# EDGAR Filing Document

**Accession Number:** 0000764797
**File Stem:** 0000088053-23-000113
**Filing Date:** 2023-3
**Character Count:** 455471
**Document Hash:** a909aa1d49b52d0e88c3c0af120d08ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-23-000113.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0000088053-23-000113

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS VARIABLE SERIES I
- **CENTRAL INDEX KEY:** 0000764797
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04257
- **FILM NUMBER:** 23690356

**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      |  |
| C000017181 | Class B      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017182 | Class A      |  |
| C000017183 | Class B      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017184 | Class A      |  |
| C000017185 | Class B      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017188 | Class A      |  |
| C000017189 | Class B      |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

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: 12/31/2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ITEM 1.** | &nbsp;&nbsp;**REPORT TO STOCKHOLDERS** |
|  | &nbsp;&nbsp;(a) |

---

December 31, 2022

**Annual Report**

Deutsche DWS Variable Series I

**DWS Capital Growth VIP**

![](g464418img8f6469401.jpg)

------

<br>**Contents** 

---

| | |
|:---|:---|
| **3** | [Performance Summary](#xx_66c51de8-e30d-439c-b68b-826103526709_perfsum-cc-financial-runningfooter-338_1) |
| **4** | [Management Summary](#xx_66c51de8-e30d-439c-b68b-826103526709_perfsum-cc-financial-runningfooter-338_2) |
| **6** | [Portfolio Summary](#xx_66c51de8-e30d-439c-b68b-826103526709_portsum-cc-financial-runningfooter-338_1) |
| **7** | [Investment Portfolio](#xx_66c51de8-e30d-439c-b68b-826103526709_soi-cc-financial-runningfooter-338_1) |
| **10** | [Statement of Assets and Liabilities](#xx_66c51de8-e30d-439c-b68b-826103526709_fs-cc-financial-runningfooter-338_1) |
| **10** | [Statement of Operations](#xx_66c51de8-e30d-439c-b68b-826103526709_fs-cc-financial-runningfooter-338_1) |
| **11** | [Statements of Changes in Net Assets](#xx_66c51de8-e30d-439c-b68b-826103526709_fs-cc-financial-runningfooter-338_2) |
| **12** | [Financial Highlights](#xx_66c51de8-e30d-439c-b68b-826103526709_fihi-cc-financial-runningfooter-338_1) |
| **14** | [Notes to Financial Statements](#xx_66c51de8-e30d-439c-b68b-826103526709_ntf-cc-financial-runningfooter-338_1) |
| **19** | [Report of Independent Registered Public Accounting Firm](#xx_66c51de8-e30d-439c-b68b-826103526709_aud-cc-financial-runningfooter-338_1) |
| **20** | [Information About Your Fund's Expenses](#xx_66c51de8-e30d-439c-b68b-826103526709_fexpti-cc-financial-runningfooter-338_1) |
| **21** | [Tax Information](#xx_66c51de8-e30d-439c-b68b-826103526709_fexpti-cc-financial-runningfooter-338_2) |
| **21** | [Proxy Voting](#xx_66c51de8-e30d-439c-b68b-826103526709_fexpti-cc-financial-runningfooter-338_2) |
| **22** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_66c51de8-e30d-439c-b68b-826103526709_aabcf-cc-financial-runningfooter-338_1) |
| **25** | [Board Members and Officers](#xx_66c51de8-e30d-439c-b68b-826103526709_board-cc-financial-runningfooter-338_1) |

---

**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

Stocks may decline in value. The Fund may lend securities to approved institutions. Please read the prospectus for details.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

---

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

---

------

Performance Summary December 31, 2022 (Unaudited)

![](g464418img35cf93432.jpg)

Yearly periods ended December 31

Russell 1000<sup>®</sup> Growth Index is an unmanaged index that consists of those stocks in the Russell 1000<sup>®</sup> Index that have higher price-to-book ratios and higher forecasted growth values. Russell 1000<sup>®</sup> Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS Capital Growth VIP** | **DWS Capital Growth VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $6926 | $11824 | $15956 | $34709 |
| **Class A** | Average annual total return | –30.74% | 5.74% | 9.80% | 13.25% |
| Russell 1000<sup>®</sup> Growth Index | Growth of $10,000 | $7086 | $12522 | $16821 | $37397 |
| Russell 1000<sup>®</sup> Growth Index | Average annual total return | –29.14% | 7.79% | 10.96% | 14.10% |
| **DWS Capital Growth VIP** | **DWS Capital Growth VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class B** | Growth of $10,000 | $6909 | $11735 | $15753 | $33798 |
| **Class B** | Average annual total return | –30.91% | 5.48% | 9.51% | 12.95% |
| Russell 1000<sup>®</sup> Growth Index | Growth of $10,000 | $7086 | $12522 | $16821 | $37397 |
| Russell 1000<sup>®</sup> Growth Index | Average annual total return | –29.14% | 7.79% | 10.96% | 14.10% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

---

&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**  |

---

------

Management Summary December 31, 2022 (Unaudited)

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

---

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

---

------

**Terms to Know**

**Russell 1000 Growth Index** is an unmanaged index that consists of those stocks in the Russell 1000<sup>®</sup> Index that have higher price-to-book ratios and higher forecasted growth values. Russell 1000 Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

**Overweight** means the Fund holds a higher weighting in a given sector or security than the benchmark. **Underweight** means the Fund holds a lower weighting.

\*

Not held at December 31, 2022

&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**  |

---

------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| Common Stocks | 95% | 99% |
| Cash Equivalents | 5% | 1% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash <br> Equivalents)<br>| **12/31/22** | **12/31/21** |
| Information Technology | 43% | 45% |
| Health Care | 17% | 12% |
| Consumer Discretionary | 11% | 13% |
| Communication Services | 10% | 12% |
| Industrials | 7% | 8% |
| Financials | 6% | 5% |
| Consumer Staples | 3% | 2% |
| Real Estate | 2% | 2% |
| Materials | 1% | 1% |
|  | 100% | 100% |

---

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 7.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

---

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

---

------

<br>**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 95.2%** | **Common Stocks 95.2%** |  |
| **Communication Services 9.8%** | **Communication Services 9.8%** |  |
| **Entertainment 3.0%** | **Entertainment 3.0%** |  |
| Activision Blizzard, Inc. | 60186 | 4607238 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br> Inc.\*<br>| 74764 | 5214042 |
| Netflix, Inc.\* | 23751 | 7003695 |
| Spotify Technology SA\* | 40695 | 3212870 |
| Walt Disney Co.\* | 38225 | 3320988  |
|  |  | **23358833** |
| **Interactive Media & Services 5.4%** | **Interactive Media & Services 5.4%** |  |
| Alphabet, Inc. "A"\* | 190553 | 16812491 |
| Alphabet, Inc. "C"\* | 204202 | 18118843 |
| Match Group, Inc.\* | 78201 | 3244560 |
| Meta Platforms, Inc. "A"\* | 33061 | 3978561  |
|  |  | **42154455** |
| **Wireless Telecommunication Services 1.4%** | **Wireless Telecommunication Services 1.4%** |  |
| T-Mobile U.S., Inc.\* | 76013 | **10641820** |
| **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** |  |
| **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** |  |
| McDonald's Corp. | 23295 | 6138931 |
| Planet Fitness, Inc. "A"\* | 67782 | 5341222  |
|  |  | **11480153** |
| **Internet & Direct Marketing Retail 3.3%** | **Internet & Direct Marketing Retail 3.3%** |  |
| Amazon.com, Inc.\* | 309823 | **26025132** |
| **Multiline Retail 0.8%** | **Multiline Retail 0.8%** |  |
| Dollar General Corp. | 24808 | **6108970** |
| **Specialty Retail 2.9%** | **Specialty Retail 2.9%** |  |
| Burlington Stores, Inc.\* | 14698 | 2980166 |
| CarMax, Inc.\* | 43410 | 2643235 |
| Home Depot, Inc. | 53366 | 16856185  |
|  |  | **22479586** |
| **Textiles, Apparel & Luxury Goods 1.5%** | **Textiles, Apparel & Luxury Goods 1.5%** |  |
| Lululemon Athletica, Inc.\* | 22050 | 7064379 |
| NIKE, Inc. "B" | 36837 | 4310297  |
|  |  | **11374676** |
| **Consumer Staples 3.2%** | **Consumer Staples 3.2%** |  |
| **Beverages 0.7%** | **Beverages 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Constellation Brands, <br> Inc. "A"<br>| 23668 | **5485059** |
| **Food & Staples Retailing 1.6%** | **Food & Staples Retailing 1.6%** |  |
| Costco Wholesale Corp. | 26987 | **12319566** |
| **Personal Products 0.9%** | **Personal Products 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Estee Lauder Companies, <br> Inc. "A"<br>| 29555 | **7332891** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Financials 6.1%** | **Financials 6.1%** |  |
| **Capital Markets 1.6%** | **Capital Markets 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Intercontinental <br> Exchange, Inc.<br>| 116474 | **11949068** |
| **Consumer Finance 0.5%** | **Consumer Finance 0.5%** |  |
| American Express Co. | 28464 | **4205556** |
| **Insurance 4.0%** | **Insurance 4.0%** |  |
| Progressive Corp. | 237424 | **30796267** |
| **Health Care 15.8%** | **Health Care 15.8%** |  |
| **Biotechnology 0.3%** | **Biotechnology 0.3%** |  |
| Exact Sciences Corp.\* | 43415 | **2149477** |
| **Health Care Equipment & Supplies 4.6%** | **Health Care Equipment & Supplies 4.6%** |  |
| DexCom, Inc.\* | 146672 | 16609137 |
| Hologic, Inc.\* | 118460 | 8861992 |
| Intuitive Surgical, Inc.\* | 25283 | 6708844 |
| The Cooper Companies, Inc. | 10183 | 3367213  |
|  |  | **35547186** |
| **Health Care Providers & Services 2.6%** | **Health Care Providers & Services 2.6%** |  |
| agilon health, Inc.\* | 204237 | 3296385 |
| UnitedHealth Group, Inc. | 31108 | 16492840  |
|  |  | **19789225** |
| **Life Sciences Tools & Services 6.9%** | **Life Sciences Tools & Services 6.9%** |  |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc.\*<br>| 20235 | 4409207 |
| Danaher Corp. | 67610 | 17945046 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, <br> Inc.<br>| 56406 | 31062220  |
|  |  | **53416473** |
| **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** |  |
| Zoetis, Inc. | 76218 | **11169748** |
| **Industrials 6.9%** | **Industrials 6.9%** |  |
| **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** |  |
| TransDigm Group, Inc. | 5773 | **3634969** |
| **Building Products 0.3%** | **Building Products 0.3%** |  |
| Trex Co., Inc.\* | 57084 | **2416366** |
| **Electrical Equipment 2.0%** | **Electrical Equipment 2.0%** |  |
| AMETEK, Inc. | 84334 | 11783147 |
| Generac Holdings, Inc.\* | 36314 | 3655367  |
|  |  | **15438514** |
| **Machinery 0.8%** | **Machinery 0.8%** |  |
| Deere & Co. | 13391 | **5741525** |
| **Professional Services 2.2%** | **Professional Services 2.2%** |  |
| TransUnion | 140950 | 7998913 |
| Verisk Analytics, Inc. | 52253 | 9218474  |
|  |  | **17217387** |

---

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**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Road & Rail 1.1%** | **Road & Rail 1.1%** |  |
| Norfolk Southern Corp. | 24440 | 6022505 |
| Uber Technologies, Inc.\* | 101620 | 2513062  |
|  |  | **8535567** |
| **Information Technology 40.9%** | **Information Technology 40.9%** |  |
| **IT Services 5.8%** | **IT Services 5.8%** |  |
| Cloudflare, Inc. "A"\* | 44424 | 2008409 |
| Global Payments, Inc. | 38976 | 3871096 |
| Mastercard, Inc. "A" | 62448 | 21715043 |
| Twilio, Inc. "A"\* | 54358 | 2661368 |
| Visa, Inc. "A" | 70739 | 14696735  |
|  |  | **44952651** |
| **Semiconductors & Semiconductor** <br> **Equipment 5.4%** | **Semiconductors & Semiconductor** <br> **Equipment 5.4%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br> Inc.\*<br>| 100911 | 6536006 |
| Analog Devices, Inc. | 65081 | 10675236 |
| Applied Materials, Inc. | 84669 | 8245067 |
| MKS Instruments, Inc. | 36487 | 3091544 |
| NVIDIA Corp. | 88880 | 12988923  |
|  |  | **41536776** |
| **Software 19.6%** | **Software 19.6%** |  |
| Adobe, Inc.\* | 38377 | 12915012 |
| Aspen Technology, Inc.\* | 23346 | 4795268 |
| Atlassian Corp. Ltd. "A"\* | 17559 | 2259492 |
| Box, Inc. "A"\* | 91772 | 2856862 |
| Dynatrace, Inc.\* | 110930 | 4248619 |
| Five9, Inc.\* | 46197 | 3134928 |
| Intuit, Inc. | 25495 | 9923164 |
| Microsoft Corp. | 305014 | 73148458 |
| Roper Technologies, Inc. | 17675 | 7637191 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Salesforce, Inc.\* | 40654 | 5390314 |
| ServiceNow, Inc.\* | 27861 | 10817590 |
| Synopsys, Inc.\* | 46083 | 14713841  |
|  |  | **151840739** |
| **Technology Hardware, Storage &** <br> **Peripherals 10.1%** | **Technology Hardware, Storage &** <br> **Peripherals 10.1%** |  |
| Apple, Inc. | 597925 | **77688395** |
| **Materials 0.7%** | **Materials 0.7%** |  |
| **Construction Materials** | **Construction Materials** |  |
| Vulcan Materials Co. | 31728 | **5555890** |
| **Real Estate 1.8%** | **Real Estate 1.8%** |  |
| **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** |  |
| Equinix, Inc. | 9768 | 6398333 |
| Prologis, Inc. | 63814 | 7193752  |
|  |  | **13592085** |
| **Total Common Stocks** (Cost $324,699,154) | **Total Common Stocks** (Cost $324,699,154) | **735935005** |
| **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** |
| &nbsp;&nbsp;&nbsp; DWS Central Cash <br> Management Government <br> Fund, 4.2% (a) <br> (Cost $38,196,795)<br>| 38196795 | **38196795** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $362,895,949)<br>| 100.1 | **774131800** |
| **Other Assets and** <br> **Liabilities, Net**<br>| &nbsp;&nbsp;&nbsp; (0.1) | **(663147)** |
| **Net Assets** | 100.0 | **773468653** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<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> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) |
| 33665520 |  | 33,665,520 (c) |  |  | 22775 |  |  |  |
| **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** | **Cash Equivalents 4.9%** |
| DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) |
| 12375306 | 129340245 | 103518756 |  |  | 366031 |  | 38196795 | 38196795 |
| **46040826** | **129340245** | **137184276** |  |  | **388806** |  | **38196795** | **38196795** |

---

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

\* Non-income producing security.

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

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

(c) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022. 

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>|

---

------

**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 December 31, 2022 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) | $735935005 | $— | $— | $735935005 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 38196795 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38196795 |
| **Total** | **$774131800** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | **$774131800** |

---

&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;\| **9**  |

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $324,699,154)<br>| $735935005 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $38,196,795)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38196795 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266476 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63538 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123705 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16188 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 774601707 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694361 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252265 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18385 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168043 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1133054 |
| **Net assets, at value** | **$773468653** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 447109312 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 326359341 |
| **Net assets, at value** | **$773468653** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($769,420,770 ÷ 26,918,649 <br> outstanding shares of beneficial interest, <br> $0.01 par value, unlimited number of <br> shares authorized)<br>| **$28.58** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($4,047,883 ÷ 142,697 outstanding <br> shares of beneficial interest, $0.01 par value, <br> unlimited number of shares authorized)<br>| **$28.37** |

---

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $4832233 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366031 |
| Securities lending income, net of <br> borrower rebates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22775 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5221039 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3404192 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889650 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2459 |
| Record keeping fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11989 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11905 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95699 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19792 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51562 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48918 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4536591 |
| **Net investment income** | **684448** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp; 35845447 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (405736033) |
| **Net gain (loss)** | **(369890586)** |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$(369206138)** |

---

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

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

---

| | |
|:---|:---|
| **10** \|  | 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;

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $684448 | $881402 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35845447 | &nbsp;&nbsp;&nbsp;&nbsp; 149545914 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (405736033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90238879 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; (369206138) | &nbsp;&nbsp;&nbsp;&nbsp; 240666195 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; (149876386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65033932) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (792393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (342026) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (150668779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65375958) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29158356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31455362 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 149876386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65033932 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (117318126) | &nbsp;&nbsp;&nbsp;&nbsp; (172801537) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61716616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76312243) |
| **Class B** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1088278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920421 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342026 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1533338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1729958) |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (467511) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (457810968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98510483 |
| Net assets at beginning of period | &nbsp;&nbsp; 1231279621 | &nbsp;&nbsp; 1132769138 |
| **Net assets at end of period** | **$773468653** | **$1231279621**  |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24941174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26599512 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695893 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4608745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1495721 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3454172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3849952) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1658338) |
| Shares outstanding at end of period | **26918649** | **24941174** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141745 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20632 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7890 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38252) |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9730) |
| Shares outstanding at end of period | **142697** | **132015** |

---

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;\| **11**  |

---

------

<br>**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** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **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** | **$49.11** | **$42.36** | **$33.24** | **$27.27** | **$30.86** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (14.38) | &nbsp;&nbsp;&nbsp;&nbsp; 9.29 | &nbsp;&nbsp; 11.69 | &nbsp;&nbsp;&nbsp;&nbsp; 9.53 | &nbsp;&nbsp;&nbsp;&nbsp; (.53) |
| **Total from investment operations** | (14.35) | &nbsp;&nbsp;&nbsp;&nbsp; 9.32 | &nbsp;&nbsp; 11.78 | &nbsp;&nbsp;&nbsp;&nbsp; 9.70 | &nbsp;&nbsp;&nbsp;&nbsp; (.39) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.03) | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.18) | &nbsp;&nbsp;&nbsp;&nbsp; (.14) | &nbsp;&nbsp;&nbsp;&nbsp; (.23) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (6.15) | &nbsp;&nbsp;&nbsp; (2.47) | &nbsp;&nbsp;&nbsp; (2.48) | &nbsp;&nbsp;&nbsp; (3.59) | &nbsp;&nbsp;&nbsp; (2.97) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (6.18) | &nbsp;&nbsp;&nbsp; (2.57) | &nbsp;&nbsp;&nbsp; (2.66) | &nbsp;&nbsp;&nbsp; (3.73) | &nbsp;&nbsp;&nbsp; (3.20) |
| **Net asset value, end of period** | **$28.58** | **$49.11** | **$42.36** | **$33.24** | **$27.27** |
| Total Return (%) | (30.74) | &nbsp;&nbsp; 22.78 | &nbsp;&nbsp; 39.04 | &nbsp;&nbsp; 37.14 | &nbsp;&nbsp;&nbsp; (1.60) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp; 769 | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp;&nbsp; 725 |
| Ratio of expenses (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .50 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .46 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Capital Growth VIP** — **Class B** | **DWS Capital Growth VIP** — **Class B** | **DWS Capital Growth VIP** — **Class B** | **DWS Capital Growth VIP** — **Class B** | **DWS Capital Growth VIP** — **Class B** | **DWS Capital Growth VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$48.87** | **$42.18** | **$33.10** | **$27.16** | **$30.75** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.06) | &nbsp;&nbsp;&nbsp;&nbsp; (.08) | &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (14.29) | &nbsp;&nbsp;&nbsp;&nbsp; 9.24 | &nbsp;&nbsp; 11.66 | &nbsp;&nbsp;&nbsp;&nbsp; 9.49 | &nbsp;&nbsp;&nbsp;&nbsp; (.54) |
| **Total from investment operations** | (14.35) | &nbsp;&nbsp;&nbsp;&nbsp; 9.16 | &nbsp;&nbsp; 11.66 | &nbsp;&nbsp;&nbsp;&nbsp; 9.58 | &nbsp;&nbsp;&nbsp;&nbsp; (.47) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.05) | &nbsp;&nbsp;&nbsp;&nbsp; (.15) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (6.15) | &nbsp;&nbsp;&nbsp; (2.47) | &nbsp;&nbsp;&nbsp; (2.48) | &nbsp;&nbsp;&nbsp; (3.59) | &nbsp;&nbsp;&nbsp; (2.97) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (6.15) | &nbsp;&nbsp;&nbsp; (2.47) | &nbsp;&nbsp;&nbsp; (2.58) | &nbsp;&nbsp;&nbsp; (3.64) | &nbsp;&nbsp;&nbsp; (3.12) |
| **Net asset value, end of period** | **$28.37** | **$48.87** | **$42.18** | **$33.10** | **$27.16** |
| Total Return (%) | (30.91) | &nbsp;&nbsp; 22.46 | &nbsp;&nbsp; 38.70 | &nbsp;&nbsp; 36.79 | &nbsp;&nbsp;&nbsp; (1.87) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Ratio of expenses (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .76 |
| Ratio of net investment income (loss) (%) | &nbsp;&nbsp;&nbsp;&nbsp; (.19) | &nbsp;&nbsp;&nbsp;&nbsp; (.19) | &nbsp;&nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .21 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

<sup>\*</sup> Amount is less than $.005.

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;\| **13**  |

---

------

<br>**Notes to Financial Statements** 

**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 four diversified funds: DWS Capital Growth VIP, DWS Core Equity VIP, DWS CROCI<sup>®</sup> International VIP and DWS Global Small Cap VIP (individually or collectively hereinafter referred to as a "Fund" or the "Funds"). 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").

**Multiple Classes of Shares of Beneficial Interest.** The Fund offers two classes of shares (Class A shares and Class B shares). Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to an annual rate of up to 0.25% and of up to 0.15%, respectively, of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fees and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

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. 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.

**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.

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

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

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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.** Deutsche Bank AG, as 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 either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the 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. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) 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 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 December 31, 2022, the Fund had no securities on loan.

**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.

**Federal Income Taxes.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code, as amended. It is the Fund's policy to comply with the requirements of the Internal Revenue Code, as amended, 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.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**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.

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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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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 the realized tax character on distributions from certain securities and 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.

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

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| | |
|:---|:---|
| Undistributed ordinary income\* | $598492 |
| Undistributed long-term capital gains | $35827977 |
| Net unrealized appreciation (depreciation) on investments | $410682843 |

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At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $363,448,957. The net unrealized appreciation for all investments based on tax cost was $410,682,843. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $449,454,765 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $38,771,922.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $5336315 | $5918349 |
| Distributions from long-term capital gains | $145332464 | $59457609 |

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\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

**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 year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $65,938,733 and $180,753,935, 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

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|:---|:---|
| **16** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

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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:

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| | |
|:---|:---|
| First $250 million of average daily net assets | .390% |
| Next $750 million of average daily net assets | .365% |
| Over $1 billion of average daily net assets | .340% |

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Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.371% of the Fund's average daily net assets.

For the period from January 1, 2022 through September 30, 2023 (through September 30, 2022 for Class A shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

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| | |
|:---|:---|
| Class A | .74% |
| Class B | .99% |

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Effective October 1, 2022 through September 30, 2023, 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 and interest expense) of Class A shares at .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 year ended December 31, 2022, the Administration Fee was $889,650, of which $65,630 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") (name changed from DST Systems, Inc. effective January 1, 2023), 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 year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

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| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $1140 | $189 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  | **$1396** | **$232** |

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**Distribution Service Agreement.** DWS Distributors, Inc. ("DDI"), also an affiliate of the Advisor, is the Trust's Distributor. In accordance with the Master Distribution Plan, DDI receives 12b-1 fees of up to 0.25% of the average daily net assets of Class B shares. Pursuant to the Master Distribution Plan, DDI remits these fees to the Participating Insurance Companies for various costs incurred or paid by these companies in connection with marketing and distribution of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee aggregated $11,989, of which $882 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,008, of which $119 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.

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| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market 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. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

**Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $1,714.

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

At December 31, 2022, two participating insurance companies were owners of record of 10% or more of the

total outstanding Class A shares of the Fund, each owning 63% and 20%, respectively. Three participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 48%, 26% and 11%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $375 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 December 31, 2022.

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| **18** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series I and Shareholders of DWS Capital Growth VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS Capital Growth VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series I) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series I) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 14, 2019, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418img8961db1c3.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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Information About Your Fund's Expenses (Unaudited)

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|:---|:---|
| **20** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

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Tax Information (Unaudited)

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|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

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<br>**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 2022.

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. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

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The Board also received extensive information throughout the year regarding performance of the Fund.

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The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

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. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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, 2021, the Fund's performance (Class A shares) was in the 2nd quartile, 2nd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile

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| **22** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

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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, 2021.

**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") and the Fee Consultant 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, 2021). 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, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were 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 and the Fee Consultant 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, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. 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 and (ii) the

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|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

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------

substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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. 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. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

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

---

| | |
|:---|:---|
| **24** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

---

------

<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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&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;\| **25**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

---

**Officers**<sup>5</sup>

------

---

| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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

---

| | |
|:---|:---|
| **26** \|  | Deutsche DWS Variable Series I —<br> DWS Capital Growth VIP <br>|

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------

---

| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

&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;\| **27**  |

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------

![](g464418img8f6469401.jpg)

VS1capgro-2 (R-025820-12 2/23)

------

December 31, 2022

**Annual Report**

Deutsche DWS Variable Series I

**DWS Core Equity VIP**

![](g464418imgea1546d21.jpg)

------

<br>**Contents** 

---

| | |
|:---|:---|
| **3** | [Performance Summary](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_perfsum-cc-financial-runningfooter-337_1) |
| **4** | [Management Summary](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_perfsum-cc-financial-runningfooter-337_2) |
| **6** | [Portfolio Summary](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_portsum-cc-financial-runningfooter-337_1) |
| **7** | [Investment Portfolio](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_soi-cc-financial-runningfooter-337_1) |
| **10** | [Statement of Assets and Liabilities](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_fs-cc-financial-runningfooter-337_1) |
| **10** | [Statement of Operations](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_fs-cc-financial-runningfooter-337_1) |
| **11** | [Statements of Changes in Net Assets](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_fs-cc-financial-runningfooter-337_2) |
| **12** | [Financial Highlights](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_fihi-cc-financial-runningfooter-337_1) |
| **14** | [Notes to Financial Statements](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_ntf-cc-financial-runningfooter-337_1) |
| **19** | [Report of Independent Registered Public Accounting Firm](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_aud-cc-financial-runningfooter-337_1) |
| **20** | [Information About Your Fund's Expenses](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_fexpti-cc-financial-runningfooter-337_1) |
| **21** | [Tax Information](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_fexpti-cc-financial-runningfooter-337_2) |
| **21** | [Proxy Voting](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_fexpti-cc-financial-runningfooter-337_2) |
| **22** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_aabcf-cc-financial-runningfooter-337_1) |
| **25** | [Board Members and Officers](#xx_054592aa-1bd2-4ee9-b86a-fd19b18fea1b_board-cc-financial-runningfooter-337_1) |

---

**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

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

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------

Performance Summary December 31, 2022 (Unaudited)

![](g464418imgae55802f2.jpg)

Yearly periods ended December 31

The Russell 1000<sup>®</sup> Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000<sup>®</sup> Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS Core Equity VIP** | **DWS Core Equity VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $8447 | $12292 | $15106 | $32642 |
| **Class A** | Average annual total return | –15.53% | 7.12% | 8.60% | 12.56% |
| Russell 1000<sup>®</sup> Index | Growth of $10,000 | $8087 | $12371 | $15480 | $32109 |
| Russell 1000<sup>®</sup> Index | Average annual total return | –19.13% | 7.35% | 9.13% | 12.37% |
| **DWS Core Equity VIP** | **DWS Core Equity VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class B** | Growth of $10,000 | $8427 | $12179 | $14870 | $31735 |
| **Class B** | Average annual total return | –15.73% | 6.79% | 8.26% | 12.24% |
| Russell 1000<sup>®</sup> Index | Growth of $10,000 | $8087 | $12371 | $15480 | $32109 |
| Russell 1000<sup>®</sup> Index | Average annual total return | –19.13% | 7.35% | 9.13% | 12.37% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

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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;\| **3**  |

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------

Management Summary December 31, 2022 (Unaudited)

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

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

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**Terms to Know**

**Russell 1000 Index** is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000<sup>®</sup> Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

**Overweight** means that a fund holds a higher weighting in a given sector or security than its benchmark index. **Underweight** means that a fund holds a lower weighting.

&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;\| **5**  |

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------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| Common Stocks | 99% | 99% |
| Cash Equivalents | 1% | 1% |
|  | 100% | 100% |

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

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| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash <br> Equivalents)<br>| **12/31/22** | **12/31/21** |
| Information Technology | 25% | 29% |
| Health Care | 16% | 13% |
| Financials | 11% | 11% |
| Consumer Discretionary | 11% | 13% |
| Industrials | 9% | 9% |
| Consumer Staples | 7% | 5% |
| Communication Services | 7% | 9% |
| Energy | 5% | 3% |
| Materials | 3% | 2% |
| Real Estate | 3% | 4% |
| Utilities | 3% | 2% |
|  | 100% | 100% |

---

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 7.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

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

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------

<br>**Investment Portfolioas of December 31, 2022**

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

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.0%** | **Common Stocks 99.0%** |  |
| **Communication Services 6.5%** | **Communication Services 6.5%** |  |
| **Entertainment 0.8%** | **Entertainment 0.8%** |  |
| Electronic Arts, Inc. | 3161 | 386211 |
| Spotify Technology SA\* | 4792 | 378328 |
|  |  | **764539** |
| **Interactive Media & Services 4.6%** | **Interactive Media & Services 4.6%** |  |
| Alphabet, Inc. "A"\* | 16079 | 1418650 |
| Alphabet, Inc. "C"\* | 25427 | 2256138 |
| Match Group, Inc.\* | 4925 | 204338 |
| Meta Platforms, Inc. "A"\* | 4454 | 535995 |
|  |  | **4415121** |
| **Wireless Telecommunication Services 1.1%** | **Wireless Telecommunication Services 1.1%** |  |
| T-Mobile U.S., Inc.\* | 7770 | **1087800** |
| **Consumer Discretionary 10.7%** | **Consumer Discretionary 10.7%** |  |
| **Auto Components 1.5%** | **Auto Components 1.5%** |  |
| BorgWarner, Inc. | 8834 | 355569 |
| Lear Corp. | 9067 | 1124489  |
|  |  | **1480058** |
| **Automobiles 0.4%** | **Automobiles 0.4%** |  |
| Ford Motor Co. | 18251 | 212259 |
| Tesla, Inc.\* | 1574 | 193885 |
|  |  | **406144** |
| **Distributors 0.5%** | **Distributors 0.5%** |  |
| Genuine Parts Co. | 2703 | **468997** |
| **Hotels, Restaurants & Leisure 1.5%** | **Hotels, Restaurants & Leisure 1.5%** |  |
| Churchill Downs, Inc. | 2088 | 441466 |
| Wendy's Co. | 45875 | 1038151  |
|  |  | **1479617** |
| **Internet & Direct Marketing Retail 1.3%** | **Internet & Direct Marketing Retail 1.3%** |  |
| Amazon.com, Inc.\* | 15153 | **1272852** |
| **Multiline Retail 0.4%** | **Multiline Retail 0.4%** |  |
| Macy's, Inc. | 18221 | **376264** |
| **Specialty Retail 2.4%** | **Specialty Retail 2.4%** |  |
| Bath & Body Works, Inc. | 12341 | 520050 |
| Five Below, Inc.\* | 4760 | 841901 |
| RH\* | 3531 | 943448 |
|  |  | **2305399** |
| **Textiles, Apparel & Luxury Goods 2.7%** | **Textiles, Apparel & Luxury Goods 2.7%** |  |
| Lululemon Athletica, Inc.\* | 980 | 313972 |
| NIKE, Inc. "B" | 10957 | 1282079 |
| PVH Corp. | 14169 | 1000190  |
|  |  | **2596241** |
| **Consumer Staples 7.4%** | **Consumer Staples 7.4%** |  |
| **Beverages 3.4%** | **Beverages 3.4%** |  |
| Coca-Cola Co. | 24111 | 1533701 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Constellation Brands, Inc. "A" | 3362 | 779143 |
| PepsiCo, Inc. | 5738 | 1036627  |
|  |  | **3349471** |
| **Food & Staples Retailing 0.6%** | **Food & Staples Retailing 0.6%** |  |
| Kroger Co. | 13023 | **580565** |
| **Household Products 1.1%** | **Household Products 1.1%** |  |
| Church & Dwight Co., Inc. | 13118 | **1057442** |
| **Personal Products 1.7%** | **Personal Products 1.7%** |  |
| Coty, Inc. "A"\* | 163429 | 1398952 |
| Herbalife Nutrition Ltd.\* | 17671 | 262945 |
|  |  | **1661897** |
| **Tobacco 0.6%** | **Tobacco 0.6%** |  |
| Philip Morris International, Inc. | 5597 | **566473** |
| **Energy 4.9%** | **Energy 4.9%** |  |
| **Energy Equipment & Services 0.5%** | **Energy Equipment & Services 0.5%** |  |
| Schlumberger Ltd. | 7893 | **421960** |
| **Oil, Gas & Consumable Fuels 4.4%** | **Oil, Gas & Consumable Fuels 4.4%** |  |
| Cheniere Energy, Inc. | 7396 | 1109104 |
| Devon Energy Corp. | 18311 | 1126310 |
| HF Sinclair Corp. | 10025 | 520197 |
| Occidental Petroleum Corp. | 9318 | 586941 |
| Valero Energy Corp. | 7497 | 951069 |
|  |  | **4293621** |
| **Financials 10.8%** | **Financials 10.8%** |  |
| **Banks 5.0%** | **Banks 5.0%** |  |
| Bank of America Corp. | 20757 | 687472 |
| Huntington Bancshares, Inc. | 63972 | 902005 |
| JPMorgan Chase & Co. | 18184 | 2438474 |
| Wells Fargo & Co. | 20364 | 840830 |
|  |  | **4868781** |
| **Capital Markets 3.9%** | **Capital Markets 3.9%** |  |
| Ameriprise Financial, Inc. | 3563 | 1109411 |
| LPL Financial Holdings, Inc. | 4568 | 987465 |
| MSCI, Inc. | 2751 | 1279683 |
| S&P Global, Inc. | 1211 | 405612 |
|  |  | **3782171** |
| **Diversified Financial Services 0.5%** | **Diversified Financial Services 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Apollo Global <br> Management, Inc.<br>| 8003 | **510511** |
| **Insurance 1.4%** | **Insurance 1.4%** |  |
| MetLife, Inc. | 17897 | **1295206** |
| **Health Care 16.0%** | **Health Care 16.0%** |  |
| **Biotechnology 6.4%** | **Biotechnology 6.4%** |  |
| AbbVie, Inc. | 8424 | 1361403 |
| Amgen, Inc. | 5744 | 1508604 |
| Biogen, Inc.\* | 3293 | 911898 |
| Gilead Sciences, Inc. | 8178 | 702081 |

---

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;\| **7**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Moderna, Inc.\* | 7807 | 1402293 |
| Vertex Pharmaceuticals, Inc.\* | 1209 | 349135 |
|  |  | **6235414** |
| **Health Care Providers & Services 7.3%** | **Health Care Providers & Services 7.3%** |  |
| Centene Corp.\* | 18796 | 1541460 |
| Cigna Corp. | 3267 | 1082487 |
| Elevance Health, Inc. | 5507 | 2824926 |
| Humana, Inc. | 1147 | 587482 |
| McKesson Corp. | 2651 | 994443 |
|  |  | **7030798** |
| **Pharmaceuticals 2.3%** | **Pharmaceuticals 2.3%** |  |
| Bristol-Myers Squibb Co. | 14096 | 1014207 |
| Johnson & Johnson | 7095 | 1253332  |
|  |  | **2267539** |
| **Industrials 9.3%** | **Industrials 9.3%** |  |
| **Aerospace & Defense 2.9%** | **Aerospace & Defense 2.9%** |  |
| General Dynamics Corp. | 4521 | 1121705 |
| L3Harris Technologies, Inc. | 2171 | 452024 |
| Northrop Grumman Corp. | 2230 | 1216710  |
|  |  | **2790439** |
| **Building Products 1.0%** | **Building Products 1.0%** |  |
| Owens Corning | 11103 | **947086** |
| **Commercial Services & Supplies 2.0%** | **Commercial Services & Supplies 2.0%** |  |
| Rentokil Initial PLC (ADR) | 3721 | 114644 |
| Republic Services, Inc. | 2645 | 341178 |
| Waste Management, Inc. | 9728 | 1526129  |
|  |  | **1981951** |
| **Electrical Equipment 0.5%** | **Electrical Equipment 0.5%** |  |
| Emerson Electric Co. | 4813 | **462337** |
| **Industrial Conglomerates 0.3%** | **Industrial Conglomerates 0.3%** |  |
| 3M Co. | 2335 | **280013** |
| **Machinery 1.7%** | **Machinery 1.7%** |  |
| Caterpillar, Inc. | 2999 | 718440 |
| Cummins, Inc. | 1972 | 477796 |
| Oshkosh Corp. | 4955 | 436982 |
|  |  | **1633218** |
| **Professional Services 0.3%** | **Professional Services 0.3%** |  |
| Verisk Analytics, Inc. | 1904 | **335904** |
| **Road & Rail 0.6%** | **Road & Rail 0.6%** |  |
| &nbsp;&nbsp;&nbsp; J.B. Hunt Transport <br> Services, Inc.<br>| 3485 | **607645** |
| **Information Technology 24.3%** | **Information Technology 24.3%** |  |
| **Communications Equipment 0.6%** | **Communications Equipment 0.6%** |  |
| Cisco Systems, Inc. | 11952 | **569393** |
| **IT Services 3.1%** | **IT Services 3.1%** |  |
| Accenture PLC "A" | 1630 | 434949 |
| Mastercard, Inc. "A" | 1120 | 389458 |
| PayPal Holdings, Inc.\* | 2792 | 198846 |
| Visa, Inc. "A" | 9343 | 1941102  |
|  |  | **2964355** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor** <br> **Equipment 3.4%** | **Semiconductors & Semiconductor** <br> **Equipment 3.4%** |  |
| Advanced Micro Devices, Inc.\* | 8814 | 570883 |
| Intel Corp. | 8889 | 234936 |
| Lam Research Corp. | 1165 | 489649 |
| NVIDIA Corp. | 4416 | 645354 |
| QUALCOMM, Inc. | 12090 | 1329175  |
|  |  | **3269997** |
| **Software 9.9%** | **Software 9.9%** |  |
| Adobe, Inc.\* | 1215 | 408884 |
| Microsoft Corp. | 24994 | 5994061 |
| Oracle Corp. | 27017 | 2208369 |
| Salesforce, Inc.\* | 3366 | 446298 |
| Synopsys, Inc.\* | 1775 | 566740 |
|  |  | **9624352** |
| **Technology Hardware, Storage &** <br> **Peripherals 7.3%** | **Technology Hardware, Storage &** <br> **Peripherals 7.3%** |  |
| Apple, Inc. | 54765 | **7115617** |
| **Materials 3.2%** | **Materials 3.2%** |  |
| **Chemicals 1.4%** | **Chemicals 1.4%** |  |
| Corteva, Inc. | 7088 | 416633 |
| DuPont de Nemours, Inc. | 5702 | 391328 |
| Linde PLC | 1601 | 522214 |
|  |  | **1330175** |
| **Metals & Mining 1.8%** | **Metals & Mining 1.8%** |  |
| Cleveland-Cliffs, Inc.\* | 62593 | 1008373 |
| United States Steel Corp. | 29294 | 733815 |
|  |  | **1742188** |
| **Real Estate 3.2%** | **Real Estate 3.2%** |  |
| **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** |  |
| AvalonBay Communities, Inc. | 5106 | 824721 |
| Iron Mountain, Inc. | 23295 | 1161256 |
| Prologis, Inc. | 9505 | 1071498  |
|  |  | **3057475** |
| **Utilities 2.7%** | **Utilities 2.7%** |  |
| **Electric Utilities 1.2%** | **Electric Utilities 1.2%** |  |
| NextEra Energy, Inc. | 9548 | 798213 |
| NRG Energy, Inc. | 10612 | 337674 |
|  |  | **1135887** |
| **Multi-Utilities 0.5%** | **Multi-Utilities 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise <br> Group, Inc.<br>| 7660 | **469328** |
| **Water Utilities 1.0%** | **Water Utilities 1.0%** |  |
| &nbsp;&nbsp;&nbsp; American Water Works <br> Co., Inc.<br>| 6488 | **988901** |
| **Total Common Stocks** (Cost $65,792,479) | **Total Common Stocks** (Cost $65,792,479) | **95881142** |

---

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 Core Equity VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** |
| &nbsp;&nbsp;&nbsp; DWS Central Cash <br> Management Government <br> Fund, 4.2% (a) <br> (Cost $1,108,909)<br>| 1108909 | **1108909** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $66,901,388)<br>| 100.1 | **96990051** |
| **Other Assets and Liabilities,** <br> **Net**<br>| &nbsp;&nbsp;&nbsp; (0.1) | **(143266)** |
| **Net Assets** | 100.0 | **96846785** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<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> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) |
| 3050235 |  | 3,050,235 (c) |  |  | 2470 |  |  |  |
| **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** |
| DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) |
| 1168134 | 10880586 | 10939811 |  |  | 13561 |  | 1108909 | 1108909 |
| **4218369** | **10880586** | **13990046** |  |  | **16031** |  | **1108909** | **1108909** |

---

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

\* Non-income producing security.

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

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

(c) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022. 

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

ADR: American Depositary Receipt<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 December 31, 2022 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) | $95881142 | $— | $— | $95881142 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 1108909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1108909 |
| **Total** | **$96990051** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | **$96990051** |

---

&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;\| **9**  |

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $65,792,479)<br>| $95881142 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $1,108,909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1108909 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4872 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3896 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61383 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2265 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1596 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 97064063 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88134 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35907 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1542 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91695 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217278 |
| **Net assets, at value** | **$96846785** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 36588990 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 60257795 |
| **Net assets, at value** | **$96846785** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($94,108,243 ÷ 8,984,214 outstanding <br> shares of beneficial interest, $.01 par value, <br> unlimited number of shares authorized)<br>| **$10.47** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($2,738,542 ÷ 261,799 outstanding <br> shares of beneficial interest, $.01 par value, <br> unlimited number of shares authorized)<br>| **$10.46** |

---

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $1537188 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13561 |
| Securities lending income, net of <br> borrower rebates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2470 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp; 1553219 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415744 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103403 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1416 |
| Record keeping fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7635 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4434 |
| Audit fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51236 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20301 |
| Tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8316 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29070 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6490 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5375 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655419 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1755) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653664 |
| **Net investment income** | **899555** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp; 5894820 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (25769840) |
| **Net gain (loss)** | **(19875020)** |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$(18975465)** |

---

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

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

---

| | |
|:---|:---|
| **10** \|  | 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;

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $899555 | $768431 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5894820 | &nbsp;&nbsp;&nbsp;&nbsp; 15289288 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp; (25769840) | &nbsp;&nbsp;&nbsp;&nbsp; 10515608 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (18975465) | &nbsp;&nbsp;&nbsp;&nbsp; 26573327 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp; (15513224) | &nbsp;&nbsp;&nbsp;&nbsp; (6046519) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (453487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170977) |
| Total distributions | &nbsp;&nbsp;&nbsp; (15966711) | &nbsp;&nbsp;&nbsp;&nbsp; (6217496) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4330391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5044139 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 15513224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6046519 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; (12624334) | &nbsp;&nbsp;&nbsp; (17124502) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7219281 | &nbsp;&nbsp;&nbsp;&nbsp; (6033844) |
| **Class B** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141029 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170977 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (351770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (790942) |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (478936) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (27612933) | &nbsp;&nbsp;&nbsp;&nbsp; 13843051 |
| Net assets at beginning of period | &nbsp;&nbsp; 124459718 | &nbsp;&nbsp; 110616667 |
| **Net assets at end of period** | **$96846785** | **$124459718**  |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8323929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760193 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376354 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1398848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469450 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1088704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1282068) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436264) |
| Shares outstanding at end of period | **8984214** | **8323929** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288118 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10402 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13265 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60755) |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37088) |
| Shares outstanding at end of period | **261799** | **251030** |

---

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;\| **11**  |

---

------

<br>**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **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** | **$14.52** | **$12.23** | **$11.31** | **$9.83** | **$14.64** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (2.25) | &nbsp;&nbsp;&nbsp;&nbsp; 2.91 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp;&nbsp;&nbsp; (.71) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.15) | &nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp;&nbsp;&nbsp; 1.58 | &nbsp;&nbsp;&nbsp;&nbsp; 2.84 | &nbsp;&nbsp;&nbsp;&nbsp; (.57) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.15) | &nbsp;&nbsp;&nbsp;&nbsp; (.12) | &nbsp;&nbsp;&nbsp;&nbsp; (.27) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp; (.61) | &nbsp;&nbsp;&nbsp;&nbsp; (.51) | &nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp; (3.97) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp;&nbsp; (.71) | &nbsp;&nbsp;&nbsp;&nbsp; (.66) | &nbsp;&nbsp;&nbsp; (1.36) | &nbsp;&nbsp;&nbsp; (4.24) |
| **Net asset value, end of period** | **$10.47** | **$14.52** | **$12.23** | **$11.31** | **$9.83** |
| Total Return (%) | (15.53)<sup>b</sup> <br>| &nbsp;&nbsp; 25.30 | &nbsp;&nbsp; 16.13 | &nbsp;&nbsp; 30.30 | &nbsp;&nbsp;&nbsp; (5.69) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .66 | &nbsp;&nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 | &nbsp;&nbsp;&nbsp;&nbsp; 1.14 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

&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> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Core Equity VIP** — **Class B** | **DWS Core Equity VIP** — **Class B** | **DWS Core Equity VIP** — **Class B** | **DWS Core Equity VIP** — **Class B** | **DWS Core Equity VIP** — **Class B** | **DWS Core Equity VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$14.49** | **$12.21** | **$11.29** | **$9.81** | **$14.62** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp; 2.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.48 | &nbsp;&nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp;&nbsp;&nbsp; (.72) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.17) | &nbsp;&nbsp;&nbsp;&nbsp; 2.95 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp;&nbsp;&nbsp; 2.81 | &nbsp;&nbsp;&nbsp;&nbsp; (.62) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.06) | &nbsp;&nbsp;&nbsp;&nbsp; (.06) | &nbsp;&nbsp;&nbsp;&nbsp; (.12) | &nbsp;&nbsp;&nbsp;&nbsp; (.09) | &nbsp;&nbsp;&nbsp;&nbsp; (.22) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp; (.61) | &nbsp;&nbsp;&nbsp;&nbsp; (.51) | &nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp; (3.97) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (.67) | &nbsp;&nbsp;&nbsp;&nbsp; (.63) | &nbsp;&nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp; (4.19) |
| **Net asset value, end of period** | **$10.46** | **$14.49** | **$12.21** | **$11.29** | **$9.81** |
| Total Return (%) | (15.73)<sup>b</sup> <br>| &nbsp;&nbsp; 24.94 | &nbsp;&nbsp; 15.67 | &nbsp;&nbsp; 29.92 | &nbsp;&nbsp;&nbsp; (6.02) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .93 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .93 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .82 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

&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> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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;\| **13**  |

---

------

<br>**Notes to Financial Statements** 

**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 four diversified funds: DWS Capital Growth VIP, DWS Core Equity VIP, DWS CROCI<sup>®</sup> International VIP and DWS Global Small Cap 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").

**Multiple Classes of Shares of Beneficial Interest.** The Fund offers two classes of shares (Class A shares and Class B shares). Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to an annual rate of up to 0.25% and of up to 0.15%, respectively, of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fees and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

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. 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.

**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.

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

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

---

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

---

------

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.** Deutsche Bank AG, as 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 either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the 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. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) 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 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 December 31, 2022, the Fund had no securities on loan.

**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.

**Federal Income Taxes.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code, as amended. It is the Fund's policy to comply with the requirements of the Internal Revenue Code, as amended, 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.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**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.

&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**  |

---

------

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.

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $896588 |
| Undistributed long-term capital gains | $5857673 |
| Net unrealized appreciation (depreciation) on investments | $29820261 |

---

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $67,169,790. The net unrealized appreciation for all investments based on tax cost was $29,820,261. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $33,693,680 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $3,873,419.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $1815445 | $904846 |
| Distributions from long-term capital gains | $14151267 | $5312650 |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

**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 year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $30,792,889 and $38,514,198, 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.

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

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

---

------

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 | .390% |
| Next $750 million of such net assets | .365% |
| Over $1 billion of such net assets | .340% |

---

Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.39% of the Fund's average daily net assets.

For the period from January 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | .66% |
| Class B | .98% |

---

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | .60% |
| Class B | .91% |

---

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | $1633 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
|  | **$1755** |

---

**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 year ended December 31, 2022, the Administration Fee was $103,403, of which $8,193 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") (name changed from DST Systems, Inc. effective January 1, 2023), 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 year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $828 | $139 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
|  | **$992** | **$167** |

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**Distribution Service Agreement.** DWS Distributors, Inc. ("DDI"), also an affiliate of the Advisor, is the Trust's Distributor. In accordance with the Master Distribution Plan, DDI receives 12b-1 fees of up to 0.25% of the average daily net assets of Class B shares. Pursuant to the Master Distribution Plan, DDI remits these fees to the Participating Insurance Companies for various costs incurred or paid by these companies in connection with marketing and distribution of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee aggregated $7,635, of which $596 is unpaid.

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,164, of which $55 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 and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market 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. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

**Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $186.

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

At December 31, 2022, two participating insurance companies were owners of record of 10% or more of the

total outstanding Class A shares of the Fund, each owning 58% and 16%, respectively. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 50% and 35%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $375 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 December 31, 2022.

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| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series I and Shareholders of DWS Core Equity VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS Core Equity VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series I) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series I) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 14, 2019, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418img92a0de313.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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Information About Your Fund's Expenses (Unaudited)

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| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

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Tax Information (Unaudited)

&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;\| **21**  |

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<br>**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 2022.

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. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

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. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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, 2021, the Fund's performance (Class A shares) was in the 3rd quartile 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

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|:---|:---|
| **22** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

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one-, three- and five-year periods ended December 31, 2021. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board noted certain changes to the Fund's strategy to permit the expanded use of derivatives. The Board observed that the Fund had experienced improved relative performance during the first eight months of 2022. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

**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") and the Fee Consultant 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, 2021). 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, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were 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 and the Fee Consultant 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, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. 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

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|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

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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 and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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. 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. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

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|:---|:---|
| **24** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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| Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **25**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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| **26** \|  | Deutsche DWS Variable Series I —<br> DWS Core Equity VIP <br>|

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|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

---

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

&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;\| **27**  |

---

------

![](g464418img401c19034.jpg)

VS1coreq-2 (R-025822-14 2/23)

------

December 31, 2022

**Annual Report**

Deutsche DWS Variable Series I

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

![](g464418img5c70a2ba1.jpg)

------

<br>**Contents** 

---

| | |
|:---|:---|
| **3** | [Performance Summary](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_perfsum-cc-financial-runningfooter-358_1) |
| **4** | [Management Summary](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_perfsum-cc-financial-runningfooter-358_2) |
| **6** | [Portfolio Summary](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_portsum-cc-financial-runningfooter-358_1) |
| **7** | [Investment Portfolio](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_soi-cc-financial-runningfooter-358_1) |
| **10** | [Statement of Assets and Liabilities](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_fs-cc-financial-runningfooter-358_1) |
| **10** | [Statement of Operations](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_fs-cc-financial-runningfooter-358_1) |
| **11** | [Statements of Changes in Net Assets](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_fs-cc-financial-runningfooter-358_2) |
| **12** | [Financial Highlights](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_fihi-cc-financial-runningfooter-358_1) |
| **14** | [Notes to Financial Statements](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_ntf-cc-financial-runningfooter-358_1) |
| **19** | [Report of Independent Registered Public Accounting Firm](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_aud-cc-financial-runningfooter-358_1) |
| **20** | [Information About Your Fund's Expenses](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_fexpti-cc-financial-runningfooter-358_1) |
| **21** | [Tax Information](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_fexpti-cc-financial-runningfooter-358_2) |
| **21** | [Proxy Voting](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_fexpti-cc-financial-runningfooter-358_2) |
| **22** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_aabcf-cc-financial-runningfooter-358_1) |
| **25** | [Board Members and Officers](#xx_e074ce41-194f-4bc4-83ba-535b29326fcf_board-cc-financial-runningfooter-358_1) |

---

**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

On January 31, 2020, the United Kingdom officially withdrew from the European Union (EU) pursuant to a withdrawal agreement, providing for a transition period in which the United Kingdom negotiated and finalized a trade deal with the EU, the EU-UK Trade and Cooperation Agreement, provisionally applied effective January 1, 2021. As a result, as of January 1, 2021 the United Kingdom is no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom's withdrawal from the EU is still unknown and could have adverse economic and political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

---

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

---

------

Performance Summary December 31, 2022 (Unaudited)

![](g464418imgbf30202b2.jpg)

Yearly periods ended December 31

------

MSCI EAFE (Europe, Australasia and the Far East) Value Index captures large and mid-capitalization securities exhibiting overall value style characteristics across developed markets countries around the world, excluding the U.S. and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS CROCI**<sup>®</sup> **International VIP** | **DWS CROCI**<sup>®</sup> **International VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $8681 | $9731 | $10144 | $12496 |
| **Class A** | Average annual total return | –13.19% | –0.91% | 0.29% | 2.25% |
| MSCI EAFE Value Index | Growth of $10,000 | $9442 | $10195 | $10086 | $14113 |
| MSCI EAFE Value Index | Average annual total return | –5.58% | 0.65% | 0.17% | 3.51% |
| **DWS CROCI**<sup>®</sup> **International VIP** | **DWS CROCI**<sup>®</sup> **International VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class B** | Growth of $10,000 | $8649 | $9657 | $10002 | $12188 |
| **Class B** | Average annual total return | –13.51% | –1.16% | 0.00%\* | 2.00% |
| MSCI EAFE Value Index | Growth of $10,000 | $9442 | $10195 | $10086 | $14113 |
| MSCI EAFE Value Index | Average annual total return | –5.58% | 0.65% | 0.17% | 3.51% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

---

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

<sup>\*</sup> Amount shown is less than 0.005%.

&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**  |

---

------

Management Summary December 31, 2022 (Unaudited)

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

---

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

---

------

**Terms to Know**

**MSCI EAFE Value Index** captures large and mid-capitalization securities exhibiting overall value style characteristics across developed markets countries around the world, excluding the U.S. and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

**Stock selection** refers to the performance of the Fund's holdings in a given sector relative to the sector as a whole.

**Consumer discretionary** represents industries that produce goods and services that are not necessities in everyday life.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

**Overweight** means that a fund holds a higher weighting in a given sector or security than its benchmark index. **Underweight** means that a fund holds a lower weighting.

\*

Not held at December 31, 2022.

&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**  |

---

------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| Common Stocks | 100% | 99% |
| Cash Equivalents | 0% | 1% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash <br> Equivalents)<br>| **12/31/22** | **12/31/21** |
| Financials | 18% | 19% |
| Health Care | 17% | 19% |
| Materials | 14% | 13% |
| Information Technology | 14% | 9% |
| Industrials | 12% | 15% |
| Consumer Discretionary | 10% | 9% |
| Energy | 6% |  |
| Consumer Staples | 5% | 9% |
| Communication Services | 4% | 5% |
| Utilities |  | 2% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Geographical Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral <br> and Cash Equivalents)<br>| **12/31/22** | **12/31/21** |
| Japan | 30% | 27% |
| France | 14% | 10% |
| Switzerland | 14% | 13% |
| United Kingdom | 12% | 14% |
| Australia | 6% | 10% |
| Germany | 5% | 7% |
| Belgium | 2% | 3% |
| Ireland | 2% | 1% |
| Norway | 2% |  |
| Netherlands | 2% | 5% |
| Spain | 2% | 2% |
| Denmark | 2% | 4% |
| Finland | 2% | 2% |
| Other | 5% | 2% |
|  | 100% | 100% |

---

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 7.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

---

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

---

------

<br>**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.4%** | **Common Stocks 99.4%** |  |
| **Australia 6.3%** | **Australia 6.3%** |  |
| BHP Group Ltd. | 64094 | 1984544 |
| BlueScope Steel Ltd. | 88557 | 1013288 |
| Sonic Healthcare Ltd. | 64172 | 1308343  |
| (Cost $4,128,458) |  | **4306175** |
| **Austria 1.0%** | **Austria 1.0%** |  |
| OMV AG (Cost $757,922) | 13332 | **687359** |
| **Belgium 2.3%** | **Belgium 2.3%** |  |
| UCB SA (Cost $2,346,982) | 20426 | **1612058** |
| **Denmark 1.7%** | **Denmark 1.7%** |  |
| AP Moller - Maersk AS "B" <br> (Cost $811,813)<br>| 515 | **1161626** |
| **Finland 1.6%** | **Finland 1.6%** |  |
| Nokia Oyj (Cost $966,936) | 242130 | **1125557** |
| **France 13.7%** | **France 13.7%** |  |
| Arkema SA | 3452 | 310932 |
| BNP Paribas SA | 42393 | 2420391 |
| Cie de Saint-Gobain | 5850 | 287073 |
| &nbsp;&nbsp;&nbsp; Cie Generale des <br> Etablissements Michelin <br> SCA<br>| 11731 | 327509 |
| Credit Agricole SA | 127635 | 1348551 |
| Kering SA | 1854 | 947644 |
| Sanofi | 11455 | 1103955 |
| Societe Generale SA | 36572 | 922861 |
| Television Francaise 1 | 167169 | 1284924 |
| TotalEnergies SE (a) | 7158 | 450162 |
| (Cost $9,185,699) |  | **9404002** |
| **Germany 5.3%** | **Germany 5.3%** |  |
| Bayer AG (Registered) | 22873 | 1187729 |
| Brenntag SE | 19277 | 1239035 |
| Deutsche Post AG (Registered) | 15119 | 572080 |
| Infineon Technologies AG | 21751 | 666175 |
| (Cost $3,605,800) |  | **3665019** |
| **Ireland 2.1%** | **Ireland 2.1%** |  |
| CRH PLC | 15886 | 631551 |
| DCC PLC | 5271 | 260413 |
| James Hardie Industries PLC\* | 30881 | 555562 |
| (Cost $1,589,986) |  | **1447526** |
| **Italy 1.0%** | **Italy 1.0%** |  |
| Intesa Sanpaolo SpA | 162841 | 362308 |
| UniCredit SpA | 22085 | 314960 |
| (Cost $577,034) |  | **677268** |
| **Japan 29.5%** | **Japan 29.5%** |  |
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co., <br> Ltd.<br>| 8000 | 204193 |
| Fujitsu Ltd. | 5700 | 754523 |
| ITOCHU Corp. | 28300 | 890280 |
| Kyocera Corp. | 36700 | 1822835 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, <br> Inc.<br>| 127200 | 858505 |
| Mitsui & Co., Ltd. | 12200 | 355459 |
| Murata Manufacturing Co., Ltd. | 11600 | 576112 |
| Nintendo Co., Ltd. | 40600 | 1702002 |
| Nitto Denko Corp. | 10000 | 577314 |
| Ono Pharmaceutical Co., Ltd. | 61000 | 1427013 |
| Sekisui House Ltd. | 100900 | 1785354 |
| Shin-Etsu Chemical Co., Ltd. | 12109 | 1479194 |
| Sony Group Corp. | 14700 | 1111491 |
| &nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co., <br> Ltd.<br>| 11700 | 412912 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group, Inc.<br>| 96856 | 3890716 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co., <br> Ltd.<br>| 34400 | 1073828 |
| Tokyo Electron Ltd. | 4700 | 1383784  |
| (Cost $20,732,096) |  | **20305515** |
| **Luxembourg 0.4%** | **Luxembourg 0.4%** |  |
| ArcelorMittal SA <br> (Cost $336,378)<br>| 10504 | **276717** |
| **Netherlands 2.1%** | **Netherlands 2.1%** |  |
| Randstad NV (Cost $1,205,279) | 23088 | **1405855** |
| **New Zealand 0.3%** | **New Zealand 0.3%** |  |
| Fletcher Building Ltd. <br> (Cost $161,413)<br>| 56014 | **168543** |
| **Norway 2.1%** | **Norway 2.1%** |  |
| Equinor ASA (Cost $1,237,326) | 40046 | **1444456** |
| **Singapore 1.3%** | **Singapore 1.3%** |  |
| Venture Corp., Ltd. <br> (Cost $872,343)<br>| 71400 | **909118** |
| **Spain 1.8%** | **Spain 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya <br> Argentaria SA<br>| 34644 | 209379 |
| Banco Santander SA | 344699 | 1037037  |
| (Cost $1,204,800) |  | **1246416** |
| **Sweden 1.2%** | **Sweden 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM <br> Ericsson "B" <br> (Cost $1,372,617)<br>| 139425 | **816149** |
| **Switzerland 13.5%** | **Switzerland 13.5%** |  |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA <br> "A", (Registered)<br>| 11939 | 1556063 |
| Glencore PLC | 43496 | 293556 |
| Holcim AG | 33117 | 1720481 |
| &nbsp;&nbsp;&nbsp; Kuehne & Nagel International <br> AG (Registered)<br>| 5072 | 1182995 |
| Novartis AG (Registered) | 37005 | 3348543 |
| STMicroelectronics NV | 33001 | 1172676  |
| (Cost $9,005,272) |  | **9274314** |
| **United Kingdom 12.2%** | **United Kingdom 12.2%** |  |
| Anglo American PLC | 8106 | 316191 |

---

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**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| BP PLC | 212330 | 1219343 |
| British American Tobacco PLC | 47350 | 1880268 |
| Ferguson PLC | 7097 | 896103 |
| GSK PLC | 35819 | 624332 |
| Imperial Brands PLC | 53658 | 1349366 |
| Johnson Matthey PLC | 6884 | 177326 |
| Kingfisher PLC | 199667 | 572121 |
| Lloyds Banking Group PLC | 1356054 | 746946 |
| Taylor Wimpey PLC | 301853 | 373695 |
| Tesco PLC | 92417 | 251135 |
| (Cost $7,824,636) |  | **8406826** |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** <br> (Cost $67,922,790)<br>|  | **68340499** |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |  |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.07% <br> (b) (c) (Cost $475,495)<br>| 475495 | **475495** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** |  |
| &nbsp;&nbsp;&nbsp; DWS Central Cash <br> Management Government <br> Fund, 4.2% (b) <br> (Cost $156,136)<br>| 156136 | **156136** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $68,554,421)<br>| 100.3 | **68972130** |
| **Other Assets and** <br> **Liabilities, Net**<br>| &nbsp;&nbsp;&nbsp; (0.3) | **(183809)** |
| **Net Assets** | 100.0 | **68788321** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<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> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) |
| 3317912 |  | 2,842,417 (d) |  |  | 20101 |  | 475495 | 475495 |
| **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** |
| DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) |
| 615058 | 6924830 | 7383752 |  |  | 5706 |  | 156136 | 156136 |
| **3932970** | **6924830** | **10226169** |  |  | **25807** |  | **631631** | **631631** |

---

&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 December 31, 2022 amounted to $448,464, which is 0.7% 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 year ended December 31, 2022. 

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>|

---

------

**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 December 31, 2022 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $— | $4306175 | $— | $4306175 |
| &nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 687359 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 687359 |
| &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 1612058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1612058 |
| &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 1161626 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1161626 |
| &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1125557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1125557 |
| &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp; 9404002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 9404002 |
| &nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 3665019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3665019 |
| &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1447526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1447526 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 677268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 677268 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 20305515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 20305515 |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 276717 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 276717 |
| &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 1405855 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1405855 |
| &nbsp;&nbsp;&nbsp; New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 168543 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 168543 |
| &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 1444456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1444456 |
| &nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 909118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 909118 |
| &nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 1246416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1246416 |
| &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 816149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 816149 |
| &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 9274314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 9274314 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 8406826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 8406826 |
| Short-Term Investments (a) | &nbsp;&nbsp; 631631 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 631631 |
| **Total** | **$631631** | **$68340499** | &nbsp;&nbsp; **$**— | **$68972130** |

---

&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;\| **9**  |

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $67,922,790) — including $448,464 of <br> securities loaned<br>| $68340499 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $475,495)\* <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475495 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $156,136)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156136 |
| Foreign currency, at value (cost $96,528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98692 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46318 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| Foreign taxes recoverable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333120 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1225 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 69453513 |
| **Liabilities** |  |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475495 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46630 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38956 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2132 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101979 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665192 |
| **Net assets, at value** | **$68788321** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (30514815) |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 99303136 |
| **Net assets, at value** | **$68788321** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($68,478,983 ÷ 10,547,844 outstanding <br> shares of beneficial interest, $.01 par value, <br> unlimited number of shares authorized)<br>| **$6.49** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($309,338 ÷ 47,557 outstanding shares <br> of beneficial interest, $.01 par value, unlimited <br> number of shares authorized)<br>| **$6.50** |

---

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

\* Represents collateral on securities loaned.

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $337,559)<br>| $3125214 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5706 |
| Securities lending income, net of <br> borrower rebates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20101 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp; 3151021 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461302 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68840 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1479 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16480 |
| Audit fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56916 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17916 |
| Tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7206 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31145 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5477 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11013 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678578 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67330) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611248 |
| **Net investment income** | **2539773** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (2156824) |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33195) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (2190019) |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | &nbsp;&nbsp; (11222064) |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10944) |
|  | &nbsp;&nbsp; (11233008) |
| **Net gain (loss)** | **(13423027)** |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$(10883254)** |

---

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

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

---

| | |
|:---|:---|
| **10** \|  | 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;

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $2539773 | $2293388 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (2190019) | &nbsp;&nbsp;&nbsp;&nbsp; 6054489 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp; (11233008) | &nbsp;&nbsp;&nbsp; (1179844) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (10883254) | &nbsp;&nbsp;&nbsp;&nbsp; 7168033 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; (2284310) | &nbsp;&nbsp;&nbsp; (2001186) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8123) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2293802) | &nbsp;&nbsp;&nbsp; (2009309) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2754867 | &nbsp;&nbsp;&nbsp;&nbsp; 5592996 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 2284310 | &nbsp;&nbsp;&nbsp;&nbsp; 2001186 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (6442077) | &nbsp;&nbsp;&nbsp; (8759770) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (1402900) | &nbsp;&nbsp;&nbsp; (1165588) |
| **Class B** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20913 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8123 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27757) |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1279 |
| **Increase (decrease) in net assets** | &nbsp;&nbsp; (14593493) | &nbsp;&nbsp;&nbsp;&nbsp; 3994415 |
| Net assets at beginning of period | &nbsp;&nbsp;&nbsp; 83381814 | &nbsp;&nbsp; 79387399 |
| **Net assets at end of period** | **$68788321** | **$83381814**  |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10751199  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10909190  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734747 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263661 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (971614) | &nbsp;&nbsp;&nbsp;&nbsp; (1156399) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157991) |
| Shares outstanding at end of period | **10547844** | **10751199** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49324 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2757 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3656) |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| Shares outstanding at end of period | **47557** | **49491** |

---

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;\| **11**  |

---

------

<br>**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** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **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** | **$7.72** | **$7.24** | **$7.35** | **$6.22** | **$7.34** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .12 | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .00<sup>\*</sup> <br>| &nbsp;&nbsp; 1.11 | &nbsp;&nbsp; (1.25) |
| **Total from investment operations** | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp;&nbsp; .67 | &nbsp;&nbsp;&nbsp;&nbsp; .12 | &nbsp;&nbsp; 1.33 | &nbsp;&nbsp; (1.05) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.22) | &nbsp;&nbsp;&nbsp; (.19) | &nbsp;&nbsp;&nbsp; (.23) | &nbsp;&nbsp;&nbsp; (.20) | &nbsp;&nbsp;&nbsp;&nbsp; (.07) |
| **Net asset value, end of period** | **$6.49** | **$7.72** | **$7.24** | **$7.35** | **$6.22** |
| Total Return (%)<sup>b</sup> <br>| (13.19) | &nbsp;&nbsp; 9.24 | &nbsp;&nbsp; 2.61 | 21.77 | (14.39) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .95 | &nbsp;&nbsp;&nbsp;&nbsp; .93 | &nbsp;&nbsp;&nbsp;&nbsp; .99 | &nbsp;&nbsp; 1.11 | &nbsp;&nbsp;&nbsp; 1.13 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; .87 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp; 3.58 | &nbsp;&nbsp; 2.76 | &nbsp;&nbsp; 1.88 | &nbsp;&nbsp; 3.22 | &nbsp;&nbsp;&nbsp; 2.78 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |

---

&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> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

<sup>\*</sup> Amount is less than $.005.

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

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

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS CROCI**<sup>®</sup> **International VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **International VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$7.74** | **$7.26** | **$7.36** | **$6.24** | **$7.36** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .19 | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp; .18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp; 1.11 | &nbsp;&nbsp; (1.24) |
| **Total from investment operations** | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp; 1.31 | &nbsp;&nbsp; (1.06) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.20) | &nbsp;&nbsp;&nbsp; (.17) | &nbsp;&nbsp;&nbsp; (.21) | &nbsp;&nbsp;&nbsp; (.19) | &nbsp;&nbsp;&nbsp;&nbsp; (.06) |
| **Net asset value, end of period** | **$6.50** | **$7.74** | **$7.26** | **$7.36** | **$6.24** |
| Total Return (%)<sup>b</sup> <br>| (13.51) | &nbsp;&nbsp; 8.94 | &nbsp;&nbsp; 2.49 | 21.24 | (14.57) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .28 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp; 1.24 | &nbsp;&nbsp; 1.21 | &nbsp;&nbsp; 1.27 | &nbsp;&nbsp; 1.39 | &nbsp;&nbsp;&nbsp; 1.41 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp; 1.13 | &nbsp;&nbsp; 1.12 | &nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp; 1.12 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp; 3.30 | &nbsp;&nbsp; 2.50 | &nbsp;&nbsp; 1.62 | &nbsp;&nbsp; 2.96 | &nbsp;&nbsp;&nbsp; 2.54 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |

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&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> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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 CROCI<sup>®</sup> International VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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<br>**Notes to Financial Statements** 

**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 four diversified funds: DWS Capital Growth VIP, DWS Core Equity VIP, DWS CROCI<sup>®</sup> International VIP and DWS Global Small Cap 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").

**Multiple Classes of Shares of Beneficial Interest.** The Fund offers two classes of shares (Class A shares and Class B shares). Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to an annual rate of up to 0.25% and of up to 0.15%, respectively, of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fees and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

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. 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.

**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 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

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

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

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------

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.** Brown Brothers Harriman & Co., as 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 either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the 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 year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) 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 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 December 31, 2022, 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 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.

**Taxes.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code, as amended. It is the Fund's policy to comply with the requirements of the Internal Revenue Code, as amended, 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

&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;\| **15**  |

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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, 2022, the Fund had net tax basis capital loss carryforwards of approximately $32,857,000, including short-term losses ($12,887,000) and long-term losses ($19,970,000), which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provisions for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**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 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.

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $2325768 |
| Capital loss carryforwards | $(32857000) |
| Net unrealized appreciation (depreciation) on investments | $25411  |

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At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $68,946,719. The net unrealized appreciation for all investments based on tax cost was $25,411. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $5,960,969 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $5,935,558.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $2293802 | $2009309 |

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

**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;

---

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

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

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $43,966,466 and $44,314,489, 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 average daily net assets | .650% |
| Over $500 million of average daily net assets | .600% |

---

Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund's average daily net assets.

For the period from January 1, 2022 through September 30, 2023 (through April 30, 2022 for Class B shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

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| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .86% |
| Class B | 1.13% |

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For the period from May 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of Class B shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 1.31%.

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of Class B shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 1.11%.

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | $67028 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
|  | **$67330** |

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**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 year ended December 31, 2022, the Administration Fee was $68,840, of which $5,689 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") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service

&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;\| **17**  |

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agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

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| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $838 | $140 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  | **$944** | **$158** |

---

**Distribution Service Agreement.** DWS Distributors, Inc. ("DDI"), also an affiliate of the Advisor, is the Trusts' Distributor. In accordance with the Master Distribution Plan, DDI receives 12b-1 fees of up to 0.25% of the average daily net assets of Class B shares. Pursuant to the Master Distribution Plan, DDI remits these fees to the Participating Insurance Companies for various costs incurred or paid by these companies in connection with marketing and distribution of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee aggregated $804, of which $66 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,208, of which $319 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 and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market 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. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

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

At December 31, 2022, three participating insurance companies were owners of record of 10% or more of

the total outstanding Class A shares of the Fund, each owning 46%, 12% and 12%, respectively. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 86% and 10%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $375 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 December 31, 2022.

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

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| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series I and Shareholders of DWS CROCI**<sup>®</sup> **International VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS CROCI<sup>®</sup> International VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series I) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series I) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 14, 2019, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418img5c174cce3.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

&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;\| **19**  |

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Information About Your Fund's Expenses (Unaudited)

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

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| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

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Tax Information (Unaudited)

&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;\| **21**  |

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<br>**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 2022.

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. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

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. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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, 2021, the Fund's performance (Class A shares) was in the 3rd quartile, 2nd quartile and 1st 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

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|:---|:---|
| **22** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

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outperformed its benchmark in the three- and five-year periods and has underperformed its benchmark in the one-year period ended December 31, 2021.

**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") and the Fee Consultant 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, 2021). 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, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were 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 and the Fee Consultant 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, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board noted that DIMA pays a licensing fee to an affiliate related to the Fund's use of the CROCI® 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 and (ii) the

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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;\| **23**  |

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substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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 and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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

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| | |
|:---|:---|
| **24** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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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;\| **25**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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|:---|:---|
| **26** \|  | Deutsche DWS Variable Series I —<br> DWS CROCI<sup>®</sup> International VIP <br>|

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

&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;\| **27**  |

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![](g464418img5c70a2ba1.jpg)

VS1cint-2 (R-025823-12 2/23)

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December 31, 2022

**Annual Report**

Deutsche DWS Variable Series I

**DWS Global Small Cap VIP**

![](g464418imgf299d45b1.jpg)

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<br>**Contents** 

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| | |
|:---|:---|
| **3** | [Performance Summary](#xx_70f95760-0081-411e-b934-7b268e3ea904_perfsum-cc-financial-runningfooter-359_1) |
| **4** | [Management Summary](#xx_70f95760-0081-411e-b934-7b268e3ea904_perfsum-cc-financial-runningfooter-359_2) |
| **5** | [Portfolio Summary](#xx_70f95760-0081-411e-b934-7b268e3ea904_portsum-cc-financial-runningfooter-359_1) |
| **6** | [Investment Portfolio](#xx_70f95760-0081-411e-b934-7b268e3ea904_soi-cc-financial-runningfooter-359_1) |
| **10** | [Statement of Assets and Liabilities](#xx_70f95760-0081-411e-b934-7b268e3ea904_fs-cc-financial-runningfooter-359_1) |
| **10** | [Statement of Operations](#xx_70f95760-0081-411e-b934-7b268e3ea904_fs-cc-financial-runningfooter-359_1) |
| **11** | [Statements of Changes in Net Assets](#xx_70f95760-0081-411e-b934-7b268e3ea904_fs-cc-financial-runningfooter-359_2) |
| **12** | [Financial Highlights](#xx_70f95760-0081-411e-b934-7b268e3ea904_fihi-cc-financial-runningfooter-359_1) |
| **14** | [Notes to Financial Statements](#xx_70f95760-0081-411e-b934-7b268e3ea904_ntf-cc-financial-runningfooter-359_1) |
| **19** | [Report of Independent Registered Public Accounting Firm](#xx_70f95760-0081-411e-b934-7b268e3ea904_aud-cc-financial-runningfooter-359_1) |
| **20** | [Information About Your Fund's Expenses](#xx_70f95760-0081-411e-b934-7b268e3ea904_fexpti-cc-financial-runningfooter-359_1) |
| **21** | [Tax Information](#xx_70f95760-0081-411e-b934-7b268e3ea904_fexpti-cc-financial-runningfooter-359_2) |
| **21** | [Proxy Voting](#xx_70f95760-0081-411e-b934-7b268e3ea904_fexpti-cc-financial-runningfooter-359_2) |
| **22** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_70f95760-0081-411e-b934-7b268e3ea904_aabcf-cc-financial-runningfooter-359_1) |
| **25** | [Board Members and Officers](#xx_70f95760-0081-411e-b934-7b268e3ea904_board-cc-financial-runningfooter-359_1) |

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**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

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Performance Summary December 31, 2022 (Unaudited)

![](g464418img13f5d9ae2.jpg)

Yearly periods ended December 31

S&P Developed SmallCap Index comprises the stocks representing the lowest 15% of float-adjusted market cap in each developed country. It is a subset of the S&P Global BMI, a comprehensive, rules-based index measuring global stock market performance.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS Global Small Cap VIP** | **DWS Global Small Cap VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $7595 | $10245 | $9878 | $15876 |
| **Class A** | Average annual total return | –24.05% | 0.81% | –0.25% | 4.73% |
| S&P Developed SmallCap Index | Growth of $10,000 | $8169 | $10933 | $11887 | $22311 |
| S&P Developed SmallCap Index | Average annual total return | –18.31% | 3.02% | 3.52% | 8.36% |
| **DWS Global Small Cap VIP** | **DWS Global Small Cap VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class B** | Growth of $10,000 | $7578 | $10160 | $9750 | $15470 |
| **Class B** | Average annual total return | –24.22% | 0.53% | –0.51% | 4.46% |
| S&P Developed SmallCap Index | Growth of $10,000 | $8169 | $10933 | $11887 | $22311 |
| S&P Developed SmallCap Index | Average annual total return | –18.31% | 3.02% | 3.52% | 8.36% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

---

&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**  |

---

------

Management Summary December 31, 2022 (Unaudited)

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

---

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

---

------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| Common Stocks | 99% | 99% |
| Cash Equivalents | 1% | 1% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash <br> Equivalents)<br>| **12/31/22** | **12/31/21** |
| Industrials | 17% | 19% |
| Information Technology | 14% | 13% |
| Financials | 13% | 14% |
| Consumer Discretionary | 12% | 13% |
| Health Care | 11% | 12% |
| Real Estate | 8% | 9% |
| Materials | 8% | 7% |
| Energy | 5% | 3% |
| Consumer Staples | 5% | 4% |
| Communication Services | 4% | 3% |
| Utilities | 3% | 3% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Geographical Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral <br> and Cash Equivalents)<br>| **12/31/22** | **12/31/21** |
| United States | 60% | 58% |
| United Kingdom | 9% | 5% |
| Japan | 7% | 8% |
| Australia | 3% | 0% |
| France | 3% | 2% |
| Italy | 3% | 2% |
| Korea | 2% | 2% |
| Germany | 2% | 4% |
| Switzerland | 2% | 2% |
| Spain | 1% | 2% |
| Canada | 1% | 2% |
| Sweden | 1% | 3% |
| Austria |  | 2% |
| Other | 6% | 8% |
|  | 100% | 100% |

---

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 6.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

&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**  |

---

------

<br>**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 98.6%** | **Common Stocks 98.6%** |  |
| **Australia 3.3%** | **Australia 3.3%** |  |
| Charter Hall Long Wale REIT | 138801 | 418925 |
| Liontown Resources Ltd.\* | 413394 | 371769 |
| Nickel Industries Ltd. | 547184 | 361952 |
| Orora Ltd. | 254228 | 500486 |
| Syrah Resources Ltd.\* | 190254 | 267394 |
| (Cost $2,320,756) |  | **1920526** |
| **Belgium 0.2%** | **Belgium 0.2%** |  |
| Euronav NV\* (Cost $66,896) | 7922 | **134226** |
| **Canada 1.1%** | **Canada 1.1%** |  |
| &nbsp;&nbsp;&nbsp; ElectraMeccanica Vehicles <br> Corp.\* (a)<br>| 251460 | 151806 |
| Quebecor, Inc. "B" | 22763 | 507713 |
| (Cost $715,786) |  | **659519** |
| **Denmark 0.3%** | **Denmark 0.3%** |  |
| Netcompany Group A/S 144A\* <br> (Cost $547,694)<br>| 4657 | **197883** |
| **Finland 0.5%** | **Finland 0.5%** |  |
| Tokmanni Group Corp. <br> (Cost $279,892)<br>| 23746 | **287930** |
| **France 3.0%** | **France 3.0%** |  |
| Alten SA | 5354 | 672835 |
| Maisons du Monde SA 144A | 25993 | 326595 |
| Television Francaise 1 | 22899 | 176010 |
| Vallourec SA\* | 45258 | 597214 |
| (Cost $1,812,122) |  | **1772654** |
| **Germany 2.2%** | **Germany 2.2%** |  |
| AIXTRON SE | 31678 | 919697 |
| United Internet AG (Registered) | 16891 | 341784 |
| (Cost $953,285) |  | **1261481** |
| **India 1.0%** | **India 1.0%** |  |
| WNS Holdings Ltd. (ADR)\* <br> (Cost $204,201)<br>| 7371 | **589606** |
| **Ireland 0.8%** | **Ireland 0.8%** |  |
| Dalata Hotel Group PLC\* <br> (Cost $666,211)<br>| 131685 | **461151** |
| **Italy 2.7%** | **Italy 2.7%** |  |
| Buzzi Unicem SpA | 52110 | 1006645 |
| Moncler SpA | 10216 | 543929 |
| (Cost $1,405,181) |  | **1550574** |
| **Japan 6.5%** | **Japan 6.5%** |  |
| BML, Inc. | 8200 | 208102 |
| JTOWER, Inc.\* (a) | 5000 | 226605 |
| Kusuri no Aoki Holdings Co., Ltd. | 12358 | 720495 |
| Nankai Electric Railway Co., Ltd. | 13900 | 300235 |
| &nbsp;&nbsp;&nbsp; Nippon Paper Industries Co., <br> Ltd.\*<br>| 68600 | 507387 |
| Optorun Co., Ltd. | 23300 | 393390 |
| Sawai Group Holdings Co., Ltd. | 8000 | 250023 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Topcon Corp. | 23800 | 272887 |
| UT Group Co., Ltd. | 31524 | 537345 |
| Zenkoku Hosho Co., Ltd. | 9800 | 375400 |
| (Cost $3,210,753) |  | **3791869** |
| **Korea 2.5%** | **Korea 2.5%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Nano Products Co., <br> Ltd.\*<br>| 5799 | 356652 |
| Hanmi Semiconductor Co., Ltd.\* | 52825 | 486924 |
| Seah Besteel Holdings Corp.\* | 44900 | 581568 |
| (Cost $1,857,884) |  | **1425144** |
| **Malta 0.6%** | **Malta 0.6%** |  |
| Kindred Group PLC <br> (Cost $274,528)<br>| 33322 | **347540** |
| **Portugal 0.4%** | **Portugal 0.4%** |  |
| &nbsp;&nbsp;&nbsp; REN - Redes Energeticas <br> Nacionais SGPS SA <br> (Cost $265,534)<br>| 93742 | **253249** |
| **Puerto Rico 0.7%** | **Puerto Rico 0.7%** |  |
| Popular, Inc. (Cost $471,730) | 6268 | **415694** |
| **Singapore 0.5%** | **Singapore 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. <br> (b) (Cost $312,774)<br>| 6831 | **302340** |
| **Spain 1.2%** | **Spain 1.2%** |  |
| Applus Services SA | 37453 | 258491 |
| Fluidra SA (a) | 15901 | 248224 |
| Talgo SA 144A | 47879 | 170500 |
| (Cost $748,772) |  | **677215** |
| **Sweden 0.9%** | **Sweden 0.9%** |  |
| Dometic Group AB 144A | 22831 | 147487 |
| Ratos AB "B" | 92763 | 369251 |
| (Cost $862,989) |  | **516738** |
| **Switzerland 2.0%** | **Switzerland 2.0%** |  |
| Julius Baer Group Ltd. | 10248 | 599464 |
| &nbsp;&nbsp;&nbsp; Siegfried Holding AG <br> (Registered)\*<br>| 865 | 575647 |
| (Cost $1,364,615) |  | **1175111** |
| **United Kingdom 9.1%** | **United Kingdom 9.1%** |  |
| B&M European Value Retail SA | 103178 | 514827 |
| Clarkson PLC | 8068 | 314467 |
| Computacenter PLC | 22530 | 521775 |
| Domino's Pizza Group PLC | 75744 | 270266 |
| Drax Group PLC | 78506 | 667072 |
| Dunelm Group PLC | 15355 | 182382 |
| Genus PLC | 4666 | 167671 |
| Greggs PLC | 20719 | 588588 |
| RS GROUP PLC | 83525 | 911008 |
| Saga PLC\* | 112553 | 169336 |
| Softcat PLC | 23762 | 342454 |
| TechnipFMC PLC\* (c) | 53114 | 647460 |
| (Cost $4,689,260) |  | **5297306** |

---

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>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **United States 59.1%** | **United States 59.1%** |  |
| Adeia, Inc. | 16731 | 158610 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, <br> Inc.<br>| 3678 | 301486 |
| Affiliated Managers Group, Inc. | 4518 | 715787 |
| Alcoa Corp. | 14513 | 659906 |
| &nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. <br> (REIT)<br>| 21573 | 610732 |
| Amneal Pharmaceuticals, Inc.\* | 66758 | 132848 |
| Anika Therapeutics, Inc.\* | 7403 | 219129 |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. <br> (REIT)<br>| 18390 | 290194 |
| ArcBest Corp. | 5372 | 376255 |
| &nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. <br> (REIT)<br>| 16258 | 186967 |
| Atkore, Inc.\* | 4862 | 551448 |
| Avis Budget Group, Inc.\* | 3834 | 628508 |
| Bank OZK | 3323 | 133119 |
| Benchmark Electronics, Inc. | 21999 | 587153 |
| Benefitfocus, Inc.\* | 29983 | 313622 |
| Bridgebio Pharma, Inc.\* | 51560 | 392887 |
| Builders FirstSource, Inc.\* | 18860 | 1223637 |
| Bumble, Inc. "A"\* | 12016 | 252937 |
| Casey's General Stores, Inc. | 5900 | 1323665 |
| Chord Energy Corp. | 2243 | 306841 |
| Clearway Energy, Inc. "A" | 8754 | 261920 |
| CNX Resources Corp.\* | 25108 | 422819 |
| CommScope Holding Co., Inc.\* | 38275 | 281321 |
| comScore, Inc.\* | 112268 | 130231 |
| Crescent Energy Co. "A" | 19216 | 230400 |
| Delek U.S. Holdings, Inc. | 25830 | 697410 |
| Ducommun, Inc.\* | 15058 | 752298 |
| &nbsp;&nbsp;&nbsp; Easterly Government Properties, <br> Inc. (REIT)<br>| 18867 | 269232 |
| Eastern Bankshares, Inc. | 32726 | 564523 |
| EastGroup Properties, Inc. (REIT) | 4344 | 643173 |
| Envestnet, Inc.\* | 9753 | 601760 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, <br> Inc. (REIT)<br>| 7528 | 176682 |
| First Financial Bankshares, Inc. | 3747 | 128897 |
| Five9, Inc.\* | 4371 | 296616 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. <br> (REIT)<br>| 29349 | 761019 |
| Fulgent Genetics, Inc.\* | 3269 | 97351 |
| &nbsp;&nbsp;&nbsp; Hersha Hospitality Trust "A", <br> (REIT)<br>| 19119 | 162894 |
| Hillenbrand, Inc. | 15054 | 642354 |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. <br> (REIT)<br>| 8626 | 83931 |
| Intercept Pharmaceuticals, Inc.\* | 14318 | 177114 |
| iStar, Inc. (REIT) | 11413 | 87081 |
| Jack in the Box, Inc. | 2539 | 173236 |
| Jefferies Financial Group, Inc. | 33714 | 1155716 |
| Kite Realty Group Trust (REIT) | 13858 | 291711 |
| Kronos Bio, Inc.\* | 27827 | 45080 |
| Latham Group, Inc.\* | 22052 | 71007 |
| Lazard Ltd. "A" | 10442 | 362024 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Lumentum Holdings, Inc.\* | 8892 | 463896 |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports <br> Corp.<br>| 4281 | 784836 |
| Modine Manufacturing Co.\* | 18870 | 374758 |
| ModivCare, Inc.\* | 5635 | 505657 |
| Molina Healthcare, Inc.\* | 4251 | 1403765 |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust <br> (REIT)<br>| 6765 | 244352 |
| New Jersey Resources Corp. | 8861 | 439683 |
| Option Care Health, Inc.\* | 25050 | 753754 |
| Outset Medical, Inc.\* | 6399 | 165222 |
| Pacira BioSciences, Inc.\* | 15308 | 591042 |
| Physicians Realty Trust (REIT) | 31322 | 453229 |
| Precision BioSciences, Inc.\* | 32690 | 38901 |
| RPT Realty (REIT) | 22406 | 224956 |
| Rush Enterprises, Inc. "A" | 26569 | 1389001 |
| Safehold, Inc. (REIT) | 873 | 24985 |
| Sana Biotechnology, Inc.\* | 73871 | 291790 |
| Senseonics Holdings, Inc.\* (a) | 148398 | 152850 |
| SJW Group | 1936 | 157184 |
| SkyWest, Inc.\* | 17855 | 294786 |
| South State Corp. | 12902 | 985197 |
| SpartanNash Co. | 9047 | 273581 |
| Spectrum Brands Holdings, Inc. | 5246 | 319586 |
| Synovus Financial Corp. | 26892 | 1009795 |
| Taylor Morrison Home Corp.\* | 22596 | 685789 |
| Thermon Group Holdings, Inc.\* | 41084 | 824967 |
| TopBuild Corp.\* | 5763 | 901852 |
| WEX, Inc.\* | 2250 | 368212 |
| Xperi, Inc.\* | 6692 | 57621 |
| YETI Holdings, Inc.\* | 15473 | 639190 |
| Zions Bancorp. NA | 13196 | 648715 |
| (Cost $28,641,532) |  | **34402683** |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** <br> (Cost $51,672,395)<br>|  | **57440439** |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |  |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash Institutional <br> Shares", 4.07% (d) (e) <br> (Cost $263,098)<br>| 263098 | **263098** |
| **Cash Equivalents 1.3%** | **Cash Equivalents 1.3%** |  |
| &nbsp;&nbsp;&nbsp; DWS Central Cash Management <br> Government Fund, 4.2% (d) <br> (Cost $753,014)<br>| 753014 | **753014** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $52,688,507)<br>| 100.4 | **58456551** |
| **Other Assets and** <br> **Liabilities, Net**<br>| &nbsp;&nbsp;&nbsp; (0.4) | **(204459)** |
| **Net Assets** | 100.0 | **58252092** |

---

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**  |

---

------

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<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> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) |
| 3537256 |  | 3,274,158 (f) |  |  | 42883 |  | 263098 | 263098 |
| **Cash Equivalents 1.3%** | **Cash Equivalents 1.3%** | **Cash Equivalents 1.3%** | **Cash Equivalents 1.3%** | **Cash Equivalents 1.3%** | **Cash Equivalents 1.3%** | **Cash Equivalents 1.3%** | **Cash Equivalents 1.3%** | **Cash Equivalents 1.3%** |
| DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) |
| 817560 | 14927236 | 14991782 |  |  | 15014 |  | 753014 | 753014 |
| **4354816** | **14927236** | **18265940** |  |  | **57897** |  | **1016112** | **1016112** |

---

&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 December 31, 2022 amounted to $683,419, which is 1.2% of net assets. 

(b) Listed on the NASDAQ Stock Market, Inc.

(c) Listed on the New York Stock Exchange.

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $523,937. 

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022. 

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

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> ADR: American Depositary Receipt <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;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <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 December 31, 2022 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $— | $1920526 | $— | $1920526 |
| &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 134226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 134226 |
| &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 659519 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 659519 |
| &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 197883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 197883 |
| &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 287930 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 287930 |
| &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp; 1772654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1772654 |
| &nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 1261481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1261481 |
| &nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; 589606 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 589606 |
| &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 461151 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 461151 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 1550574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1550574 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 3791869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3791869 |
| &nbsp;&nbsp;&nbsp; Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 1425144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1425144 |
| &nbsp;&nbsp;&nbsp; Malta | &nbsp;&nbsp; — | &nbsp;&nbsp; 347540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 347540 |
| &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 253249 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 253249 |
| &nbsp;&nbsp;&nbsp; Puerto Rico | &nbsp;&nbsp; 415694 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 415694 |
| &nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 302340 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 302340 |
| &nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 677215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 677215 |
| &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 516738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 516738 |
| &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1175111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1175111 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 647460 | &nbsp;&nbsp; 4649846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5297306 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 34402683 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 34402683 |
| Short-Term Investments (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1016112 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1016112 |
| **Total** | **$38033414** | **$20423137** | &nbsp;&nbsp; **$**— | **$58456551** |

---

&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 Global Small Cap VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $51,672,395) — including $683,419 of <br> securities loaned<br>| $57440439 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $263,098)\* <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263098 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $753,014)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753014 |
| Foreign currency, at value (cost $31,470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31583 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43330 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83077 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5016 |
| Foreign taxes recoverable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45942 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 58666630 |
| **Liabilities** |  |
| Cash overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263098 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46878 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23285 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2065 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79206 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414538 |
| **Net assets, at value** | **$58252092** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 6565328 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 51686764 |
| **Net assets, at value** | **$58252092** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($56,604,752 ÷ 6,642,956 outstanding <br> shares of beneficial interest, $.01 par value, <br> unlimited number of shares authorized)<br>| **$8.52** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($1,647,340 ÷ 203,753 outstanding <br> shares of beneficial interest, $.01 par value, <br> unlimited number of shares authorized)<br>| **$8.08** |

---

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

\* Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $523,937. 

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $76,217)<br>| $1179834 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15014 |
| Securities lending income, net of <br> borrower rebates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42883 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp; 1237731 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519412 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62979 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518 |
| Record keeping fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4696 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10848 |
| Audit fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39368 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19506 |
| Tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8316 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30805 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5853 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13559 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717394 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (192562) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524832 |
| **Net investment income** | **712899** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371492 |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406586 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | &nbsp;&nbsp; (20458880) |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2476) |
|  | &nbsp;&nbsp; (20461356) |
| **Net gain (loss)** | **(20054770)** |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$(19341871)** |

---

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

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

---

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

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $712899 | $346587 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406586 | &nbsp;&nbsp;&nbsp; 13512189 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp; (20461356) | &nbsp;&nbsp;&nbsp;&nbsp; (2621566) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (19341871) | &nbsp;&nbsp;&nbsp; 11237210 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; (11569665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (284998) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (354576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1897) |
| Total distributions | &nbsp;&nbsp; (11924241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (286895) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2345624 | &nbsp;&nbsp;&nbsp;&nbsp; 4203449 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp; 11569665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284998 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (6151401) | &nbsp;&nbsp; (11414575) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 7763888 | &nbsp;&nbsp;&nbsp;&nbsp; (6926128) |
| **Class B** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86982 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1897 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (380512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (537896) |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (449017) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp; (23420282) | &nbsp;&nbsp;&nbsp;&nbsp; 3575170 |
| Net assets at beginning of period | &nbsp;&nbsp;&nbsp; 81672374 | &nbsp;&nbsp;&nbsp; 78097204 |
| **Net assets at end of period** | **$58252092** | **$81672374** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5808696  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6344768  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320008 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 1221718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21493 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (636988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (877573) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536072) |
| Shares outstanding at end of period | **6642956** | **5808696** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227196 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6834 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42415) |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35432) |
| Shares outstanding at end of period | **203753** | **191764** |

---

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;\| **11**  |

---

------

<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** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **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** | **$13.63** | **$11.90** | **$10.24** | **$8.91** | **$12.90** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .02 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (3.19) | &nbsp;&nbsp;&nbsp;&nbsp; 1.72 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp; (2.32) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (3.08) | &nbsp;&nbsp;&nbsp;&nbsp; 1.78 | &nbsp;&nbsp;&nbsp;&nbsp; 1.74 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp;&nbsp; (2.30) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.06) | &nbsp;&nbsp;&nbsp;&nbsp; (.05) | &nbsp;&nbsp;&nbsp;&nbsp; (.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.04) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.54) | &nbsp;&nbsp;&nbsp; (1.65) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.03) | &nbsp;&nbsp;&nbsp;&nbsp; (.05) | &nbsp;&nbsp;&nbsp;&nbsp; (.08) | &nbsp;&nbsp;&nbsp;&nbsp; (.54) | &nbsp;&nbsp;&nbsp; (1.69) |
| **Net asset value, end of period** | **$8.52** | **$13.63** | **$11.90** | **$10.24** | **$8.91** |
| Total Return (%)<sup>b</sup> <br>| (24.05) | &nbsp;&nbsp; 14.94 | &nbsp;&nbsp; 17.36 | &nbsp;&nbsp; 21.29 | (20.51) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .21 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

&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> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Global Small Cap VIP** — **Class B** | **DWS Global Small Cap VIP** — **Class B** | **DWS Global Small Cap VIP** — **Class B** | **DWS Global Small Cap VIP** — **Class B** | **DWS Global Small Cap VIP** — **Class B** | **DWS Global Small Cap VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$13.05** | **$11.39** | **$9.81** | **$8.57** | **$12.47** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; (.01) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (3.05) | &nbsp;&nbsp;&nbsp;&nbsp; 1.65 | &nbsp;&nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp; (2.24) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.97) | &nbsp;&nbsp;&nbsp;&nbsp; 1.67 | &nbsp;&nbsp;&nbsp;&nbsp; 1.63 | &nbsp;&nbsp; 1.78 | &nbsp;&nbsp;&nbsp; (2.25) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.03) | &nbsp;&nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp; (.05) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (.54) | &nbsp;&nbsp;&nbsp; (1.65) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp; (.05) | &nbsp;&nbsp;&nbsp; (.54) | &nbsp;&nbsp;&nbsp; (1.65) |
| **Net asset value, end of period** | **$8.08** | **$13.05** | **$11.39** | **$9.81** | **$8.57** |
| Total Return (%)<sup>b</sup> <br>| (24.22) | &nbsp;&nbsp; 14.65 | &nbsp;&nbsp; 16.94 | 21.08 | (20.74) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39 | &nbsp;&nbsp; 1.40 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp; 1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 |
| Ratio of net investment income (loss) (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; (.08) |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

&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> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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;\| **13**  |

---

------

<br>**Notes to Financial Statements** 

**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 four diversified funds: DWS Capital Growth VIP, DWS Core Equity VIP, DWS CROCI<sup>®</sup> International VIP and DWS Global Small Cap 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").

**Multiple Classes of Shares of Beneficial Interest.** The Fund offers two classes of shares (Class A shares and Class B shares). Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to an annual rate of up to 0.25% and of up to 0.15%, respectively, of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

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. 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.

**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 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

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

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

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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.** Brown Brothers Harriman & Co., as 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 either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) 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 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 December 31, 2022, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

**Remaining Contractual Maturity of the Agreements** as of December 31, 2022

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight** <br>**and** <br>**Continuous**<br>| **˂30 days** | **Between 30** <br>**& 90 days**<br>| **˃90 days** | **Total** |
| **Securities Lending Transactions**  | **Securities Lending Transactions**  | **Securities Lending Transactions**  | **Securities Lending Transactions**  | **Securities Lending Transactions**  | **Securities Lending Transactions**  |
| Common Stocks | $263098 | $— | $76283 | $447654 | $787035 |
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: | $787035 |

---

**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.

**Taxes.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code, as amended. It is the Fund's policy to comply with the requirements of the Internal Revenue Code, as amended, which are

&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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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.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**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, investments in limited partnerships 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.

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

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| | |
|:---|:---|
| Undistributed ordinary income\* | $507439 |
| Undistributed long-term capital gains | $316588 |
| Net unrealized appreciation (depreciation) on investments | $5713539 |

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At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $52,743,012. The net unrealized appreciation for all investments based on tax cost was $5,713,539. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $13,573,400 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $7,859,861.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $1102706 | $286895 |
| Distributions from long-term capital gains | $10821535 | $— |

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

**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

&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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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 year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $17,291,514 and $20,295,614, 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 annual rate (exclusive of any applicable waivers/reimbursements) of 0.80%.

For the period from January 1, 2022 through April 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .80% |
| Class B | 1.09% |

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For the year ended December 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:

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| | |
|:---|:---|
| Class A | $187011 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5551 |
|  | **$192562** |

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**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 year ended December 31, 2022, the Administration Fee was $62,979, of which $4,906 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") (name changed from DST Systems, Inc. effective January 1, 2023), 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 year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

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| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $659 | $108 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
|  | **$860** | **$147** |

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**Distribution Service Agreement.** DWS Distributors, Inc. ("DDI"), also an affiliate of the Advisor, is the Trust's Distributor. In accordance with the Master Distribution Plan, DDI receives 12b-1 fees of up to 0.25% of the average daily net assets of Class B shares. Pursuant to the Master Distribution Plan, DDI remits these fees to the Participating Insurance Companies for various costs incurred or paid by these companies in connection with marketing and distribution of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee aggregated $4,696, of which $357 is unpaid.

&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;\| **17**  |

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**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,408, of which $299 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 and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market 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. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

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

At December 31, 2022, two participating insurance companies were owners of record of 10% or more of the

total outstanding Class A shares of the Fund, each owning 61% and 12%, respectively. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 73% and 12%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $375 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 December 31, 2022.

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

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| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series I and Shareholders of DWS Global Small Cap VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS Global Small Cap VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series I) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series I) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 14, 2019, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418img8881dd093.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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| | |
|:---|:---|
| Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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Information About Your Fund's Expenses (Unaudited)

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

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| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

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Tax Information (Unaudited)

&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;\| **21**  |

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<br>**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 2022.

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. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

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. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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, 2021, the Fund's performance (Class A shares) was in the 2nd quartile, 3rd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile

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

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| | |
|:---|:---|
| **22** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

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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, 2021.

**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") and the Fee Consultant 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, 2021). 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, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were 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 and the Fee Consultant 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, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. 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 and (ii) the

&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;\| **23**  |

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substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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. 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. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

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

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| | |
|:---|:---|
| **24** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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&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;\| **25**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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

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| | |
|:---|:---|
| **26** \|  | Deutsche DWS Variable Series I —<br> DWS Global Small Cap VIP <br>|

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

&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;\| **27**  |

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![](g464418imgf299d45b1.jpg)

VS1glosc-2 (R-025821-12 2/23)

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| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**ITEM 2.** | &nbsp;&nbsp;**CODE OF ETHICS** |
|  | &nbsp;&nbsp; As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.<br>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.<br>A copy of the code of ethics is filed as an exhibit to this Form N-CSR. |
| &nbsp;&nbsp;**ITEM 3.** | &nbsp;&nbsp;**AUDIT COMMITTEE FINANCIAL EXPERT** |
|  | &nbsp;&nbsp;The fund's audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund's Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund's audit committee including Ms. Catherine Schrand, the chair of the fund's audit committee. An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an "audit committee financial expert" does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. |
| &nbsp;&nbsp;**ITEM 4.** | &nbsp;&nbsp;**PRINCIPAL ACCOUNTANT FEES AND SERVICES** |

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**Deutsche DWS Variable Series I**

**form n-csr disclosure re: AUDIT FEES**

The following table shows the amount of fees that Ernst & Young LLP ("EY"), the Fund's Independent Registered Public Accounting Firm, billed to the Fund during the Fund's last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> December 31, | &nbsp;&nbsp;Audit Fees Billed to Fund | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Fund | &nbsp;&nbsp;Tax Fees Billed to Fund | &nbsp;&nbsp;All<br> Other Fees Billed to Fund |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$198753 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$31044 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$209213 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$38369 | &nbsp;&nbsp;$0 |

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The above "Tax Fees" were billed for professional services rendered for tax preparation.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers**

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. ("DIMA" or the "Adviser"), and any entity controlling, controlled by or under common control with DIMA ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> December 31, | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;Tax Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;All<br> Other Fees Billed to Adviser and Affiliated Fund Service Providers |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$148212 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$461717 | &nbsp;&nbsp;$0 |

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The above "Tax Fees" were billed in connection with tax compliance services and agreed upon procedures.

**Non-Audit Services**

The following table shows the amount of fees that EY billed during the Fund's last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY's independence.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> December 31, | &nbsp;&nbsp;Total <br> Non-Audit Fees Billed to Fund<br> (A) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)<br> (B) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)<br> (C) | &nbsp;&nbsp;Total of <br> (A), (B) and (C) |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$31044 | &nbsp;&nbsp;$148212 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$179256 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$38369 | &nbsp;&nbsp;$461717 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$500086 |

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All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund's Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund's Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund's Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund's Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund's Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant's principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

\*\*\*

In connection with the audit of the 2021 and 2022 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

\*\*\*

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund's Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY's independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY's independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY's ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY's audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· EY advised the Fund's Audit Committee that various covered persons
within EY and EY's affiliates held investments in, or had other financial relationships with, entities
within the DWS Funds "investment company complex" (as defined in Regulation S-X) (the "DWS
Funds Complex"). EY informed the Audit Committee that these investments and financial relationships
were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved
and that none of the breaches involved any professionals who were part of the audit engagement team for
the Fund or in the position to influence the audit engagement team for the Fund.

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| | |
|:---|:---|
| &nbsp;&nbsp;**ITEM 5.** | &nbsp;&nbsp;**AUDIT COMMITTEE OF LISTED REGISTRANTS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 6.** | &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 7.** | &nbsp;&nbsp;**DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 8.** | &nbsp;&nbsp;**PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 9.** | &nbsp;&nbsp;**PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 10.** | &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 11.** | &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 12.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 13.** | &nbsp;&nbsp;**EXHIBITS** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;[Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](codeofethics.htm) |
| &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> President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/15/2023 |

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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> President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/15/2023 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Chief Financial Officer and Treasurer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/15/2023 |

---

## Ex-99.Code

**DWS**

**Principal Executive and Principal Financial Officer Code of Ethics**

**For the Registered Management Investment Companies Listed on Appendix A**

**Effective Date**

**January 31, 2005**

**Date Last Reviewed**

**April 25, 2022**

**Table of Contents**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;I. Overview |
| &nbsp;&nbsp;&nbsp;&nbsp;II. Purposes of the Officer Code |
| &nbsp;&nbsp;&nbsp;&nbsp;III. Responsibilities of Covered Officers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conflicts of Interest |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Use of Personal Fund Shareholder Information |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Public Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance with Applicable Laws, Rules and Regulations |
| &nbsp;&nbsp;&nbsp;&nbsp;IV. Violation Reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Overview |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. How to Report |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process for Violation Reporting to the Fund Board |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Sanctions for Code Violations |
| &nbsp;&nbsp;&nbsp;&nbsp;V. Waivers from the Officer Code |
| &nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments to the Code |
| &nbsp;&nbsp;&nbsp;&nbsp;VII. Acknowledgement and Certification of Adherence to the Officer Code |
| &nbsp;&nbsp;&nbsp;&nbsp;VIII. Scope of Responsibilities |
| &nbsp;&nbsp;&nbsp;&nbsp;IX. Recordkeeping |
| &nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality |
| &nbsp;&nbsp;&nbsp;&nbsp;Appendices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix A: List of Officers Covered under the Code, by Board |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix B: Acknowledgement and Certification |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix C: Definitions |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Overview

This Principal Executive Officer and Principal Financial Officer Code of Ethics ("Officer Code") sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (each a "Fund" and together, the "Funds") they serve ("Covered Officers"). A list of Covered Officers and Funds is included on Appendix A.

The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC's rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.

DWS represents the asset management activities conducted by DWS Investment Management Americas, Inc., DWS International GmbH or their affiliates that may serve as investment adviser to each Fund. All Covered Officers are also employees of DWS. Thus, in addition to adhering to the Officer Code, these individuals must comply with DWS policies and procedures, such as the DWS Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.<sup>[1]</sup> In addition, such individuals also must comply with other applicable Fund policies and procedures.

The DWS Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund's Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The DWS Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DWS Compliance Officer.

The DWS Compliance Officer and his or her contact information can be found in Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Purposes of the Officer Code

The purposes of the Officer Code are to deter wrongdoing and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file
with or submit to the SEC (and in other public communications from the Funds) and that are within the
Covered Officer's responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· encourage
the prompt internal reporting of violations of the Officer Code to the DWS Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establish
accountability for adherence to the Officer Code.

Any questions about the Officer Code should be referred to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Responsibilities of Covered Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DWS policy or Fund policy.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.

Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.

&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. Conflicts of Interest

A "conflict of interest" occurs when a Covered Officer's personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund's expense or to the Fund's detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund's expense or to the Fund's detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DWS or its affiliates.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DWS, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DWS's fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DWS, or for both) be involved in establishing policies and implementing decisions which will have different effects on DWS and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DWS, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer's duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DWS Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DWS Compliance Officer, may report the matter directly to the Fund's Board (or committee thereof), as appropriate (e.g., if the conflict involves the DWS Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DWS Compliance Officer).

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DWS personnel aware of the matter should promptly contact the DWS Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.

Upon receipt of a report of a possible conflict, the DWS Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DWS Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<sup>[2]</sup> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund's Board (or committee thereof). Otherwise, such costs will be borne by DWS or other appropriate Fund service provider.

After full review of a report of a possible conflict of interest, the DWS Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DWS Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund's Board (or committee thereof). If the DWS Compliance Officer determines that the appearance of a conflict exists, the DWS Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DWS Compliance Officer instead may refer the matter to the Fund's Board (or committee thereof), as appropriate. However, the DWS Compliance Officer must refer the matter to the Fund's Board (or committee thereof) if the DWS Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.

After responding to a report of a possible conflict of interest, the DWS Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Solely because a conflict is disclosed to the DWS Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DWS Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code's requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Use of Personal Fund Shareholder Information

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds' and DWS's privacy policies under SEC Regulation S-P.

&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. Public Communications

In connection with his or her responsibilities for or involvement with a Fund's public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DWS organization or otherwise) and to the Fund's Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DWS's Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund's books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance with Applicable Laws, Rules and Regulations

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds ("Applicable Laws"). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Violation Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Overview

Each Covered Officer must promptly report to the DWS Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.

Examples of violations of the Officer Code include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unethical or dishonest behavior

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obvious lack of adherence
to policies surrounding review and approval of public communications and regulatory filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure to report violations
of the Officer Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Known or obvious deviations
from Applicable Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure to acknowledge and
certify adherence to the Officer Code

The DWS Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund's Board, the independent Board members, a Board committee, the Fund's legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<sup>[3]</sup> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund's Board (or committee thereof). Otherwise, such costs will be borne by DWS.

&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. How to Report

Any known or suspected violations of the Officer Code must be promptly reported to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process for Violation Reporting to the Fund
Board

The DWS Compliance Officer will promptly report any violations of the Code to the Fund's Board (or committee thereof).

&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. Sanctions for Code Violations

Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DWS and the relevant Fund's Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions imposed by a Fund's Board could include termination of association with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers from the Officer Code

A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DWS Compliance Officer.<sup>[4]</sup> The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DWS Compliance Officer will present this information to the Fund's Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DWS Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund's Board (or committee thereof) regarding such activities, as appropriate.

The DWS Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments to the Code

The DWS Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund's Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.

The DWS Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Acknowledgement and Certification of Adherence to the Officer Code

Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).

Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer's obligation.

The DWS Compliance Officer will maintain such Acknowledgements in the Fund's books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Scope of Responsibilities

A Covered Officer's responsibilities under the Officer Code are limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Fund
matters over which the Officer has direct responsibility or control, matters in which the Officer routinely
participates, and matters with which the Officer is otherwise involved (*i.e.*, matters within the
scope of the Covered Officer's responsibilities as a Fund officer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Fund
matters of which the Officer has actual knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Recordkeeping

The DWS Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality

All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DWS Compliance Officer, the Fund's Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.

**Appendices**

**Appendix A: List of Officers Covered under the Code, by Board**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Board** | &nbsp;&nbsp;**Principal Executive Officer** | &nbsp;&nbsp;**Principal Financial Officer** | &nbsp;&nbsp;**Treasurer** |
| &nbsp;&nbsp;DWS Funds | &nbsp;&nbsp;Hepsen Uzcan | &nbsp;&nbsp;Diane Kenneally | &nbsp;&nbsp;Diane Kenneally |
| &nbsp;&nbsp;Germany Funds\* | &nbsp;&nbsp;Hepsen Uzcan | &nbsp;&nbsp;Diane Kenneally | &nbsp;&nbsp;Diane Kenneally |

---

\* The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and

The New Germany Fund, Inc.

 

**DWS Compliance Officer:**

Scott Hogan

Chief Compliance Officer of the DWS Funds/Germany Funds

Phone: (617) 295-3986

Email: scott-d.hogan@dws.com

**As of: April 25, 2022**

**Appendix B: Acknowledgement and Certification**

Initial Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge and certify
that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics ("Officer
Code"), and therefore subject to all of its requirements and provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have received and read
the Officer Code and I understand the requirements and provisions set forth in the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have disclosed any conflicts
of interest of which I am aware to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I will act in the best interest
of the Funds for which I serve as an officer and have maintained the confidentiality of personal information
about Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I will report any known or
suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.

______________________________ ____________________

Signature Date

Annual Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge and certify
that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics ("Officer
Code"), and therefore subject to all of its requirements and provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have received and read
the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have adhered to the Officer
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have not knowingly been
a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts
of interest that I did not report to the DWS Compliance Officer in accordance with the Officer Code's
requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I have acted in the best
interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal
information about Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to the duties
I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and
file public reports and documents in accordance with applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to the duties
I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable
Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under
my supervision for compliance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have reported any known
or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.

______________________________ ____________________

Signature Date

**Appendix C: Definitions**

**Principal Executive Officer**

Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.

**Principal Financial Officer**

Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.

**Registered Investment Management Investment Company**

Registered investment companies other than a face-amount certificate company or a unit investment trust.

**Waiver**

A waiver is an approval of an exemption from a Code requirement.

**Implicit Waiver**

An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DWS Compliance Officer or the Fund's Board (or committee thereof).

------

<sup>[1]</sup> The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.

<sup>[2]</sup> For example, retaining a Fund's independent accounting firm may require pre-approval by the Fund's audit committee.

<sup>[3]</sup> For example, retaining a Fund's independent accounting firm may require pre-approval by the Fund's audit committee.

<sup>[4]</sup> Of course, it is not a waiver of the Officer Code if the Fund's Board (or committee thereof) determines that a matter is not a deviation from the Officer Code's requirements or is otherwise not covered by the Code.

## Ex-99.Cert

**President**

**Form N-CSR 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-CSR;

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:

 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;

 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;

 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 prior to the filing date of this report based on such evaluation; and

 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):

 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

 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

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/15/2023 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;President |

---

**Chief Financial Officer and Treasurer**

**Form N-CSR 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-CSR;

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:

 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;

 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;

 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 prior to the filing date of this report based on such evaluation; and

 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):

 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

 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

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| | |
|:---|:---|
| &nbsp;&nbsp;2/15/2023 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Chief Financial Officer and Treasurer |

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## Exhibit 99.906

**President**

**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-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (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.

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| | |
|:---|:---|
| &nbsp;&nbsp;2/15/2023 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;President |

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**Chief Financial Officer and Treasurer**

**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-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/15/2023 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Chief Financial Officer and Treasurer |

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