UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS/A
Investment Company Act file number: 811-04257
Deutsche DWS Variable Series I
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 6/30/2021 |
The Registrant is filing this amendment to its Form N-CSR for the semi-annual period ended June 30, 2021, originally filed with the Securities and Exchange Commission on August 19, 2021 (Accession Number 0000088053-21-000669). Each Fund’s semi-annual shareholder report as of June 30, 2021 was amended to correct a misallocation between net investment income and net gain (loss) in connection with the recording of tax adjustments that affected current period net investment income and net gain (loss).
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
2 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Performance Summary | June 30, 2021 (Unaudited) |
Comparative Results | |||||||
DWS Capital Growth VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $11,228 | $13,782 | $19,558 | $28,554 | $49,014 | |
Average annual total return | 12.28% | 37.82% | 25.06% | 23.35% | 17.23% | ||
Russell 1000® Growth Index | Growth of $10,000 | $11,299 | $14,250 | $19,598 | $28,913 | $51,749 | |
Average annual total return | 12.99% | 42.50% | 25.14% | 23.66% | 17.87% | ||
DWS Capital Growth VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $11,213 | $13,745 | $19,409 | $28,194 | $47,666 | |
Average annual total return | 12.13% | 37.45% | 24.74% | 23.04% | 16.90% | ||
Russell 1000® Growth Index | Growth of $10,000 | $11,299 | $14,250 | $19,598 | $28,913 | $51,749 | |
Average annual total return | 12.99% | 42.50% | 25.14% | 23.66% | 17.87% | ||
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/21 | 12/31/20 |
Common Stocks | 100% | 99% |
Cash Equivalents | 0% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
Information Technology | 43% | 43% |
Consumer Discretionary | 15% | 14% |
Communication Services | 13% | 13% |
Health Care | 10% | 11% |
Industrials | 9% | 8% |
Financials | 4% | 5% |
Consumer Staples | 3% | 3% |
Real Estate | 2% | 2% |
Materials | 1% | 1% |
100% | 100% |
4 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 99.8% | |||
Communication Services 13.5% | |||
Entertainment 5.4% | |||
Activision Blizzard, Inc. | 131,708 | 12,570,212 | |
Live Nation Entertainment, Inc.* | 86,952 | 7,616,126 | |
Netflix, Inc.* | 26,036 | 13,752,476 | |
Roku, Inc.* | 17,210 | 7,903,692 | |
Spotify Technology SA* | 47,328 | 13,043,123 | |
Walt Disney Co.* | 54,776 | 9,627,978 | |
64,513,607 | |||
Interactive Media & Services 7.0% | |||
Alphabet, Inc. "A"* | 11,079 | 27,052,591 | |
Alphabet, Inc. "C"* | 11,875 | 29,762,550 | |
Facebook, Inc. "A"* | 38,449 | 13,369,102 | |
Match Group, Inc.* | 77,640 | 12,519,450 | |
82,703,693 | |||
Wireless Telecommunication Services 1.1% | |||
T-Mobile U.S., Inc.* | 88,405 | 12,803,696 | |
Consumer Discretionary 14.8% | |||
Diversified Consumer Services 1.4% | |||
Chegg, Inc.* | 79,407 | 6,599,516 | |
Terminix Global Holdings, Inc.* | 216,248 | 10,317,192 | |
16,916,708 | |||
Hotels, Restaurants & Leisure 1.7% | |||
Airbnb, Inc. "A"* | 6,157 | 942,883 | |
DraftKings, Inc. "A"* (a) | 62,229 | 3,246,487 | |
McDonald's Corp. | 49,517 | 11,437,932 | |
Planet Fitness, Inc. "A"* | 64,576 | 4,859,344 | |
20,486,646 | |||
Internet & Direct Marketing Retail 5.2% | |||
Amazon.com, Inc.* | 18,016 | 61,977,922 | |
Multiline Retail 0.5% | |||
Dollar General Corp. | 28,853 | 6,243,501 | |
Specialty Retail 4.2% | |||
Burlington Stores, Inc.* | 36,662 | 11,804,797 | |
CarMax, Inc.* | 91,344 | 11,797,078 | |
Home Depot, Inc. | 80,879 | 25,791,504 | |
49,393,379 | |||
Textiles, Apparel & Luxury Goods 1.8% | |||
Lululemon Athletica, Inc.* | 34,163 | 12,468,470 | |
NIKE, Inc. "B" | 54,278 | 8,385,408 | |
20,853,878 | |||
Consumer Staples 2.7% | |||
Food & Staples Retailing 1.1% | |||
Costco Wholesale Corp. | 31,388 | 12,419,290 |
Shares | Value ($) | ||
Food Products 0.9% | |||
Mondelez International, Inc. "A" | 176,219 | 11,003,114 | |
Personal Products 0.7% | |||
Estee Lauder Companies, Inc. "A" | 25,273 | 8,038,836 | |
Financials 4.2% | |||
Capital Markets 1.3% | |||
Intercontinental Exchange, Inc. | 135,464 | 16,079,577 | |
Consumer Finance 0.6% | |||
American Express Co. | 42,110 | 6,957,835 | |
Insurance 2.3% | |||
Progressive Corp. | 276,143 | 27,120,004 | |
Health Care 10.4% | |||
Biotechnology 0.5% | |||
Exact Sciences Corp.* | 50,494 | 6,276,909 | |
Health Care Equipment & Supplies 4.8% | |||
Danaher Corp. | 78,634 | 21,102,220 | |
DexCom, Inc.* | 41,666 | 17,791,382 | |
Hologic, Inc.* | 192,477 | 12,842,066 | |
The Cooper Companies, Inc. | 11,844 | 4,693,422 | |
56,429,090 | |||
Life Sciences Tools & Services 3.9% | |||
Charles River Laboratories International, Inc.* | 30,549 | 11,300,686 | |
Thermo Fisher Scientific, Inc. | 69,436 | 35,028,379 | |
46,329,065 | |||
Pharmaceuticals 1.2% | |||
Zoetis, Inc. | 76,887 | 14,328,661 | |
Industrials 8.5% | |||
Aerospace & Defense 0.3% | |||
TransDigm Group, Inc.* | 6,715 | 4,346,552 | |
Building Products 0.6% | |||
Trex Co., Inc.* | 66,391 | 6,785,824 | |
Electrical Equipment 2.6% | |||
AMETEK, Inc. | 125,978 | 16,818,063 | |
Generac Holdings, Inc.* | 32,935 | 13,672,965 | |
30,491,028 | |||
Industrial Conglomerates 1.2% | |||
Roper Technologies, Inc. | 29,918 | 14,067,444 | |
Machinery 0.3% | |||
Deere & Co. | 9,101 | 3,210,014 | |
Professional Services 2.4% | |||
TransUnion | 163,931 | 18,001,263 | |
Verisk Analytics, Inc. | 60,772 | 10,618,084 | |
28,619,347 |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 5 |
Shares | Value ($) | ||
Road & Rail 1.1% | |||
Norfolk Southern Corp. | 28,423 | 7,543,748 | |
Uber Technologies, Inc.* | 118,189 | 5,923,633 | |
13,467,381 | |||
Information Technology 42.8% | |||
IT Services 7.9% | |||
Fiserv, Inc.* | 136,677 | 14,609,405 | |
Global Payments, Inc. | 80,212 | 15,042,958 | |
PayPal Holdings, Inc.* | 30,734 | 8,958,346 | |
Snowflake, Inc. "A"* | 1,338 | 323,528 | |
Twilio, Inc. "A"* | 41,718 | 16,443,567 | |
Visa, Inc. "A" | 164,207 | 38,394,881 | |
93,772,685 | |||
Semiconductors & Semiconductor Equipment 6.1% | |||
Advanced Micro Devices, Inc.* | 117,364 | 11,024,001 | |
Analog Devices, Inc. | 56,754 | 9,770,769 | |
Applied Materials, Inc. | 98,473 | 14,022,555 | |
MKS Instruments, Inc. | 32,828 | 5,841,743 | |
NVIDIA Corp. | 39,875 | 31,903,987 | |
72,563,055 | |||
Software 20.4% | |||
Adobe, Inc.* | 44,635 | 26,140,041 | |
Alteryx, Inc. "A"* | 25,932 | 2,230,671 | |
Avalara, Inc.* | 42,966 | 6,951,899 | |
Cloudflare, Inc. "A"* | 75,956 | 8,039,183 | |
DocuSign, Inc.* | 42,766 | 11,956,091 | |
Dynatrace, Inc.* | 129,013 | 7,536,939 | |
Intuit, Inc. | 29,653 | 14,535,011 | |
Microsoft Corp. | 404,106 | 109,472,315 | |
RingCentral, Inc. "A"* | 17,411 | 5,059,288 | |
salesforce.com, Inc.* | 70,202 | 17,148,243 | |
ServiceNow, Inc.* | 32,403 | 17,807,069 | |
Synopsys, Inc.* | 53,595 | 14,780,965 | |
241,657,715 | |||
Technology Hardware, Storage & Peripherals 8.4% | |||
Apple, Inc. | 731,776 | 100,224,041 |
Shares | Value ($) | ||
Materials 1.2% | |||
Chemicals 0.7% | |||
Ecolab, Inc. | 39,416 | 8,118,514 | |
Construction Materials 0.5% | |||
Vulcan Materials Co. | 36,901 | 6,423,357 | |
Real Estate 1.7% | |||
Equity Real Estate Investment Trusts (REITs) | |||
Equinix, Inc. | 13,362 | 10,724,341 | |
Prologis, Inc. | 74,220 | 8,871,517 | |
19,595,858 | |||
Total Common Stocks (Cost $395,093,939) | 1,184,218,226 | ||
Securities Lending Collateral 0.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $3,312,896) | 3,312,896 | 3,312,896 | |
Cash Equivalents 0.2% | |||
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $2,719,474) | 2,719,474 | 2,719,474 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $401,126,309) | 100.3 | 1,190,250,596 | |
Other Assets and Liabilities, Net | (0.3) | (4,147,560) | |
Net Assets | 100.0 | 1,186,103,036 |
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2021 | Value ($) at 6/30/2021 |
Securities Lending Collateral 0.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
60,706,321 | — | 57,393,425 (d) | — | — | 10,119 | — | 3,312,896 | 3,312,896 |
Cash Equivalents 0.2% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (b) | ||||||||
5,792,769 | 77,470,939 | 80,544,234 | — | — | 675 | — | 2,719,474 | 2,719,474 |
66,499,090 | 77,470,939 | 137,937,659 | — | — | 10,794 | — | 6,032,370 | 6,032,370 |
* | Non-income producing security. |
6 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2021 amounted to $3,245,704, which is 0.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021. |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $ 1,184,218,226 | $ — | $ — | $ 1,184,218,226 |
Short-Term Investments (a) | 6,032,370 | — | — | 6,032,370 |
Total | $ 1,190,250,596 | $ — | $ — | $ 1,190,250,596 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 7 |
Assets | |
Investments in non-affiliated securities, at value (cost $395,093,939) — including $3,245,704 of securities loaned | $ 1,184,218,226 |
Investment in DWS Government & Agency Securities Portfolio (cost $3,312,896)* | 3,312,896 |
Investment in DWS Central Cash Management Government Fund (cost $2,719,474) | 2,719,474 |
Receivable for Fund shares sold | 9,507 |
Dividends receivable | 124,723 |
Interest receivable | 1,802 |
Other assets | 11,864 |
Total assets | 1,190,398,492 |
Liabilities | |
Payable upon return of securities loaned | 3,312,896 |
Payable for Fund shares redeemed | 460,884 |
Accrued management fee | 345,353 |
Accrued Trustees' fees | 3,439 |
Other accrued expenses and payables | 172,884 |
Total liabilities | 4,295,456 |
Net assets, at value | $ 1,186,103,036 |
Net Assets Consist of | |
Distributable earnings (loss) | 858,066,236 |
Paid-in capital | 328,036,800 |
Net assets, at value | $ 1,186,103,036 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($1,179,596,144 ÷ 26,265,643 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $ 44.91 |
Class B | |
Net Asset Value, offering and redemption price per share ($6,506,892 ÷ 145,407 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) | $ 44.75 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends | $ 3,886,507 |
Income distributions — DWS Central Cash Management Government Fund | 675 |
Securities lending income, net of borrower rebates | 10,119 |
Total income | 3,897,301 |
Expenses: | |
Management fee | 2,052,178 |
Administration fee | 541,264 |
Services to shareholders | 972 |
Record keeping fee (Class B) | 195 |
Distribution service fee (Class B) | 7,532 |
Custodian fee | 5,274 |
Professional fees | 42,262 |
Reports to shareholders | 24,768 |
Trustees' fees and expenses | 17,253 |
Other | 26,755 |
Total expenses | 2,718,453 |
Net investment income | 1,178,848 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 68,178,072 |
Change in net unrealized appreciation (depreciation) on investments | 62,391,282 |
Net gain (loss) | 130,569,354 |
Net increase (decrease) in net assets resulting from operations | $131,748,202 |
8 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 |
Operations: | ||
Net investment income | $ 1,178,848 | $ 2,413,174 |
Net realized gain (loss) | 68,178,072 | 62,781,949 |
Change in net unrealized appreciation (depreciation) | 62,391,282 | 260,409,153 |
Net increase (decrease) in net assets resulting from operations | 131,748,202 | 325,604,276 |
Distributions to shareholders: | ||
Class A | (65,033,932) | (67,556,274) |
Class B | (342,026) | (308,190) |
Total distributions | (65,375,958) | (67,864,464) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 13,950,252 | 70,444,423 |
Reinvestment of distributions | 65,033,932 | 67,556,274 |
Payments for shares redeemed | (92,177,788) | (129,614,047) |
Net increase (decrease) in net assets from Class A share transactions | (13,193,604) | 8,386,650 |
Class B | ||
Proceeds from shares sold | 499,592 | 1,384,411 |
Reinvestment of distributions | 342,026 | 308,190 |
Payments for shares redeemed | (686,360) | (1,250,517) |
Net increase (decrease) in net assets from Class B share transactions | 155,258 | 442,084 |
Increase (decrease) in net assets | 53,333,898 | 266,568,546 |
Net assets at beginning of period | 1,132,769,138 | 866,200,592 |
Net assets at end of period | $1,186,103,036 | $1,132,769,138 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 26,599,512 | 25,934,145 |
Shares sold | 324,763 | 2,030,040 |
Shares issued to shareholders in reinvestment of distributions | 1,495,721 | 2,306,462 |
Shares redeemed | (2,154,353) | (3,671,135) |
Net increase (decrease) in Class A shares | (333,869) | 665,367 |
Shares outstanding at end of period | 26,265,643 | 26,599,512 |
Class B | ||
Shares outstanding at beginning of period | 141,745 | 127,162 |
Shares sold | 11,792 | 39,019 |
Shares issued to shareholders in reinvestment of distributions | 7,890 | 10,547 |
Shares redeemed | (16,020) | (34,983) |
Net increase (decrease) in Class B shares | 3,662 | 14,583 |
Shares outstanding at end of period | 145,407 | 141,745 |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 9 |
DWS Capital Growth VIP — Class A | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $42.36 | $33.24 | $27.27 | $30.86 | $26.70 | $28.22 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .05 | .09 | .17 | .14 | .20 | .21 |
Net realized and unrealized gain (loss) | 5.07 | 11.69 | 9.53 | (.53) | 6.47 | .83 |
Total from investment operations | 5.12 | 11.78 | 9.70 | (.39) | 6.67 | 1.04 |
Less distributions from: | ||||||
Net investment income | (.10) | (.18) | (.14) | (.23) | (.22) | (.22) |
Net realized gains | (2.47) | (2.48) | (3.59) | (2.97) | (2.29) | (2.34) |
Total distributions | (2.57) | (2.66) | (3.73) | (3.20) | (2.51) | (2.56) |
Net asset value, end of period | $44.91 | $42.36 | $33.24 | $27.27 | $30.86 | $26.70 |
Total Return (%) | 12.28 * | 39.04 | 37.14 | (1.60) | 26.30 | 4.25 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1,180 | 1,127 | 862 | 725 | 776 | 745 |
Ratio of expenses (%)b | .49 ** | .49 | .50 | .50 | .50 | .50 |
Ratio of net investment income (%) | .21 ** | .25 | .55 | .46 | .70 | .82 |
Portfolio turnover rate (%) | 6 * | 13 | 11 | 26 | 15 | 35 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
10 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
DWS Capital Growth VIP — Class B | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $42.18 | $33.10 | $27.16 | $30.75 | $26.61 | $28.12 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.01) | (.00) * | .09 | .07 | .13 | .15 |
Net realized and unrealized gain (loss) | 5.05 | 11.66 | 9.49 | (.54) | 6.44 | .83 |
Total from investment operations | 5.04 | 11.66 | 9.58 | (.47) | 6.57 | .98 |
Less distributions from: | ||||||
Net investment income | — | (.10) | (.05) | (.15) | (.14) | (.15) |
Net realized gains | (2.47) | (2.48) | (3.59) | (2.97) | (2.29) | (2.34) |
Total distributions | (2.47) | (2.58) | (3.64) | (3.12) | (2.43) | (2.49) |
Net asset value, end of period | $44.75 | $42.18 | $33.10 | $27.16 | $30.75 | $26.61 |
Total Return (%) | 12.13 ** | 38.70 | 36.79 | (1.87) | 25.96 | 4.00 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 7 | 6 | 4 | 3 | 6 | 5 |
Ratio of expenses (%)b | .75 *** | .75 | .76 | .76 | .75 | .76 |
Ratio of net investment income (loss) (%) | (.05) *** | (.01) | .29 | .21 | .45 | .58 |
Portfolio turnover rate (%) | 6 ** | 13 | 11 | 26 | 15 | 35 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 11 |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
12 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 13 |
B. | Purchases and Sales of Securities |
C. | Related Parties |
First $250 million of average daily net assets | .390% |
Next $750 million of average daily net assets | .365% |
Over $1 billion of average daily net assets | .340% |
14 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Class A | .75% |
Class B | 1.00% |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2021 |
Class A | $ 499 | $ 148 |
Class B | 131 | 43 |
$ 630 | $ 191 |
D. | Ownership of the Fund |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 15 |
E. | Line of Credit |
F. | Other — COVID-19 Pandemic |
16 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Information About Your Fund’s Expenses | (Unaudited) |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,122.80 | $ 1,121.30 |
Expenses Paid per $1,000* | $ 2.58 | $ 3.94 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,022.36 | $ 1,021.08 |
Expenses Paid per $1,000* | $ 2.46 | $ 3.76 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Capital Growth VIP | .49% | .75% |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 17 |
18 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 19 |
20 | | Deutsche DWS Variable Series I —DWS Capital Growth VIP |
Deutsche DWS Variable Series I —DWS Capital Growth VIP | | 21 |
2 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Performance Summary | June 30, 2021 (Unaudited) |
Comparative Results | |||||||
DWS Core Equity VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $11,503 | $14,153 | $15,858 | $21,843 | $37,747 | |
Average annual total return | 15.03% | 41.53% | 16.61% | 16.91% | 14.21% | ||
Russell 1000® Index | Growth of $10,000 | $11,495 | $14,307 | $16,918 | $22,871 | $40,096 | |
Average annual total return | 14.95% | 43.07% | 19.16% | 17.99% | 14.90% | ||
DWS Core Equity VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $11,494 | $14,121 | $15,704 | $21,504 | $36,680 | |
Average annual total return | 14.94% | 41.21% | 16.23% | 16.55% | 13.88% | ||
Russell 1000® Index | Growth of $10,000 | $11,495 | $14,307 | $16,918 | $22,871 | $40,096 | |
Average annual total return | 14.95% | 43.07% | 19.16% | 17.99% | 14.90% | ||
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/21 | 12/31/20 |
Common Stocks | 100% | 99% |
Cash Equivalents | 0% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
Information Technology | 29% | 27% |
Health Care | 14% | 14% |
Consumer Discretionary | 12% | 13% |
Financials | 11% | 10% |
Communication Services | 10% | 11% |
Industrials | 8% | 9% |
Consumer Staples | 5% | 6% |
Real Estate | 3% | 3% |
Materials | 3% | 2% |
Energy | 3% | 2% |
Utilities | 2% | 3% |
100% | 100% |
4 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 99.6% | |||
Communication Services 10.2% | |||
Entertainment 4.6% | |||
Activision Blizzard, Inc. | 12,591 | 1,201,685 | |
Electronic Arts, Inc. | 3,296 | 474,064 | |
Netflix, Inc.* | 1,240 | 654,981 | |
Roku, Inc.* | 5,077 | 2,331,612 | |
Spotify Technology SA* | 3,036 | 836,691 | |
5,499,033 | |||
Interactive Media & Services 4.4% | |||
Alphabet, Inc. "A"* | 768 | 1,875,295 | |
Alphabet, Inc. "C"* | 1,327 | 3,325,886 | |
5,201,181 | |||
Wireless Telecommunication Services 1.2% | |||
T-Mobile U.S., Inc.* | 10,008 | 1,449,459 | |
Consumer Discretionary 12.2% | |||
Auto Components 0.6% | |||
BorgWarner, Inc. | 9,211 | 447,102 | |
Gentex Corp. | 8,058 | 266,639 | |
713,741 | |||
Diversified Consumer Services 0.5% | |||
Terminix Global Holdings, Inc.* | 11,717 | 559,018 | |
Hotels, Restaurants & Leisure 2.9% | |||
Choice Hotels International, Inc. | 6,173 | 733,723 | |
Darden Restaurants, Inc. | 3,292 | 480,599 | |
Vail Resorts, Inc.* | 1,352 | 427,935 | |
Wyndham Hotels & Resorts, Inc. | 16,224 | 1,172,833 | |
Yum China Holdings, Inc. | 9,093 | 602,411 | |
3,417,501 | |||
Household Durables 2.0% | |||
D.R. Horton, Inc. | 21,234 | 1,918,917 | |
Newell Brands, Inc. | 17,190 | 472,209 | |
2,391,126 | |||
Internet & Direct Marketing Retail 4.8% | |||
Amazon.com, Inc.* | 1,649 | 5,672,824 | |
Leisure Products 0.5% | |||
Peloton Interactive, Inc. "A"* | 4,641 | 575,577 | |
Specialty Retail 0.5% | |||
Carvana Co.* | 2,032 | 613,298 | |
Textiles, Apparel & Luxury Goods 0.4% | |||
NIKE, Inc. "B" | 3,082 | 476,138 |
Shares | Value ($) | ||
Consumer Staples 5.1% | |||
Beverages 2.7% | |||
Coca-Cola Co. | 25,140 | 1,360,325 | |
PepsiCo, Inc. | 12,509 | 1,853,459 | |
3,213,784 | |||
Food & Staples Retailing 1.4% | |||
Beyond Meat, Inc.* (a) | 3,004 | 473,100 | |
Costco Wholesale Corp. | 1,778 | 703,501 | |
Kroger Co. | 13,579 | 520,212 | |
1,696,813 | |||
Personal Products 0.3% | |||
Estee Lauder Companies, Inc. "A" | 1,115 | 354,659 | |
Tobacco 0.7% | |||
Altria Group, Inc. | 15,845 | 755,490 | |
Energy 2.8% | |||
Energy Equipment & Services 0.3% | |||
Baker Hughes Co. | 16,238 | 371,363 | |
Oil, Gas & Consumable Fuels 2.5% | |||
Devon Energy Corp. | 24,482 | 714,630 | |
Hess Corp. | 9,344 | 815,918 | |
Marathon Petroleum Corp. | 23,148 | 1,398,602 | |
2,929,150 | |||
Financials 10.8% | |||
Banks 4.1% | |||
Bank of America Corp. | 21,642 | 892,300 | |
JPMorgan Chase & Co. | 18,958 | 2,948,727 | |
Wells Fargo & Co. | 21,232 | 961,597 | |
4,802,624 | |||
Capital Markets 3.9% | |||
Ameriprise Financial, Inc. | 3,716 | 924,838 | |
Carlyle Group, Inc. | 18,404 | 855,418 | |
Intercontinental Exchange, Inc. | 4,002 | 475,037 | |
MSCI, Inc. | 2,867 | 1,528,340 | |
T. Rowe Price Group, Inc. | 2,438 | 482,651 | |
Tradeweb Markets, Inc. "A" | 4,278 | 361,748 | |
4,628,032 | |||
Insurance 2.8% | |||
Arthur J. Gallagher & Co. | 6,200 | 868,496 | |
Everest Re Group Ltd. | 1,728 | 435,474 | |
Hartford Financial Services Group, Inc. | 6,825 | 422,945 | |
MetLife, Inc. | 20,505 | 1,227,224 | |
Progressive Corp. | 4,275 | 419,848 | |
3,373,987 |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 5 |
Shares | Value ($) | ||
Health Care 14.0% | |||
Biotechnology 4.8% | |||
AbbVie, Inc. | 8,782 | 989,204 | |
Alexion Pharmaceuticals, Inc.* | 3,410 | 626,451 | |
Amgen, Inc. | 9,957 | 2,427,019 | |
Biogen, Inc.* | 3,433 | 1,188,745 | |
BioMarin Pharmaceutical, Inc.* | 5,673 | 473,355 | |
5,704,774 | |||
Health Care Providers & Services 6.4% | |||
Anthem, Inc. | 6,281 | 2,398,086 | |
Centene Corp.* | 19,598 | 1,429,282 | |
DaVita, Inc.* | 6,716 | 808,808 | |
Guardant Health, Inc.* | 3,596 | 446,587 | |
HCA Healthcare, Inc. | 2,235 | 462,064 | |
McKesson Corp. | 2,575 | 492,443 | |
Molina Healthcare, Inc.* | 4,177 | 1,057,032 | |
Premier, Inc. "A" | 12,908 | 449,069 | |
7,543,371 | |||
Pharmaceuticals 2.8% | |||
Bristol-Myers Squibb Co. | 14,697 | 982,054 | |
Johnson & Johnson | 8,689 | 1,431,426 | |
Viatris, Inc. | 32,032 | 457,737 | |
Zoetis, Inc. | 2,325 | 433,287 | |
3,304,504 | |||
Industrials 8.0% | |||
Aerospace & Defense 0.9% | |||
Howmet Aerospace, Inc.* | 7,460 | 257,146 | |
Textron, Inc. | 12,673 | 871,522 | |
1,128,668 | |||
Building Products 1.0% | |||
Owens Corning | 11,575 | 1,133,192 | |
Commercial Services & Supplies 2.1% | |||
Cintas Corp. | 974 | 372,068 | |
Republic Services, Inc. | 2,761 | 303,738 | |
Waste Management, Inc. | 12,937 | 1,812,603 | |
2,488,409 | |||
Electrical Equipment 0.4% | |||
Emerson Electric Co. | 5,019 | 483,029 | |
Machinery 2.4% | |||
AGCO Corp. | 5,479 | 714,351 | |
Caterpillar, Inc. | 2,214 | 481,833 | |
Cummins, Inc. | 1,253 | 305,494 | |
Ingersoll Rand, Inc.* | 8,419 | 410,931 | |
Parker-Hannifin Corp. | 3,135 | 962,790 | |
2,875,399 | |||
Road & Rail 1.2% | |||
Norfolk Southern Corp. | 2,396 | 635,922 | |
Union Pacific Corp. | 3,617 | 795,487 | |
1,431,409 |
Shares | Value ($) | ||
Information Technology 28.6% | |||
Communications Equipment 0.9% | |||
Cisco Systems, Inc. | 19,889 | 1,054,117 | |
IT Services 3.6% | |||
Accenture PLC "A" | 1,699 | 500,848 | |
DXC Technology Co.* | 15,915 | 619,730 | |
Visa, Inc. "A" | 13,525 | 3,162,416 | |
4,282,994 | |||
Semiconductors & Semiconductor Equipment 5.2% | |||
Advanced Micro Devices, Inc.* | 9,190 | 863,217 | |
Intel Corp. | 28,473 | 1,598,474 | |
NVIDIA Corp. | 1,145 | 916,114 | |
QUALCOMM, Inc. | 12,606 | 1,801,776 | |
Teradyne, Inc. | 7,133 | 955,537 | |
6,135,118 | |||
Software 11.6% | |||
ANSYS, Inc.* | 853 | 296,042 | |
Cadence Design Systems, Inc.* | 2,307 | 315,644 | |
Citrix Systems, Inc. | 3,136 | 367,759 | |
Dynatrace, Inc.* | 9,141 | 534,017 | |
Intuit, Inc. | 742 | 363,706 | |
Microsoft Corp. | 28,928 | 7,836,595 | |
Oracle Corp. | 30,486 | 2,373,030 | |
salesforce.com, Inc.* | 2,844 | 694,704 | |
Splunk, Inc.* | 3,310 | 478,560 | |
Synopsys, Inc.* | 1,850 | 510,211 | |
13,770,268 | |||
Technology Hardware, Storage & Peripherals 7.3% | |||
Apple, Inc. | 63,226 | 8,659,433 | |
Materials 2.8% | |||
Chemicals 1.4% | |||
Air Products & Chemicals, Inc. | 1,648 | 474,097 | |
DuPont de Nemours, Inc. | 5,945 | 460,202 | |
Linde PLC * | 1,668 | 482,219 | |
The Mosaic Co. | 8,512 | 271,618 | |
1,688,136 | |||
Containers & Packaging 0.3% | |||
International Paper Co. | 5,570 | 341,496 | |
Metals & Mining 1.1% | |||
Arconic Corp.* | 24,583 | 875,647 | |
Newmont Corp. | 6,885 | 436,371 | |
1,312,018 | |||
Real Estate 3.0% | |||
Equity Real Estate Investment Trusts (REITs) | |||
AvalonBay Communities, Inc. | 5,324 | 1,111,066 |
6 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Shares | Value ($) | ||
Iron Mountain, Inc. (a) | 30,489 | 1,290,295 | |
Prologis, Inc. | 9,910 | 1,184,542 | |
3,585,903 | |||
Utilities 2.1% | |||
Electric Utilities 0.4% | |||
NextEra Energy, Inc. | 6,941 | 508,637 | |
Multi-Utilities 0.9% | |||
Dominion Energy, Inc. | 6,265 | 460,916 | |
Public Service Enterprise Group, Inc. | 10,734 | 641,249 | |
1,102,165 | |||
Water Utilities 0.8% | |||
American Water Works Co., Inc. | 5,976 | 921,081 | |
Total Common Stocks (Cost $65,477,387) | 118,148,919 | ||
Securities Lending Collateral 1.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $1,590,558) | 1,590,558 | 1,590,558 |
Shares | Value ($) | ||
Cash Equivalents 0.5% | |||
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $561,005) | 561,005 | 561,005 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $67,628,950) | 101.4 | 120,300,482 | |
Other Assets and Liabilities, Net | (1.4) | (1,659,412) | |
Net Assets | 100.0 | 118,641,070 |
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2021 | Value ($) at 6/30/2021 |
Securities Lending Collateral 1.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
3,846,941 | — | 2,256,383 (d) | — | — | 2,739 | — | 1,590,558 | 1,590,558 |
Cash Equivalents 0.5% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (b) | ||||||||
740,536 | 5,641,383 | 5,820,914 | — | — | 82 | — | 561,005 | 561,005 |
4,587,477 | 5,641,383 | 8,077,297 | — | — | 2,821 | — | 2,151,563 | 2,151,563 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2021 amounted to $1,562,083, which is 1.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021. |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 7 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $ 118,148,919 | $ — | $ — | $ 118,148,919 |
Short-Term Investments (a) | 2,151,563 | — | — | 2,151,563 |
Total | $ 120,300,482 | $ — | $ — | $ 120,300,482 |
(a) | See Investment Portfolio for additional detailed categorizations. |
8 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Assets | |
Investments in non-affiliated securities, at value (cost $65,477,387) — including $1,562,083 of securities loaned | $ 118,148,919 |
Investment in DWS Government & Agency Securities Portfolio (cost $1,590,558)* | 1,590,558 |
Investment in DWS Central Cash Management Government Fund (cost $561,005) | 561,005 |
Cash | 10,000 |
Receivable for Fund shares sold | 8,205 |
Dividends receivable | 69,934 |
Interest receivable | 313 |
Other assets | 709 |
Total assets | 120,389,643 |
Liabilities | |
Payable upon return of securities loaned | 1,590,558 |
Payable for Fund shares redeemed | 59,967 |
Accrued management fee | 37,862 |
Accrued Trustees' fees | 309 |
Other accrued expenses and payables | 59,877 |
Total liabilities | 1,748,573 |
Net assets, at value | $ 118,641,070 |
Net Assets Consist of | |
Distributable earnings (loss) | 61,075,628 |
Paid-in capital | 57,565,442 |
Net assets, at value | $ 118,641,070 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($115,234,673 ÷ 8,647,190 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.33 |
Class B | |
Net Asset Value, offering and redemption price per share ($3,406,397 ÷ 255,622 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.33 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends | $ 743,131 |
Income distributions — DWS Central Cash Management Government Fund | 82 |
Securities lending income, net of borrower rebates | 2,739 |
Total income | 745,952 |
Expenses: | |
Management fee | 221,348 |
Administration fee | 55,053 |
Services to shareholders | 757 |
Record keeping fee (Class B) | 1,108 |
Distribution service fee (Class B) | 4,241 |
Custodian fee | 2,745 |
Professional fees | 37,017 |
Reports to shareholders | 15,961 |
Trustees' fees and expenses | 3,015 |
Other | 3,289 |
Total expenses | 344,534 |
Net investment income | 401,418 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 8,371,178 |
Payments by affiliates (see Note F) | 2,512 |
8,373,690 | |
Change in net unrealized appreciation (depreciation) on investments | 7,328,637 |
Net gain (loss) | 15,702,327 |
Net increase (decrease) in net assets resulting from operations | $16,103,745 |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 9 |
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 |
Operations: | ||
Net investment income | $ 401,418 | $ 997,393 |
Net realized gain (loss) | 8,373,690 | 5,117,424 |
Change in net unrealized appreciation (depreciation) | 7,328,637 | 8,536,882 |
Net increase (decrease) in net assets resulting from operations | 16,103,745 | 14,651,699 |
Distributions to shareholders: | ||
Class A | (6,046,519) | (5,813,005) |
Class B | (170,977) | (175,513) |
Total distributions | (6,217,496) | (5,988,518) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,349,763 | 2,502,706 |
Reinvestment of distributions | 6,046,519 | 5,813,005 |
Payments for shares redeemed | (8,840,644) | (16,323,485) |
Net increase (decrease) in net assets from Class A share transactions | (1,444,362) | (8,007,774) |
Class B | ||
Proceeds from shares sold | 61,964 | 141,998 |
Reinvestment of distributions | 170,977 | 175,513 |
Payments for shares redeemed | (650,425) | (428,535) |
Net increase (decrease) in net assets from Class B share transactions | (417,484) | (111,024) |
Increase (decrease) in net assets | 8,024,403 | 544,383 |
Net assets at beginning of period | 110,616,667 | 110,072,284 |
Net assets at end of period | $118,641,070 | $110,616,667 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 8,760,193 | 9,438,162 |
Shares sold | 103,758 | 240,122 |
Shares issued to shareholders in reinvestment of distributions | 469,450 | 652,414 |
Shares redeemed | (686,211) | (1,570,505) |
Net increase (decrease) in Class A shares | (113,003) | (677,969) |
Shares outstanding at end of period | 8,647,190 | 8,760,193 |
Class B | ||
Shares outstanding at beginning of period | 288,118 | 295,485 |
Shares sold | 4,773 | 12,670 |
Shares issued to shareholders in reinvestment of distributions | 13,265 | 19,676 |
Shares redeemed | (50,534) | (39,713) |
Net increase (decrease) in Class B shares | (32,496) | (7,367) |
Shares outstanding at end of period | 255,622 | 288,118 |
10 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
DWS Core Equity VIP — Class A | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.23 | $11.31 | $9.83 | $14.64 | $13.16 | $13.29 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .05 | .11 | .14 | .14 | .17 | .17 |
Net realized and unrealized gain (loss) | 1.76 | 1.47 | 2.70 | (.71) | 2.44 | 1.09 |
Total from investment operations | 1.81 | 1.58 | 2.84 | (.57) | 2.61 | 1.26 |
Less distributions from: | ||||||
Net investment income | (.10) | (.15) | (.12) | (.27) | (.17) | (.19) |
Net realized gains | (.61) | (.51) | (1.24) | (3.97) | (.96) | (1.20) |
Total distributions | (.71) | (.66) | (1.36) | (4.24) | (1.13) | (1.39) |
Net asset value, end of period | $13.33 | $12.23 | $11.31 | $9.83 | $14.64 | $13.16 |
Total Return (%) | 15.03 * | 16.13 | 30.30 | (5.69) | 21.02 | 10.48 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 115 | 107 | 107 | 92 | 105 | 163 |
Ratio of expenses (%)b | .60 ** | .62 | .62 | .61 | .57 | .57 |
Ratio of net investment income (%) | .72 ** | 1.01 | 1.32 | 1.14 | 1.22 | 1.34 |
Portfolio turnover rate (%) | 16 * | 45 | 40 | 43 | 39 | 43 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 11 |
DWS Core Equity VIP — Class B | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.21 | $11.29 | $9.81 | $14.62 | $13.14 | $13.26 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .02 | .07 | .11 | .10 | .13 | .13 |
Net realized and unrealized gain (loss) | 1.77 | 1.48 | 2.70 | (.72) | 2.44 | 1.10 |
Total from investment operations | 1.79 | 1.55 | 2.81 | (.62) | 2.57 | 1.23 |
Less distributions from: | ||||||
Net investment income | (.06) | (.12) | (.09) | (.22) | (.13) | (.15) |
Net realized gains | (.61) | (.51) | (1.24) | (3.97) | (.96) | (1.20) |
Total distributions | (.67) | (.63) | (1.33) | (4.19) | (1.09) | (1.35) |
Net asset value, end of period | $13.33 | $12.21 | $11.29 | $9.81 | $14.62 | $13.14 |
Total Return (%) | 14.94 * | 15.67 | 29.92 | (6.02) | 20.68 | 10.25 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 3 | 4 | 3 | 3 | 3 | 2 |
Ratio of expenses (%)b | .92 ** | .94 | .94 | .93 | .86 | .86 |
Ratio of net investment income (%) | .39 ** | .69 | 1.00 | .82 | .94 | 1.06 |
Portfolio turnover rate (%) | 16 * | 45 | 40 | 43 | 39 | 43 |
a | Based on average shares outstanding during the period. |
b | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
12 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 13 |
14 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
B. | Purchases and Sales of Securities |
C. | Related Parties |
First $250 million of average daily net assets | .390% |
Next $750 million of average daily net assets | .365% |
Over $1 billion of average daily net assets | .340% |
Class A | .72% |
Class B | 1.04% |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 15 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2021 |
Class A | $ 379 | $ 123 |
Class B | 76 | 24 |
$ 455 | $ 147 |
D. | Ownership of the Fund |
E. | Line of Credit |
16 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
F. | Payments by Affiliates |
G. | Other — COVID-19 Pandemic |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 17 |
Information About Your Fund’s Expenses | (Unaudited) |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,150.30 | $ 1,149.40 |
Expenses Paid per $1,000* | $ 3.20 | $ 4.90 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,021.82 | $ 1,020.23 |
Expenses Paid per $1,000* | $ 3.01 | $ 4.61 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Core Equity VIP | .60% | .92% |
18 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 19 |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
20 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
Deutsche DWS Variable Series I —DWS Core Equity VIP | | 21 |
22 | | Deutsche DWS Variable Series I —DWS Core Equity VIP |
2 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Performance Summary | June 30, 2021 (Unaudited) |
Comparative Results | |||||||
DWS Global Small Cap VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class A | Growth of $10,000 | $11,224 | $14,841 | $12,509 | $16,460 | $20,175 | |
Average annual total return | 12.24% | 48.41% | 7.75% | 10.48% | 7.27% | ||
S&P Developed SmallCap Index | Growth of $10,000 | $11,478 | $15,264 | $14,168 | $19,611 | $27,505 | |
Average annual total return | 14.78% | 52.64% | 12.32% | 14.42% | 10.65% | ||
DWS Global Small Cap VIP | 6-Month ‡ | 1-Year | 3-Year | 5-Year | 10-Year | ||
Class B | Growth of $10,000 | $11,211 | $14,796 | $12,400 | $16,237 | $19,643 | |
Average annual total return | 12.11% | 47.96% | 7.43% | 10.18% | 6.98% | ||
S&P Developed SmallCap Index | Growth of $10,000 | $11,478 | $15,264 | $14,168 | $19,611 | $27,505 | |
Average annual total return | 14.78% | 52.64% | 12.32% | 14.42% | 10.65% | ||
The growth of $10,000 is cumulative. |
‡ | Total returns shown for periods less than one year are not annualized. |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 3 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/21 | 12/31/20 |
Common Stocks | 98% | 94% |
Cash Equivalents | 2% | 4% |
Exchange-Traded Funds | — | 2% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
Industrials | 19% | 21% |
Information Technology | 16% | 19% |
Consumer Discretionary | 13% | 13% |
Financials | 13% | 10% |
Health Care | 12% | 16% |
Real Estate | 8% | 8% |
Materials | 7% | 6% |
Communication Services | 3% | 3% |
Consumer Staples | 3% | 3% |
Utilities | 3% | 0% |
Energy | 3% | 1% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 12/31/20 |
United States | 58% | 61% |
Japan | 7% | 10% |
United Kingdom | 6% | 5% |
Canada | 4% | 3% |
Sweden | 3% | 2% |
Germany | 3% | 3% |
France | 3% | 2% |
Italy | 2% | 2% |
Korea | 2% | 1% |
Spain | 2% | 2% |
Austria | 2% | 2% |
Ireland | 2% | 2% |
Luxembourg | 1% | 2% |
Other | 5% | 3% |
100% | 100% |
4 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Investment Portfolio | as of June 30, 2021 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 98.2% | |||
Austria 1.7% | |||
Wienerberger AG (Cost $921,227) | 36,328 | 1,399,968 | |
Belgium 0.4% | |||
Euronav NV (Cost $313,840) | 37,166 | 345,506 | |
Bermuda 0.9% | |||
Lazard Ltd. "A" (a) (Cost $345,986) | 16,265 | 735,991 | |
Canada 3.9% | |||
First Quantum Minerals Ltd. | 35,275 | 813,010 | |
Linamar Corp. | 14,424 | 904,700 | |
Pan American Silver Corp. | 16,342 | 466,688 | |
Quebecor, Inc. "B" | 39,795 | 1,061,328 | |
(Cost $2,173,478) | 3,245,726 | ||
France 2.5% | |||
Alten SA | 3,084 | 408,837 | |
Rubis SCA (b) | 7,967 | 354,163 | |
SPIE SA | 44,518 | 1,024,072 | |
Television Francaise 1 | 29,700 | 300,223 | |
(Cost $2,069,493) | 2,087,295 | ||
Germany 3.0% | |||
Deutz AG* | 88,069 | 712,198 | |
PATRIZIA AG | 41,336 | 1,078,312 | |
United Internet AG (Registered) | 16,617 | 679,380 | |
(Cost $1,143,291) | 2,469,890 | ||
India 0.7% | |||
WNS Holdings Ltd. (ADR)* (b) (Cost $193,879) | 7,251 | 579,137 | |
Ireland 1.5% | |||
Avadel Pharmaceuticals PLC (ADR)* (b) | 36,283 | 244,185 | |
Dalata Hotel Group PLC* | 129,550 | 589,109 | |
Ryanair Holdings PLC* | 21,445 | 405,837 | |
(Cost $1,018,531) | 1,239,131 | ||
Italy 2.2% | |||
Buzzi Unicem SpA | 42,400 | 1,124,670 | |
Moncler SpA | 10,050 | 679,972 | |
(Cost $1,171,603) | 1,804,642 | ||
Japan 7.1% | |||
Ai Holdings Corp. | 41,617 | 820,390 | |
Anicom Holdings, Inc. | 76,900 | 615,366 | |
BML, Inc. | 15,900 | 542,428 | |
Kusuri No Aoki Holdings Co., Ltd. | 12,158 | 886,447 | |
Optex Group Co., Ltd. | 17,000 | 284,009 | |
Sawai Group Holdings Co. Ltd. | 12,600 | 561,411 | |
Topcon Corp. | 23,400 | 349,225 |
Shares | Value ($) | ||
UT Group Co., Ltd. | 31,024 | 904,791 | |
Zenkoku Hosho Co., Ltd. | 22,400 | 962,780 | |
(Cost $3,715,656) | 5,926,847 | ||
Korea 2.0% | |||
Hanmi Semiconductor Co. Ltd. | 8,039 | 241,638 | |
i-SENS, Inc. | 17,591 | 475,643 | |
Seah Besteel Corp. | 33,022 | 929,536 | |
(Cost $1,294,248) | 1,646,817 | ||
Luxembourg 1.3% | |||
B&M European Value Retail SA (Cost $571,241) | 132,015 | 1,046,757 | |
Netherlands 0.4% | |||
Boskalis Westminster (Cost $325,687) | 9,986 | 320,415 | |
Norway 0.3% | |||
Fjordkraft Holding ASA 144A (Cost $371,495) | 43,142 | 256,292 | |
Portugal 0.3% | |||
REN - Redes Energeticas Nacionais SGPS SA (Cost $261,325) | 92,222 | 255,884 | |
Puerto Rico 0.6% | |||
Popular, Inc. (Cost $463,903) | 6,166 | 462,758 | |
Singapore 0.4% | |||
BW LPG, Ltd. 144A (Cost $336,865) | 54,731 | 353,425 | |
Spain 2.0% | |||
Fluidra SA | 28,658 | 1,136,672 | |
Talgo SA 144A* | 88,107 | 498,336 | |
(Cost $905,242) | 1,635,008 | ||
Sweden 3.2% | |||
Dometic Group AB 144A | 22,461 | 382,525 | |
Fingerprint Cards AB "B"* | 52,853 | 201,701 | |
MIPS AB | 7,101 | 610,689 | |
Nobina AB 144A | 129,243 | 1,173,413 | |
Ratos AB "B" | 55,297 | 335,345 | |
(Cost $1,693,797) | 2,703,673 | ||
Switzerland 1.2% | |||
Julius Baer Group Ltd. | 7,222 | 471,294 | |
Landis & Gyr Group AG | 7,698 | 537,466 | |
(Cost $1,055,900) | 1,008,760 | ||
United Kingdom 5.4% | |||
Arrow Global Group PLC* | 95,792 | 404,815 | |
Clinigen Group PLC | 44,130 | 377,869 | |
Domino's Pizza Group PLC | 106,754 | 573,856 | |
Drax Group PLC | 108,643 | 637,513 | |
Electrocomponents PLC | 90,511 | 1,288,348 | |
Genus PLC | 2,882 | 197,739 |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 5 |
Shares | Value ($) | ||
Johnson Service Group PLC* | 265,435 | 644,027 | |
Micro Focus International PLC | 51,527 | 389,887 | |
(Cost $2,938,917) | 4,514,054 | ||
United States 57.2% | |||
Advanced Drainage Systems, Inc. | 3,618 | 421,750 | |
Affiliated Managers Group, Inc. | 4,203 | 648,145 | |
Agilysys, Inc.* | 9,370 | 532,872 | |
Alcoa Corp.* | 9,747 | 359,079 | |
AMC Entertainment Holdings, Inc. "A"* (b) | 12,931 | 732,929 | |
Americold Realty Trust (REIT) | 21,223 | 803,291 | |
Amicus Therapeutics, Inc.* | 29,421 | 283,618 | |
Anika Therapeutics, Inc.* | 7,283 | 315,281 | |
Arena Pharmaceuticals, Inc.* | 8,863 | 604,457 | |
AZEK Co., Inc.* | 5,092 | 216,206 | |
Builders FirstSource, Inc.* (b) | 28,748 | 1,226,390 | |
Casey's General Stores, Inc. | 6,443 | 1,254,065 | |
Cleveland-Cliffs, Inc.* (b) | 46,669 | 1,006,184 | |
CMC Materials, Inc. | 4,593 | 692,349 | |
Contango Oil & Gas Co.* (b) | 177,463 | 766,640 | |
Cornerstone OnDemand, Inc.* | 11,453 | 590,746 | |
Dril-Quip, Inc.* | 16,812 | 568,750 | |
Ducommun, Inc.* | 26,358 | 1,438,092 | |
Eastern Bankshares, Inc. | 14,226 | 292,629 | |
EastGroup Properties, Inc. (REIT) | 4,274 | 702,859 | |
Envestnet, Inc.* (b) | 9,595 | 727,877 | |
Essential Properties Realty Trust, Inc. (REIT) | 24,757 | 669,429 | |
First Financial Bankshares, Inc. | 4,076 | 200,254 | |
Five9, Inc.* | 8,715 | 1,598,244 | |
FNB Corp. (b) | 30,449 | 375,436 | |
Four Corners Property Trust, Inc. (REIT) | 27,967 | 772,169 | |
Fox Factory Holding Corp.* | 10,660 | 1,659,336 | |
Green Dot Corp. "A"* | 6,498 | 304,431 | |
Heron Therapeutics, Inc.* (b) | 22,446 | 348,362 | |
Hillenbrand, Inc. | 10,258 | 452,173 | |
Hudson Pacific Properties, Inc. (REIT) | 8,486 | 236,081 | |
Hyster-Yale Materials Handling, Inc. (b) | 5,590 | 407,958 | |
iRhythm Technologies, Inc.* | 3,824 | 253,722 | |
Jack in the Box, Inc. (b) | 6,611 | 736,730 | |
Jefferies Financial Group, Inc. | 35,036 | 1,198,231 | |
LivePerson, Inc.* | 5,940 | 375,646 | |
Lumentum Holdings, Inc.* | 8,748 | 717,598 | |
Marvell Technology, Inc. | 24,136 | 1,407,851 | |
Masonite International Corp.* | 7,831 | 875,427 | |
ModivCare, Inc.* (b) | 10,032 | 1,706,196 | |
Molina Healthcare, Inc.* | 4,393 | 1,111,693 | |
Multiplan Corp.* (b) | 35,599 | 338,902 | |
National Storage Affiliates Trust (REIT) | 15,303 | 773,720 |
Shares | Value ($) | ||
Novavax, Inc.* (b) | 1,412 | 299,782 | |
Option Care Health, Inc.* | 29,553 | 646,324 | |
Outset Medical, Inc.* (b) | 6,295 | 314,624 | |
Pacira BioSciences, Inc.* | 15,060 | 913,841 | |
Physicians Realty Trust (REIT) | 38,643 | 713,736 | |
QAD, Inc. "A" (b) | 8,600 | 748,372 | |
QTS Realty Trust, Inc. "A", (REIT) | 10,438 | 806,857 | |
Rush Enterprises, Inc. "A" | 31,808 | 1,375,356 | |
SJW Group | 9,094 | 575,650 | |
South State Corp. | 12,286 | 1,004,503 | |
Spectrum Brands Holdings, Inc. | 3,735 | 317,624 | |
Synovus Financial Corp. | 26,456 | 1,160,889 | |
Tandem Diabetes Care, Inc.* | 3,297 | 321,128 | |
Tenneco, Inc. "A"* | 28,693 | 554,349 | |
Thermon Group Holdings, Inc.* (b) | 40,418 | 688,723 | |
TopBuild Corp.* | 6,338 | 1,253,530 | |
Translate Bio, Inc.* (b) | 10,019 | 275,923 | |
TriState Capital Holdings, Inc.* | 21,539 | 439,180 | |
Varonis Systems, Inc.* (b) | 21,580 | 1,243,440 | |
Vital Farms, Inc.* (b) | 12,874 | 256,965 | |
Vroom, Inc.* (b) | 8,106 | 339,317 | |
WEX, Inc.* | 2,214 | 429,295 | |
YETI Holdings, Inc.* | 16,616 | 1,525,681 | |
Zions Bancorp. NA | 12,982 | 686,229 | |
(Cost $27,619,669) | 47,595,116 | ||
Total Common Stocks (Cost $50,905,273) | 81,633,092 | ||
Securities Lending Collateral 10.7% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (c) (d) (Cost $8,873,880) | 8,873,880 | 8,873,880 | |
Cash Equivalents 1.8% | |||
DWS Central Cash Management Government Fund, 0.02% (c) (Cost $1,530,984) | 1,530,984 | 1,530,984 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $61,310,137) | 110.7 | 92,037,956 | |
Other Assets and Liabilities, Net | (10.7) | (8,902,960) | |
Net Assets | 100.0 | 83,134,996 |
6 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2021 | Value ($) at 6/30/2021 |
Securities Lending Collateral 10.7% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (c) (d) | ||||||||
1,184,652 | 7,689,228 (e) | — | — | — | 9,161 | — | 8,873,880 | 8,873,880 |
Cash Equivalents 1.8% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (c) | ||||||||
3,011,728 | 6,450,481 | 7,931,225 | — | — | 284 | — | 1,530,984 | 1,530,984 |
4,196,380 | 14,139,709 | 7,931,225 | — | — | 9,445 | — | 10,404,864 | 10,404,864 |
* | Non-income producing security. |
(a) | Listed on the NASDAQ Stock Market, Inc. |
(b) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2021 amounted to $9,188,460, which is 11.1% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $246,412. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
REIT: Real Estate Investment Trust |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 7 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Austria | $ 1,399,968 | $ — | $ — | $ 1,399,968 |
Belgium | 345,506 | — | — | 345,506 |
Bermuda | 735,991 | — | — | 735,991 |
Canada | 3,245,726 | — | — | 3,245,726 |
France | 2,087,295 | — | — | 2,087,295 |
Germany | 2,469,890 | — | — | 2,469,890 |
India | 579,137 | — | — | 579,137 |
Ireland | 1,239,131 | — | — | 1,239,131 |
Italy | 1,804,642 | — | — | 1,804,642 |
Japan | 5,926,847 | — | — | 5,926,847 |
Korea | 1,646,817 | — | — | 1,646,817 |
Luxembourg | 1,046,757 | — | — | 1,046,757 |
Netherlands | 320,415 | — | — | 320,415 |
Norway | 256,292 | — | — | 256,292 |
Portugal | 255,884 | — | — | 255,884 |
Puerto Rico | 462,758 | — | — | 462,758 |
Singapore | 353,425 | — | — | 353,425 |
Spain | 1,635,008 | — | — | 1,635,008 |
Sweden | 2,703,673 | — | — | 2,703,673 |
Switzerland | 1,008,760 | — | — | 1,008,760 |
United Kingdom | 4,514,054 | — | — | 4,514,054 |
United States | 47,595,116 | — | — | 47,595,116 |
Short-Term Investments (a) | 10,404,864 | — | — | 10,404,864 |
Total | $92,037,956 | $ — | $ — | $92,037,956 |
(a) | See Investment Portfolio for additional detailed categorizations. |
8 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Assets | |
Investments in non-affiliated securities, at value (cost $50,905,273) — including $9,188,460 of securities loaned | $ 81,633,092 |
Investment in DWS Government & Agency Securities Portfolio (cost $8,873,880)* | 8,873,880 |
Investment in DWS Central Cash Management Government Fund (cost $1,530,984) | 1,530,984 |
Foreign currency, at value (cost $28,130) | 27,504 |
Receivable for Fund shares sold | 1,342 |
Dividends receivable | 76,671 |
Interest receivable | 3,785 |
Foreign taxes recoverable | 36,916 |
Other assets | 742 |
Total assets | 92,184,916 |
Liabilities | |
Payable upon return of securities loaned | 8,873,880 |
Payable for Fund shares redeemed | 86,086 |
Accrued management fee | 34,843 |
Accrued Trustees' fees | 589 |
Other accrued expenses and payables | 54,522 |
Total liabilities | 9,049,920 |
Net assets, at value | $ 83,134,996 |
Net Assets Consist of | |
Distributable earnings (loss) | 35,938,282 |
Paid-in capital | 47,196,714 |
Net assets, at value | $ 83,134,996 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($80,399,435 ÷ 6,040,984 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.31 |
Class B | |
Net Asset Value, offering and redemption price per share ($2,735,561 ÷ 214,398 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 12.76 |
* | Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $246,412. |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $65,066) | $ 647,786 |
Income distributions — DWS Central Cash Management Government Fund | 284 |
Securities lending income, net of borrower rebates | 9,161 |
Total income | 657,231 |
Expenses: | |
Management fee | 323,899 |
Administration fee | 39,273 |
Services to shareholders | 1,807 |
Record keeping fee (Class B) | 377 |
Distribution service fee (Class B) | 3,346 |
Custodian fee | 4,433 |
Professional fees | 35,991 |
Reports to shareholders | 16,170 |
Trustees' fees and expenses | 2,142 |
Other | 7,207 |
Total expenses before expense reductions | 434,645 |
Expense reductions | (101,563) |
Total expenses after expense reductions | 333,082 |
Net investment income | 324,149 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 7,102,124 |
Foreign currency | 13,602 |
7,115,726 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 1,885,046 |
Foreign currency | (6,411) |
1,878,635 | |
Net gain (loss) | 8,994,361 |
Net increase (decrease) in net assets resulting from operations | $9,318,510 |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 9 |
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 |
Operations: | ||
Net investment income | $ 324,149 | $ 238,619 |
Net realized gain (loss) | 7,115,726 | (1,077,595) |
Change in net unrealized appreciation (depreciation) | 1,878,635 | 11,994,951 |
Net increase (decrease) in net assets resulting from operations | 9,318,510 | 11,155,975 |
Distributions to shareholders: | ||
Class A | (284,998) | (509,172) |
Class B | (1,897) | (12,523) |
Total distributions | (286,895) | (521,695) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,997,843 | 2,748,177 |
Reinvestment of distributions | 284,998 | 509,172 |
Payments for shares redeemed | (6,121,302) | (8,776,264) |
Net increase (decrease) in net assets from Class A share transactions | (3,838,461) | (5,518,915) |
Class B | ||
Proceeds from shares sold | 22,884 | 152,440 |
Reinvestment of distributions | 1,897 | 12,523 |
Payments for shares redeemed | (180,143) | (301,149) |
Net increase (decrease) in net assets from Class B share transactions | (155,362) | (136,186) |
Increase (decrease) in net assets | 5,037,792 | 4,979,179 |
Net assets at beginning of period | 78,097,204 | 73,118,025 |
Net assets at end of period | $83,134,996 | $78,097,204 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 6,344,768 | 6,910,961 |
Shares sold | 155,837 | 293,128 |
Shares issued to shareholders in reinvestment of distributions | 21,493 | 66,298 |
Shares redeemed | (481,114) | (925,619) |
Net increase (decrease) in Class A shares | (303,784) | (566,193) |
Shares outstanding at end of period | 6,040,984 | 6,344,768 |
Class B | ||
Shares outstanding at beginning of period | 227,196 | 238,523 |
Shares sold | 1,813 | 18,334 |
Shares issued to shareholders in reinvestment of distributions | 149 | 1,701 |
Shares redeemed | (14,760) | (31,362) |
Net increase (decrease) in Class B shares | (12,798) | (11,327) |
Shares outstanding at end of period | 214,398 | 227,196 |
10 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
DWS Global Small Cap VIP — Class A | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.90 | $10.24 | $8.91 | $12.90 | $11.78 | $13.17 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .05 | .04 | .05 | .02 | .00 * | .03 |
Net realized and unrealized gain (loss) | 1.41 | 1.70 | 1.82 | (2.32) | 2.21 | .15 |
Total from investment operations | 1.46 | 1.74 | 1.87 | (2.30) | 2.21 | .18 |
Less distributions from: | ||||||
Net investment income | (.05) | (.08) | — | (.04) | — | (.05) |
Net realized gains | — | — | (.54) | (1.65) | (1.09) | (1.52) |
Total distributions | (.05) | (.08) | (.54) | (1.69) | (1.09) | (1.57) |
Net asset value, end of period | $13.31 | $11.90 | $10.24 | $8.91 | $12.90 | $11.78 |
Total Return (%)b | 12.24 ** | 17.36 | 21.29 | (20.51) | 20.02 | 1.57 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 80 | 76 | 71 | 63 | 85 | 89 |
Ratio of expenses before expense reductions (%)c | 1.06 *** | 1.10 | 1.11 | 1.10 | 1.15 | 1.17 |
Ratio of expenses after expense reductions (%)c | .81 *** | .81 | .82 | .78 | .94 | 1.02 |
Ratio of net investment income (%) | .81 *** | .38 | .54 | .21 | .03 | .22 |
Portfolio turnover rate (%) | 18 ** | 9 | 23 | 32 | 42 | 41 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 11 |
DWS Global Small Cap VIP — Class B | ||||||
Six Months Ended 6/30/21 | Years Ended December 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.39 | $9.81 | $8.57 | $12.47 | $11.45 | $12.85 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | .03 | .01 | .03 | (.01) | (.03) | (.03) |
Net realized and unrealized gain (loss) | 1.35 | 1.62 | 1.75 | (2.24) | 2.14 | .17 |
Total from investment operations | 1.38 | 1.63 | 1.78 | (2.25) | 2.11 | .14 |
Less distributions from: | ||||||
Net investment income | (.01) | (.05) | — | — | — | (.02) |
Net realized gains | — | — | (.54) | (1.65) | (1.09) | (1.52) |
Total distributions | (.01) | (.05) | (.54) | (1.65) | (1.09) | (1.54) |
Net asset value, end of period | $12.76 | $11.39 | $9.81 | $8.57 | $12.47 | $11.45 |
Total Return (%)b | 12.11 * | 16.94 | 21.08 | (20.74) | 19.60 | 1.34 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 3 | 3 | 2 | 2 | 3 | 3 |
Ratio of expenses before expense reductions (%)c | 1.35 ** | 1.39 | 1.40 | 1.39 | 1.44 | 1.47 |
Ratio of expenses after expense reductions (%)c | 1.09 ** | 1.09 | 1.09 | 1.06 | 1.22 | 1.30 |
Ratio of net investment income (loss) (%) | .53 ** | .10 | .27 | (.08) | (.26) | (.23) |
Portfolio turnover rate (%) | 18 * | 9 | 23 | 32 | 42 | 41 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. |
* | Not annualized |
** | Annualized |
12 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 13 |
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $ 8,873,880 | $ — | $ — | $ 246,412 | $ 9,120,292 |
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | $ 9,120,292 |
14 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
B. | Purchases and Sales of Securities |
C. | Related Parties |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 15 |
Class A | .81% |
Class B | 1.09% |
Class A | .82% | |
Class B | 1.10% |
Class A | $ 98,146 |
Class B | 3,417 |
$ 101,563 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2021 |
Class A | $ 319 | $ 103 |
Class B | 98 | 37 |
$ 417 | $ 140 |
16 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
D. | Ownership of the Fund |
E. | Line of Credit |
F. | Other — COVID-19 Pandemic |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 17 |
Information About Your Fund’s Expenses | (Unaudited) |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
Actual Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,122.40 | $ 1,121.10 |
Expenses Paid per $1,000* | $ 4.26 | $ 5.73 |
Hypothetical 5% Fund Return | Class A | Class B |
Beginning Account Value 1/1/21 | $ 1,000.00 | $ 1,000.00 |
Ending Account Value 6/30/21 | $ 1,020.78 | $ 1,019.39 |
Expenses Paid per $1,000* | $ 4.06 | $ 5.46 |
* | Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class B |
Deutsche DWS Variable Series I — DWS Global Small Cap VIP | .81% | 1.09% |
18 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 19 |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
20 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
Deutsche DWS Variable Series I —DWS Global Small Cap VIP | | 21 |
22 | | Deutsche DWS Variable Series I —DWS Global Small Cap VIP |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
Not applicable. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable | |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable | |
ITEM 6. | SCHEDULE OF INVESTMENTS |
Not applicable | |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Capital Growth VIP, DWS Core Equity VIP, and DWS Global Small Cap VIP, each a series of Deutsche DWS Variable Series I |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 9/24/2021 |
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: | 9/24/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 9/24/2021 |