# EDGAR Filing Document

**Accession Number:** 0000764797
**File Stem:** 0001410368-25-032278
**Filing Date:** 2025-11
**Character Count:** 42677
**Document Hash:** 5fbb7a117843b0cc04324eb2181e087b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032278.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032278

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04257
- **FILM NUMBER:** 251526221

**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      |  |

## Nport-Ex

Investment Portfolio**as of September 30, 2025 (Unaudited)** 

**DWS Capital Growth VIP** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value ($)** |
| **Common Stocks 99.5%** | **Common Stocks 99.5%** |  |
| **Communication Services 15.7%** | **Communication Services 15.7%** |  |
| **Entertainment 5.7%** | **Entertainment 5.7%** |  |
| Live Nation Entertainment, Inc.\*  | 53678 | &nbsp;&nbsp; 8770985 |
| Netflix, Inc.\*  | 19237 | &nbsp;&nbsp; 23063624 |
| ROBLOX Corp. "A"\*  | 84899 | &nbsp;&nbsp; 11760210 |
| Spotify Technology SA\*  | 25662 | &nbsp;&nbsp; 17912076 |
|  |  | &nbsp;&nbsp; **61506895** |
| **Interactive Media & Services 9.0%** | **Interactive Media & Services 9.0%** |  |
| Alphabet, Inc. "A"  | 136810 | &nbsp;&nbsp; 33258511 |
| Alphabet, Inc. "C"  | 100342 | &nbsp;&nbsp; 24438294 |
| Meta Platforms, Inc. "A"  | 53780 | &nbsp;&nbsp; 39494956 |
|  |  | &nbsp;&nbsp; **97191761** |
| **Wireless Telecommunication Services 1.0%** | **Wireless Telecommunication Services 1.0%** |  |
| T-Mobile U.S., Inc. | 45698 | &nbsp;&nbsp; **10939187** |
| **Consumer Discretionary 9.0%** | **Consumer Discretionary 9.0%** |  |
| **Broadline Retail 5.7%** | **Broadline Retail 5.7%** |  |
| Amazon.com, Inc.\* | 281926 | &nbsp;&nbsp; **61902492** |
| **Hotels, Restaurants & Leisure 1.4%** | **Hotels, Restaurants & Leisure 1.4%** |  |
| DraftKings, Inc. "A"\*  | 129435 | &nbsp;&nbsp; 4840869 |
| Planet Fitness, Inc. "A"\*  | 104654 | &nbsp;&nbsp; 10863085 |
|  |  | &nbsp;&nbsp; **15703954** |
| **Household Durables 0.6%** | **Household Durables 0.6%** |  |
| SharkNinja, Inc.\* | 62546 | &nbsp;&nbsp; **6451620** |
| **Specialty Retail 1.3%** | **Specialty Retail 1.3%** |  |
| Burlington Stores, Inc.\*  | 22286 | &nbsp;&nbsp; 5671787 |
| Home Depot, Inc.  | 19625 | &nbsp;&nbsp; 7951854 |
|  |  | &nbsp;&nbsp; **13623641** |
| **Consumer Staples 0.6%** | **Consumer Staples 0.6%** |  |
| **Consumer Staples Distribution & Retail 0.6%** | **Consumer Staples Distribution & Retail 0.6%** |  |
| Costco Wholesale Corp. | 7446 | &nbsp;&nbsp; **6892241** |
| **Financials 7.8%** | **Financials 7.8%** |  |
| **Capital Markets 1.6%** | **Capital Markets 1.6%** |  |
| Intercontinental Exchange, Inc.  | 62886 | &nbsp;&nbsp; 10595033 |
| Moody's Corp.  | 14112 | &nbsp;&nbsp; 6724086 |
|  |  | &nbsp;&nbsp; **17319119** |
| **Consumer Finance 0.5%** | **Consumer Finance 0.5%** |  |
| American Express Co. | 16407 | &nbsp;&nbsp; **5449749** |

---

------

---

| | | |
|:---|:---|:---|
| **Financial Services 3.5%** | **Financial Services 3.5%** |  |
| Mastercard, Inc. "A"  | 41513 | &nbsp;&nbsp; 23613010 |
| Visa, Inc. "A"  | 40967 | &nbsp;&nbsp; 13985314 |
|  |  | &nbsp;&nbsp; **37598324** |
| **Insurance 2.2%** | **Insurance 2.2%** |  |
| Progressive Corp. | 95771 | &nbsp;&nbsp; **23650649** |
| **Health Care 7.5%** | **Health Care 7.5%** |  |
| **Biotechnology 0.5%** | **Biotechnology 0.5%** |  |
| Exact Sciences Corp.\* | 94622 | &nbsp;&nbsp; **5176769** |
| **Health Care Equipment & Supplies 3.6%** | **Health Care Equipment & Supplies 3.6%** |  |
| Boston Scientific Corp.\*  | 125776 | &nbsp;&nbsp; 12279511 |
| Dexcom, Inc.\*  | 115128 | &nbsp;&nbsp; 7746963 |
| Intuitive Surgical, Inc.\*  | 18151 | &nbsp;&nbsp; 8117672 |
| Stryker Corp.  | 30172 | &nbsp;&nbsp; 11153683 |
|  |  | &nbsp;&nbsp; **39297829** |
| **Health Care Technology 0.3%** | **Health Care Technology 0.3%** |  |
| Waystar Holding Corp.\* | 74088 | &nbsp;&nbsp; **2809417** |
| **Life Sciences Tools & Services 1.7%** | **Life Sciences Tools & Services 1.7%** |  |
| Danaher Corp.  | 30239 | &nbsp;&nbsp; 5995184 |
| Stevanato Group SpA (a) | 151765 | &nbsp;&nbsp; 3907949 |
| Thermo Fisher Scientific, Inc.  | 17342 | &nbsp;&nbsp; 8411217 |
|  |  | &nbsp;&nbsp; **18314350** |
| **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** |  |
| Eli Lilly & Co.  | 11154 | &nbsp;&nbsp; 8510502 |
| Zoetis, Inc.  | 45449 | &nbsp;&nbsp; 6650098 |
|  |  | &nbsp;&nbsp; **15160600** |
| **Industrials 7.7%** | **Industrials 7.7%** |  |
| **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** |  |
| Axon Enterprise, Inc.\*  | 7131 | &nbsp;&nbsp; 5117491 |
| TransDigm Group, Inc.  | 4146 | &nbsp;&nbsp; 5464511 |
|  |  | &nbsp;&nbsp; **10582002** |
| **Building Products 0.3%** | **Building Products 0.3%** |  |
| Trex Co., Inc.\* | 56952 | &nbsp;&nbsp; **2942710** |
| **Construction & Engineering 1.0%** | **Construction & Engineering 1.0%** |  |
| Quanta Services, Inc. | 25614 | &nbsp;&nbsp; **10614954** |
| **Electrical Equipment 2.9%** | **Electrical Equipment 2.9%** |  |
| AMETEK, Inc.  | 60549 | &nbsp;&nbsp; 11383212 |
| Eaton Corp. PLC  | 34735 | &nbsp;&nbsp; 12999574 |
| Vertiv Holdings Co. "A"  | 45605 | &nbsp;&nbsp; 6879970 |
|  |  | &nbsp;&nbsp; **31262756** |
| **Ground Transportation 1.3%** | **Ground Transportation 1.3%** |  |
| Uber Technologies, Inc.\* | 141276 | &nbsp;&nbsp; **13840810** |
| **Professional Services 1.2%** | **Professional Services 1.2%** |  |
| Booz Allen Hamilton Holding Corp.  | 50045 | &nbsp;&nbsp; 5001998 |
| TransUnion  | 52035 | &nbsp;&nbsp; 4359492 |
| Verisk Analytics, Inc.  | 16405 | &nbsp;&nbsp; 4126021 |
|  |  | &nbsp;&nbsp; **13487511** |

---

------

---

| | | |
|:---|:---|:---|
| **Information Technology 49.6%** | **Information Technology 49.6%** |  |
| **IT Services 1.5%** | **IT Services 1.5%** |  |
| Cloudflare, Inc. "A"\*  | 44527 | &nbsp;&nbsp; 9555049 |
| MongoDB, Inc.\*  | 21584 | &nbsp;&nbsp; 6699242 |
|  |  | &nbsp;&nbsp; **16254291** |
| **Semiconductors & Semiconductor Equipment 20.4%** | **Semiconductors & Semiconductor Equipment 20.4%** |  |
| Analog Devices, Inc.  | 44096 | &nbsp;&nbsp; 10834387 |
| Applied Materials, Inc.  | 37187 | &nbsp;&nbsp; 7613667 |
| Broadcom, Inc.  | 138186 | &nbsp;&nbsp; 45588943 |
| Marvell Technology, Inc.  | 81227 | &nbsp;&nbsp; 6828754 |
| NVIDIA Corp. (a) | 800357 | &nbsp;&nbsp; 149330609 |
|  |  | &nbsp;&nbsp; **220196360** |
| **Software 20.0%** | **Software 20.0%** |  |
| Atlassian Corp. "A"\*  | 65254 | &nbsp;&nbsp; 10421064 |
| Confluent, Inc. "A"\*  | 139083 | &nbsp;&nbsp; 2753843 |
| CyberArk Software Ltd.\*  | 23868 | &nbsp;&nbsp; 11531824 |
| Dynatrace, Inc.\*  | 183175 | &nbsp;&nbsp; 8874829 |
| Guidewire Software, Inc.\*  | 44261 | &nbsp;&nbsp; 10173833 |
| Intuit, Inc.  | 14046 | &nbsp;&nbsp; 9592154 |
| Microsoft Corp.  | 231923 | &nbsp;&nbsp; 120124518 |
| Oracle Corp.  | 45507 | &nbsp;&nbsp; 12798389 |
| Samsara, Inc. "A"\*  | 71610 | &nbsp;&nbsp; 2667473 |
| ServiceNow, Inc.\*  | 16698 | &nbsp;&nbsp; 15366835 |
| Synopsys, Inc.\*  | 23923 | &nbsp;&nbsp; 11803369 |
|  |  | &nbsp;&nbsp; **216108131** |
| **Technology Hardware, Storage & Peripherals 7.7%** | **Technology Hardware, Storage & Peripherals 7.7%** |  |
| Apple, Inc. | 328810 | &nbsp;&nbsp; **83724890** |
| **Materials 0.6%** | **Materials 0.6%** |  |
| **Construction Materials 0.6%** | **Construction Materials 0.6%** |  |
| Vulcan Materials Co. | 22781 | &nbsp;&nbsp; **7007891** |
| **Real Estate 1.0%** | **Real Estate 1.0%** |  |
| **Real Estate Management & Development 1.0%** | **Real Estate Management & Development 1.0%** |  |
| CBRE Group, Inc. "A"\*  | 34366 | &nbsp;&nbsp; 5414707 |
| CoStar Group, Inc.\*  | 62468 | &nbsp;&nbsp; 5270425 |
|  |  | &nbsp;&nbsp; **10685132** |
| **Total Common Stocks** (Cost $310,207,975) | **Total Common Stocks** (Cost $310,207,975) | &nbsp;&nbsp; **1075696035** |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 4.05% (b) (c) (Cost $3,438,266)<br>| 3438266 | &nbsp;&nbsp; **3438266** |
| **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** |
| DWS Central Cash Management Government Fund, 4.18% (b) (Cost $6,925,330) | 6925330 | &nbsp;&nbsp; **6925330** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $320,571,571) | 100.4 | &nbsp;&nbsp; **1086059631** |
| **Other Assets and Liabilities, Net**  | (0.4)<br>| &nbsp;&nbsp; **(4396689)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **1081662942** |

---

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

------

*A summary of the Fund's transactions with affiliated investments during the period ended September 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) ($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions ($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**9/30/2025**<br>| **Value ($) at** <br>**9/30/2025**<br>|
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) |
| 182600  | 3,255,666 (d) | —  | —  | —  | 3212  | —  | 3438266  | 3438266  |
| **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** |
| DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) |
| 14783560  | 113765921  | 121624151  | —  | —  | 254064  | —  | 6925330  | 6925330  |
| **14966160** | **117021587** | **121624151** | **—** | **—** | **257276** | **—** | **10363596** | **10363596** |

---

&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 September 30, 2025 amounted to $3,423,864, which is 0.3% of net assets.* 

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

*(c)* *Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In* *addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $20,001.* 

*(d)* *Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period* *ended September 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 September 30, 2025 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $1075696035 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1075696035 |
| Short-Term Investments (a) | 10363596 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10363596 |
| **Total** | **$1086059631** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1086059631** |

---

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

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

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.

VS1capgro-PH3

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** DEUTSCHE DWS VARIABLE SERIES I

- **b. Investment Company Act file number:** 811-04257

- **c. CIK number of Registrant:** 0000764797

- **d. LEI of Registrant:** U1G8JTC14F115MRJOJ63

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 875 Third Avenue

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022-6225

  - **Telephone number:** 212-454-4500

**Item A.2. Information about the Series.**

- **a. Name of Series:** DWS Capital Growth VIP

- **b. EDGAR series identifier (if any):** S000006245

- **c. LEI of Series:** MEQ3M8POONZM1IILW734

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1086116065.56

**Total Liabilities:** $3948946.16

**Net Assets:** $1082167119.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017180 | 3.10%                | -0.02%               | 2.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22319071.23             | $10665699.32                               |
| Month 2  | $6340246.91              | $-6832861.04                               |
| Month 3  | $-6865892.48             | $31392747.27                               |

### Schedule of Portfolio Investments

| Name                             | Title                                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Intuit Inc                       | Intuit Inc                                                                            | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     14046 | NS      | $9592153.86   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                    | Dynatrace Inc                                                                         | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |    183175 | NS      | $8874828.75   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                       | AMETEK Inc                                                                            | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     60549 | NS      | $11383212.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp             | Waystar Holding Corp                                                                  | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74088 | NS      | $2809416.96   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The             | Progressive Corp/The                                                                  | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     95771 | NS      | $23650648.45  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                   | Atlassian Corp                                                                        | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     65254 | NS      | $10421063.80  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                      | Trex Co Inc                                                                           | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56952 | NS      | $2942709.84   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp              | Exact Sciences Corp                                                                   | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     94622 | NS      | $5176769.62   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc     | Thermo Fisher Scientific Inc                                                          | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     17342 | NS      | $8411216.84   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp            | Costco Wholesale Corp                                                                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      7446 | NS      | $6892240.98   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                   | Cloudflare Inc                                                                        | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     44527 | NS      | $9555048.93   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc               | Planet Fitness Inc                                                                    | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |    104654 | NS      | $10863085.20  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc            | Uber Technologies Inc                                                                 | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    141276 | NS      | $13840809.72  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc            | Burlington Stores Inc                                                                 | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     22286 | NS      | $5671787.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA            | Spotify Technology SA                                                                 | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     25662 | NS      | $17912076.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                      | Samsara Inc                                                                           | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71610 | NS      | $2667472.50   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                     | Moody's Corp                                                                          | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     14112 | NS      | $6724085.76   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co              | Vulcan Materials Co                                                                   | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     22781 | NS      | $7007891.22   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                     | Alphabet Inc                                                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    136810 | NS      | $33258511.00  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                         | Visa Inc                                                                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     40967 | NS      | $13985314.46  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                       | Zoetis Inc                                                                            | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     45449 | NS      | $6650097.68   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp           | Boston Scientific Corp                                                                | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    125776 | NS      | $12279510.88  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                   | CBRE Group Inc                                                                        | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     34366 | NS      | $5414706.96   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                   | Microsoft Corp                                                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    231923 | NS      | $120124517.85 | 11.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co               | Vertiv Holdings Co                                                                    | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     45605 | NS      | $6879970.30   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc              | Axon Enterprise Inc                                                                   | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      7131 | NS      | $5117490.84   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc    | Intercontinental Exchange Inc                                                         | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     62886 | NS      | $10595033.28  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc            | Applied Materials Inc                                                                 | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     37187 | NS      | $7613666.38   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                     | Stryker Corp                                                                          | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     30172 | NS      | $11153683.24  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                      | NVIDIA Corp                                                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    800357 | NS      | $149330609.06 | 13.80%            |  |  |  | No            |                  1 | On Loan: —       |
| Alphabet Inc                     | Alphabet Inc                                                                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    100342 | NS      | $24438294.10  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd            | CyberArk Software Ltd                                                                 | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     23868 | NS      | $11531824.20  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc              | Quanta Services Inc                                                                   | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     25614 | NS      | $10614953.88  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                      | MongoDB Inc                                                                           | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     21584 | NS      | $6699241.92   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                       | TransUnion                                                                            | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |     52035 | NS      | $4359492.30   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc           | Guidewire Software Inc                                                                | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     44261 | NS      | $10173833.46  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                              | DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares | CUSIP: 147539670<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3438266 | NS      | $3438266.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc           | Marvell Technology Inc                                                                | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81227 | NS      | $6828753.89   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                 | CoStar Group Inc                                                                      | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     62468 | NS      | $5270425.16   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc              | TransDigm Group Inc                                                                   | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4146 | NS      | $5464510.92   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                      | Netflix Inc                                                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     19237 | NS      | $23063624.04  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc           | Intuitive Surgical Inc                                                                | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     18151 | NS      | $8117671.73   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                   | Mastercard Inc                                                                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     41513 | NS      | $23613009.53  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp | Booz Allen Hamilton Holding Corp                                                      | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     50045 | NS      | $5001997.75   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                     | Broadcom Inc                                                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    138186 | NS      | $45588943.26  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The               | Home Depot Inc/The                                                                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     19625 | NS      | $7951853.75   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                   | ServiceNow Inc                                                                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     16698 | NS      | $15366835.44  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                   | DraftKings Inc                                                                        | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    129435 | NS      | $4840869.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                       | Dexcom Inc                                                                            | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    115128 | NS      | $7746963.12   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc               | Analog Devices Inc                                                                    | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     44096 | NS      | $10834387.20  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc               | Meta Platforms Inc                                                                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     53780 | NS      | $39494956.40  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                      | Oracle Corp                                                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     45507 | NS      | $12798388.68  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc    | Live Nation Entertainment Inc                                                         | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     53678 | NS      | $8770985.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                              | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |   6899834 | NS      | $6899833.60   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc             | Verisk Analytics Inc                                                                  | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     16405 | NS      | $4126021.55   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                      | ROBLOX Corp                                                                           | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84899 | NS      | $11760209.48  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                     | Synopsys Inc                                                                          | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     23923 | NS      | $11803368.97  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                        | Apple Inc                                                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    328810 | NS      | $83724890.30  | 7.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                     | Danaher Corp                                                                          | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     30239 | NS      | $5995184.14   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group SpA              | Stevanato Group SpA                                                                   | CUSIP: 000000000<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |    151765 | NS      | $3907948.75   | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| T-Mobile US Inc                  | T-Mobile US Inc                                                                       | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     45698 | NS      | $10939187.24  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                   | Eli Lilly & Co                                                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     11154 | NS      | $8510502.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                   | SharkNinja Inc                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     62546 | NS      | $6451619.90   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                   | Amazon.com Inc                                                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    281926 | NS      | $61902491.82  | 5.72%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co              | American Express Co                                                                   | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     16407 | NS      | $5449749.12   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                   | Eaton Corp PLC                                                                        | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     34735 | NS      | $12999573.75  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                    | Confluent Inc                                                                         | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    139083 | NS      | $2753843.40   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** DEUTSCHE DWS VARIABLE SERIES I

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer