# EDGAR Filing Document

**Accession Number:** 0000764797
**File Stem:** 0000088053-25-000698
**Filing Date:** 2025-8
**Character Count:** 284900
**Document Hash:** 87f117ad6f145f52acc840176f24bcaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-25-000698.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0000088053-25-000698

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**EFFECTIVENESS DATE**: 20250820

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS VARIABLE SERIES I
- **CENTRAL INDEX KEY:** 0000764797

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04257
- **FILM NUMBER:** 251234851

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE VARIABLE SERIES I
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS VARIABLE SERIES I
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER VARIABLE SERIES I
- **DATE OF NAME CHANGE:** 20010501

## Series and Classes Contracts Data

### DWS Capital Growth VIP (Series ID: S000006245)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017180 | Class A      |  |

### DWS Global Small Cap VIP (Series ID: S000006246)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017182 | Class A      |  |

### DWS Core Equity VIP (Series ID: S000006247)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017184 | Class A      |  |

### DWS CROCI International VIP (Series ID: S000006249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017188 | Class A      |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04257

<u>Deutsche DWS Variable Series I</u>

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

<u>New York, NY 10022-6225</u>

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: <u>(212) 454-4500</u>

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

Date of fiscal year end: 12/31 <br>Date of reporting period: 6/30/2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 1.** | &nbsp;&nbsp;**Reports to Stockholders.** |
|  | &nbsp;&nbsp;(a) |

---

# DWS CROCI<sup>®</sup> International VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](ie9368f5623ecfaa2ec1a30d0.jpg)

This semi-annual shareholder report contains important information about DWS CROCI<sup>®</sup> International VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.85%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.93%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 80532853 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate (%) | 55 |
| Total Net Advisory Fees Paid ($) | 203520 |

---

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 97% |
| Preferred Stocks | 2% |
| Cash Equivalents | 1% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 24% |
| Health Care | 20% |
| Industrials | 14% |
| Consumer Staples | 10% |
| Materials | 10% |
| Consumer Discretionary | 6% |
| Energy | 5% |
| Utilities | 4% |
| Communication Services | 3% |
| Information Technology | 3% |

---

### **Geographical Diversification** 

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 24% |
| United Kingdom | 19% |
| France | 11% |
| Switzerland | 7% |
| Spain | 5% |
| Italy | 5% |
| Germany | 5% |
| Singapore | 4% |
| Luxembourg | 4% |
| Sweden | 2% |
| Other | 12% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **30.6% of Net Assets** |
| Shionogi & Co., Ltd. (Japan) | 4.4% |
| British American Tobacco PLC (United Kingdom) | 3.7% |
| HSBC Holdings PLC (United Kingdom) | 3.3% |
| Komatsu Ltd. (Japan) | 3.0% |
| Banco Santander SA (Spain) | 2.9% |
| Imperial Brands PLC (United Kingdom) | 2.9% |
| TotalEnergies SE (France) | 2.8% |
| Roche Holding AG (Switzerland) | 2.6% |
| UniCredit SpA (Italy) | 2.5% |
| Banco Bilbao Vizcaya Argentaria SA (Spain) | 2.5% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Investing in foreign securities, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Stocks may decline in value. The Fund will be managed on the premise that stocks with lower CROCI<sup>®</sup> Economic P/E Ratios may outperform stocks with higher CROCI<sup>®</sup> Economic P/E Ratios over time. This premise may not always be correct and prospective investors should evaluate this assumption prior to investing in the Fund. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS1cint** - **TSRS** - **A** 

## R-101785-2 (08/25)

# DWS Global Small Cap VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](ie9368f5623ecfaa2ec1a30d0.jpg)

This semi-annual shareholder report contains important information about DWS Global Small Cap VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.89%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 1.08%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 63938362 |
| Number of Portfolio Holdings | 148 |
| Portfolio Turnover Rate (%) | 30 |
| Total Net Advisory Fees Paid ($) | 168391 |

---

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 98% |
| Cash Equivalents | 2% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 18% |
| Financials | 17% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 10% |
| Real Estate | 7% |
| Materials | 7% |
| Consumer Staples | 4% |
| Energy | 4% |
| Communication Services | 4% |
| Utilities | 3% |

---

### **Geographical Diversification** 

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 64% |
| Japan | 7% |
| United Kingdom | 7% |
| Canada | 3% |
| France | 3% |
| Korea | 2% |
| Switzerland | 2% |
| Italy | 2% |
| Sweden | 2% |
| Australia | 1% |
| Other | 5% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **17.5% of Net Assets** |
| Casey's General Stores, Inc. (United States) | 2.1% |
| Eiffage SA (France) | 2.0% |
| MicroStrategy, Inc. (United States) | 1.9% |
| Buzzi SpA (Italy) | 1.8% |
| SkyWest, Inc. (United States) | 1.8% |
| Stride, Inc. (United States) | 1.7% |
| Lumentum Holdings, Inc. (United States) | 1.6% |
| Bridgebio Pharma, Inc. (United States) | 1.6% |
| TopBuild Corp. (United States) | 1.5% |
| Drax Group PLC (United Kingdom) | 1.5% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Stocks may decline in value. Smaller company stocks tend to be more volatile than medium-sized or large company stocks. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS1glosc** - **TSRS** - **A** 

## R-101786-2 (08/25)

# DWS Capital Growth VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](ie9368f5623ecfaa2ec1a30d0.jpg)

This semi-annual shareholder report contains important information about DWS Capital Growth VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $25 | 0.49%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.49%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 1065041466 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate (%) | 7 |
| Total Net Advisory Fees Paid ($) | 1868974 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 99% |
| Cash Equivalents | 1% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 46% |
| Communication Services | 15% |
| Health Care | 10% |
| Consumer Discretionary | 10% |
| Financials | 9% |
| Industrials | 7% |
| Consumer Staples | 1% |
| Real Estate | 1% |
| Materials | 1% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **53.7% of Net Assets** |
| NVIDIA Corp. | 12.2% |
| Microsoft Corp. | 11.2% |
| Apple, Inc. | 6.5% |
| Amazon.com, Inc. | 6.0% |
| Alphabet, Inc. | 4.1% |
| Meta Platforms, Inc. | 3.8% |
| Broadcom, Inc. | 2.6% |
| Netflix, Inc. | 2.5% |
| Progressive Corp. | 2.5% |
| Mastercard, Inc. | 2.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Stocks may decline in value. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. The Fund may lend securities to approved institutions. Please read the prospectus for more information.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS1capgro** - **TSRS** - **A** 

## R-101782-2 (08/25)

# DWS Core Equity VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](ie9368f5623ecfaa2ec1a30d0.jpg)

This semi-annual shareholder report contains important information about DWS Core Equity VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $31 | 0.61%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.58%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 109670842 |
| Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate (%) | 16 |
| Total Net Advisory Fees Paid ($) | 208627 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 99% |
| Cash Equivalents | 1% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 31% |
| Financials | 15% |
| Communication Services | 11% |
| Consumer Discretionary | 11% |
| Health Care | 9% |
| Industrials | 8% |
| Consumer Staples | 5% |
| Energy | 3% |
| Utilities | 3% |
| Real Estate | 2% |
| Materials | 2% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **42.9% of Net Assets** |
| Microsoft Corp. | 9.5% |
| Apple, Inc. | 7.6% |
| NVIDIA Corp. | 5.4% |
| JPMorgan Chase & Co. | 4.0% |
| Amazon.com, Inc. | 3.7% |
| Alphabet, Inc. | 3.5% |
| Meta Platforms, Inc. | 2.9% |
| Oracle Corp. | 2.3% |
| Visa, Inc. | 2.2% |
| Walmart, Inc. | 1.8% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Stocks may decline in value. Fund management could be wrong in its analysis of industries, companies, economic trends and favor a security that underperforms the market. The Fund may lend securities to approved institutions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Please read the prospectus for more information.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS1coreq** - **TSRS** - **A** 

## R-101783-2 (08/25)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**Item 2.** | &nbsp;&nbsp;**Code of Ethics.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 3.** | &nbsp;&nbsp;**Audit Committee Financial Expert.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**Principal Accountant Fees and Services.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 5.** | &nbsp;&nbsp;**Audit Committee of Listed Registrants.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 6.** | &nbsp;&nbsp;**Investments.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;(a) |

---

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series I

**DWS Capital Growth VIP**

![](img55911b351.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_fbd1de34-c618-4df9-be2c-38a0b800c941_SOI-CC-Financial-RunningFooter-338_1) |
| **6** | [Statement of Assets and Liabilities](#xx_fbd1de34-c618-4df9-be2c-38a0b800c941_FS-CC-Financial-RunningFooter-338_1) |
| **6** | [Statement of Operations](#xx_fbd1de34-c618-4df9-be2c-38a0b800c941_FS-CC-Financial-RunningFooter-338_1) |
| **7** | [Statements of Changes in Net Assets](#xx_fbd1de34-c618-4df9-be2c-38a0b800c941_FS-CC-Financial-RunningFooter-338_2) |
| **8** | [Financial Highlights](#xx_fbd1de34-c618-4df9-be2c-38a0b800c941_FIHI-CC-Financial-RunningFooter-338_1) |
| **9** | [Notes to Financial Statements](#xx_fbd1de34-c618-4df9-be2c-38a0b800c941_NTF-CC-Financial-RunningFooter-338_1) |
| **13** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_fbd1de34-c618-4df9-be2c-38a0b800c941_AABCF-CC-Financial-RunningFooter-338_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.2%** | **Common Stocks 99.2%** |  |
| **Communication Services 15.0%** | **Communication Services 15.0%** |  |
| **Entertainment 6.0%** | **Entertainment 6.0%** |  |
| Live Nation Entertainment, <br> Inc.\*<br>| 55274 | &nbsp;&nbsp; 8361851 |
| Netflix, Inc.\* | 19808 | &nbsp;&nbsp; 26525487 |
| ROBLOX Corp. "A"\* | 87423 | &nbsp;&nbsp; 9196900 |
| Spotify Technology SA\* | 26425 | &nbsp;&nbsp; 20276959 |
|  |  | &nbsp;&nbsp; **64361197** |
| **Interactive Media & Services 7.9%** | **Interactive Media & Services 7.9%** |  |
| Alphabet, Inc. "A" | 140877 | &nbsp;&nbsp; 24826754 |
| Alphabet, Inc. "C" | 103324 | &nbsp;&nbsp; 18328644 |
| Meta Platforms, Inc. "A" | 55379 | &nbsp;&nbsp; 40874686 |
|  |  | &nbsp;&nbsp; **84030084** |
| **Wireless Telecommunication Services 1.1%** | **Wireless Telecommunication Services 1.1%** |  |
| T-Mobile U.S., Inc. | 47056 | &nbsp;&nbsp; **11211563** |
| **Consumer Discretionary 9.9%** | **Consumer Discretionary 9.9%** |  |
| **Broadline Retail 6.0%** | **Broadline Retail 6.0%** |  |
| Amazon.com, Inc.\* | 290307 | &nbsp;&nbsp; **63690453** |
| **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** |  |
| DraftKings, Inc. "A"\* | 133282 | &nbsp;&nbsp; 5716465 |
| Planet Fitness, Inc. "A"\* | 96852 | &nbsp;&nbsp; 10561710 |
|  |  | &nbsp;&nbsp; **16278175** |
| **Household Durables 0.6%** | **Household Durables 0.6%** |  |
| SharkNinja, Inc.\* | 64406 | &nbsp;&nbsp; **6375550** |
| **Specialty Retail 1.5%** | **Specialty Retail 1.5%** |  |
| Burlington Stores, Inc.\* | 22949 | &nbsp;&nbsp; 5338855 |
| Home Depot, Inc. | 29921 | &nbsp;&nbsp; 10970236 |
|  |  | &nbsp;&nbsp; **16309091** |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |  |
| Lululemon Athletica, Inc.\* | 12561 | &nbsp;&nbsp; **2984242** |
| **Consumer Staples 1.1%** | **Consumer Staples 1.1%** |  |
| **Consumer Staples Distribution & Retail 1.1%** | **Consumer Staples Distribution & Retail 1.1%** |  |
| Costco Wholesale Corp. | 12119 | &nbsp;&nbsp; **11997083** |
| **Financials 8.6%** | **Financials 8.6%** |  |
| **Capital Markets 1.8%** | **Capital Markets 1.8%** |  |
| Intercontinental Exchange, <br> Inc.<br>| 64754 | &nbsp;&nbsp; 11880417 |
| Moody's Corp. | 14531 | &nbsp;&nbsp; 7288604 |
|  |  | &nbsp;&nbsp; **19169021** |
| **Consumer Finance 0.6%** | **Consumer Finance 0.6%** |  |
| American Express Co. | 21045 | &nbsp;&nbsp; **6712934** |
| **Financial Services 3.7%** | **Financial Services 3.7%** |  |
| Mastercard, Inc. "A" | 42748 | &nbsp;&nbsp; 24021811 |
| Visa, Inc. "A" | 42185 | &nbsp;&nbsp; 14977784 |
|  |  | &nbsp;&nbsp; **38999595** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Insurance 2.5%** | **Insurance 2.5%** |  |
| Progressive Corp. | 98618 | &nbsp;&nbsp; **26317200** |
| **Health Care 9.9%** | **Health Care 9.9%** |  |
| **Biotechnology 1.3%** | **Biotechnology 1.3%** |  |
| Exact Sciences Corp.\* | 97435 | &nbsp;&nbsp; 5177696 |
| Vertex Pharmaceuticals, <br> Inc.\*<br>| 19707 | &nbsp;&nbsp; 8773556 |
|  |  | &nbsp;&nbsp; **13951252** |
| **Health Care Equipment & Supplies 4.9%** | **Health Care Equipment & Supplies 4.9%** |  |
| Boston Scientific Corp.\* | 129515 | &nbsp;&nbsp; 13911206 |
| Cooper Companies, Inc.\* | 68562 | &nbsp;&nbsp; 4878872 |
| Dexcom, Inc.\* | 118551 | &nbsp;&nbsp; 10348317 |
| Intuitive Surgical, Inc.\* | 18691 | &nbsp;&nbsp; 10156876 |
| Stryker Corp. | 31070 | &nbsp;&nbsp; 12292224 |
|  |  | &nbsp;&nbsp; **51587495** |
| **Health Care Providers & Services 0.3%** | **Health Care Providers & Services 0.3%** |  |
| UnitedHealth Group, Inc. | 11612 | &nbsp;&nbsp; **3622596** |
| **Health Care Technology 0.3%** | **Health Care Technology 0.3%** |  |
| Waystar Holding Corp.\* | 76291 | &nbsp;&nbsp; **3118013** |
| **Life Sciences Tools & Services 1.6%** | **Life Sciences Tools & Services 1.6%** |  |
| Danaher Corp. | 31138 | &nbsp;&nbsp; 6151001 |
| Stevanato Group SpA (a) | 156277 | &nbsp;&nbsp; 3817847 |
| Thermo Fisher Scientific, <br> Inc.<br>| 17857 | &nbsp;&nbsp; 7240299 |
|  |  | &nbsp;&nbsp; **17209147** |
| **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** |  |
| Eli Lilly & Co. | 11485 | &nbsp;&nbsp; 8952902 |
| Zoetis, Inc. | 46800 | &nbsp;&nbsp; 7298460 |
|  |  | &nbsp;&nbsp; **16251362** |
| **Industrials 6.7%** | **Industrials 6.7%** |  |
| **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** |  |
| TransDigm Group, Inc. | 4270 | &nbsp;&nbsp; **6493133** |
| **Building Products 0.3%** | **Building Products 0.3%** |  |
| Trex Co., Inc.\* | 58645 | &nbsp;&nbsp; **3189115** |
| **Construction & Engineering 0.9%** | **Construction & Engineering 0.9%** |  |
| Quanta Services, Inc. | 26376 | &nbsp;&nbsp; **9972238** |
| **Electrical Equipment 2.6%** | **Electrical Equipment 2.6%** |  |
| AMETEK, Inc. | 62349 | &nbsp;&nbsp; 11282675 |
| Eaton Corp. PLC | 35768 | &nbsp;&nbsp; 12768818 |
| Vertiv Holdings Co. "A" | 30310 | &nbsp;&nbsp; 3892107 |
|  |  | &nbsp;&nbsp; **27943600** |
| **Ground Transportation 1.3%** | **Ground Transportation 1.3%** |  |
| Uber Technologies, Inc.\* | 145476 | &nbsp;&nbsp; **13572911** |
| **Professional Services 1.0%** | **Professional Services 1.0%** |  |
| TransUnion | 53581 | &nbsp;&nbsp; 4715128 |
| Verisk Analytics, Inc. | 16893 | &nbsp;&nbsp; 5262170 |
|  |  | &nbsp;&nbsp; **9977298** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Information Technology 46.5%** | **Information Technology 46.5%** |  |
| **IT Services 2.3%** | **IT Services 2.3%** |  |
| Accenture PLC "A" | 22841 | &nbsp;&nbsp; 6826946 |
| Cloudflare, Inc. "A"\* | 45850 | &nbsp;&nbsp; 8978806 |
| Globant SA\* | 39079 | &nbsp;&nbsp; 3549936 |
| MongoDB, Inc.\* | 22225 | &nbsp;&nbsp; 4667028 |
|  |  | &nbsp;&nbsp; **24022716** |
| **Semiconductors & Semiconductor** <br> **Equipment 16.5%** | **Semiconductors & Semiconductor** <br> **Equipment 16.5%** |  |
| Analog Devices, Inc. | 20537 | &nbsp;&nbsp; 4888217 |
| Applied Materials, Inc. | 38292 | &nbsp;&nbsp; 7010116 |
| Broadcom, Inc. | 101900 | &nbsp;&nbsp; 28088735 |
| NVIDIA Corp. | 824154 | &nbsp;&nbsp; 130208091 |
| Texas Instruments, Inc. | 27281 | &nbsp;&nbsp; 5664081 |
|  |  | &nbsp;&nbsp; **175859240** |
| **Software 21.2%** | **Software 21.2%** |  |
| Adobe, Inc.\* | 7433 | &nbsp;&nbsp; 2875679 |
| Atlassian Corp. "A"\* | 51244 | &nbsp;&nbsp; 10407144 |
| Confluent, Inc. "A"\* | 143217 | &nbsp;&nbsp; 3570400 |
| CyberArk Software Ltd.\* | 31625 | &nbsp;&nbsp; 12867580 |
| Dynatrace, Inc.\* | 188620 | &nbsp;&nbsp; 10413710 |
| Guidewire Software, Inc.\* | 45577 | &nbsp;&nbsp; 10731105 |
| Intuit, Inc. | 14464 | &nbsp;&nbsp; 11392280 |
| Microsoft Corp. | 238817 | &nbsp;&nbsp; 118789964 |
| Oracle Corp. | 29042 | &nbsp;&nbsp; 6349452 |
| Samsara, Inc. "A"\* | 73739 | &nbsp;&nbsp; 2933337 |
| ServiceNow, Inc.\* | 17195 | &nbsp;&nbsp; 17677836 |
| Synopsys, Inc.\* | 34066 | &nbsp;&nbsp; 17464957 |
|  |  | &nbsp;&nbsp; **225473444** |
| **Technology Hardware, Storage &** <br> **Peripherals 6.5%** | **Technology Hardware, Storage &** <br> **Peripherals 6.5%** |  |
| Apple, Inc. | 338585 | &nbsp;&nbsp; **69467485** |
| **Materials 0.6%** | **Materials 0.6%** |  |
| **Construction Materials 0.6%** | **Construction Materials 0.6%** |  |
| Vulcan Materials Co. | 23458 | &nbsp;&nbsp; **6118316** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Real Estate 0.9%** | **Real Estate 0.9%** |  |
| **Real Estate Management &** <br> **Development 0.9%** | **Real Estate Management &** <br> **Development 0.9%** |  |
| CBRE Group, Inc. "A"\* | 35388 | &nbsp;&nbsp; 4958566 |
| CoStar Group, Inc.\* | 64325 | &nbsp;&nbsp; 5171730 |
|  |  | &nbsp;&nbsp; **10130296** |
| **Total Common Stocks** (Cost $325,950,663) | **Total Common Stocks** (Cost $325,950,663) | &nbsp;&nbsp; **1056395845** |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| DWS Government & <br> Agency Securities <br> Portfolio "DWS <br> Government Cash <br> Institutional Shares", <br> 4.25% (b) (c) <br> (Cost $2,008,410)<br>| 2008410 | &nbsp;&nbsp; **2008410** |
| **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** |
| DWS Central Cash <br> Management <br> Government Fund, 4.37% <br> (b) (Cost $9,766,769)<br>| 9766769 | &nbsp;&nbsp; **9766769** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment** <br> **Portfolio** <br> (Cost $337,725,842)<br>| 100.3 | &nbsp;&nbsp; **1068171024** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (0.3)<br>| &nbsp;&nbsp; **(3129558)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **1065041466** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) |
| 182600 | 1,825,810 (d) |  |  |  | 2698 |  | 2008410 | 2008410 |
| **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** |
| DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) |
| 14783560 | 81200891 | 86217682 |  |  | 196219 |  | 9766769 | 9766769 |
| **14966160** | **83026701** | **86217682** |  |  | **198917** |  | **11775179** | **11775179** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2025 amounted to $1,943,187, which is 0.2% of net assets. 

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025.

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | &nbsp;&nbsp; $1056395845 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1056395845 |
| Short-Term Investments (a) | &nbsp;&nbsp; 11775179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11775179 |
| **Total** | &nbsp;&nbsp; **$1068171024** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$1068171024** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at <br> value (cost $325,950,663) — <br> including $1,943,187 of securities loaned<br>| $1056395845 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $2,008,410)\* <br>| 2008410 |
| Investment in DWS Central Cash <br> Management Government Fund <br> (cost $9,766,769)<br>| 9766769 |
| Receivable for Fund shares sold | 73867 |
| Dividends receivable | 59260 |
| Affiliated securities lending income receivable | 497 |
| Foreign taxes recoverable | 1066 |
| Other assets | 10533 |
| Total assets | 1068316247 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 2008410 |
| Payable for Fund shares redeemed | 788969 |
| Accrued management fee | 313771 |
| Accrued Trustees' fees | 8739 |
| Other accrued expenses and payables | 154892 |
| Total liabilities | 3274781 |
| **Net assets, at value** | **$1065041466** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 803068338 |
| Paid-in capital | 261973128 |
| **Net assets, at value** | **$1065041466** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption <br> price per share ($1,065,041,466 ÷ 25,983,114 <br> outstanding shares of beneficial interest, <br> $0.01 par value, unlimited number of <br> shares authorized)<br>| **$40.99** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents collateral on securities loaned.

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $1,454)<br>| $2804859 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 196219 |
| Affiliated securities lending income | 2698 |
| Total income | 3003776 |
| Expenses: |  |
| Management fee | 1868974 |
| Administration fee | 489715 |
| Services to shareholders | 958 |
| Custodian fee | 6063 |
| Professional fees | 45190 |
| Reports to shareholders | 17831 |
| Trustees' fees and expenses | 17012 |
| Other | 54514 |
| Total expenses | 2500257 |
| **Net investment income** | **503519** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | 72852725 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| (2577699)<br>|
| **Net gain (loss)** | **70275026** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$70778545** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $503519 | $577135 |
| Net realized gain (loss) | 72852725 | 123926760 |
| Change in net unrealized appreciation <br>(depreciation)<br>| (2577699)<br>| 119577559 |
| Net increase (decrease) in net assets resulting from operations | 70778545 | 244081454 |
| Distributions to shareholders: |  |  |
| Class A | (124267890)<br>| (81170726)<br>|
| Class B |  | (325641)<br>|
| Total distributions | (124267890)<br>| (81496367)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 10391408 | 26882096 |
| Reinvestment of distributions | 124267890 | 81170726 |
| Payments for shares redeemed | (93151525)<br>| (168599550)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 41507773 | (60546728)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 439374 |
| Reinvestment of distributions |  | 325641 |
| Payments for shares redeemed |  | (5176014)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (4410999)<br>|
| **Increase (decrease) in net assets** | (11981572)<br>| 97627360 |
| Net assets at beginning of period | 1077023038 | 979395678 |
| **Net assets at end of period** | **$1065041466** | **$1077023038** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 24495194 | 25769843 |
| Shares sold | 256819 | 659315 |
| Shares issued to shareholders in reinvestment of distributions | 3515358 | 2192618 |
| Shares redeemed | (2284257)<br>| (4126582)<br>|
| Net increase (decrease) in Class A shares | 1487920 | (1274649)<br>|
| Shares outstanding at end of period | **25983114** | **24495194** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 112611 |
| Shares sold |  | 10865 |
| Shares issued to shareholders in reinvestment of distributions |  | 8881 |
| Shares redeemed |  | (132357)<br>|
| Net increase (decrease) in Class B shares |  | (112611)<br>|
| Shares outstanding at end of period |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date).

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Capital Growth VIP** — **Class A** | **DWS Capital Growth VIP** — **Class A** | **DWS Capital Growth VIP** — **Class A** | **DWS Capital Growth VIP** — **Class A** | **DWS Capital Growth VIP** — **Class A** | **DWS Capital Growth VIP** — **Class A** | **DWS Capital Growth VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$43.97** | &nbsp;&nbsp; **$37.84** | &nbsp;&nbsp; **$28.58** | &nbsp;&nbsp; **$49.11** | &nbsp;&nbsp; **$42.36** | &nbsp;&nbsp; **$33.24** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .02 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp; (14.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;11.69 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp; (14.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.18)<br>|
| Net realized gains | &nbsp;&nbsp; (5.34)<br>| &nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (6.15)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (2.48)<br>|
| **Total distributions** | &nbsp;&nbsp; (5.36)<br>| &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (6.18)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (2.66)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$40.99** | &nbsp;&nbsp; **$43.97** | &nbsp;&nbsp; **$37.84** | &nbsp;&nbsp; **$28.58** | &nbsp;&nbsp; **$49.11** | &nbsp;&nbsp; **$42.36** |
| Total Return (%) | &nbsp;&nbsp;&nbsp;&nbsp; 7.37 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;26.62 | &nbsp;&nbsp;&nbsp;&nbsp;38.57 | &nbsp;&nbsp; (30.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.78 | &nbsp;&nbsp;&nbsp;&nbsp;39.04 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1127 |
| Ratio of expenses (%)<sup>b</sup> <br>| &nbsp;&nbsp; .49 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .49 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .49 |
| Ratio of net investment income (%) | &nbsp;&nbsp; .10 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .06 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .25 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 7 <br><sup>\*</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

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------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

Deutsche DWS Variable Series I (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Trust consists of three diversified funds: DWS Core Equity VIP, DWS CROCI<sup>®</sup> International VIP and DWS Global Small Cap VIP; and one non-diversified fund: DWS Capital Growth VIP (individually or collectively hereinafter referred to as a "Fund" or the "Funds"). A non-diversified fund may invest a greater proportion of its assets in a small number of issuers, and may be subject to greater risk and substantial losses as a result of changes in the financial condition or the market's assessment of the issuers. These financial statements report on DWS Capital Growth VIP. The Trust is intended to be the underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

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------

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2025, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the security loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

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------

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $338,249,567. The net unrealized appreciation for all investments based on tax cost was $729,921,457. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $741,760,479 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $11,839,022.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss and the realized tax character on distributions from certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Real Estate Investment Trusts.** The Fund at its fiscal year end recharacterizes distributions received from a Real Estate Investment Trust ("REIT") investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made to the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

**B.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $74,160,800 and $151,413,878, respectively.

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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------

investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | &nbsp;&nbsp; .390% |
| Next $750 million of such net assets | &nbsp;&nbsp; .365% |
| Over $1 billion of such net assets | &nbsp;&nbsp; .340% |

---

Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.37% of the Fund's average daily net assets.

For the period January 1, 2025 through September 30, 2025, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.73%.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $489,715, of which $82,189 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $566, of which $145 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $573, of which $290 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**D.** **Ownership of the Fund**

At June 30, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 62% and 21%, respectively.

**E.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

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------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Capital Growth VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

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, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

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 connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 3rd quartile, 2nd quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be lower than the median (1st quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

---

------

have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS1capgro-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

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------

![](img55911b351.jpg)

VS1capgro-NCSRS

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June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series I

**DWS Core Equity VIP**

![](img33251ce51.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_78d85ed7-bdac-400b-85c7-9920cf9bc780_SOI-CC-Financial-RunningFooter-337_1) |
| **6** | [Statement of Assets and Liabilities](#xx_78d85ed7-bdac-400b-85c7-9920cf9bc780_FS-CC-Financial-RunningFooter-337_1) |
| **6** | [Statement of Operations](#xx_78d85ed7-bdac-400b-85c7-9920cf9bc780_FS-CC-Financial-RunningFooter-337_1) |
| **7** | [Statements of Changes in Net Assets](#xx_78d85ed7-bdac-400b-85c7-9920cf9bc780_FS-CC-Financial-RunningFooter-337_2) |
| **8** | [Financial Highlights](#xx_78d85ed7-bdac-400b-85c7-9920cf9bc780_FIHI-CC-Financial-RunningFooter-337_1) |
| **9** | [Notes to Financial Statements](#xx_78d85ed7-bdac-400b-85c7-9920cf9bc780_NTF-CC-Financial-RunningFooter-337_1) |
| **13** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_78d85ed7-bdac-400b-85c7-9920cf9bc780_AABCF-CC-Financial-RunningFooter-337_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.1%** | **Common Stocks 99.1%** |  |
| **Communication Services 10.6%** | **Communication Services 10.6%** |  |
| **Entertainment 3.2%** | **Entertainment 3.2%** |  |
| Netflix, Inc.\* | 442 | &nbsp;&nbsp; 591896 |
| Spotify Technology SA\* | 1524 | &nbsp;&nbsp; 1169426 |
| Take-Two Interactive <br> Software, Inc.\*<br>| 2314 | &nbsp;&nbsp; 561955 |
| Walt Disney Co. | 9230 | &nbsp;&nbsp; 1144612 |
|  |  | &nbsp;&nbsp; **3467889** |
| **Interactive Media & Services 6.3%** | **Interactive Media & Services 6.3%** |  |
| Alphabet, Inc. "C" | 21390 | &nbsp;&nbsp; 3794372 |
| Meta Platforms, Inc. "A" | 4254 | &nbsp;&nbsp; 3139835 |
|  |  | &nbsp;&nbsp; **6934207** |
| **Wireless Telecommunication Services 1.1%** | **Wireless Telecommunication Services 1.1%** |  |
| T-Mobile U.S., Inc. | 5258 | &nbsp;&nbsp; **1252771** |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |  |
| **Automobiles 2.0%** | **Automobiles 2.0%** |  |
| General Motors Co. | 18756 | &nbsp;&nbsp; 922983 |
| Tesla, Inc.\* | 4068 | &nbsp;&nbsp; 1292241 |
|  |  | &nbsp;&nbsp; **2215224** |
| **Broadline Retail 4.1%** | **Broadline Retail 4.1%** |  |
| Amazon.com, Inc.\* | 18257 | &nbsp;&nbsp; 4005403 |
| Coupang, Inc.\* | 16675 | &nbsp;&nbsp; 499583 |
|  |  | &nbsp;&nbsp; **4504986** |
| **Hotels, Restaurants & Leisure 0.9%** | **Hotels, Restaurants & Leisure 0.9%** |  |
| DraftKings, Inc. "A"\* | 11243 | &nbsp;&nbsp; 482212 |
| Hyatt Hotels Corp. "A" | 3601 | &nbsp;&nbsp; 502880 |
|  |  | &nbsp;&nbsp; **985092** |
| **Household Durables 1.4%** | **Household Durables 1.4%** |  |
| PulteGroup, Inc. | 14680 | &nbsp;&nbsp; **1548153** |
| **Leisure Products 0.9%** | **Leisure Products 0.9%** |  |
| Hasbro, Inc. | 12612 | &nbsp;&nbsp; **931018** |
| **Specialty Retail 0.5%** | **Specialty Retail 0.5%** |  |
| TJX Companies, Inc. | 4299 | &nbsp;&nbsp; **530883** |
| **Textiles, Apparel & Luxury Goods 0.7%** | **Textiles, Apparel & Luxury Goods 0.7%** |  |
| Deckers Outdoor Corp.\* | 7807 | &nbsp;&nbsp; **804667** |
| **Consumer Staples 5.3%** | **Consumer Staples 5.3%** |  |
| **Beverages 1.5%** | **Beverages 1.5%** |  |
| Constellation Brands, Inc. "A" | 4444 | &nbsp;&nbsp; 722950 |
| Molson Coors Beverage Co. <br> "B"<br>| 19253 | &nbsp;&nbsp; 925877 |
|  |  | &nbsp;&nbsp; **1648827** |
| **Consumer Staples Distribution & Retail 2.6%** | **Consumer Staples Distribution & Retail 2.6%** |  |
| Costco Wholesale Corp. | 838 | &nbsp;&nbsp; 829570 |
| Walmart, Inc. | 20427 | &nbsp;&nbsp; 1997352 |
|  |  | &nbsp;&nbsp; **2826922** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Household Products 0.3%** | **Household Products 0.3%** |  |
| Clorox Co. | 3414 | &nbsp;&nbsp; **409919** |
| **Personal Care Products 0.4%** | **Personal Care Products 0.4%** |  |
| Estee Lauder Companies, <br> Inc. "A"<br>| 5334 | &nbsp;&nbsp; **430987** |
| **Tobacco 0.5%** | **Tobacco 0.5%** |  |
| Philip Morris <br> International, Inc.<br>| 2854 | &nbsp;&nbsp; **519799** |
| **Energy 2.9%** | **Energy 2.9%** |  |
| **Energy Equipment & Services 0.6%** | **Energy Equipment & Services 0.6%** |  |
| Schlumberger NV | 19688 | &nbsp;&nbsp; **665454** |
| **Oil, Gas & Consumable Fuels 2.3%** | **Oil, Gas & Consumable Fuels 2.3%** |  |
| Cheniere Energy, Inc. | 4507 | &nbsp;&nbsp; 1097544 |
| Chord Energy Corp. | 3249 | &nbsp;&nbsp; 314666 |
| Exxon Mobil Corp. | 3046 | &nbsp;&nbsp; 328359 |
| HF Sinclair Corp. | 18158 | &nbsp;&nbsp; 745931 |
|  |  | &nbsp;&nbsp; **2486500** |
| **Financials 14.6%** | **Financials 14.6%** |  |
| **Banks 6.3%** | **Banks 6.3%** |  |
| Bank of America Corp. | 17463 | &nbsp;&nbsp; 826349 |
| JPMorgan Chase & Co. | 15297 | &nbsp;&nbsp; 4434753 |
| Wells Fargo & Co. | 20661 | &nbsp;&nbsp; 1655360 |
|  |  | &nbsp;&nbsp; **6916462** |
| **Capital Markets 4.9%** | **Capital Markets 4.9%** |  |
| Ameriprise Financial, Inc. | 2713 | &nbsp;&nbsp; 1448009 |
| Blackstone, Inc. | 4284 | &nbsp;&nbsp; 640801 |
| Cboe Global Markets, Inc. | 4740 | &nbsp;&nbsp; 1105415 |
| Intercontinental Exchange, <br> Inc.<br>| 2993 | &nbsp;&nbsp; 549126 |
| KKR & Co., Inc. | 4222 | &nbsp;&nbsp; 561653 |
| S&P Global, Inc. | 1988 | &nbsp;&nbsp; 1048253 |
|  |  | &nbsp;&nbsp; **5353257** |
| **Financial Services 3.0%** | **Financial Services 3.0%** |  |
| Apollo Global Management, <br> Inc.<br>| 6395 | &nbsp;&nbsp; 907259 |
| Visa, Inc. "A" | 6892 | &nbsp;&nbsp; 2447004 |
|  |  | &nbsp;&nbsp; **3354263** |
| **Insurance 0.4%** | **Insurance 0.4%** |  |
| Allstate Corp. | 2204 | &nbsp;&nbsp; **443687** |
| **Health Care 9.3%** | **Health Care 9.3%** |  |
| **Biotechnology 3.7%** | **Biotechnology 3.7%** |  |
| AbbVie, Inc. | 10317 | &nbsp;&nbsp; 1915042 |
| Amgen, Inc. | 4833 | &nbsp;&nbsp; 1349422 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 1437 | &nbsp;&nbsp; 754425 |
|  |  | &nbsp;&nbsp; **4018889** |
| **Health Care Equipment & Supplies 1.6%** | **Health Care Equipment & Supplies 1.6%** |  |
| Abbott Laboratories | 3885 | &nbsp;&nbsp; 528399 |
| Becton Dickinson & Co. | 1186 | &nbsp;&nbsp; 204288 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Medtronic PLC | 5370 | &nbsp;&nbsp; 468103 |
| STERIS PLC | 2322 | &nbsp;&nbsp; 557791 |
|  |  | &nbsp;&nbsp; **1758581** |
| **Health Care Providers & Services 1.5%** | **Health Care Providers & Services 1.5%** |  |
| Cigna Group | 2749 | &nbsp;&nbsp; 908764 |
| Elevance Health, Inc. | 834 | &nbsp;&nbsp; 324393 |
| Humana, Inc. | 1638 | &nbsp;&nbsp; 400458 |
|  |  | &nbsp;&nbsp; **1633615** |
| **Health Care Technology 0.6%** | **Health Care Technology 0.6%** |  |
| Veeva Systems, Inc. "A"\* | 2183 | &nbsp;&nbsp; **628660** |
| **Life Sciences Tools & Services 0.2%** | **Life Sciences Tools & Services 0.2%** |  |
| Danaher Corp. | 1437 | &nbsp;&nbsp; **283865** |
| **Pharmaceuticals 1.7%** | **Pharmaceuticals 1.7%** |  |
| Bristol-Myers Squibb Co. | 14417 | &nbsp;&nbsp; 667363 |
| Johnson & Johnson | 5713 | &nbsp;&nbsp; 872661 |
| Merck & Co., Inc. | 3664 | &nbsp;&nbsp; 290042 |
|  |  | &nbsp;&nbsp; **1830066** |
| **Industrials 8.3%** | **Industrials 8.3%** |  |
| **Aerospace & Defense 2.3%** | **Aerospace & Defense 2.3%** |  |
| Curtiss-Wright Corp. | 1054 | &nbsp;&nbsp; 514932 |
| GE Aerospace | 1922 | &nbsp;&nbsp; 494704 |
| Howmet Aerospace, Inc. | 3073 | &nbsp;&nbsp; 571977 |
| Lockheed Martin Corp. | 1915 | &nbsp;&nbsp; 886913 |
|  |  | &nbsp;&nbsp; **2468526** |
| **Building Products 1.2%** | **Building Products 1.2%** |  |
| Owens Corning | 9340 | &nbsp;&nbsp; **1284437** |
| **Commercial Services & Supplies 2.0%** | **Commercial Services & Supplies 2.0%** |  |
| Veralto Corp. | 3066 | &nbsp;&nbsp; 309513 |
| Waste Management, Inc. | 8182 | &nbsp;&nbsp; 1872205 |
|  |  | &nbsp;&nbsp; **2181718** |
| **Ground Transportation 0.1%** | **Ground Transportation 0.1%** |  |
| Union Pacific Corp. | 684 | &nbsp;&nbsp; **157375** |
| **Machinery 1.7%** | **Machinery 1.7%** |  |
| Caterpillar, Inc. | 4766 | &nbsp;&nbsp; **1850209** |
| **Professional Services 1.0%** | **Professional Services 1.0%** |  |
| Automatic Data Processing, <br> Inc.<br>| 1998 | &nbsp;&nbsp; 616183 |
| Verisk Analytics, Inc. | 1603 | &nbsp;&nbsp; 499334 |
|  |  | &nbsp;&nbsp; **1115517** |
| **Information Technology 30.7%** | **Information Technology 30.7%** |  |
| **Communications Equipment 0.6%** | **Communications Equipment 0.6%** |  |
| Cisco Systems, Inc. | 10053 | &nbsp;&nbsp; **697477** |
| **IT Services 0.5%** | **IT Services 0.5%** |  |
| Cloudflare, Inc. "A"\* | 2794 | &nbsp;&nbsp; **547149** |
| **Semiconductors & Semiconductor** <br> **Equipment 9.2%** | **Semiconductors & Semiconductor** <br> **Equipment 9.2%** |  |
| Advanced Micro Devices, <br> Inc.\*<br>| 5991 | &nbsp;&nbsp; 850123 |
| Lam Research Corp. | 5707 | &nbsp;&nbsp; 555519 |
| Micron Technology, Inc. | 12086 | &nbsp;&nbsp; 1489600 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| MKS, Inc. | 2876 | &nbsp;&nbsp; 285759 |
| NVIDIA Corp. | 37426 | &nbsp;&nbsp; 5912934 |
| QUALCOMM, Inc. | 6096 | &nbsp;&nbsp; 970849 |
|  |  | &nbsp;&nbsp; **10064784** |
| **Software 12.8%** | **Software 12.8%** |  |
| Fortinet, Inc.\* | 5230 | &nbsp;&nbsp; 552915 |
| Microsoft Corp. | 21025 | &nbsp;&nbsp; 10458045 |
| Oracle Corp. | 11351 | &nbsp;&nbsp; 2481669 |
| ServiceNow, Inc.\* | 508 | &nbsp;&nbsp; 522265 |
|  |  | &nbsp;&nbsp; **14014894** |
| **Technology Hardware, Storage &** <br> **Peripherals 7.6%** | **Technology Hardware, Storage &** <br> **Peripherals 7.6%** |  |
| Apple, Inc. | 40770 | &nbsp;&nbsp; **8364781** |
| **Materials 2.0%** | **Materials 2.0%** |  |
| **Chemicals 0.9%** | **Chemicals 0.9%** |  |
| Corteva, Inc. | 8629 | &nbsp;&nbsp; 643120 |
| Mosaic Co. | 10236 | &nbsp;&nbsp; 373409 |
|  |  | &nbsp;&nbsp; **1016529** |
| **Containers & Packaging 0.5%** | **Containers & Packaging 0.5%** |  |
| AptarGroup, Inc. | 3290 | &nbsp;&nbsp; **514655** |
| **Metals & Mining 0.6%** | **Metals & Mining 0.6%** |  |
| Nucor Corp. | 5147 | &nbsp;&nbsp; **666742** |
| **Real Estate 2.3%** | **Real Estate 2.3%** |  |
| **Health Care REITs 0.5%** | **Health Care REITs 0.5%** |  |
| Medical Properties Trust, <br> Inc. (a)<br>| 130776 | &nbsp;&nbsp; **563645** |
| **Industrial REITs 0.7%** | **Industrial REITs 0.7%** |  |
| Prologis, Inc. | 7516 | &nbsp;&nbsp; **790082** |
| **Real Estate Management &** <br> **Development 0.6%** | **Real Estate Management &** <br> **Development 0.6%** |  |
| Zillow Group, Inc. "C"\* | 9303 | &nbsp;&nbsp; **651675** |
| **Residential REITs 0.5%** | **Residential REITs 0.5%** |  |
| AvalonBay Communities, Inc. | 2597 | &nbsp;&nbsp; **528489** |
| **Utilities 2.6%** | **Utilities 2.6%** |  |
| **Electric Utilities 1.6%** | **Electric Utilities 1.6%** |  |
| FirstEnergy Corp. | 8886 | &nbsp;&nbsp; 357750 |
| NRG Energy, Inc. | 8927 | &nbsp;&nbsp; 1433498 |
|  |  | &nbsp;&nbsp; **1791248** |
| **Independent Power & Renewable Electricity** <br> **Producers 0.5%** | **Independent Power & Renewable Electricity** <br> **Producers 0.5%** |  |
| Vistra Corp. | 2483 | &nbsp;&nbsp; **481230** |
| **Multi-Utilities 0.5%** | **Multi-Utilities 0.5%** |  |
| WEC Energy Group, Inc. | 5182 | &nbsp;&nbsp; **539965** |
| **Total Common Stocks** (Cost $54,654,497) | **Total Common Stocks** (Cost $54,654,497) | &nbsp;&nbsp; **108675770** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.25% <br> (b) (c) (Cost $620,825)<br>| 620825 | &nbsp;&nbsp; **620825** |
| **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** |
| DWS Central Cash <br> Management Government <br> Fund, 4.37% (b) <br> (Cost $1,118,497)<br>| 1118497 | &nbsp;&nbsp; **1118497** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $56,393,819)<br>| 100.7 | &nbsp;&nbsp; **110415092** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (0.7)<br>| &nbsp;&nbsp; **(744250)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **109670842** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) |
| 1156525 |  | 535,700 (d) |  |  | 2900 |  | 620825 | 620825 |
| **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** |
| DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) |
| 1376833 | 9027200 | 9285536 |  |  | 18164 |  | 1118497 | 1118497 |
| **2533358** | **9027200** | **9821236** |  |  | **21064** |  | **1739322** | **1739322** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2025 amounted to $563,317, which is 0.5% 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, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT: Real Estate Investment Trust<br>

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | &nbsp;&nbsp; $108675770 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108675770 |
| Short-Term Investments (a) | &nbsp;&nbsp; 1739322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1739322 |
| **Total** | &nbsp;&nbsp; **$110415092** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$110415092** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $54,654,497) — including $563,317 of <br> securities loaned<br>| $108675770 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $620,825)\* <br>| 620825 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $1,118,497)<br>| 1118497 |
| Receivable for Fund shares sold | 21682 |
| Dividends receivable | 53592 |
| Affiliated securities lending income receivable | 171 |
| Other assets | 945 |
| Total assets | 110491482 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 620825 |
| Payable for Fund shares redeemed | 97743 |
| Accrued management fee | 34333 |
| Accrued Trustees' fees | 962 |
| Other accrued expenses and payables | 66777 |
| Total liabilities | 820640 |
| **Net assets, at value** | **$109670842** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 59131934 |
| Paid-in capital | 50538908 |
| **Net assets, at value** | **$109670842** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($109,670,842 ÷ 8,716,600 <br> outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of <br> shares authorized)<br>| **$12.58** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents collateral on securities loaned.

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $704980 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 18164 |
| Affiliated securities lending income | 2900 |
| Total income | 726044 |
| Expenses: |  |
| Management fee | 208627 |
| Administration fee | 51889 |
| Services to shareholders | 676 |
| Custodian fee | 2295 |
| Audit fee | 26020 |
| Legal fees | 8502 |
| Tax fees | 3815 |
| Reports to shareholders | 13605 |
| Trustees' fees and expenses | 2987 |
| Other | 6334 |
| Total expenses | 324750 |
| **Net investment income** | **401294** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | 5065004 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| (1111499)<br>|
| **Net gain (loss)** | **3953505** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$4354799** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $401294 | $916744 |
| Net realized gain (loss) | 5065004 | 11553495 |
| Change in net unrealized appreciation <br>(depreciation)<br>| (1111499)<br>| 8735799 |
| Net increase (decrease) in net assets resulting from operations | 4354799 | 21206038 |
| Distributions to shareholders: |  |  |
| Class A | (12464708)<br>| (7071480)<br>|
| Class B |  | (132127)<br>|
| Total distributions | (12464708)<br>| (7203607)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 715290 | 1684660 |
| Reinvestment of distributions | 12464708 | 7071480 |
| Payments for shares redeemed | (10440217)<br>| (15426421)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 2739781 | (6670281)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 8284 |
| Reinvestment of distributions |  | 132127 |
| Payments for shares redeemed |  | (2430392)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (2289981)<br>|
| **Increase (decrease) in net assets** | (5370128)<br>| 5042169 |
| Net assets at beginning of period | 115040970 | 109998801 |
| **Net assets at end of period** | **$109670842** | **$115040970** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 8365087 | 8811319 |
| Shares sold | 56537 | 130002 |
| Shares issued to shareholders in reinvestment of distributions | 1119920 | 581536 |
| Shares redeemed | (824944)<br>| (1157770)<br>|
| Net increase (decrease) in Class A shares | 351513 | (446232)<br>|
| Shares outstanding at end of period | **8716600** | **8365087** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 175875 |
| Shares sold |  | 620 |
| Shares issued to shareholders in reinvestment of distributions |  | 10857 |
| Shares redeemed |  | (187352)<br>|
| Net increase (decrease) in Class B shares |  | (175875)<br>|
| Shares outstanding at end of period |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date).

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

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------

**Financial Highlights** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Core Equity VIP** — **Class A** | **DWS Core Equity VIP** — **Class A** | **DWS Core Equity VIP** — **Class A** | **DWS Core Equity VIP** — **Class A** | **DWS Core Equity VIP** — **Class A** | **DWS Core Equity VIP** — **Class A** | **DWS Core Equity VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$13.75** | &nbsp;&nbsp; **$12.24** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$14.52** | &nbsp;&nbsp; **$12.23** | &nbsp;&nbsp; **$11.31** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .05 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| **Total from investment operations** | &nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.15)<br>|
| Net realized gains | &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.51)<br>|
| **Total distributions** | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (.76)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (.71)<br>| &nbsp;&nbsp; (.66)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$12.58** | &nbsp;&nbsp; **$13.75** | &nbsp;&nbsp; **$12.24** | &nbsp;&nbsp; **$10.47** | &nbsp;&nbsp; **$14.52** | &nbsp;&nbsp; **$12.23** |
| Total Return (%) | &nbsp;&nbsp;&nbsp;&nbsp; 4.61 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;20.08 | &nbsp;&nbsp;&nbsp;&nbsp; 25.57 <br><sup>b</sup><br>| &nbsp;&nbsp; (15.53 )<sup>b</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;25.30 | &nbsp;&nbsp;&nbsp;&nbsp;16.13 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 107 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .61 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .59 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .62 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .61 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .59 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .62 |
| Ratio of net investment income (%) | &nbsp;&nbsp; .75 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .79 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .66 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br><sup>\*</sup><br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 45 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>c</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

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------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

Deutsche DWS Variable Series I (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Trust consists of three diversified funds: DWS Core Equity VIP, DWS CROCI<sup>®</sup> International VIP and DWS Global Small Cap VIP; and one non-diversified fund: DWS Capital Growth VIP (individually or collectively hereinafter referred to as a "Fund" or the "Funds"). These financial statements report on DWS Core Equity VIP. The Trust is intended to be the underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities and exchange-traded funds ("ETFs") are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

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Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2025, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

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------

are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $56,663,732. The net unrealized appreciation for all investments based on tax cost was $53,751,360. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $56,307,378 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $2,556,018.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

**B.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $17,386,386 and $26,438,447, respectively.

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | &nbsp;&nbsp; .390% |
| Next $750 million of such net assets | &nbsp;&nbsp; .365% |
| Over $1 billion of such net assets | &nbsp;&nbsp; .340% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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------

Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.39% of the Fund's average daily net assets.

For the period from January 1, 2025 through September 30, 2025, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A shares at 0.66%.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $51,889, of which $8,539 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $449, of which $143 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $440, of which $309 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**D.** **Ownership of the Fund**

At June 30, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 60% and 14%, respectively.

**E.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

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------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Core Equity VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

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, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

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 connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 2nd quartile, 1st quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the three-year period and has underperformed its benchmark in the one- and five-year periods ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

---

------

have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS1coreq-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

![](img3d5362872.jpg)

VS1coreq-NCSRS

------

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series I

**DWS CROCI**<sup>®</sup> **International VIP**

![](imge46830421.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_5b27d1a5-e814-4571-8d2c-83dbd8c7762d_SOI-CC-Financial-RunningFooter-358_1) |
| **6** | [Statement of Assets and Liabilities](#xx_5b27d1a5-e814-4571-8d2c-83dbd8c7762d_FS-CC-Financial-RunningFooter-358_1) |
| **6** | [Statement of Operations](#xx_5b27d1a5-e814-4571-8d2c-83dbd8c7762d_FS-CC-Financial-RunningFooter-358_1) |
| **7** | [Statements of Changes in Net Assets](#xx_5b27d1a5-e814-4571-8d2c-83dbd8c7762d_FS-CC-Financial-RunningFooter-358_2) |
| **8** | [Financial Highlights](#xx_5b27d1a5-e814-4571-8d2c-83dbd8c7762d_FIHI-CC-Financial-RunningFooter-358_1) |
| **9** | [Notes to Financial Statements](#xx_5b27d1a5-e814-4571-8d2c-83dbd8c7762d_NTF-CC-Financial-RunningFooter-358_1) |
| **14** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_5b27d1a5-e814-4571-8d2c-83dbd8c7762d_AABCF-CC-Financial-RunningFooter-358_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 97.1%** | **Common Stocks 97.1%** |  |
| **Australia 2.2%** | **Australia 2.2%** |  |
| BHP Group Ltd. <br> (Cost $1,528,493)<br>| 71804 | &nbsp;&nbsp; **1733640** |
| **Austria 1.4%** | **Austria 1.4%** |  |
| Verbund AG (Cost $1,049,507) | 14442 | &nbsp;&nbsp; **1109122** |
| **Belgium 0.3%** | **Belgium 0.3%** |  |
| Anheuser-Busch InBev SA <br> (Cost $186,181)<br>| 2934 | &nbsp;&nbsp; **201810** |
| **Denmark 1.1%** | **Denmark 1.1%** |  |
| Danske Bank A/S <br> (Cost $650,137)<br>| 22648 | &nbsp;&nbsp; **924743** |
| **Finland 1.7%** | **Finland 1.7%** |  |
| Fortum Oyj | 22770 | &nbsp;&nbsp; 426008 |
| Nokia Oyj | 102796 | &nbsp;&nbsp; 533435 |
| Nordea Bank Abp | 29852 | &nbsp;&nbsp; 444176 |
| (Cost $1,107,868) |  | &nbsp;&nbsp; **1403619** |
| **France 10.9%** | **France 10.9%** |  |
| BNP Paribas SA | 14402 | &nbsp;&nbsp; 1298034 |
| Credit Agricole SA | 57992 | &nbsp;&nbsp; 1098049 |
| Pernod Ricard SA | 2777 | &nbsp;&nbsp; 276565 |
| Sanofi SA | 18005 | &nbsp;&nbsp; 1739549 |
| Societe Generale SA | 3655 | &nbsp;&nbsp; 209637 |
| Sodexo SA | 4220 | &nbsp;&nbsp; 259526 |
| Teleperformance SE | 4613 | &nbsp;&nbsp; 448054 |
| TotalEnergies SE | 37089 | &nbsp;&nbsp; 2271688 |
| Vinci SA | 8243 | &nbsp;&nbsp; 1216090 |
| (Cost $8,002,712) |  | &nbsp;&nbsp; **8817192** |
| **Germany 3.0%** | **Germany 3.0%** |  |
| Bayer AG (Registered) | 12834 | &nbsp;&nbsp; 386737 |
| Deutsche Post AG | 4387 | &nbsp;&nbsp; 202676 |
| Deutsche Telekom AG <br> (Registered)<br>| 16554 | &nbsp;&nbsp; 604415 |
| HOCHTIEF AG | 1160 | &nbsp;&nbsp; 228833 |
| Siemens AG (Registered) | 3219 | &nbsp;&nbsp; 825061 |
| TUI AG\* | 22693 | &nbsp;&nbsp; 198450 |
| (Cost $2,209,783) |  | &nbsp;&nbsp; **2446172** |
| **Hong Kong 1.8%** | **Hong Kong 1.8%** |  |
| Hong Kong & China Gas Co., <br> Ltd.<br>| 610000 | &nbsp;&nbsp; 513263 |
| Yue Yuen Industrial Holdings <br> Ltd.<br>| 590000 | &nbsp;&nbsp; 903002 |
| (Cost $1,460,912) |  | &nbsp;&nbsp; **1416265** |
| **Ireland 2.2%** | **Ireland 2.2%** |  |
| DCC PLC | 21324 | &nbsp;&nbsp; 1385603 |
| James Hardie Industries PLC <br> (CDI)\*<br>| 13089 | &nbsp;&nbsp; 356847 |
| (Cost $1,672,683) |  | &nbsp;&nbsp; **1742450** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Israel 0.5%** | **Israel 0.5%** |  |
| Teva Pharmaceutical Industries <br> Ltd. (ADR)\* (Cost $179,957)<br>| 21963 | &nbsp;&nbsp; **368100** |
| **Italy 4.8%** | **Italy 4.8%** |  |
| Enel SpA | 34825 | &nbsp;&nbsp; 331078 |
| Intesa Sanpaolo SpA | 262749 | &nbsp;&nbsp; 1517085 |
| UniCredit SpA | 30391 | &nbsp;&nbsp; 2043123 |
| (Cost $1,748,702) |  | &nbsp;&nbsp; **3891286** |
| **Japan 24.5%** | **Japan 24.5%** |  |
| ANA Holdings, Inc. | 12800 | &nbsp;&nbsp; 250508 |
| Astellas Pharma, Inc. | 155800 | &nbsp;&nbsp; 1529606 |
| Central Japan Railway Co. | 12900 | &nbsp;&nbsp; 289152 |
| Denso Corp. | 21400 | &nbsp;&nbsp; 288573 |
| Dentsu Group, Inc. (a) | 31200 | &nbsp;&nbsp; 691912 |
| Kansai Electric Power Co., Inc. | 52100 | &nbsp;&nbsp; 617275 |
| Komatsu Ltd. | 73800 | &nbsp;&nbsp; 2423737 |
| Mitsui OSK Lines Ltd. | 37600 | &nbsp;&nbsp; 1255213 |
| Nitto Denko Corp. | 73800 | &nbsp;&nbsp; 1421581 |
| Ono Pharmaceutical Co., Ltd. | 172000 | &nbsp;&nbsp; 1860383 |
| Osaka Gas Co., Ltd. | 9000 | &nbsp;&nbsp; 231090 |
| Otsuka Holdings Co., Ltd. | 14300 | &nbsp;&nbsp; 708074 |
| Sekisui House Ltd. | 36600 | &nbsp;&nbsp; 807083 |
| Shin-Etsu Chemical Co., Ltd. | 10900 | &nbsp;&nbsp; 359823 |
| Shionogi & Co., Ltd. | 195600 | &nbsp;&nbsp; 3522584 |
| Subaru Corp. | 78700 | &nbsp;&nbsp; 1368944 |
| Suzuki Motor Corp. | 62700 | &nbsp;&nbsp; 757837 |
| Takeda Pharmaceutical Co., <br> Ltd.<br>| 28700 | &nbsp;&nbsp; 884996 |
| Tokyo Electron Ltd. | 1200 | &nbsp;&nbsp; 229153 |
| Toyota Motor Corp. | 12800 | &nbsp;&nbsp; 220694 |
| (Cost $18,079,229) |  | &nbsp;&nbsp; **19718218** |
| **Luxembourg 4.0%** | **Luxembourg 4.0%** |  |
| ArcelorMittal SA | 39204 | &nbsp;&nbsp; 1243511 |
| Tenaris SA | 106458 | &nbsp;&nbsp; 1997900 |
| (Cost $2,633,651) |  | &nbsp;&nbsp; **3241411** |
| **Singapore 4.5%** | **Singapore 4.5%** |  |
| Oversea-Chinese Banking <br> Corp., Ltd.<br>| 143900 | &nbsp;&nbsp; 1849094 |
| United Overseas Bank Ltd. | 15500 | &nbsp;&nbsp; 438801 |
| Venture Corp. Ltd. | 145600 | &nbsp;&nbsp; 1307962 |
| (Cost $3,077,595) |  | &nbsp;&nbsp; **3595857** |
| **Spain 5.4%** | **Spain 5.4%** |  |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 131470 | &nbsp;&nbsp; 2020066 |
| Banco Santander SA | 285933 | &nbsp;&nbsp; 2365684 |
| (Cost $2,413,832) |  | &nbsp;&nbsp; **4385750** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Sweden 2.5%** | **Sweden 2.5%** |  |
| Skandinaviska Enskilda Banken <br> AB "A"<br>| 16240 | &nbsp;&nbsp; 283529 |
| Volvo AB "B" | 60254 | &nbsp;&nbsp; 1691715 |
| (Cost $1,694,002) |  | &nbsp;&nbsp; **1975244** |
| **Switzerland 6.5%** | **Switzerland 6.5%** |  |
| Holcim AG | 11326 | &nbsp;&nbsp; 842873 |
| Nestle SA (Registered) | 8822 | &nbsp;&nbsp; 877427 |
| Novartis AG (Registered) | 11705 | &nbsp;&nbsp; 1422085 |
| Roche Holding AG <br> (Genusschein)<br>| 6446 | &nbsp;&nbsp; 2096386 |
| (Cost $4,423,667) |  | &nbsp;&nbsp; **5238771** |
| **United Kingdom 18.8%** | **United Kingdom 18.8%** |  |
| Barclays PLC | 187009 | &nbsp;&nbsp; 864440 |
| British American Tobacco PLC | 63441 | &nbsp;&nbsp; 3009688 |
| easyJet PLC | 41648 | &nbsp;&nbsp; 304276 |
| GSK PLC | 64167 | &nbsp;&nbsp; 1220673 |
| HSBC Holdings PLC | 218151 | &nbsp;&nbsp; 2640222 |
| Imperial Brands PLC | 59501 | &nbsp;&nbsp; 2349595 |
| International Consolidated <br> Airlines Group SA<br>| 99011 | &nbsp;&nbsp; 462934 |
| ITV PLC | 1288452 | &nbsp;&nbsp; 1457862 |
| Lloyds Banking Group PLC | 514439 | &nbsp;&nbsp; 542180 |
| NatWest Group PLC | 88990 | &nbsp;&nbsp; 625414 |
| Reckitt Benckiser Group PLC | 4742 | &nbsp;&nbsp; 322235 |
| Rio Tinto PLC | 23487 | &nbsp;&nbsp; 1369192 |
| (Cost $12,174,454) |  | &nbsp;&nbsp; **15168711** |
| **United States 1.0%** | **United States 1.0%** |  |
| Amrize Ltd.\* | 11326 | &nbsp;&nbsp; 564979 |
| Carnival PLC\* | 9480 | &nbsp;&nbsp; 240224 |
| (Cost $463,123) |  | &nbsp;&nbsp; **805203** |
| **Total Common Stocks** <br> (Cost $64,756,488)<br>|  | &nbsp;&nbsp; **78183564** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Preferred Stocks 1.6%** | **Preferred Stocks 1.6%** |  |
| **Germany** | **Germany** |  |
| Henkel AG & Co. KGaA <br> (Cost $1,336,429)<br>| 16996 | &nbsp;&nbsp; **1334903** |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |  |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.25% <br> (b) (c) (Cost $651,000)<br>| 651000 | &nbsp;&nbsp; **651000** |
| **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** |  |
| DWS Central Cash <br> Management Government <br> Fund, 4.37% (b) <br> (Cost $625,145)<br>| 625145 | &nbsp;&nbsp; **625145** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $67,369,062)<br>| 100.3 | &nbsp;&nbsp; **80794612** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (0.3)<br>| &nbsp;&nbsp; **(261759)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **80532853** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (b) (c) |
|  | 651,000 (d) |  |  |  | 17066 |  | 651000 | 651000 |
| **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** |
| DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) | DWS Central Cash Management Government Fund, 4.37% (b) |
| 380311 | 5891237 | 5646403 |  |  | 7567 |  | 625145 | 625145 |
| **380311** | **6542237** | **5646403** |  |  | **24633** |  | **1276145** | **1276145** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2025 amounted to $620,948, which is 0.8% 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.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR: American Depositary Receipt <br> CDI: Chess Depositary Interest

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1733640 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1733640 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 1109122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1109122 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 201810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201810 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 924743 | &nbsp;&nbsp; — | &nbsp;&nbsp; 924743 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1403619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1403619 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 8817192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8817192 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 2446172 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2446172 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 1416265 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1416265 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1742450 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1742450 |
| Israel | &nbsp;&nbsp; 368100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 368100 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 3891286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3891286 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 19718218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19718218 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 3241411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3241411 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 3595857 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3595857 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 4385750 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4385750 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 1975244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1975244 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 5238771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5238771 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 15168711 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15168711 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp; 805203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 805203 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1334903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1334903 |
| Short-Term Investments (a) | &nbsp;&nbsp; 1276145 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1276145 |
| **Total** | &nbsp;&nbsp; **$1644245** | &nbsp;&nbsp; **$79150367** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$80794612** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $66,092,917) — including $620,948 of <br> securities loaned<br>| $79518467 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $651,000)\* <br>| 651000 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $625,145)<br>| 625145 |
| Foreign currency, at value (cost $76,752) | 77967 |
| Receivable for Fund shares sold | 56172 |
| Dividends receivable | 143637 |
| Affiliated securities lending income receivable | 267 |
| Foreign taxes recoverable | 289188 |
| Other assets | 744 |
| Total assets | 81362587 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 651000 |
| Payable for Fund shares redeemed | 77519 |
| Accrued management fee | 34997 |
| Accrued Trustees' fees | 1298 |
| Other accrued expenses and payables | 64920 |
| Total liabilities | 829734 |
| **Net assets, at value** | **$80532853** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | (7743584)<br>|
| Paid-in capital | 88276437 |
| **Net assets, at value** | **$80532853** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($80,532,853 ÷ 9,142,911 outstanding <br> shares of beneficial interest, $.01 par value, <br> unlimited number of shares authorized)<br>| **$8.81** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents collateral on securities loaned.

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $205,723)<br>| $2058340 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 7567 |
| Affiliated securities lending income | 17066 |
| Total income | 2082973 |
| Expenses: |  |
| Management fee | 247491 |
| Administration fee | 36933 |
| Services to shareholders | 665 |
| Custodian fee | 9683 |
| Audit fee | 28872 |
| Legal fees | 9027 |
| Tax fees | 2984 |
| Reports to shareholders | 12452 |
| Trustees' fees and expenses | 2143 |
| Proxy fees | 22181 |
| Other | 6394 |
| Total expenses before expense reductions | 378825 |
| Expense reductions | (44425)<br>|
| Total expenses after expense reductions | 334400 |
| **Net investment income** | **1748573** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | 7903113 |
| Foreign currency | 18270 |
|  | 7921383 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | 5819950 |
| Foreign currency | 36733 |
|  | 5856683 |
| **Net gain (loss)** | **13778066** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$15526639** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $1748573 | $2221760 |
| Net realized gain (loss) | 7921383 | 2424381 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 5856683 | (2802903)<br>|
| Net increase (decrease) in net assets resulting from operations | 15526639 | 1843238 |
| Distributions to shareholders: |  |  |
| Class A | (2189588)<br>| (2448644)<br>|
| Class B |  | (9550)<br>|
| Total distributions | (2189588)<br>| (2458194)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 1368677 | 3544153 |
| Reinvestment of distributions | 2189588 | 2448644 |
| Payments for shares redeemed | (7901168)<br>| (8370194)<br>|
| Net increase (decrease) in net assets from Class A share transactions | (4342903)<br>| (2377397)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 12292 |
| Reinvestment of distributions |  | 9550 |
| Payments for shares redeemed |  | (366478)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (344636)<br>|
| **Increase (decrease) in net assets** | 8994148 | (3336989)<br>|
| Net assets at beginning of period | 71538705 | 74875694 |
| **Net assets at end of period** | **$80532853** | **$71538705** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 9673446 | 9981646 |
| Shares sold | 166231 | 474775 |
| Shares issued to shareholders in reinvestment of distributions | 264763 | 332696 |
| Shares redeemed | (961529)<br>| (1115671)<br>|
| Net increase (decrease) in Class A shares | (530535)<br>| (308200)<br>|
| Shares outstanding at end of period | **9142911** | **9673446** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 46700 |
| Shares sold |  | 1656 |
| Shares issued to shareholders in reinvestment of distributions |  | 1292 |
| Shares redeemed |  | (49648)<br>|
| Net increase (decrease) in Class B shares |  | (46700)<br>|
| Shares outstanding at end of period |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date).

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

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------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS CROCI**<sup>®</sup> **International VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$7.40** | &nbsp;&nbsp; **$7.47** | &nbsp;&nbsp; **$6.49** | &nbsp;&nbsp; **$7.72** | &nbsp;&nbsp; **$7.24** | &nbsp;&nbsp; **$7.35** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .19 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; .97 | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; .46 | &nbsp;&nbsp; .00 <br><sup>\*</sup><br>|
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; .67 | &nbsp;&nbsp; .12 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.23)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$8.81** | &nbsp;&nbsp; **$7.40** | &nbsp;&nbsp; **$7.47** | &nbsp;&nbsp; **$6.49** | &nbsp;&nbsp; **$7.72** | &nbsp;&nbsp; **$7.24** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.51 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;18.95 | &nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 79 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .97 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp; .94 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .99 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .85 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp; .84 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; .87 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 4.62 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 55 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>c</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Amount is less than $.005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

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------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

Deutsche DWS Variable Series I (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Trust consists of three diversified funds: DWS Core Equity VIP, DWS CROCI<sup>®</sup> International VIP and DWS Global Small Cap VIP; and one non-diversified fund: DWS Capital Growth VIP (individually or collectively hereinafter referred to as a "Fund" or the "Funds"). These financial statements report on DWS CROCI<sup>®</sup> International VIP. The Trust is intended to be the underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

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------

American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2025, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

---

------

results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

At December 31, 2024, the Fund had net tax basis capital loss carryforwards of $30,563,890, including short-term losses ($13,027,159) and long-term losses ($17,536,731), which may be applied against realized net taxable capital gains indefinitely.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $67,628,907. The net unrealized appreciation for all investments based on tax cost was $13,165,705. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $13,881,337 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $715,632.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss and income related to restructuring of certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis net of foreign withholding taxes. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**B.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $41,799,462 and $46,812,065, respectively.

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $500 million of the Fund's average daily net assets | &nbsp;&nbsp; .650% |
| Over $500 million of such net assets | &nbsp;&nbsp; .600% |

---

Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund's average daily net assets.

For the period from January 1, 2025 through April 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A shares at 0.82%.

For the six months ended June 30, 2025, fees waived and/or expenses reimbursed for Class A are $44,425.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $36,933, of which $6,311 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $454, of which $145 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $448, of which $324 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**D.** **Ownership of the Fund**

At June 30, 2025, three Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 49%, 12% and 12%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS CROCI<sup>®</sup> International VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

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, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

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 connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 2nd quartile, 3rd quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the five-year period, has performed equal to its benchmark for the one-year period and has underperformed its benchmark in the three-year period ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

---

------

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board noted that DIMA pays a licensing fee to an affiliate related to the Fund's use of the CROCI<sup>®</sup> strategy. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS1cint-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

---

------

![](imge46830421.jpg)

VS1cint-NCSRS

------

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series I

**DWS Global Small Cap VIP**

![](imge23741c51.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_8387414d-3e2d-448b-a07f-3391e9fbebc3_SOI-CC-Financial-RunningFooter-359_1) |
| **7** | [Statement of Assets and Liabilities](#xx_8387414d-3e2d-448b-a07f-3391e9fbebc3_FS-CC-Financial-RunningFooter-359_1) |
| **7** | [Statement of Operations](#xx_8387414d-3e2d-448b-a07f-3391e9fbebc3_FS-CC-Financial-RunningFooter-359_1) |
| **8** | [Statements of Changes in Net Assets](#xx_8387414d-3e2d-448b-a07f-3391e9fbebc3_FS-CC-Financial-RunningFooter-359_2) |
| **9** | [Financial Highlights](#xx_8387414d-3e2d-448b-a07f-3391e9fbebc3_FIHI-CC-Financial-RunningFooter-359_1) |
| **10** | [Notes to Financial Statements](#xx_8387414d-3e2d-448b-a07f-3391e9fbebc3_NTF-CC-Financial-RunningFooter-359_1) |
| **14** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_8387414d-3e2d-448b-a07f-3391e9fbebc3_AABCF-CC-Financial-RunningFooter-359_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 98.2%** | **Common Stocks 98.2%** |  |
| **Australia 1.2%** | **Australia 1.2%** |  |
| DroneShield Ltd. REG S\* | 208715 | &nbsp;&nbsp; 314340 |
| Orora Ltd. | 343099 | &nbsp;&nbsp; 426940 |
| (Cost $587,625) |  | &nbsp;&nbsp; **741280** |
| **Canada 3.4%** | **Canada 3.4%** |  |
| Aecon Group, Inc. | 24038 | &nbsp;&nbsp; 363108 |
| Badger Infrastructure Solutions <br> Ltd.<br>| 6877 | &nbsp;&nbsp; 240285 |
| Finning International, Inc. | 21934 | &nbsp;&nbsp; 937762 |
| Richelieu Hardware Ltd. | 7028 | &nbsp;&nbsp; 188841 |
| Russel Metals, Inc. | 13366 | &nbsp;&nbsp; 430401 |
| (Cost $1,709,737) |  | &nbsp;&nbsp; **2160397** |
| **Denmark 0.7%** | **Denmark 0.7%** |  |
| Royal Unibrew A/S <br> (Cost $372,968)<br>| 5603 | &nbsp;&nbsp; **457745** |
| **Finland 0.2%** | **Finland 0.2%** |  |
| Kemira Oyj (Cost $154,321) | 6419 | &nbsp;&nbsp; **148797** |
| **France 3.4%** | **France 3.4%** |  |
| Alten SA | 4851 | &nbsp;&nbsp; 424953 |
| Eiffage SA | 9155 | &nbsp;&nbsp; 1286945 |
| Unibail-Rodamco-Westfield <br> (REIT)\*<br>| 1312 | &nbsp;&nbsp; 125813 |
| Vallourec SACA (a) | 16583 | &nbsp;&nbsp; 306507 |
| (Cost $1,819,935) |  | &nbsp;&nbsp; **2144218** |
| **Germany 0.7%** | **Germany 0.7%** |  |
| Scout24 SE 144A <br> (Cost $301,589)<br>| 3321 | &nbsp;&nbsp; **458471** |
| **Hong Kong 0.6%** | **Hong Kong 0.6%** |  |
| PCCW Ltd. (Cost $309,406) | 554000 | &nbsp;&nbsp; **376020** |
| **Ireland 0.6%** | **Ireland 0.6%** |  |
| Dalata Hotel Group PLC | 27526 | &nbsp;&nbsp; 209393 |
| Dole PLC (b) | 14282 | &nbsp;&nbsp; 199805 |
| (Cost $277,778) |  | &nbsp;&nbsp; **409198** |
| **Italy 1.8%** | **Italy 1.8%** |  |
| Buzzi SpA (Cost $438,143) | 20694 | &nbsp;&nbsp; **1150144** |
| **Japan 6.6%** | **Japan 6.6%** |  |
| Denka Co., Ltd. | 37500 | &nbsp;&nbsp; 514240 |
| EDION Corp. | 37000 | &nbsp;&nbsp; 541367 |
| Itoham Yonekyu Holdings, Inc. | 8600 | &nbsp;&nbsp; 292493 |
| Kaken Pharmaceutical Co., Ltd. | 17400 | &nbsp;&nbsp; 461076 |
| Nextage Co., Ltd. | 18200 | &nbsp;&nbsp; 219639 |
| Nippon Gas Co., Ltd. | 9800 | &nbsp;&nbsp; 180659 |
| Nisshin Oillio Group Ltd. | 3800 | &nbsp;&nbsp; 128768 |
| NSD Co., Ltd. | 12800 | &nbsp;&nbsp; 316913 |
| Open Up Group, Inc. | 16200 | &nbsp;&nbsp; 191783 |
| Prima Meat Packers Ltd. | 7900 | &nbsp;&nbsp; 124217 |
| S Foods, Inc. | 7300 | &nbsp;&nbsp; 132748 |
| Sangetsu Corp. | 9400 | &nbsp;&nbsp; 192668 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| TV Asahi Holdings Corp. | 12900 | &nbsp;&nbsp; 249586 |
| Zenkoku Hosho Co., Ltd. | 31200 | &nbsp;&nbsp; 697048 |
| (Cost $3,802,080) |  | &nbsp;&nbsp; **4243205** |
| **Korea 2.4%** | **Korea 2.4%** |  |
| HD-Hyundai Marine Engine\* | 9671 | &nbsp;&nbsp; 360588 |
| Hy-Lok Corp. | 6927 | &nbsp;&nbsp; 154613 |
| Hyundai Elevator Co., Ltd. | 7158 | &nbsp;&nbsp; 456513 |
| Satrec Initiative Co., Ltd. | 5819 | &nbsp;&nbsp; 204940 |
| TK Corp. | 22931 | &nbsp;&nbsp; 359063 |
| (Cost $1,264,971) |  | &nbsp;&nbsp; **1535717** |
| **Malaysia 0.4%** | **Malaysia 0.4%** |  |
| Frencken Group Ltd. <br> (Cost $221,279)<br>| 249400 | &nbsp;&nbsp; **243623** |
| **Netherlands 0.6%** | **Netherlands 0.6%** |  |
| Akzo Nobel NV | 3744 | &nbsp;&nbsp; 262459 |
| Pharming Group NV\* | 132349 | &nbsp;&nbsp; 141654 |
| (Cost $375,155) |  | &nbsp;&nbsp; **404113** |
| **Puerto Rico 1.1%** | **Puerto Rico 1.1%** |  |
| Popular, Inc. (Cost $469,111) | 6236 | &nbsp;&nbsp; **687270** |
| **Spain 0.2%** | **Spain 0.2%** |  |
| Grifols SA\* (Cost $124,973) | 12679 | &nbsp;&nbsp; **155148** |
| **Sweden 1.8%** | **Sweden 1.8%** |  |
| BioGaia AB "B" | 23223 | &nbsp;&nbsp; 261123 |
| Cibus Nordic Real Estate AB <br> publ<br>| 16533 | &nbsp;&nbsp; 326780 |
| Hufvudstaden AB "A" | 16235 | &nbsp;&nbsp; 211784 |
| New Wave Group AB "B" | 13076 | &nbsp;&nbsp; 172271 |
| Vitrolife AB | 10056 | &nbsp;&nbsp; 148655 |
| (Cost $955,180) |  | &nbsp;&nbsp; **1120613** |
| **Switzerland 1.9%** | **Switzerland 1.9%** |  |
| International Workplace Group <br> PLC<br>| 118324 | &nbsp;&nbsp; 339633 |
| Siegfried Holding AG <br> (Registered)<br>| 7836 | &nbsp;&nbsp; 881447 |
| (Cost $869,847) |  | &nbsp;&nbsp; **1221080** |
| **United Kingdom 6.5%** | **United Kingdom 6.5%** |  |
| Clarkson PLC | 8027 | &nbsp;&nbsp; 359076 |
| Computacenter PLC | 10566 | &nbsp;&nbsp; 348306 |
| Drax Group PLC | 100942 | &nbsp;&nbsp; 959966 |
| Genus PLC | 16649 | &nbsp;&nbsp; 468145 |
| Greggs PLC | 20613 | &nbsp;&nbsp; 543688 |
| nVent Electric PLC (b) | 2605 | &nbsp;&nbsp; 190816 |
| Softcat PLC | 14518 | &nbsp;&nbsp; 342235 |
| TechnipFMC PLC (b) | 27806 | &nbsp;&nbsp; 957639 |
| (Cost $2,778,717) |  | &nbsp;&nbsp; **4169871** |
| **United States 64.1%** | **United States 64.1%** |  |
| ACM Research, Inc. "A"\* | 9271 | &nbsp;&nbsp; 240119 |
| Adeia, Inc. | 16645 | &nbsp;&nbsp; 235360 |
| Affiliated Managers Group, Inc. | 4495 | &nbsp;&nbsp; 884481 |
| Alcoa Corp. | 14438 | &nbsp;&nbsp; 426065 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Alpha & Omega <br> Semiconductor Ltd.\*<br>| 7949 | &nbsp;&nbsp; 203971 |
| Ambarella, Inc.\* | 4507 | &nbsp;&nbsp; 297755 |
| Americold Realty Trust, Inc. <br> (REIT)<br>| 21462 | &nbsp;&nbsp; 356913 |
| Antero Midstream Corp. | 6883 | &nbsp;&nbsp; 130433 |
| Apple Hospitality REIT, Inc. <br> (REIT)<br>| 18296 | &nbsp;&nbsp; 213514 |
| Armada Hoffler Properties, Inc. <br> (REIT)<br>| 33913 | &nbsp;&nbsp; 232982 |
| Ashland, Inc. | 6148 | &nbsp;&nbsp; 309122 |
| Aspen Aerogels, Inc.\* | 40333 | &nbsp;&nbsp; 238771 |
| Atkore, Inc. | 9731 | &nbsp;&nbsp; 686522 |
| Bank OZK | 7401 | &nbsp;&nbsp; 348291 |
| Benchmark Electronics, Inc. | 21886 | &nbsp;&nbsp; 849833 |
| Bridgebio Pharma, Inc.\* | 24077 | &nbsp;&nbsp; 1039645 |
| Brinker International, Inc.\* | 878 | &nbsp;&nbsp; 158330 |
| Butterfly Network, Inc.\* (a) | 51991 | &nbsp;&nbsp; 103982 |
| C.H. Robinson Worldwide, Inc. | 2786 | &nbsp;&nbsp; 267317 |
| Casey's General Stores, Inc. | 2687 | &nbsp;&nbsp; 1371096 |
| Cboe Global Markets, Inc. | 1578 | &nbsp;&nbsp; 368005 |
| Clean Energy Fuels Corp.\* | 123532 | &nbsp;&nbsp; 240887 |
| Clearway Energy, Inc. "A" | 8709 | &nbsp;&nbsp; 263534 |
| CNX Resources Corp.\* | 23547 | &nbsp;&nbsp; 793063 |
| Coeur Mining, Inc.\* | 35396 | &nbsp;&nbsp; 313609 |
| Curtiss-Wright Corp. | 1162 | &nbsp;&nbsp; 567695 |
| Dick's Sporting Goods, Inc. | 1138 | &nbsp;&nbsp; 225108 |
| Ducommun, Inc.\* | 7623 | &nbsp;&nbsp; 629889 |
| Duolingo, Inc.\* | 454 | &nbsp;&nbsp; 186149 |
| Easterly Government <br> Properties, Inc. (REIT)<br>| 7508 | &nbsp;&nbsp; 166678 |
| EastGroup Properties, Inc. <br> (REIT)<br>| 2146 | &nbsp;&nbsp; 358640 |
| EchoStar Corp. "A"\* | 10479 | &nbsp;&nbsp; 290268 |
| EMCOR Group, Inc. | 433 | &nbsp;&nbsp; 231607 |
| Enact Holdings, Inc. | 17515 | &nbsp;&nbsp; 650682 |
| Enphase Energy, Inc.\* | 4825 | &nbsp;&nbsp; 191311 |
| Essent Group Ltd. | 10674 | &nbsp;&nbsp; 648232 |
| Essential Properties Realty <br> Trust, Inc. (REIT)<br>| 7490 | &nbsp;&nbsp; 239006 |
| Everus Construction Group, <br> Inc.\*<br>| 3556 | &nbsp;&nbsp; 225913 |
| Exact Sciences Corp.\* | 14285 | &nbsp;&nbsp; 759105 |
| Expedia Group, Inc. | 905 | &nbsp;&nbsp; 152655 |
| Federal Agricultural Mortgage <br> Corp. "C"<br>| 4132 | &nbsp;&nbsp; 802765 |
| Four Corners Property Trust, <br> Inc. (REIT)<br>| 29198 | &nbsp;&nbsp; 785718 |
| Hasbro, Inc. | 7593 | &nbsp;&nbsp; 560515 |
| Healthpeak Properties, Inc. <br> (REIT)<br>| 21002 | &nbsp;&nbsp; 367745 |
| Hecla Mining Co. | 84587 | &nbsp;&nbsp; 506676 |
| Hillenbrand, Inc. | 14976 | &nbsp;&nbsp; 300568 |
| Impinj, Inc.\* | 1880 | &nbsp;&nbsp; 208812 |
| Kimco Realty Corp. (REIT) | 13483 | &nbsp;&nbsp; 283413 |
| Kite Realty Group Trust (REIT) | 13787 | &nbsp;&nbsp; 312276 |
| Kontoor Brands, Inc. | 3695 | &nbsp;&nbsp; 243759 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Ladder Capital Corp. (REIT) | 22361 | &nbsp;&nbsp; 240381 |
| Lumentum Holdings, Inc.\* | 10995 | &nbsp;&nbsp; 1045185 |
| Madison Square Garden Sports <br> Corp.\*<br>| 4259 | &nbsp;&nbsp; 889918 |
| MaxLinear, Inc.\* | 16197 | &nbsp;&nbsp; 230159 |
| MDU Resources Group, Inc. | 13818 | &nbsp;&nbsp; 230346 |
| Merchants Bancorp. | 14068 | &nbsp;&nbsp; 465229 |
| MGIC Investment Corp. | 11913 | &nbsp;&nbsp; 331658 |
| MicroStrategy, Inc. "A"\* | 2930 | &nbsp;&nbsp; 1184394 |
| Modine Manufacturing Co.\* | 4918 | &nbsp;&nbsp; 484423 |
| Mr Cooper Group, Inc.\* | 1907 | &nbsp;&nbsp; 284544 |
| National HealthCare Corp. | 3735 | &nbsp;&nbsp; 399682 |
| NiSource, Inc. | 8179 | &nbsp;&nbsp; 329941 |
| NMI Holdings, Inc.\* | 9448 | &nbsp;&nbsp; 398611 |
| Option Care Health, Inc.\* | 18924 | &nbsp;&nbsp; 614652 |
| Outset Medical, Inc.\* (a) | 6673 | &nbsp;&nbsp; 128188 |
| Premier, Inc. "A" | 39190 | &nbsp;&nbsp; 859437 |
| Radian Group, Inc. | 9000 | &nbsp;&nbsp; 324180 |
| Ralph Lauren Corp. | 1540 | &nbsp;&nbsp; 422391 |
| Regal Rexnord Corp. | 996 | &nbsp;&nbsp; 144380 |
| Reinsurance Group of America, <br> Inc.<br>| 3926 | &nbsp;&nbsp; 778761 |
| Rush Enterprises, Inc. "A" | 13817 | &nbsp;&nbsp; 711714 |
| Sensata Technologies Holding <br> PLC<br>| 6733 | &nbsp;&nbsp; 202731 |
| Senseonics Holdings, Inc.\* | 234969 | &nbsp;&nbsp; 111939 |
| SentinelOne, Inc. "A"\* | 44931 | &nbsp;&nbsp; 821339 |
| SiTime Corp.\* | 1500 | &nbsp;&nbsp; 319620 |
| SkyWater Technology, Inc.\* (a) | 16120 | &nbsp;&nbsp; 158621 |
| SkyWest, Inc.\* | 11167 | &nbsp;&nbsp; 1149866 |
| Stride, Inc.\* | 7312 | &nbsp;&nbsp; 1061629 |
| Synovus Financial Corp. | 16085 | &nbsp;&nbsp; 832399 |
| Taylor Morrison Home Corp.\* | 14345 | &nbsp;&nbsp; 881070 |
| Thermon Group Holdings, Inc.\* | 13220 | &nbsp;&nbsp; 371218 |
| TopBuild Corp.\* | 3039 | &nbsp;&nbsp; 983846 |
| Trupanion, Inc.\* | 10831 | &nbsp;&nbsp; 599496 |
| Unum Group | 8571 | &nbsp;&nbsp; 692194 |
| VF Corp. | 13163 | &nbsp;&nbsp; 154665 |
| Walker & Dunlop, Inc. | 5105 | &nbsp;&nbsp; 359800 |
| Williams-Sonoma, Inc. | 809 | &nbsp;&nbsp; 132166 |
| YETI Holdings, Inc.\* | 15393 | &nbsp;&nbsp; 485187 |
| Zions Bancorp. NA | 13128 | &nbsp;&nbsp; 681868 |
| (Cost $30,193,711) |  | &nbsp;&nbsp; **40966613** |
| **Total Common Stocks** <br> (Cost $47,026,526)<br>|  | &nbsp;&nbsp; **62793523** |
| **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** |  |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.25% <br> (c) (d) (Cost $681,525)<br>| 681525 | &nbsp;&nbsp; **681525** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** |  |
| DWS Central Cash <br> Management Government <br> Fund, 4.37% (c) <br> (Cost $1,165,192)<br>| 1165192 | &nbsp;&nbsp; **1165192** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $48,873,243)<br>| 101.1 | &nbsp;&nbsp; **64640240** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (1.1)<br>| &nbsp;&nbsp; **(701878)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **63938362** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) |
| 598650 | 82,875 (e) |  |  |  | 5799 |  | 681525 | 681525 |
| **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** |
| DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) |
| 662006 | 4273664 | 3770478 |  |  | 27178 |  | 1165192 | 1165192 |
| **1260656** | **4356539** | **3770478** |  |  | **32977** |  | **1846717** | **1846717** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2025 amounted to $667,941, which is 1.0% of net assets. 

(b) Listed on the New York Stock Exchange.

(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.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in <br> transactions exempt from registration, normally to qualified institutional buyers.<br>|
| REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or <br> benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the <br> Securities Act of 1933.<br>|
| REIT: Real Estate Investment Trust |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $741280 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $741280 |
| Canada | &nbsp;&nbsp; 2160397 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2160397 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 457745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 457745 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 148797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 148797 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 2144218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2144218 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 458471 | &nbsp;&nbsp; — | &nbsp;&nbsp; 458471 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 376020 | &nbsp;&nbsp; — | &nbsp;&nbsp; 376020 |
| Ireland | &nbsp;&nbsp; 199805 | &nbsp;&nbsp; 209393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 409198 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 1150144 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1150144 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 4243205 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4243205 |
| Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 1535717 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1535717 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 243623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 243623 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 404113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 404113 |
| Puerto Rico | &nbsp;&nbsp; 687270 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 687270 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 155148 | &nbsp;&nbsp; — | &nbsp;&nbsp; 155148 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 1120613 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1120613 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1221080 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1221080 |
| United Kingdom | &nbsp;&nbsp; 1148455 | &nbsp;&nbsp; 3021416 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4169871 |
| United States | &nbsp;&nbsp; 40966613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40966613 |
| Short-Term Investments (a) | &nbsp;&nbsp; 1846717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1846717 |
| **Total** | &nbsp;&nbsp; **$47009257** | &nbsp;&nbsp; **$17630983** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$64640240** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $47,026,526) — including $667,941 of <br> securities loaned<br>| $62793523 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $681,525)\* <br>| 681525 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $1,165,192)<br>| 1165192 |
| Foreign currency, at value (cost $38,122) | 39225 |
| Receivable for Fund shares sold | 988 |
| Dividends receivable | 76838 |
| Affiliated securities lending income receivable | 1046 |
| Foreign taxes recoverable | 57904 |
| Other assets | 544 |
| Total assets | 64816785 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 681525 |
| Payable for Fund shares redeemed | 104187 |
| Accrued management fee | 29471 |
| Accrued Trustees' fees | 1283 |
| Other accrued expenses and payables | 61957 |
| Total liabilities | 878423 |
| **Net assets, at value** | **$63938362** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 18256895 |
| Paid-in capital | 45681467 |
| **Net assets, at value** | **$63938362** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($63,938,362 ÷ 6,277,778 outstanding <br> shares of beneficial interest, $.01 par value, <br> unlimited number of shares authorized)<br>| **$10.18** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents collateral on securities loaned.

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $42,023)<br>| $709438 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 27178 |
| Affiliated securities lending income | 5799 |
| Total income | 742415 |
| Expenses: |  |
| Management fee | 240513 |
| Administration fee | 29162 |
| Services to shareholders | 696 |
| Custodian fee | 5009 |
| Audit fee | 19896 |
| Legal fees | 9507 |
| Tax fees | 3815 |
| Reports to shareholders | 11187 |
| Trustees' fees and expenses | 1992 |
| Proxy fees | 19810 |
| Other | 9262 |
| Total expenses before expense reductions | 350849 |
| Expense reductions | (72487)<br>|
| Total expenses after expense reductions | 278362 |
| **Net investment income** | **464053** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | 2317768 |
| Foreign currency | (3114)<br>|
|  | 2314654 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | 838757 |
| Foreign currency | 9000 |
|  | 847757 |
| **Net gain (loss)** | **3162411** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$3626464** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $464053 | $665932 |
| Net realized gain (loss) | 2314654 | 3808457 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 847757 | (885836)<br>|
| Net increase (decrease) in net assets resulting from operations | 3626464 | 3588553 |
| Distributions to shareholders: |  |  |
| Class A | (4539739)<br>| (3482596)<br>|
| Class B |  | (89014)<br>|
| Total distributions | (4539739)<br>| (3571610)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 1160056 | 1733248 |
| Reinvestment of distributions | 4539739 | 3482596 |
| Payments for shares redeemed | (3145267)<br>| (6927068)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 2554528 | (1711224)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 11703 |
| Reinvestment of distributions |  | 89014 |
| Payments for shares redeemed |  | (1739957)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (1639240)<br>|
| **Increase (decrease) in net assets** | 1641253 | (3333521)<br>|
| Net assets at beginning of period | 62297109 | 65630630 |
| **Net assets at end of period** | **$63938362** | **$62297109** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 5978221 | 6112858 |
| Shares sold | 113790 | 167798 |
| Shares issued to shareholders in reinvestment of distributions | 502184 | 362393 |
| Shares redeemed | (316417)<br>| (664828)<br>|
| Net increase (decrease) in Class A shares | 299557 | (134637)<br>|
| Shares outstanding at end of period | **6277778** | **5978221** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 174583 |
| Shares sold |  | 1192 |
| Shares issued to shareholders in reinvestment of distributions |  | 9771 |
| Shares redeemed |  | (185546)<br>|
| Net increase (decrease) in Class B shares |  | (174583)<br>|
| Shares outstanding at end of period |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date).

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Global Small Cap VIP** — **Class A** | **DWS Global Small Cap VIP** — **Class A** | **DWS Global Small Cap VIP** — **Class A** | **DWS Global Small Cap VIP** — **Class A** | **DWS Global Small Cap VIP** — **Class A** | **DWS Global Small Cap VIP** — **Class A** | **DWS Global Small Cap VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$10.42** | &nbsp;&nbsp; **$10.45** | &nbsp;&nbsp; **$8.52** | &nbsp;&nbsp; **$13.63** | &nbsp;&nbsp; **$11.90** | &nbsp;&nbsp; **$10.24** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| **Total from investment operations** | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.08)<br>|
| Net realized gains | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.08)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$10.18** | &nbsp;&nbsp; **$10.42** | &nbsp;&nbsp; **$10.45** | &nbsp;&nbsp; **$8.52** | &nbsp;&nbsp; **$13.63** | &nbsp;&nbsp; **$11.90** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.03 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;24.56 | &nbsp;&nbsp; (24.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;17.36 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 76 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .89 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .88 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.58 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .38 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 30 <br><sup>\*</sup><br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>c</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

Deutsche DWS Variable Series I (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Trust consists of three diversified funds: DWS Core Equity VIP, DWS CROCI<sup>®</sup> International VIP and DWS Global Small Cap VIP; and one non-diversified fund: DWS Capital Growth VIP (individually or collectively hereinafter referred to as a "Fund" or the "Funds"). These financial statements report on DWS Global Small Cap VIP. The Trust is intended to be the underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities and exchange-traded funds ("ETFs") are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

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valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2025, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $49,112,761. The net unrealized appreciation for all investments based on tax cost was $15,527,479. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $18,821,700 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $3,294,221.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss, income received from passive foreign investment companies and investments in limited partnerships. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis net of foreign withholding taxes. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

**B.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $17,904,007 and $19,600,736, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.80%.

For the period from January 1, 2025 through April 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A shares at 0.86%.

For the six months ended June 30, 2025, fees waived and/or expenses reimbursed for Class A are $72,487.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $29,162, of which $4,963 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $364, of which $115 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $448, of which $324 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**D.** **Ownership of the Fund**

At June 30, 2025, three Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 65%, 10% and 10%, respectively.

**E.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

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|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Global Small Cap VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

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, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

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 connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 1st quartile, 2nd quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2023.

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|:---|:---|
| **14** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

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**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were higher than the median (4th quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund's current investment management fee schedule does not include breakpoints, the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

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have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS1glosc-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| **16** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

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![](imge23741c51.jpg)

VS1glosc-NCSRS

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| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a). |
| &nbsp;&nbsp;**Item 8.** | &nbsp;&nbsp;**Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 9.** | &nbsp;&nbsp;**Proxy Disclosures for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 10.** | &nbsp;&nbsp;**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 11.** | &nbsp;&nbsp;**Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 12.** | &nbsp;&nbsp;**Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 13.** | &nbsp;&nbsp;**Portfolio Managers of Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 14.** | &nbsp;&nbsp;**Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 15.** | &nbsp;&nbsp;**Submission of Matters to a Vote of Security Holders.** |
|  | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**Item 16.** | &nbsp;&nbsp;**Controls and Procedures.** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;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. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**Item 17.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 18.** | &nbsp;&nbsp;**Recovery of Erroneously Awarded Compensation.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 19.** | &nbsp;&nbsp;**Exhibits** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[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.](ex99cert.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;[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.](ex99906cert.htm) |

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**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.

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|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;Deutsche DWS Variable Series I |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/14/2025 |

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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.

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|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/14/2025 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/14/2025 |

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## Ex-99.Cert

**Principal Executive Officer**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series I, on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change 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 control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

8/14/2025   <br> Hepsen Uzcan <br> Principal Executive Officer

**Principal Financial Officer**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series I, on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change 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 control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

8/14/2025   <br> Diane Kenneally <br> Principal Financial Officer

## Exhibit 99.906

**Principal Executive Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series I, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

8/14/2025   <br> Hepsen Uzcan <br> Principal Executive Officer

**Principal Financial Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series I, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

8/14/2025   <br> Diane Kenneally <br> Principal Financial Officer