368 |
Value ($) at 12/31/2020 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 12/31/2021 | Value ($) at 12/31/2021 |
Securities Lending Collateral 0.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (d) (e) | ||||||||
2,228,289 | 10,185,257 (f) | — | — | — | 24,769 | — | 12,413,546 | 12,413,546 |
Cash Equivalents 1.3% | ||||||||
DWS Central Cash Management Government Fund, 0.05% (d) | ||||||||
26,880,974 | 203,487,591 | 205,286,553 | — | — | 5,083 | — | 25,082,012 | 25,082,012 |
29,109,263 | 213,672,848 | 205,286,553 | — | — | 29,852 | — | 37,495,558 | 37,495,558 |
* | Non-income producing security. |
48 | | | Deutsche DWS Equity 500 Index Portfolio |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at December 31, 2021 amounted to $12,111,992, which is 0.6% of net assets. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | At December 31, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2021. |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
S&P 500 E-Mini Index | USD | 3/18/2022 | 118 | 27,335,043 | 28,075,150 | 740,107 |
USD | United States Dollar |
Deutsche DWS Equity 500 Index Portfolio | | | 49 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $1,978,853,093 | $ — | $— | $1,978,853,093 |
Government & Agency Obligations | — | 2,659,951 | — | 2,659,951 |
Short-Term Investments (a) | 37,495,558 | — | — | 37,495,558 |
Derivatives (b) | ||||
Futures Contracts | 740,107 | — | — | 740,107 |
Total | $2,017,088,758 | $2,659,951 | $ — | $2,019,748,709 |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
50 | | | Deutsche DWS Equity 500 Index Portfolio |
Assets | |
Investments in non-affiliated securities, at value (cost $455,529,444) — including $12,111,992 of securities loaned | $ 1,981,513,044 |
Investment in DWS Government & Agency Securities Portfolio (cost $12,413,546)* | 12,413,546 |
Investment in DWS Central Cash Management Government Fund (cost $25,082,012) | 25,082,012 |
Cash | 92,527 |
Dividends receivable | 1,180,491 |
Interest receivable | 1,593 |
Other assets | 32,124 |
Total assets | 2,020,315,337 |
Liabilities | |
Payable upon return of securities loaned | 12,413,546 |
Payable for variation margin on futures contracts | 81,076 |
Accrued management fee | 83,786 |
Accrued Trustees' fees | 10,725 |
Other accrued expenses and payables | 132,836 |
Total liabilities | 12,721,969 |
Net assets, at value | $ 2,007,593,368 |
* | Represents collateral on securities loaned. |
Deutsche DWS Equity 500 Index Portfolio | | | 51 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $124,356) | $ 26,235,516 |
Interest | 948 |
Income distributions — DWS Central Cash Management Government Fund | 5,083 |
Securities lending income, net of borrower rebates | 24,769 |
Total income | 26,266,316 |
Expenses: | |
Management fee | 933,091 |
Administration fee | 559,855 |
Custodian fee | 24,658 |
Professional fees | 86,115 |
Reports to shareholders | 24,678 |
Trustees' fees and expenses | 64,185 |
Other | 84,406 |
Total expenses | 1,776,988 |
Net investment income | 24,489,328 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 133,026,495 |
Futures | 6,945,569 |
139,972,064 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 302,901,742 |
Futures | 173,050 |
303,074,792 | |
Net gain (loss) | 443,046,856 |
Net increase (decrease) in net assets resulting from operations | $ 467,536,184 |
52 | | | Deutsche DWS Equity 500 Index Portfolio |
Deutsche DWS Equity 500 Index Portfolio | ||
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 24,489,328 | $ 27,700,804 |
Net realized gain (loss) | 139,972,064 | 151,111,582 |
Change in net unrealized appreciation (depreciation) | 303,074,792 | 88,950,111 |
Net increase (decrease) in net assets resulting from operations | 467,536,184 | 267,762,497 |
Capital transactions in shares of beneficial interest: | ||
Proceeds from capital invested | 34,499,150 | 62,270,039 |
Value of capital withdrawn | (224,576,589) | (292,415,144) |
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | (190,077,439) | (230,145,105) |
Increase (decrease) in net assets | 277,458,745 | 37,617,392 |
Net assets at beginning of period | 1,730,134,623 | 1,692,517,231 |
Net assets at end of period | $2,007,593,368 | $1,730,134,623 |
Deutsche DWS Equity 500 Index Portfolio | | | 53 |
Deutsche DWS Equity 500 Index Portfolio | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2,008 | 1,730 | 1,693 | 1,457 | 1,788 |
Ratio of expenses (%) | .10 | .10 | .10 | .10 | .10 |
Ratio of net investment income (%) | 1.31 | 1.76 | 1.93 | 1.90 | 1.93 |
Portfolio turnover rate (%) | 2 | 4 | 3 | 3 | 6 |
Total investment return (%)a | 28.53 | 18.15 | 31.34 | (4.09) b | 21.62 |
a | Total investment return for the Portfolio was derived from the performance of the Institutional Class of DWS Equity 500 Index Fund. |
b | Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. Excluding this reimbursement, total return would have been .30% lower. |
54 | | | Deutsche DWS Equity 500 Index Portfolio |
A. | Organization and Significant Accounting Policies |
Deutsche DWS Equity 500 Index Portfolio | | | 55 |
56 | | | Deutsche DWS Equity 500 Index Portfolio |
Deutsche DWS Equity 500 Index Portfolio | | | 57 |
B. | Derivative Instruments |
58 | | | Deutsche DWS Equity 500 Index Portfolio |
Assets Derivative | Futures Contracts |
Equity Contracts (a) | $ 740,107 |
The above derivative is located in the following Statement of Assets and Liabilities account: |
(a) | Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Realized Gain (Loss) | Futures Contracts |
Equity Contracts (a) | $ 6,945,569 |
The above derivative is located in the following Statement of Operations account: |
(a) | Net realized gain (loss) from futures |
Change in Net Unrealized Appreciation (Depreciation) | Futures Contracts |
Equity Contracts (a) | $ 173,050 |
The above derivative is located in the following Statement of Operations account: |
(a) | Change in net unrealized appreciation (depreciation) on futures |
Deutsche DWS Equity 500 Index Portfolio | | | 59 |
C. | Purchases and Sales of Securities |
D. | Related Parties |
60 | | | Deutsche DWS Equity 500 Index Portfolio |
E. | Line of Credit |
F. | Other — COVID-19 Pandemic |
Deutsche DWS Equity 500 Index Portfolio | | | 61 |
62 | | | Deutsche DWS Equity 500 Index Portfolio |
Deutsche DWS Equity 500 Index Portfolio | | | 63 |
— | During the entire process, all of the Portfolio’s and the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability from a fee consultant retained by the Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Portfolio’s and the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, |
64 | | | DWS Equity 500 Index Fund |
administrative services agreement, transfer agency agreement and other material service agreements. |
DWS Equity 500 Index Fund | | | 65 |
66 | | | DWS Equity 500 Index Fund |
DWS Equity 500 Index Fund | | | 67 |
68 | | | DWS Equity 500 Index Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 70 | — |
Deutsche DWS Equity 500 Index Portfolio | | | 69 |
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 |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 70 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 70 | — |
70 | | | Deutsche DWS Equity 500 Index Portfolio |
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 (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 70 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 70 | — |
Chad D. Perry (1972)Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 21 4 | — |
Deutsche DWS Equity 500 Index Portfolio | | | 71 |
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 |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 70 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
Catherine Schrand (1964)Board Member or Advisory Board Member since 20213 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 21 4 | — |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 70 | — |
72 | | | Deutsche DWS Equity 500 Index Portfolio |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette8 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Deutsche DWS Equity 500 Index Portfolio | | | 73 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson8 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980)Anti-Money Laundering Compliance Officer, since October 6, 2021 | DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. |
4 | Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
74 | | | Deutsche DWS Equity 500 Index Portfolio |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Class S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWSPO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
DWS Equity 500 Index Fund | | | 75 |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class S | Institutional Class | |
Nasdaq Symbol | BTIEX | BTIIX |
CUSIP Number | 25159R 205 | 25159R 106 |
Fund Number | 815 | 565 |
For shareholders of Class R6 | ||
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 | |
24-hour access to your retirement plan account. | ||
Web Site | dws.com | |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | ||
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | ||
For More Information | (800) 728-3337 | |
To speak with a service representative. | ||
Written Correspondence | DWS Service Company222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | BTIRX |
CUSIP Number | 25159R 866 |
Fund Number | 1615 |
76 | | | DWS Equity 500 Index Fund |
DWS S&P 500 Index Fund | |
4 | Letter to Shareholders |
5 | Portfolio Management Review |
10 | Performance Summary |
12 | Portfolio Summary |
14 | Statement of Assets and Liabilities |
15 | Statement of Operations |
16 | Statements of Changes in Net Assets |
17 | Financial Highlights |
21 | Notes to Financial Statements |
29 | Report of Independent Registered Public Accounting Firm |
31 | Information About Your Fund’s Expenses |
32 | Tax Information |
Deutsche DWS Equity 500Index Portfolio | |
34 | Investment Portfolio |
53 | Statement of Assets and Liabilities |
54 | Statement of Operations |
55 | Statements of Changes in Net Assets |
56 | Financial Highlights |
57 | Notes to Financial Statements |
64 | Report of Independent Registered Public Accounting Firm |
66 | Advisory Agreement Board Considerations and Fee Evaluation |
71 | Board Members and Officers |
77 | Account Management Resources |
2 | | | DWS S&P 500 Index Fund |
DWS S&P 500 Index Fund | | | 3 |
4 | | | DWS S&P 500 Index Fund |
Portfolio Management Review | (Unaudited) |
DWS S&P 500 Index Fund | | | 5 |
6 | | | DWS S&P 500 Index Fund |
DWS S&P 500 Index Fund | | | 7 |
8 | | | DWS S&P 500 Index Fund |
— | Joined Northern Trust Investments, Inc. in 1993 and is responsible for the management of quantitative equity portfolios. |
DWS S&P 500 Index Fund | | | 9 |
Performance Summary | December 31, 2021 (Unaudited) |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | |||
Unadjusted for Sales Charge | 28.02% | 17.91% | 15.89% |
Adjusted for the Maximum Sales Charge (max 4.50% load) | 22.26% | 16.83% | 15.36% |
S&P 500® Index† | 28.71% | 18.47% | 16.55% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | |||
Unadjusted for Sales Charge | 27.11% | 17.06% | 15.08% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 27.11% | 17.06% | 15.08% |
S&P 500® Index† | 28.71% | 18.47% | 16.55% |
Class R6 | 1-Year | Life of Class* |
Average Annual Total Returns as of 12/31/21 | ||
No Sales Charges | 28.41% | 17.85% |
S&P 500® Index† | 28.71% | 17.98% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | |||
No Sales Charges | 28.33% | 18.20% | 16.21% |
S&P 500® Index† | 28.71% | 18.47% | 16.55% |
10 | | | DWS S&P 500 Index Fund |
* | Class R6 shares commenced operations on March 31, 2017. |
† | The S&P 500 Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. |
Class A | Class C | Class R6 | Class S | |
Net Asset Value | ||||
12/31/21 | $44.75 | $44.64 | $44.86 | $44.86 |
12/31/20 | $36.94 | $36.85 | $37.03 | $37.03 |
Distribution Information as of 12/31/21 | ||||
Income Dividends, Twelve Months | $ .37 | $ .07 | $ .51 | $ .48 |
Capital Gain Distributions | $ 2.08 | $ 2.08 | $ 2.08 | $ 2.08 |
DWS S&P 500 Index Fund | | | 11 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/21 | 12/31/20 |
Common Stocks | 99% | 98% |
Cash Equivalents | 1% | 2% |
Government & Agency Obligations | 0% | 0% |
100% | 100% |
Sector Diversification (As a % of Common Stocks) | 12/31/21 | 12/31/20 |
Information Technology | 29% | 28% |
Health Care | 13% | 13% |
Consumer Discretionary | 12% | 13% |
Financials | 11% | 10% |
Communication Services | 10% | 11% |
Industrials | 8% | 8% |
Consumer Staples | 6% | 7% |
Real Estate | 3% | 2% |
Energy | 3% | 2% |
Materials | 3% | 3% |
Utilities | 2% | 3% |
100% | 100% |
12 | | | DWS S&P 500 Index Fund |
Ten Largest Equity Holdings at December 31, 2021 (30.1% of Net Assets) | |
1 Apple, Inc. | 6.8% |
Designs, manufactures and markets personal computers and related computing and mobile-communication devices | |
2 Microsoft Corp. | 6.2% |
Develops, manufactures, licenses, sells and supports software products | |
3 Alphabet, Inc. | 4.1% |
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications | |
4 Amazon.com, Inc. | 3.6% |
Online retailer offering a wide range of products | |
5 Tesla, Inc. | 2.1% |
Designs,manufactures and sells high-perfomance electric vehicles and electric vehicle powertrain components | |
6 Meta Platforms, Inc. | 1.9% |
Operator of social networking Web site | |
7 NVIDIA Corp. | 1.8% |
Designs, develops and markets three dimensional (3D) graphic processors | |
8 Berkshire Hathaway, Inc. | 1.3% |
Holding company of insurance business and a variety of other businesses | |
9 UnitedHealth Group, Inc. | 1.2% |
Operator of organized health systems | |
10 JPMorgan Chase & Co. | 1.1% |
Provider of global financial services |
DWS S&P 500 Index Fund | | | 13 |
Assets | |
Investments in Deutsche DWS Equity 500 Index Portfolio, at value | $ 1,344,622,935 |
Receivable for Fund shares sold | 481,079 |
Other assets | 26,307 |
Total assets | 1,345,130,321 |
Liabilities | |
Payable for Fund shares redeemed | 366,258 |
Accrued Trustees' fees | 654 |
Other accrued expenses and payables | 572,524 |
Total liabilities | 939,436 |
Net assets, at value | $ 1,344,190,885 |
Net Assets Consist of | |
Distributable earnings (loss) | 945,365,705 |
Paid-in capital | 398,825,180 |
Net assets, at value | $ 1,344,190,885 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($241,561,068 ÷ 5,398,200 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 44.75 |
Maximum offering price per share (100 ÷ 95.50 of $44.75) | $ 46.86 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share per share ($93,087,271 ÷ 2,085,203 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 44.64 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($4,576,907 ÷ 102,017 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 44.86 |
Class S | |
Net Asset Value, offering and redemption price per share ($1,004,965,639 ÷ 22,403,121 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 44.86 |
14 | | | DWS S&P 500 Index Fund |
Investment Income | |
Income and expenses allocated from Deutsche DWS Equity 500 Index Portfolio: | |
Dividends (net of foreign taxes withheld of $82,299) | $ 17,359,355 |
Interest | 624 |
Income distributions — DWS Central Cash Management Government Fund | 3,358 |
Securities lending income, net of borrower rebates | 16,290 |
Expenses | (1,175,446) |
Net investment income allocated from Deutsche DWS Equity 500 Index Portfolio | 16,204,181 |
Expenses: | |
Administration fee | 1,196,591 |
Services to shareholders | 1,051,558 |
Distribution and service fees | 1,411,135 |
Professional fees | 56,154 |
Reports to shareholders | 47,310 |
Registration fees | 75,370 |
Trustees' fees and expenses | 2,218 |
Other | 12,024 |
Total expenses before expense reductions | 3,852,360 |
Expense reductions | (31,989) |
Total expenses after expense reductions | 3,820,371 |
Net investment income | 12,383,810 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) allocated from Deutsche DWS Equity 500 Index Portfolio: | |
Investments | 88,162,256 |
Futures | 4,583,718 |
92,745,974 | |
Change in net unrealized appreciation (depreciation) allocated from Deutsche DWS Equity 500 Index Portfolio: | |
Investments | 199,723,584 |
Futures | 119,343 |
199,842,927 | |
Net gain (loss) | 292,588,901 |
Net increase (decrease) in net assets resulting from operations | $ 304,972,711 |
DWS S&P 500 Index Fund | | | 15 |
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 12,383,810 | $ 14,484,564 |
Net realized gain (loss) | 92,745,974 | 96,596,268 |
Change in net unrealized appreciation (depreciation) | 199,842,927 | 57,677,711 |
Net increase (decrease) in net assets resulting from operations | 304,972,711 | 168,758,543 |
Distributions to shareholders: | ||
Class A | (12,789,356) | (12,925,973) |
Class C | (4,330,149) | (5,008,802) |
Class R6 | (249,984) | (153,317) |
Class S | (55,454,557) | (55,780,648) |
Total distributions | (72,824,046) | (73,868,740) |
Fund share transactions: | ||
Proceeds from shares sold | 80,518,442 | 92,604,173 |
Reinvestment of distributions | 68,142,269 | 69,151,613 |
Payments for shares redeemed | (149,669,877) | (204,307,889) |
Net increase (decrease) in net assets from Fund share transactions | (1,009,166) | (42,552,103) |
Increase (decrease) in net assets | 231,139,499 | 52,337,700 |
Net assets at beginning of period | 1,113,051,386 | 1,060,713,686 |
Net assets at end of period | $1,344,190,885 | $1,113,051,386 |
16 | | | DWS S&P 500 Index Fund |
DWS S&P 500 Index Fund — Class A | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $36.94 | $33.64 | $27.04 | $30.50 | $26.69 |
Income (loss) from investment operations: | |||||
Net investment incomea | .36 | .44 | .46 | .45 | .42 |
Net realized and unrealized gain (loss) | 9.90 | 5.34 | 7.77 | (1.79) b | 5.16 |
Total from investment operations | 10.26 | 5.78 | 8.23 | (1.34) | 5.58 |
Less distributions from: | |||||
Net investment income | (.37) | (.43) | (.42) | (.40) | (.43) |
Net realized gains | (2.08) | (2.05) | (1.21) | (1.72) | (1.34) |
Total distributions | (2.45) | (2.48) | (1.63) | (2.12) | (1.77) |
Net asset value, end of period | $44.75 | $36.94 | $33.64 | $27.04 | $30.50 |
Total Return (%)c | 28.02 d | 17.80 d | 30.74 d | (4.55) b | 21.09 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 242 | 197 | 191 | 166 | 199 |
Ratio of expenses before expense reductions including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .54 | .55 | .58 | .57 | .59 |
Ratio of expenses after expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .54 | .54 | .56 | .57 | .59 |
Ratio of net investment income (%) | .87 | 1.32 | 1.47 | 1.44 | 1.45 |
Portfolio turnover rate for Deutsche DWS Equity 500 Index Portfolio (%) | 2 | 4 | 3 | 3 | 6 |
a | Based on average shares outstanding during the period. |
b | Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.09 per share. Excluding this reimbursement, total return would have been .30% lower. |
c | Total return does not reflect the effect of any sales charges. |
d | Total return would have been lower had certain expenses not been reduced. |
DWS S&P 500 Index Fund | | | 17 |
DWS S&P 500 Index Fund — Class C | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $36.85 | $33.57 | $26.98 | $30.43 | $26.64 |
Income (loss) from investment operations: | |||||
Net investment incomea | .06 | .19 | .23 | .22 | .21 |
Net realized and unrealized gain (loss) | 9.88 | 5.33 | 7.76 | (1.77) b | 5.14 |
Total from investment operations | 9.94 | 5.52 | 7.99 | (1.55) | 5.35 |
Less distributions from: | |||||
Net investment income | (.07) | (.19) | (.19) | (.18) | (.22) |
Net realized gains | (2.08) | (2.05) | (1.21) | (1.72) | (1.34) |
Total distributions | (2.15) | (2.24) | (1.40) | (1.90) | (1.56) |
Net asset value, end of period | $44.64 | $36.85 | $33.57 | $26.98 | $30.43 |
Total Return (%)c | 27.11 | 16.91 | 29.81 | (5.22) b | 20.20 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 93 | 84 | 85 | 70 | 92 |
Ratio of expenses including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | 1.25 | 1.27 | 1.30 | 1.28 | 1.30 |
Ratio of net investment income (%) | .15 | .59 | .73 | .72 | .74 |
Portfolio turnover rate for Deutsche DWS Equity 500 Index Portfolio (%) | 2 | 4 | 3 | 3 | 6 |
a | Based on average shares outstanding during the period. |
b | Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.09 per share. Excluding this reimbursement, total return would have been .30% lower. |
c | Total return does not reflect the effect of any sales charges. |
18 | | | DWS S&P 500 Index Fund |
DWS S&P 500 Index Fund — Class R6 | |||||
Years Ended December 31, | Period Ended | ||||
2021 | 2020 | 2019 | 2018 | 12/31/17 a | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $37.03 | $33.72 | $27.10 | $30.55 | $28.24 |
Income (loss) from investment operations: | |||||
Net investment incomeb | .50 | .54 | .55 | .58 | .38 |
Net realized and unrealized gain (loss) | 9.92 | 5.34 | 7.81 | (1.81) c | 3.68 |
Total from investment operations | 10.42 | 5.88 | 8.36 | (1.23) | 4.06 |
Less distributions from: | |||||
Net investment income | (.51) | (.52) | (.53) | (.50) | (.41) |
Net realized gains | (2.08) | (2.05) | (1.21) | (1.72) | (1.34) |
Total distributions | (2.59) | (2.57) | (1.74) | (2.22) | (1.75) |
Net asset value, end of period | $44.86 | $37.03 | $33.72 | $27.10 | $30.55 |
Total Return (%) | 28.41 | 18.14 | 31.18 | (4.22) c | 14.53 d* |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 5 | 2 | 1 | 11 | .05 |
Ratio of expenses before expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .22 | .23 | .25 | .24 | .40 ** |
Ratio of expenses after expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .22 | .23 | .25 | .24 | .35 ** |
Ratio of net investment income (%) | 1.18 | 1.61 | 1.79 | 1.83 | 1.67 ** |
Portfolio turnover rate for Deutsche DWS Equity 500 Index Portfolio (%) | 2 | 4 | 3 | 3 | 6 e |
a | For the period from March 31, 2017 (commencement of operations) to December 31, 2017. |
b | Based on average shares outstanding during the period. |
c | Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.09 per share. Excluding this reimbursement, total return would have been .30% lower. |
d | Total return would have been lower had certain expenses not been reduced. |
e | Represents the Deutsche DWS Equity 500 Index Portfolio’s turnover rate for the year ended December 31, 2017. |
* | Not annualized |
** | Annualized |
DWS S&P 500 Index Fund | | | 19 |
DWS S&P 500 Index Fund — Class S | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $37.03 | $33.72 | $27.09 | $30.56 | $26.75 |
Income (loss) from investment operations: | |||||
Net investment incomea | .47 | .52 | .54 | .53 | .49 |
Net realized and unrealized gain (loss) | 9.92 | 5.35 | 7.81 | (1.80) b | 5.17 |
Total from investment operations | 10.39 | 5.87 | 8.35 | (1.27) | 5.66 |
Less distributions from: | |||||
Net investment income | (.48) | (.51) | (.51) | (.48) | (.51) |
Net realized gains | (2.08) | (2.05) | (1.21) | (1.72) | (1.34) |
Total distributions | (2.56) | (2.56) | (1.72) | (2.20) | (1.85) |
Net asset value, end of period | $44.86 | $37.03 | $33.72 | $27.09 | $30.56 |
Total Return (%) | 28.33 c | 18.08 c | 31.13 c | (4.33) b | 21.38 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1,005 | 830 | 783 | 632 | 722 |
Ratio of expenses before expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .29 | .31 | .33 | .32 | .34 |
Ratio of expenses after expense reductions, including expenses allocated from Deutsche DWS Equity 500 Index Portfolio (%) | .29 | .29 | .31 | .32 | .34 |
Ratio of net investment income (%) | 1.12 | 1.57 | 1.72 | 1.69 | 1.70 |
Portfolio turnover rate for Deutsche DWS Equity 500 Index Portfolio (%) | 2 | 4 | 3 | 3 | 6 |
a | Based on average shares outstanding during the period. |
b | Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.09 per share. Excluding this reimbursement, total return would have been .30% lower. |
c | Total return would have been lower had certain expenses not been reduced. |
20 | | | DWS S&P 500 Index Fund |
A. | Organization and Significant Accounting Policies |
DWS S&P 500 Index Fund | | | 21 |
22 | | | DWS S&P 500 Index Fund |
Undistributed ordinary income* | $ 3,314,071 |
Undistributed long-term capital gains | $ 4,140,664 |
Years Ended December 31, | ||
2021 | 2020 | |
Distributions from ordinary income* | $ 14,490,223 | $ 14,048,108 |
Distributions from long-term capital gains | $ 58,333,823 | $ 5,517,062 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
B. | Related Parties |
DWS S&P 500 Index Fund | | | 23 |
Class A | .54% |
Class C | 1.29% |
Class R6 | .29% |
Class S | .29% |
Class A | .56% | |
Class C | 1.31% | |
Class R6 | .31% | |
Class S | .31% |
Class A | .54% | ||
Class C | 1.29% | ||
Class R6 | .29% | ||
Class S | .29% |
24 | | | DWS S&P 500 Index Fund |
DWS S&P 500 Index Fund: | |
Class A | $ 5,788 |
Class S | 26,201 |
$ 31,989 |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2021 |
Class A | $ 31,572 | $ 5,299 |
Class C | 2,219 | 342 |
Class R6 | 276 | 44 |
Class S | 338,132 | 56,222 |
$ 372,199 | $ 61,907 |
DWS S&P 500 Index Fund | | | 25 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 165,139 |
Class C | 31,394 |
Class S | 376,359 |
$ 572,892 |
Distribution Fee | Total Aggregated | Unpaid at December 31, 2021 |
Class C | $ 665,446 | $ 58,294 |
Service Fee | Total Aggregated | Unpaid at December 31, 2021 | Annual Rate |
Class A | $ 524,000 | $ 101,874 | .24% |
Class C | 221,689 | 37,715 | .25% |
$ 745,689 | $ 139,589 |
26 | | | DWS S&P 500 Index Fund |
C. | Funds Share Transactions |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 893,906 | $ 37,052,962 | 1,229,155 | $ 40,380,362 |
Class C | 155,353 | 6,396,719 | 404,556 | 12,574,428 |
Class R6 | 34,945 | 1,349,167 | 27,942 | 961,370 |
Class S | 858,312 | 35,719,594 | 1,199,307 | 38,688,013 |
$ 80,518,442 | $ 92,604,173 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 270,561 | $ 11,794,843 | 338,868 | $ 11,736,984 |
Class C | 98,995 | 4,329,034 | 143,008 | 4,973,624 |
Class R6 | 5,139 | 224,135 | 4,034 | 140,400 |
Class S | 1,187,665 | 51,794,257 | 1,512,303 | 52,300,605 |
$ 68,142,269 | $ 69,151,613 | |||
Shares redeemed | ||||
Class A | (1,096,068) | $ (45,364,285) | (1,912,773) | $ (62,672,335) |
Class C | (445,472) | (18,474,784) | (809,067) | (25,580,921) |
Class R6 | (5,145) | (209,473) | (9,049) | (303,685) |
Class S | (2,053,884) | (85,621,335) | (3,526,331) | (115,750,948) |
$ (149,669,877) | $ (204,307,889) |
DWS S&P 500 Index Fund | | | 27 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
Class A | 68,399 | $ 3,483,520 | (344,750) | $ (10,554,989) |
Class C | (191,124) | (7,749,031) | (261,503) | (8,032,869) |
Class R6 | 34,939 | 1,363,829 | 22,927 | 798,085 |
Class S | (7,907) | 1,892,516 | (814,721) | (24,762,330) |
$ (1,009,166) | $ (42,552,103) |
D. | Other — COVID-19 Pandemic |
28 | | | DWS S&P 500 Index Fund |
DWS S&P 500 Index Fund | | | 29 |
30 | | | DWS S&P 500 Index Fund |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
DWS S&P 500 Index Fund | | | 31 |
Actual Fund Return* | Class A | Class C | Class R6 | Class S |
Beginning Account Value 7/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/21 | $1,113.60 | $1,109.60 | $1,115.30 | $1,115.00 |
Expenses Paid per $1,000** | $ 2.88 | $ 6.65 | $ 1.17 | $ 1.55 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S |
Beginning Account Value 7/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/21 | $1,022.48 | $1,018.90 | $1,024.10 | $1,023.74 |
Expenses Paid per $1,000** | $ 2.75 | $ 6.36 | $ 1.12 | $ 1.48 |
* | Expenses include amounts allocated proportionally from the master portfolio. |
** | 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 C | Class R6 | Class S |
DWS S&P 500 Index Fund | .54% | 1.25% | .22% | .29% |
Tax Information | (Unaudited) |
32 | | | DWS S&P 500 Index Fund |
Deutsche DWS Equity 500 Index Portfolio | | | 33 |
Investment Portfolio | as of December 31, 2021 |
Shares | Value ($) | ||
Common Stocks 98.6% | |||
Communication Services 10.0% | |||
Diversified Telecommunication Services 1.0% | |||
AT&T, Inc. | 349,166 | 8,589,484 | |
Lumen Technologies, Inc. (a) | 45,375 | 569,456 | |
Verizon Communications, Inc. | 203,471 | 10,572,353 | |
19,731,293 | |||
Entertainment 1.6% | |||
Activision Blizzard, Inc. | 38,596 | 2,567,792 | |
Electronic Arts, Inc. | 13,839 | 1,825,364 | |
Live Nation Entertainment, Inc.* | 6,494 | 777,267 | |
Netflix, Inc.* | 21,689 | 13,066,321 | |
Take-Two Interactive Software, Inc.* | 5,611 | 997,187 | |
Walt Disney Co.* | 88,864 | 13,764,145 | |
32,998,076 | |||
Interactive Media & Services 6.2% | |||
Alphabet, Inc. “A” * | 14,734 | 42,684,987 | |
Alphabet, Inc. “C” * | 13,704 | 39,653,757 | |
Match Group, Inc.* | 14,077 | 1,861,683 | |
Meta Platforms, Inc. “A” * | 115,936 | 38,995,074 | |
Twitter, Inc.* | 39,616 | 1,712,204 | |
124,907,705 | |||
Media 1.0% | |||
Charter Communications, Inc. “A” * | 6,028 | 3,930,075 | |
Comcast Corp. “A” | 222,687 | 11,207,837 | |
Discovery, Inc. “A” * (a) | 8,658 | 203,809 | |
Discovery, Inc. “C” * (a) | 15,502 | 354,996 | |
DISH Network Corp. “A” * | 12,530 | 406,473 | |
Fox Corp. “A” | 16,233 | 598,998 | |
Fox Corp. “B” | 7,728 | 264,839 | |
Interpublic Group of Companies, Inc. | 19,896 | 745,105 | |
News Corp. “A” | 19,680 | 439,061 | |
News Corp. “B” | 5,883 | 132,367 | |
Omnicom Group, Inc. (a) | 10,445 | 765,305 | |
ViacomCBS, Inc. “B” | 29,710 | 896,648 | |
19,945,513 | |||
Wireless Telecommunication Services 0.2% | |||
T-Mobile U.S., Inc.* | 28,797 | 3,339,876 |
34 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Consumer Discretionary 12.4% | |||
Auto Components 0.1% | |||
Aptiv PLC* | 13,383 | 2,207,526 | |
BorgWarner, Inc. | 12,199 | 549,809 | |
2,757,335 | |||
Automobiles 2.5% | |||
Ford Motor Co. | 190,902 | 3,965,035 | |
General Motors Co.* | 71,358 | 4,183,720 | |
Tesla, Inc.* | 39,848 | 42,110,569 | |
50,259,324 | |||
Distributors 0.1% | |||
Genuine Parts Co. | 7,014 | 983,363 | |
LKQ Corp. | 13,420 | 805,602 | |
Pool Corp. | 1,973 | 1,116,718 | |
2,905,683 | |||
Hotels, Restaurants & Leisure 1.9% | |||
Booking Holdings, Inc.* | 2,000 | 4,798,460 | |
Caesars Entertainment, Inc.* (a) | 10,551 | 986,835 | |
Carnival Corp.* (a) | 40,393 | 812,707 | |
Chipotle Mexican Grill, Inc.* | 1,393 | 2,435,312 | |
Darden Restaurants, Inc. | 6,379 | 960,933 | |
Domino’s Pizza, Inc. | 1,761 | 993,785 | |
Hilton Worldwide Holdings, Inc.* | 13,336 | 2,080,283 | |
Las Vegas Sands Corp.* | 16,429 | 618,388 | |
Marriott International, Inc. “A” * | 13,467 | 2,225,287 | |
McDonald’s Corp. | 36,606 | 9,812,970 | |
MGM Resorts International | 19,430 | 872,018 | |
Norwegian Cruise Line Holdings Ltd.* (a) | 19,093 | 395,989 | |
Penn National Gaming, Inc.* (a) | 8,255 | 428,022 | |
Royal Caribbean Cruises Ltd.* (a) | 11,075 | 851,667 | |
Starbucks Corp. | 57,736 | 6,753,380 | |
Wynn Resorts Ltd.* | 5,313 | 451,818 | |
Yum! Brands, Inc. | 14,443 | 2,005,555 | |
37,483,409 | |||
Household Durables 0.4% | |||
D.R. Horton, Inc. | 16,103 | 1,746,370 | |
Garmin Ltd. | 7,565 | 1,030,126 | |
Lennar Corp. “A” | 13,535 | 1,572,226 | |
Mohawk Industries, Inc.* | 2,755 | 501,906 | |
Newell Brands, Inc. | 19,210 | 419,546 |
Deutsche DWS Equity 500 Index Portfolio | | | 35 |
Shares | Value ($) | ||
NVR, Inc.* | 150 | 886,330 | |
PulteGroup, Inc. | 12,629 | 721,874 | |
Whirlpool Corp. (a) | 3,033 | 711,724 | |
7,590,102 | |||
Internet & Direct Marketing Retail 3.8% | |||
Amazon.com, Inc.* | 21,388 | 71,314,864 | |
eBay, Inc. | 30,848 | 2,051,392 | |
Etsy, Inc.* | 6,290 | 1,377,132 | |
Expedia Group, Inc.* | 7,130 | 1,288,534 | |
76,031,922 | |||
Leisure Products 0.0% | |||
Hasbro, Inc. | 6,513 | 662,893 | |
Multiline Retail 0.5% | |||
Dollar General Corp. | 11,504 | 2,712,988 | |
Dollar Tree, Inc.* | 10,735 | 1,508,482 | |
Target Corp. | 23,834 | 5,516,141 | |
9,737,611 | |||
Specialty Retail 2.4% | |||
Advance Auto Parts, Inc. | 3,175 | 761,619 | |
AutoZone, Inc.* | 1,034 | 2,167,667 | |
Bath & Body Works, Inc. | 12,804 | 893,591 | |
Best Buy Co., Inc. | 10,889 | 1,106,323 | |
CarMax, Inc.* | 7,628 | 993,395 | |
Home Depot, Inc. | 51,837 | 21,512,873 | |
Lowe’s Companies, Inc. | 33,963 | 8,778,756 | |
O’Reilly Automotive, Inc.* | 3,262 | 2,303,722 | |
Ross Stores, Inc. | 16,925 | 1,934,189 | |
The Gap, Inc. | 10,491 | 185,166 | |
TJX Companies, Inc. | 59,252 | 4,498,412 | |
Tractor Supply Co. | 5,655 | 1,349,283 | |
Ulta Beauty, Inc.* | 2,642 | 1,089,402 | |
47,574,398 | |||
Textiles, Apparel & Luxury Goods 0.7% | |||
NIKE, Inc. “B” | 62,512 | 10,418,875 | |
PVH Corp. | 3,546 | 378,181 | |
Ralph Lauren Corp. | 2,374 | 282,174 | |
Tapestry, Inc. | 13,212 | 536,407 | |
Under Armour, Inc. “A” * | 9,570 | 202,788 |
36 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Under Armour, Inc. “C” * | 11,629 | 209,787 | |
VF Corp. | 16,266 | 1,190,997 | |
13,219,209 | |||
Consumer Staples 5.8% | |||
Beverages 1.4% | |||
Brown-Forman Corp. “B” | 9,223 | 671,988 | |
Coca-Cola Co. | 190,768 | 11,295,373 | |
Constellation Brands, Inc. “A” | 8,054 | 2,021,312 | |
Molson Coors Beverage Co. “B” (a) | 9,379 | 434,717 | |
Monster Beverage Corp.* | 18,652 | 1,791,338 | |
PepsiCo, Inc. | 67,939 | 11,801,684 | |
28,016,412 | |||
Food & Staples Retailing 1.4% | |||
Costco Wholesale Corp. | 21,722 | 12,331,579 | |
Kroger Co. (a) | 33,025 | 1,494,712 | |
Sysco Corp. | 25,217 | 1,980,795 | |
Walgreens Boots Alliance, Inc. | 35,501 | 1,851,732 | |
Walmart, Inc. | 69,814 | 10,101,388 | |
27,760,206 | |||
Food Products 0.8% | |||
Archer-Daniels-Midland Co. | 27,499 | 1,858,657 | |
Campbell Soup Co. | 10,294 | 447,377 | |
Conagra Brands, Inc. | 24,006 | 819,805 | |
General Mills, Inc. | 30,038 | 2,023,961 | |
Hormel Foods Corp. (a) | 13,578 | 662,742 | |
J M Smucker Co. | 4,910 | 666,876 | |
Kellogg Co. | 12,679 | 816,781 | |
Kraft Heinz Co. | 35,289 | 1,266,875 | |
Lamb Weston Holdings, Inc. | 7,479 | 474,019 | |
McCormick & Co., Inc. | 12,173 | 1,176,034 | |
Mondelez International, Inc. “A” | 68,018 | 4,510,274 | |
The Hershey Co. | 7,178 | 1,388,728 | |
Tyson Foods, Inc. “A” | 14,450 | 1,259,462 | |
17,371,591 | |||
Household Products 1.4% | |||
Church & Dwight Co., Inc. | 11,913 | 1,221,083 | |
Clorox Co. | 6,038 | 1,052,786 | |
Colgate-Palmolive Co. | 40,951 | 3,494,758 |
Deutsche DWS Equity 500 Index Portfolio | | | 37 |
Shares | Value ($) | ||
Kimberly-Clark Corp. | 16,707 | 2,387,764 | |
Procter & Gamble Co. (a) | 118,818 | 19,436,248 | |
27,592,639 | |||
Personal Products 0.2% | |||
Estee Lauder Companies, Inc. “A” | 11,292 | 4,180,298 | |
Tobacco 0.6% | |||
Altria Group, Inc. | 89,363 | 4,234,913 | |
Philip Morris International, Inc. | 75,995 | 7,219,525 | |
11,454,438 | |||
Energy 2.6% | |||
Energy Equipment & Services 0.2% | |||
Baker Hughes Co. | 43,075 | 1,036,384 | |
Halliburton Co. | 44,792 | 1,024,393 | |
Schlumberger NV | 68,927 | 2,064,364 | |
4,125,141 | |||
Oil, Gas & Consumable Fuels 2.4% | |||
APA Corp. | 17,180 | 461,970 | |
Chevron Corp. | 94,568 | 11,097,555 | |
ConocoPhillips | 64,439 | 4,651,207 | |
Coterra Energy, Inc. | 40,376 | 767,144 | |
Devon Energy Corp. | 30,582 | 1,347,137 | |
Diamondback Energy, Inc. (a) | 8,525 | 919,421 | |
EOG Resources, Inc. | 28,903 | 2,567,454 | |
Exxon Mobil Corp. | 207,784 | 12,714,303 | |
Hess Corp. | 13,577 | 1,005,105 | |
Kinder Morgan, Inc. | 95,764 | 1,518,817 | |
Marathon Oil Corp. | 37,134 | 609,740 | |
Marathon Petroleum Corp. | 29,508 | 1,888,217 | |
Occidental Petroleum Corp. | 44,093 | 1,278,256 | |
ONEOK, Inc. | 20,936 | 1,230,199 | |
Phillips 66 | 21,614 | 1,566,151 | |
Pioneer Natural Resources Co. | 11,279 | 2,051,425 | |
Valero Energy Corp. | 20,071 | 1,507,533 | |
Williams Companies, Inc. | 57,723 | 1,503,107 | |
48,684,741 | |||
Financials 10.5% | |||
Banks 3.9% | |||
Bank of America Corp. | 353,816 | 15,741,274 | |
Citigroup, Inc. | 97,189 | 5,869,244 | |
Citizens Financial Group, Inc. | 20,771 | 981,430 |
38 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Comerica, Inc. | 5,789 | 503,643 | |
Fifth Third Bancorp. | 33,435 | 1,456,094 | |
First Republic Bank | 8,914 | 1,840,830 | |
Huntington Bancshares, Inc. (a) | 71,049 | 1,095,575 | |
JPMorgan Chase & Co. | 145,120 | 22,979,752 | |
KeyCorp. | 46,639 | 1,078,760 | |
M&T Bank Corp. | 5,959 | 915,183 | |
People’s United Financial, Inc. | 21,143 | 376,768 | |
PNC Financial Services Group, Inc. | 20,661 | 4,142,944 | |
Regions Financial Corp. | 46,897 | 1,022,355 | |
Signature Bank | 2,973 | 961,676 | |
SVB Financial Group* | 2,905 | 1,970,287 | |
Truist Financial Corp. | 64,655 | 3,785,550 | |
U.S. Bancorp. | 66,786 | 3,751,370 | |
Wells Fargo & Co. | 195,467 | 9,378,507 | |
Zions Bancorp. NA | 7,614 | 480,900 | |
78,332,142 | |||
Capital Markets 2.9% | |||
Ameriprise Financial, Inc. | 5,510 | 1,662,147 | |
Bank of New York Mellon Corp. | 37,407 | 2,172,598 | |
BlackRock, Inc. | 6,993 | 6,402,511 | |
Cboe Global Markets, Inc. | 5,238 | 683,035 | |
Charles Schwab Corp. | 73,509 | 6,182,107 | |
CME Group, Inc. | 17,482 | 3,993,938 | |
FactSet Research Systems, Inc. | 1,860 | 903,979 | |
Franklin Resources, Inc. (a) | 13,576 | 454,660 | |
Intercontinental Exchange, Inc. | 27,379 | 3,744,626 | |
Invesco Ltd. | 16,955 | 390,304 | |
MarketAxess Holdings, Inc. | 1,880 | 773,188 | |
Moody’s Corp. | 8,026 | 3,134,795 | |
Morgan Stanley | 70,223 | 6,893,090 | |
MSCI, Inc. | 4,100 | 2,512,029 | |
Nasdaq, Inc. | 5,794 | 1,216,798 | |
Northern Trust Corp. | 9,788 | 1,170,743 | |
Raymond James Financial, Inc. | 9,283 | 932,013 | |
S&P Global, Inc. | 11,794 | 5,565,942 | |
State Street Corp. | 18,174 | 1,690,182 | |
T. Rowe Price Group, Inc. | 11,066 | 2,176,018 | |
The Goldman Sachs Group, Inc. | 16,586 | 6,344,974 | |
58,999,677 | |||
Consumer Finance 0.6% | |||
American Express Co. | 30,569 | 5,001,089 |
Deutsche DWS Equity 500 Index Portfolio | | | 39 |
Shares | Value ($) | ||
Capital One Financial Corp. | 20,688 | 3,001,622 | |
Discover Financial Services | 14,420 | 1,666,375 | |
Synchrony Financial | 26,762 | 1,241,489 | |
10,910,575 | |||
Diversified Financial Services 1.3% | |||
Berkshire Hathaway, Inc. “B” * | 89,881 | 26,874,419 | |
Insurance 1.8% | |||
Aflac, Inc. | 29,756 | 1,737,454 | |
Allstate Corp. | 13,790 | 1,622,393 | |
American International Group, Inc. | 40,960 | 2,328,986 | |
Aon PLC “A” | 10,744 | 3,229,217 | |
Arthur J. Gallagher & Co. | 9,857 | 1,672,437 | |
Assurant, Inc. | 2,766 | 431,109 | |
Brown & Brown, Inc. | 11,392 | 800,630 | |
Chubb Ltd. | 21,310 | 4,119,436 | |
Cincinnati Financial Corp. | 7,529 | 857,779 | |
Everest Re Group Ltd. | 1,875 | 513,600 | |
Globe Life, Inc. | 4,388 | 411,243 | |
Hartford Financial Services Group, Inc. | 16,637 | 1,148,618 | |
Lincoln National Corp. | 8,518 | 581,439 | |
Loews Corp. | 9,751 | 563,218 | |
Marsh & McLennan Companies, Inc. | 24,910 | 4,329,856 | |
MetLife, Inc. | 35,305 | 2,206,209 | |
Principal Financial Group, Inc. | 12,223 | 884,089 | |
Progressive Corp. | 28,306 | 2,905,611 | |
Prudential Financial, Inc. | 18,720 | 2,026,253 | |
Travelers Companies, Inc. | 12,153 | 1,901,094 | |
W.R. Berkley Corp. | 6,648 | 547,729 | |
Willis Towers Watson PLC | 6,162 | 1,463,413 | |
36,281,813 | |||
Health Care 13.1% | |||
Biotechnology 1.8% | |||
AbbVie, Inc. | 86,823 | 11,755,834 | |
Amgen, Inc. | 27,544 | 6,196,574 | |
Biogen, Inc.* | 7,197 | 1,726,704 | |
Gilead Sciences, Inc. | 61,160 | 4,440,828 | |
Incyte Corp.* | 9,436 | 692,602 | |
Moderna, Inc.* | 17,294 | 4,392,330 | |
Regeneron Pharmaceuticals, Inc.* | 5,204 | 3,286,430 | |
Vertex Pharmaceuticals, Inc.* | 12,503 | 2,745,659 | |
35,236,961 |
40 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Health Care Equipment & Supplies 3.5% | |||
Abbott Laboratories | 86,909 | 12,231,573 | |
ABIOMED, Inc.* | 2,289 | 822,140 | |
Align Technology, Inc.* | 3,593 | 2,361,248 | |
Baxter International, Inc. | 23,976 | 2,058,100 | |
Becton, Dickinson & Co. | 14,209 | 3,573,279 | |
Boston Scientific Corp.* | 70,462 | 2,993,226 | |
Danaher Corp. | 31,168 | 10,254,584 | |
DENTSPLY SIRONA, Inc. | 11,042 | 616,033 | |
DexCom, Inc.* (a) | 4,800 | 2,577,360 | |
Edwards Lifesciences Corp.* | 30,874 | 3,999,727 | |
Hologic, Inc.* | 12,642 | 967,871 | |
IDEXX Laboratories, Inc.* | 4,104 | 2,702,320 | |
Intuitive Surgical, Inc.* | 17,374 | 6,242,478 | |
Medtronic PLC | 65,854 | 6,812,596 | |
ResMed, Inc. | 7,226 | 1,882,228 | |
STERIS PLC (a) | 4,892 | 1,190,762 | |
Stryker Corp. | 16,347 | 4,371,515 | |
Teleflex, Inc. | 2,361 | 775,541 | |
The Cooper Companies, Inc. | 2,413 | 1,010,902 | |
West Pharmaceutical Services, Inc. | 3,658 | 1,715,639 | |
Zimmer Biomet Holdings, Inc. (a) | 10,156 | 1,290,218 | |
70,449,340 | |||
Health Care Providers & Services 2.7% | |||
AmerisourceBergen Corp. | 7,481 | 994,150 | |
Anthem, Inc. | 11,972 | 5,549,501 | |
Cardinal Health, Inc. | 13,844 | 712,828 | |
Centene Corp.* | 28,891 | 2,380,618 | |
Cigna Corp. | 16,301 | 3,743,199 | |
CVS Health Corp. | 64,623 | 6,666,509 | |
DaVita, Inc.* | 3,098 | 352,429 | |
HCA Healthcare, Inc. | 11,807 | 3,033,454 | |
Henry Schein, Inc.* | 6,582 | 510,302 | |
Humana, Inc. | 6,219 | 2,884,745 | |
Laboratory Corp. of America Holdings* | 4,684 | 1,471,760 | |
McKesson Corp. | 7,488 | 1,861,292 | |
Quest Diagnostics, Inc. | 6,042 | 1,045,326 | |
UnitedHealth Group, Inc. | 46,228 | 23,212,928 | |
Universal Health Services, Inc. “B” | 3,686 | 477,927 | |
54,896,968 | |||
Health Care Technology 0.1% | |||
Cerner Corp. | 14,336 | 1,331,385 |
Deutsche DWS Equity 500 Index Portfolio | | | 41 |
Shares | Value ($) | ||
Life Sciences Tools & Services 1.4% | |||
Agilent Technologies, Inc. | 15,042 | 2,401,455 | |
Bio-Rad Laboratories, Inc. “A” * | 1,053 | 795,615 | |
Bio-Techne Corp. | 1,897 | 981,394 | |
Charles River Laboratories International, Inc.* | 2,542 | 957,775 | |
Illumina, Inc.* | 7,692 | 2,926,345 | |
IQVIA Holdings, Inc.* | 9,490 | 2,677,509 | |
Mettler-Toledo International, Inc.* | 1,124 | 1,907,664 | |
PerkinElmer, Inc. | 5,964 | 1,199,122 | |
Thermo Fisher Scientific, Inc. | 19,314 | 12,887,073 | |
Waters Corp.* | 3,019 | 1,124,879 | |
27,858,831 | |||
Pharmaceuticals 3.6% | |||
Bristol-Myers Squibb Co. | 108,441 | 6,761,296 | |
Catalent, Inc.* | 8,382 | 1,073,147 | |
Eli Lilly & Co. | 38,989 | 10,769,542 | |
Johnson & Johnson | 129,257 | 22,111,995 | |
Merck & Co., Inc. | 123,359 | 9,454,234 | |
Organon & Co. | 12,747 | 388,146 | |
Pfizer, Inc. | 275,655 | 16,277,428 | |
Viatris, Inc. | 61,111 | 826,832 | |
Zoetis, Inc. | 23,113 | 5,640,265 | |
73,302,885 | |||
Industrials 7.7% | |||
Aerospace & Defense 1.3% | |||
Boeing Co.* | 27,321 | 5,500,264 | |
General Dynamics Corp. | 11,528 | 2,403,242 | |
Howmet Aerospace, Inc. | 18,697 | 595,125 | |
Huntington Ingalls Industries, Inc. | 2,030 | 379,082 | |
L3Harris Technologies, Inc. | 9,662 | 2,060,325 | |
Lockheed Martin Corp. | 12,083 | 4,294,419 | |
Northrop Grumman Corp. | 7,343 | 2,842,255 | |
Raytheon Technologies Corp. | 73,226 | 6,301,830 | |
Textron, Inc. | 10,752 | 830,054 | |
TransDigm Group, Inc.* (a) | 2,603 | 1,656,237 | |
26,862,833 | |||
Air Freight & Logistics 0.6% | |||
C.H. Robinson Worldwide, Inc. | 5,932 | 638,461 | |
Expeditors International of Washington, Inc. | 7,948 | 1,067,337 |
42 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
FedEx Corp. | 11,846 | 3,063,850 | |
United Parcel Service, Inc. “B” | 35,748 | 7,662,226 | |
12,431,874 | |||
Airlines 0.2% | |||
Alaska Air Group, Inc.* | 6,220 | 324,062 | |
American Airlines Group, Inc.* (a) | 32,448 | 582,766 | |
Delta Air Lines, Inc.* | 31,367 | 1,225,822 | |
Southwest Airlines Co.* | 29,047 | 1,244,374 | |
United Airlines Holdings, Inc.* | 15,507 | 678,896 | |
4,055,920 | |||
Building Products 0.5% | |||
A.O. Smith Corp. | 6,355 | 545,577 | |
Allegion PLC | 4,333 | 573,863 | |
Carrier Global Corp. | 41,756 | 2,264,845 | |
Fortune Brands Home & Security, Inc. | 6,607 | 706,288 | |
Johnson Controls International PLC | 34,425 | 2,799,097 | |
Masco Corp. | 12,317 | 864,900 | |
Trane Technologies PLC | 11,442 | 2,311,627 | |
10,066,197 | |||
Commercial Services & Supplies 0.4% | |||
Cintas Corp. | 4,281 | 1,897,211 | |
Copart, Inc.* | 10,577 | 1,603,685 | |
Republic Services, Inc. | 10,419 | 1,452,929 | |
Rollins, Inc. | 11,123 | 380,518 | |
Waste Management, Inc. | 18,694 | 3,120,028 | |
8,454,371 | |||
Construction & Engineering 0.1% | |||
Quanta Services, Inc. | 7,197 | 825,208 | |
Electrical Equipment 0.6% | |||
AMETEK, Inc. | 11,004 | 1,618,028 | |
Eaton Corp. PLC | 19,335 | 3,341,475 | |
Emerson Electric Co. | 29,287 | 2,722,812 | |
Generac Holdings, Inc.* | 3,168 | 1,114,883 | |
Rockwell Automation, Inc. (a) | 5,759 | 2,009,027 | |
10,806,225 | |||
Industrial Conglomerates 1.0% | |||
3M Co. | 28,163 | 5,002,594 | |
General Electric Co. | 53,585 | 5,062,175 |
Deutsche DWS Equity 500 Index Portfolio | | | 43 |
Shares | Value ($) | ||
Honeywell International, Inc. | 33,746 | 7,036,378 | |
Roper Technologies, Inc. | 5,218 | 2,566,526 | |
19,667,673 | |||
Machinery 1.5% | |||
Caterpillar, Inc. | 26,431 | 5,464,345 | |
Cummins, Inc. | 6,820 | 1,487,715 | |
Deere & Co. | 13,779 | 4,724,681 | |
Dover Corp. | 7,053 | 1,280,825 | |
Fortive Corp. | 17,566 | 1,340,110 | |
IDEX Corp. | 3,833 | 905,814 | |
Illinois Tool Works, Inc. | 13,916 | 3,434,469 | |
Ingersoll Rand, Inc. | 20,292 | 1,255,466 | |
Otis Worldwide Corp. | 21,137 | 1,840,399 | |
PACCAR, Inc. | 17,138 | 1,512,600 | |
Parker-Hannifin Corp. | 6,358 | 2,022,607 | |
Pentair PLC | 8,430 | 615,643 | |
Snap-on, Inc. (a) | 2,387 | 514,112 | |
Stanley Black & Decker, Inc. | 8,129 | 1,533,292 | |
Westinghouse Air Brake Technologies Corp. | 8,999 | 828,898 | |
Xylem, Inc. | 9,050 | 1,085,276 | |
29,846,252 | |||
Professional Services 0.4% | |||
Equifax, Inc. | 6,050 | 1,771,379 | |
IHS Markit Ltd. | 19,803 | 2,632,215 | |
Jacobs Engineering Group, Inc. | 6,013 | 837,190 | |
Leidos Holdings, Inc. | 7,099 | 631,101 | |
Nielsen Holdings PLC | 17,955 | 368,257 | |
Robert Half International, Inc. | 5,409 | 603,212 | |
Verisk Analytics, Inc. | 8,019 | 1,834,186 | |
8,677,540 | |||
Road & Rail 0.9% | |||
CSX Corp. | 109,539 | 4,118,666 | |
J.B. Hunt Transport Services, Inc. | 4,220 | 862,568 | |
Norfolk Southern Corp. | 12,011 | 3,575,795 | |
Old Dominion Freight Line, Inc. | 4,457 | 1,597,300 | |
Union Pacific Corp. | 31,559 | 7,950,659 | |
18,104,988 | |||
Trading Companies & Distributors 0.2% | |||
Fastenal Co. | 28,608 | 1,832,628 |
44 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
United Rentals, Inc.* | 3,557 | 1,181,956 | |
W.W. Grainger, Inc. | 2,160 | 1,119,398 | |
4,133,982 | |||
Information Technology 28.8% | |||
Communications Equipment 0.9% | |||
Arista Networks, Inc.* | 11,108 | 1,596,775 | |
Cisco Systems, Inc. | 206,540 | 13,088,440 | |
F5, Inc.* | 3,054 | 747,344 | |
Juniper Networks, Inc. | 16,549 | 590,965 | |
Motorola Solutions, Inc. | 8,390 | 2,279,563 | |
18,303,087 | |||
Electronic Equipment, Instruments & Components 0.7% | |||
Amphenol Corp. “A” | 29,496 | 2,579,720 | |
CDW Corp. | 6,474 | 1,325,745 | |
Corning, Inc. | 38,169 | 1,421,032 | |
IPG Photonics Corp.* | 1,814 | 312,262 | |
Keysight Technologies, Inc.* | 9,063 | 1,871,600 | |
TE Connectivity Ltd. | 16,020 | 2,584,667 | |
Teledyne Technologies, Inc.* | 2,165 | 945,867 | |
Trimble, Inc.* | 12,311 | 1,073,396 | |
Zebra Technologies Corp. “A” * | 2,634 | 1,567,757 | |
13,682,046 | |||
IT Services 4.4% | |||
Accenture PLC “A” | 31,030 | 12,863,487 | |
Akamai Technologies, Inc.* | 7,847 | 918,413 | |
Automatic Data Processing, Inc. (a) | 20,786 | 5,125,412 | |
Broadridge Financial Solutions, Inc. | 5,678 | 1,038,052 | |
Cognizant Technology Solutions Corp. “A” | 26,120 | 2,317,366 | |
DXC Technology Co.* | 12,779 | 411,356 | |
EPAM Systems, Inc.* | 2,814 | 1,881,018 | |
Fidelity National Information Services, Inc. | 29,528 | 3,222,981 | |
Fiserv, Inc.* (a) | 29,130 | 3,023,403 | |
FleetCor Technologies, Inc.* | 4,037 | 903,642 | |
Gartner, Inc.* | 4,045 | 1,352,324 | |
Global Payments, Inc. | 14,227 | 1,923,206 | |
International Business Machines Corp. | 43,714 | 5,842,813 | |
Jack Henry & Associates, Inc. | 3,585 | 598,659 | |
Mastercard, Inc. “A” | 42,509 | 15,274,334 | |
Paychex, Inc. | 15,810 | 2,158,065 | |
PayPal Holdings, Inc.* | 57,432 | 10,830,527 |
Deutsche DWS Equity 500 Index Portfolio | | | 45 |
Shares | Value ($) | ||
VeriSign, Inc.* | 4,694 | 1,191,431 | |
Visa, Inc. “A” (a) | 82,166 | 17,806,194 | |
88,682,683 | |||
Semiconductors & Semiconductor Equipment 6.3% | |||
Advanced Micro Devices, Inc.* | 59,206 | 8,519,743 | |
Analog Devices, Inc. | 26,212 | 4,607,283 | |
Applied Materials, Inc. | 44,202 | 6,955,627 | |
Broadcom, Inc. | 20,170 | 13,421,320 | |
Enphase Energy, Inc.* | 6,636 | 1,213,990 | |
Intel Corp. | 199,549 | 10,276,774 | |
KLA Corp. | 7,356 | 3,163,889 | |
Lam Research Corp. | 6,873 | 4,942,718 | |
Microchip Technology, Inc. | 27,497 | 2,393,889 | |
Micron Technology, Inc. | 54,563 | 5,082,543 | |
Monolithic Power Systems, Inc. | 2,154 | 1,062,633 | |
NVIDIA Corp. | 122,598 | 36,057,298 | |
NXP Semiconductors NV | 12,843 | 2,925,379 | |
Qorvo, Inc.* | 5,496 | 859,519 | |
QUALCOMM, Inc. | 54,929 | 10,044,866 | |
Skyworks Solutions, Inc. | 8,179 | 1,268,890 | |
SolarEdge Technologies, Inc.* | 2,576 | 722,748 | |
Teradyne, Inc. | 8,083 | 1,321,813 | |
Texas Instruments, Inc. | 45,320 | 8,541,460 | |
Xilinx, Inc. | 11,986 | 2,541,392 | |
125,923,774 | |||
Software 9.4% | |||
Adobe, Inc.* | 23,266 | 13,193,218 | |
ANSYS, Inc.* | 4,152 | 1,665,450 | |
Autodesk, Inc.* | 10,777 | 3,030,385 | |
Cadence Design Systems, Inc.* | 13,777 | 2,567,344 | |
Ceridian HCM Holding, Inc.* | 6,731 | 703,120 | |
Citrix Systems, Inc. | 6,233 | 589,579 | |
Fortinet, Inc.* (a) | 6,715 | 2,413,371 | |
Intuit, Inc. | 13,871 | 8,922,105 | |
Microsoft Corp. | 368,139 | 123,812,509 | |
NortonLifeLock, Inc. (a) | 28,977 | 752,822 | |
Oracle Corp. | 79,105 | 6,898,747 | |
Paycom Software, Inc.* | 2,397 | 995,210 | |
PTC, Inc.* | 5,347 | 647,789 | |
salesforce.com, Inc.* | 47,926 | 12,179,434 | |
ServiceNow, Inc.* | 9,679 | 6,282,736 |
46 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Synopsys, Inc.* | 7,561 | 2,786,229 | |
Tyler Technologies, Inc.* | 2,040 | 1,097,418 | |
188,537,466 | |||
Technology Hardware, Storage & Peripherals 7.1% | |||
Apple, Inc. | 764,410 | 135,736,284 | |
Hewlett Packard Enterprise Co. | 65,430 | 1,031,831 | |
HP, Inc. | 56,718 | 2,136,567 | |
NetApp, Inc. | 11,152 | 1,025,873 | |
Seagate Technology Holdings PLC (a) | 10,045 | 1,134,884 | |
Western Digital Corp.* | 14,791 | 964,521 | |
142,029,960 | |||
Materials 2.5% | |||
Chemicals 1.7% | |||
Air Products & Chemicals, Inc. | 10,739 | 3,267,448 | |
Albemarle Corp. | 5,781 | 1,351,424 | |
Celanese Corp. | 5,453 | 916,431 | |
CF Industries Holdings, Inc. | 9,674 | 684,726 | |
Corteva, Inc. | 36,267 | 1,714,704 | |
Dow, Inc. | 36,151 | 2,050,485 | |
DuPont de Nemours, Inc. | 25,359 | 2,048,500 | |
Eastman Chemical Co. | 6,607 | 798,852 | |
Ecolab, Inc. | 12,377 | 2,903,520 | |
FMC Corp. | 6,160 | 676,922 | |
International Flavors & Fragrances, Inc. | 12,601 | 1,898,341 | |
Linde PLC* | 25,138 | 8,708,557 | |
LyondellBasell Industries NV “A” | 12,987 | 1,197,791 | |
PPG Industries, Inc. | 11,747 | 2,025,653 | |
Sherwin-Williams Co. | 11,794 | 4,153,375 | |
The Mosaic Co. | 18,412 | 723,408 | |
35,120,137 | |||
Construction Materials 0.1% | |||
Martin Marietta Materials, Inc. | 2,945 | 1,297,332 | |
Vulcan Materials Co. | 6,264 | 1,300,281 | |
2,597,613 | |||
Containers & Packaging 0.3% | |||
Amcor PLC | 71,097 | 853,875 | |
Avery Dennison Corp. | 4,056 | 878,408 | |
Ball Corp. | 16,034 | 1,543,593 | |
International Paper Co. | 18,815 | 883,929 | |
Packaging Corp. of America | 4,766 | 648,891 |
Deutsche DWS Equity 500 Index Portfolio | | | 47 |
Shares | Value ($) | ||
Sealed Air Corp. | 6,479 | 437,138 | |
Westrock Co. | 13,430 | 595,755 | |
5,841,589 | |||
Metals & Mining 0.4% | |||
Freeport-McMoRan, Inc. | 72,787 | 3,037,401 | |
Newmont Corp. | 38,407 | 2,382,002 | |
Nucor Corp. | 14,138 | 1,613,853 | |
7,033,256 | |||
Real Estate 2.7% | |||
Equity Real Estate Investment Trusts (REITs) 2.6% | |||
Alexandria Real Estate Equities, Inc. | 6,910 | 1,540,654 | |
American Tower Corp. | 22,226 | 6,501,105 | |
AvalonBay Communities, Inc. | 6,874 | 1,736,304 | |
Boston Properties, Inc. (a) | 6,844 | 788,292 | |
Crown Castle International Corp. (a) | 21,049 | 4,393,768 | |
Digital Realty Trust, Inc. | 14,004 | 2,476,888 | |
Duke Realty Corp. | 18,905 | 1,240,924 | |
Equinix, Inc. | 4,410 | 3,730,154 | |
Equity Residential | 16,953 | 1,534,247 | |
Essex Property Trust, Inc. | 3,258 | 1,147,565 | |
Extra Space Storage, Inc. | 6,608 | 1,498,232 | |
Federal Realty Investment Trust | 3,536 | 482,028 | |
Healthpeak Properties, Inc. | 26,026 | 939,278 | |
Host Hotels & Resorts, Inc.* | 35,747 | 621,640 | |
Iron Mountain, Inc. | 14,633 | 765,745 | |
Kimco Realty Corp. | 30,383 | 748,941 | |
Mid-America Apartment Communities, Inc. | 5,598 | 1,284,405 | |
Prologis, Inc. | 36,058 | 6,070,725 | |
Public Storage | 7,472 | 2,798,712 | |
Realty Income Corp. | 27,972 | 2,002,515 | |
Regency Centers Corp. (a) | 7,439 | 560,529 | |
SBA Communications Corp. | 5,316 | 2,068,030 | |
Simon Property Group, Inc. | 16,243 | 2,595,144 | |
UDR, Inc. | 14,437 | 866,076 | |
Ventas, Inc. | 19,792 | 1,011,767 | |
Vornado Realty Trust | 7,927 | 331,824 | |
Welltower, Inc. | 21,465 | 1,841,053 | |
Weyerhaeuser Co. | 37,002 | 1,523,742 | |
53,100,287 | |||
Real Estate Management & Development 0.1% | |||
CBRE Group, Inc. “A” * | 16,639 | 1,805,498 |
48 | | | Deutsche DWS Equity 500 Index Portfolio |
Shares | Value ($) | ||
Utilities 2.5% | |||
Electric Utilities 1.6% | |||
Alliant Energy Corp. | 12,471 | 766,592 | |
American Electric Power Co., Inc. | 24,880 | 2,213,574 | |
Duke Energy Corp. | 37,480 | 3,931,652 | |
Edison International | 19,020 | 1,298,115 | |
Entergy Corp. | 10,091 | 1,136,751 | |
Evergy, Inc. | 11,153 | 765,207 | |
Eversource Energy | 17,009 | 1,547,479 | |
Exelon Corp. (a) | 48,431 | 2,797,375 | |
FirstEnergy Corp. | 25,392 | 1,056,053 | |
NextEra Energy, Inc. | 96,259 | 8,986,740 | |
NRG Energy, Inc. (a) | 12,513 | 539,060 | |
Pinnacle West Capital Corp. | 5,708 | 402,928 | |
PPL Corp. | 37,013 | 1,112,611 | |
Southern Co. | 51,432 | 3,527,206 | |
Xcel Energy, Inc. | 26,706 | 1,807,996 | |
31,889,339 | |||
Gas Utilities 0.0% | |||
Atmos Energy Corp. | 6,714 | 703,426 | |
Independent Power & Renewable Electricity Producers 0.1% | |||
AES Corp. | 32,073 | 779,374 | |
Multi-Utilities 0.7% | |||
Ameren Corp. | 12,877 | 1,146,182 | |
CenterPoint Energy, Inc. | 31,062 | 866,940 | |
CMS Energy Corp. | 13,377 | 870,174 | |
Consolidated Edison, Inc. | 17,361 | 1,481,241 | |
Dominion Energy, Inc. | 39,184 | 3,078,295 | |
DTE Energy Co. | 9,482 | 1,133,478 | |
NiSource, Inc. | 19,694 | 543,751 | |
Public Service Enterprise Group, Inc. | 24,837 | 1,657,373 | |
Sempra Energy | 15,815 | 2,092,008 | |
WEC Energy Group, Inc. | 15,650 | 1,519,146 | |
14,388,588 | |||
Water Utilities 0.1% | |||
American Water Works Co., Inc. | 8,986 | 1,697,096 | |
Total Common Stocks (Cost $452,869,516) | 1,978,853,093 |
Deutsche DWS Equity 500 Index Portfolio | | | 49 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 0.1% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Bills, 0.038% (b), 1/27/2022 (c) (Cost $2,659,928) | 2,660,000 | 2,659,951 |
Shares | Value ($) | ||
Securities Lending Collateral 0.6% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (d) (e) (Cost $12,413,546) | 12,413,546 | 12,413,546 | |
Cash Equivalents 1.3% | |||
DWS Central Cash Management Government Fund, 0.05% (d) (Cost $25,082,012) | 25,082,012 | 25,082,012 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $493,025,002) | 100.6 | 2,019,008,602 | |
Other Assets and Liabilities, Net | (0.6) | (11,415,234) | |
Net Assets | 100.0 | 2,007,593,368 |
Value ($) at 12/31/2020 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 12/31/2021 | Value ($) at 12/31/2021 |
Securities Lending Collateral 0.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (d) (e) | ||||||||
2,228,289 | 10,185,257 (f) | — | — | — | 24,769 | — | 12,413,546 | 12,413,546 |
Cash Equivalents 1.3% | ||||||||
DWS Central Cash Management Government Fund, 0.05% (d) | ||||||||
26,880,974 | 203,487,591 | 205,286,553 | — | — | 5,083 | — | 25,082,012 | 25,082,012 |
29,109,263 | 213,672,848 | 205,286,553 | — | — | 29,852 | — | 37,495,558 | 37,495,558 |
* | Non-income producing security. |
50 | | | Deutsche DWS Equity 500 Index Portfolio |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at December 31, 2021 amounted to $12,111,992, which is 0.6% of net assets. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | At December 31, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2021. |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
S&P 500 E-Mini Index | USD | 3/18/2022 | 118 | 27,335,043 | 28,075,150 | 740,107 |
USD | United States Dollar |
Deutsche DWS Equity 500 Index Portfolio | | | 51 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $1,978,853,093 | $ — | $— | $1,978,853,093 |
Government & Agency Obligations | — | 2,659,951 | — | 2,659,951 |
Short-Term Investments (a) | 37,495,558 | — | — | 37,495,558 |
Derivatives (b) | ||||
Futures Contracts | 740,107 | — | — | 740,107 |
Total | $2,017,088,758 | $2,659,951 | $ — | $2,019,748,709 |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
52 | | | Deutsche DWS Equity 500 Index Portfolio |
Assets | |
Investments in non-affiliated securities, at value (cost $455,529,444) — including $12,111,992 of securities loaned | $ 1,981,513,044 |
Investment in DWS Government & Agency Securities Portfolio (cost $12,413,546)* | 12,413,546 |
Investment in DWS Central Cash Management Government Fund (cost $25,082,012) | 25,082,012 |
Cash | 92,527 |
Dividends receivable | 1,180,491 |
Interest receivable | 1,593 |
Other assets | 32,124 |
Total assets | 2,020,315,337 |
Liabilities | |
Payable upon return of securities loaned | 12,413,546 |
Payable for variation margin on futures contracts | 81,076 |
Accrued management fee | 83,786 |
Accrued Trustees' fees | 10,725 |
Other accrued expenses and payables | 132,836 |
Total liabilities | 12,721,969 |
Net assets, at value | $ 2,007,593,368 |
* | Represents collateral on securities loaned. |
Deutsche DWS Equity 500 Index Portfolio | | | 53 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $124,356) | $ 26,235,516 |
Interest | 948 |
Income distributions — DWS Central Cash Management Government Fund | 5,083 |
Securities lending income, net of borrower rebates | 24,769 |
Total income | 26,266,316 |
Expenses: | |
Management fee | 933,091 |
Administration fee | 559,855 |
Custodian fee | 24,658 |
Professional fees | 86,115 |
Reports to shareholders | 24,678 |
Trustees' fees and expenses | 64,185 |
Other | 84,406 |
Total expenses | 1,776,988 |
Net investment income | 24,489,328 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 133,026,495 |
Futures | 6,945,569 |
139,972,064 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 302,901,742 |
Futures | 173,050 |
303,074,792 | |
Net gain (loss) | 443,046,856 |
Net increase (decrease) in net assets resulting from operations | $ 467,536,184 |
54 | | | Deutsche DWS Equity 500 Index Portfolio |
Deutsche DWS Equity 500 Index Portfolio | ||
Years Ended December 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 24,489,328 | $ 27,700,804 |
Net realized gain (loss) | 139,972,064 | 151,111,582 |
Change in net unrealized appreciation (depreciation) | 303,074,792 | 88,950,111 |
Net increase (decrease) in net assets resulting from operations | 467,536,184 | 267,762,497 |
Capital transactions in shares of beneficial interest: | ||
Proceeds from capital invested | 34,499,150 | 62,270,039 |
Value of capital withdrawn | (224,576,589) | (292,415,144) |
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | (190,077,439) | (230,145,105) |
Increase (decrease) in net assets | 277,458,745 | 37,617,392 |
Net assets at beginning of period | 1,730,134,623 | 1,692,517,231 |
Net assets at end of period | $2,007,593,368 | $1,730,134,623 |
Deutsche DWS Equity 500 Index Portfolio | | | 55 |
Deutsche DWS Equity 500 Index Portfolio | |||||
Years Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2,008 | 1,730 | 1,693 | 1,457 | 1,788 |
Ratio of expenses (%) | .10 | .10 | .10 | .10 | .10 |
Ratio of net investment income (%) | 1.31 | 1.76 | 1.93 | 1.90 | 1.93 |
Portfolio turnover rate (%) | 2 | 4 | 3 | 3 | 6 |
Total investment return (%)a | 28.53 | 18.15 | 31.34 | (4.09) b | 21.62 |
a | Total investment return for the Portfolio was derived from the performance of the Institutional Class of DWS Equity 500 Index Fund. |
b | Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. Excluding this reimbursement, total return would have been .30% lower. |
56 | | | Deutsche DWS Equity 500 Index Portfolio |
A. | Organization and Significant Accounting Policies |
Deutsche DWS Equity 500 Index Portfolio | | | 57 |
58 | | | Deutsche DWS Equity 500 Index Portfolio |
Deutsche DWS Equity 500 Index Portfolio | | | 59 |
B. | Derivative Instruments |
60 | | | Deutsche DWS Equity 500 Index Portfolio |
Assets Derivative | Futures Contracts |
Equity Contracts (a) | $ 740,107 |
The above derivative is located in the following Statement of Assets and Liabilities account: |
(a) | Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Realized Gain (Loss) | Futures Contracts |
Equity Contracts (a) | $ 6,945,569 |
The above derivative is located in the following Statement of Operations account: |
(a) | Net realized gain (loss) from futures |
Change in Net Unrealized Appreciation (Depreciation) | Futures Contracts |
Equity Contracts (a) | $ 173,050 |
The above derivative is located in the following Statement of Operations account: |
(a) | Change in net unrealized appreciation (depreciation) on futures |
Deutsche DWS Equity 500 Index Portfolio | | | 61 |
C. | Purchases and Sales of Securities |
D. | Related Parties |
62 | | | Deutsche DWS Equity 500 Index Portfolio |
E. | Line of Credit |
F. | Other — COVID-19 Pandemic |
Deutsche DWS Equity 500 Index Portfolio | | | 63 |
64 | | | Deutsche DWS Equity 500 Index Portfolio |
Deutsche DWS Equity 500 Index Portfolio | | | 65 |
— | During the entire process, all of the Portfolio’s and the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability from a fee consultant retained by the Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Portfolio’s and the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, |
66 | | | DWS S&P 500 Index Fund |
administrative services agreement, transfer agency agreement and other material service agreements. |
DWS S&P 500 Index Fund | | | 67 |
68 | | | DWS S&P 500 Index Fund |
DWS S&P 500 Index Fund | | | 69 |
70 | | | DWS S&P 500 Index Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 70 | — |
DWS S&P 500 Index Fund | | | 71 |
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 |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 70 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 70 | — |
72 | | | DWS S&P 500 Index Fund |
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 (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 70 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 70 | — |
Chad D. Perry (1972)Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 21 4 | — |
DWS S&P 500 Index Fund | | | 73 |
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 |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 70 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
Catherine Schrand (1964)Board Member or Advisory Board Member since 20213 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 21 4 | — |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 70 | — |
74 | | | DWS S&P 500 Index Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette8 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
DWS S&P 500 Index Fund | | | 75 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson8 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980)Anti-Money Laundering Compliance Officer, since October 6, 2021 | DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. |
4 | Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
76 | | | DWS S&P 500 Index Fund |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Class A,C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWSPO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
DWS S&P 500 Index Fund | | | 77 |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class C | Class S | |
Nasdaq Symbol | SXPAX | SXPCX | SCPIX |
CUSIP Number | 25159R 700 | 25159R 882 | 25159R 874 |
Fund Number | 1001 | 1301 | 2301 |
For shareholders of Class R6 | ||
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 | |
24-hour access to your retirement plan account. | ||
Web Site | dws.com | |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | ||
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | ||
For More Information | (800) 728-3337 | |
To speak with a service representative. | ||
Written Correspondence | DWS Service Company222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | SXPRX |
CUSIP Number | 25159R 841 |
Fund Number | 1621 |
78 | | | DWS S&P 500 Index Fund |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Deutsche DWS Equity 500 Index Portfolio
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended December 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2021 | $41,433 | $0 | $8,700 | $0 |
2020 | $41,433 | $0 | $8,700 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended December 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2021 | $0 | $461,717 | $0 |
2020 | $0 | $650,763 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended December 31, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2021 | $8,700 | $461,717 | $0 | $470,417 |
2020 | $8,700 | $650,763 | $0 | $659,463 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2020 and 2021 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Deutsche DWS Equity 500 Index Portfolio |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 3/1/2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 3/1/2022 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 3/1/2022 |