DWS Government & Agency Securities VIP

C000017247 Fund Overview

DWS Government & Agency Securities VIP is a US mutual fund managed by Deutsche Dws Variable Series II, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Deutsche Dws Variable Series II
• Category: Money Market
• Assets under management: $34.41M
• SEC CIK: 0000810573
• SEC series ID: S000006277
• Share class ID: C000017247

C000017247 Investment Objective and Strategy

DWS Government & Agency Securities VIP describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Deutsche Dws Variable Series II.

Investment objective

The fund seeks high current income consistent with preservation of capital.

Principal investment strategy

Main investments. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in US government securities and repurchase agreements of US government securities. US government-related debt instruments in which the fund may invest include: (i) direct obligations of the US Treasury; (ii) securities such as Ginnie Maes which are mortgage-backed securities issued and guaranteed by the Government National Mortgage Association (GNMA) and supported by the full faith and credit of the United States; and (iii) securities issued or guaranteed, as to their payment of principal and interest, by US government agencies or government sponsored entities, some of which may be supported only by the credit of the issuer. The fund may also invest in securities or instruments on a when-issued, delayed delivery or forward commitment basis (e.g.

TBAs). A forward commitment transaction is an agreement by the fund to purchase or sell securities at a specified future date. The fund may sell the forward commitment securities before the settlement date or enter into new commitments to extend the delivery date into the future. The fund normally invests all of its assets in securities issued or guaranteed by the US government, its agencies or instrumentalities, except the fund may invest up to 10% of its net assets in cash equivalents, such as money market funds, and short-term bond funds. These securities may not be issued or guaranteed by the US government, its agencies or instrumentalities. Management process. In deciding which types of government bonds to buy and sell, portfolio management first considers the relative attractiveness of US Treasuries compared to other US government and agency securities and then determines allocations.

Their decisions are generally based on a number of factors, including changes in supply and demand within the bond market. In choosing individual bonds, portfolio management reviews each bond's fundamentals, compares the yields of shorter maturity bonds to those of longer maturity bonds and uses technical analysis to project prepayment rates and other factors that could affect a bond's attractiveness. Portfolio management may also adjust the duration (a measure of sensitivity to interest rate movements) of the fund's portfolio, based upon their analysis. Derivatives. Portfolio management generally may use futures contracts and interest rate swap contracts, which are types of derivatives (contracts whose value are based on, for example, indices, currencies or securities) to gain exposure to different parts of the yield curve while managing overall duration.

In addition, portfolio management generally may use options and total return swap contracts, which are types of derivatives, to seek to enhance potential gains by increasing or decreasing the fund's exposure to a particular sector or market or as a substitute for direct investment. The fund may also use other types of derivatives (I) for hedging; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (IV) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions, such as registered broker-dealers, banks and pooled investment vehicles. Active Trading. The fund may trade actively and this may lead to high portfolio turnover.

C000017247 Costs and Fees

C000017247 costs about $53 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.53%
• Gross expense ratio: 0.93%
• Portfolio turnover: 448%
• Brokerage commissions: 0.73 bps of average net assets (SEC N-CEN)

C000017247 Cashflows

Over the 12 months to 2019-12, DWS Government & Agency Securities VIP had net outflows of $2.45M, from monthly SEC N-PORT filings.

C000017247 Debt Constituents

No individual debt constituents are reported in DWS Government & Agency Securities VIP's latest SEC N-PORT filing.

C000017247 Prospectus and SEC Filings

Official DWS Government & Agency Securities VIP filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-05-17
• Prospectus (485BPOS) — filed 2018-05-16
• Prospectus (485BPOS) — filed 2017-05-11
• Portfolio holdings (N-PORT) — filed 2020-02-27
• Portfolio holdings (N-PORT) — filed 2019-11-26
• Annual census (N-CEN) — filed 2020-03-09
• Annual census (N-CEN) — filed 2019-03-11

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.