0000088053-21-000771.txt : 20210930 0000088053-21-000771.hdr.sgml : 20210930 20210930133652 ACCESSION NUMBER: 0000088053-21-000771 CONFORMED SUBMISSION TYPE: N-CSRS/A PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210930 DATE AS OF CHANGE: 20210930 EFFECTIVENESS DATE: 20210930 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-CSRS/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-04257 FILM NUMBER: 211294610 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 0000764797 S000006245 DWS Capital Growth VIP C000017180 Class A C000017181 Class B 0000764797 S000006246 DWS Global Small Cap VIP C000017182 Class A C000017183 Class B 0000764797 S000006247 DWS Core Equity VIP C000017184 Class A C000017185 Class B N-CSRS/A 1 sr63021vs1.htm DEUTSCHE DWS VARIABLE SERIES I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS/A

 

Investment Company Act file number: 811-04257

 

Deutsche DWS Variable Series I

(Exact Name of Registrant as Specified in Charter)

 

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (212) 454-4500

 

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

 

Date of fiscal year end: 12/31
   
Date of reporting period: 6/30/2021

 

The Registrant is filing this amendment to its Form N-CSR for the semi-annual period ended June 30, 2021, originally filed with the Securities and Exchange Commission on August 19, 2021 (Accession Number 0000088053-21-000669). Each Fund’s semi-annual shareholder report as of June 30, 2021 was amended to correct a misallocation between net investment income and net gain (loss) in connection with the recording of tax adjustments that affected current period net investment income and net gain (loss).

 

ITEM 1. REPORT TO STOCKHOLDERS
   
  (a)
   

June 30, 2021
Semiannual Report
Deutsche DWS Variable Series I
DWS Capital Growth VIP
Contents
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, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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.
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NOT FDIC/NCUA INSURED    NO BANK GUARANTEE    MAY LOSE VALUE
NOT A DEPOSIT    NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
Performance Summary June 30, 2021 (Unaudited)
Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recent month-end performance. Performance does not reflect charges and fees (“contract charges”) 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. These charges and fees will reduce returns. While all share classes have the same underlying portfolio, their performance will differ.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2021 are 0.49% and 0.75% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
Growth of an Assumed $10,000 Investment
Yearly periods ended June 30
Russell 1000® Growth Index is an unmanaged index that consists of those stocks in the Russell 1000® 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.
 
Comparative Results
DWS Capital Growth VIP 6-Month ‡ 1-Year 3-Year 5-Year 10-Year
Class A Growth of $10,000 $11,228 $13,782 $19,558 $28,554 $49,014
Average annual total return 12.28% 37.82% 25.06% 23.35% 17.23%
Russell 1000® Growth Index Growth of $10,000 $11,299 $14,250 $19,598 $28,913 $51,749
Average annual total return 12.99% 42.50% 25.14% 23.66% 17.87%
DWS Capital Growth VIP 6-Month ‡ 1-Year 3-Year 5-Year 10-Year
Class B Growth of $10,000 $11,213 $13,745 $19,409 $28,194 $47,666
Average annual total return 12.13% 37.45% 24.74% 23.04% 16.90%
Russell 1000® Growth Index Growth of $10,000 $11,299 $14,250 $19,598 $28,913 $51,749
Average annual total return 12.99% 42.50% 25.14% 23.66% 17.87%
The growth of $10,000 is cumulative.
‡ Total returns shown for periods less than one year are not annualized.
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 3
Portfolio Summary (Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) 6/30/21 12/31/20
Common Stocks 100% 99%
Cash Equivalents 0% 1%
  100% 100%
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) 6/30/21 12/31/20
Information Technology 43% 43%
Consumer Discretionary 15% 14%
Communication Services 13% 13%
Health Care 10% 11%
Industrials 9% 8%
Financials 4% 5%
Consumer Staples 3% 3%
Real Estate 2% 2%
Materials 1% 1%
  100% 100%
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 5.
Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Portfolio Manager
Sebastian P. Werner, PhD, Head of Investment Strategy Equity
4  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
Investment Portfolio as of June 30, 2021 (Unaudited)
  Shares Value ($)
Common Stocks 99.8%  
Communication Services 13.5%  
Entertainment 5.4%  
Activision Blizzard, Inc.     131,708    12,570,212
Live Nation Entertainment, Inc.*      86,952     7,616,126
Netflix, Inc.*      26,036    13,752,476
Roku, Inc.*      17,210     7,903,692
Spotify Technology SA*      47,328    13,043,123
Walt Disney Co.*      54,776     9,627,978
      64,513,607
Interactive Media & Services 7.0%  
Alphabet, Inc. "A"*      11,079    27,052,591
Alphabet, Inc. "C"*      11,875    29,762,550
Facebook, Inc. "A"*      38,449    13,369,102
Match Group, Inc.*      77,640    12,519,450
      82,703,693
Wireless Telecommunication Services 1.1%  
T-Mobile U.S., Inc.*      88,405     12,803,696
Consumer Discretionary 14.8%  
Diversified Consumer Services 1.4%  
Chegg, Inc.*      79,407     6,599,516
Terminix Global Holdings, Inc.*     216,248    10,317,192
      16,916,708
Hotels, Restaurants & Leisure 1.7%  
Airbnb, Inc. "A"*       6,157       942,883
DraftKings, Inc. "A"* (a)      62,229     3,246,487
McDonald's Corp.      49,517    11,437,932
Planet Fitness, Inc. "A"*      64,576     4,859,344
      20,486,646
Internet & Direct Marketing Retail 5.2%  
Amazon.com, Inc.*      18,016     61,977,922
Multiline Retail 0.5%  
Dollar General Corp.      28,853      6,243,501
Specialty Retail 4.2%  
Burlington Stores, Inc.*      36,662    11,804,797
CarMax, Inc.*      91,344    11,797,078
Home Depot, Inc.      80,879    25,791,504
      49,393,379
Textiles, Apparel & Luxury Goods 1.8%  
Lululemon Athletica, Inc.*      34,163    12,468,470
NIKE, Inc. "B"      54,278     8,385,408
      20,853,878
Consumer Staples 2.7%  
Food & Staples Retailing 1.1%  
Costco Wholesale Corp.      31,388     12,419,290
  Shares Value ($)
Food Products 0.9%  
Mondelez International, Inc. "A"     176,219     11,003,114
Personal Products 0.7%  
Estee Lauder Companies, Inc. "A"      25,273      8,038,836
Financials 4.2%  
Capital Markets 1.3%  
Intercontinental Exchange, Inc.     135,464     16,079,577
Consumer Finance 0.6%  
American Express Co.      42,110      6,957,835
Insurance 2.3%  
Progressive Corp.     276,143     27,120,004
Health Care 10.4%  
Biotechnology 0.5%  
Exact Sciences Corp.*      50,494      6,276,909
Health Care Equipment & Supplies 4.8%  
Danaher Corp.      78,634    21,102,220
DexCom, Inc.*      41,666    17,791,382
Hologic, Inc.*     192,477    12,842,066
The Cooper Companies, Inc.      11,844     4,693,422
      56,429,090
Life Sciences Tools & Services 3.9%  
Charles River Laboratories International, Inc.*      30,549    11,300,686
Thermo Fisher Scientific, Inc.      69,436    35,028,379
      46,329,065
Pharmaceuticals 1.2%  
Zoetis, Inc.      76,887     14,328,661
Industrials 8.5%  
Aerospace & Defense 0.3%  
TransDigm Group, Inc.*       6,715      4,346,552
Building Products 0.6%  
Trex Co., Inc.*      66,391      6,785,824
Electrical Equipment 2.6%  
AMETEK, Inc.     125,978    16,818,063
Generac Holdings, Inc.*      32,935    13,672,965
      30,491,028
Industrial Conglomerates 1.2%  
Roper Technologies, Inc.      29,918     14,067,444
Machinery 0.3%  
Deere & Co.       9,101      3,210,014
Professional Services 2.4%  
TransUnion     163,931    18,001,263
Verisk Analytics, Inc.      60,772    10,618,084
      28,619,347
 
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 5
  Shares Value ($)
Road & Rail 1.1%  
Norfolk Southern Corp.      28,423     7,543,748
Uber Technologies, Inc.*     118,189     5,923,633
      13,467,381
Information Technology 42.8%  
IT Services 7.9%  
Fiserv, Inc.*     136,677    14,609,405
Global Payments, Inc.      80,212    15,042,958
PayPal Holdings, Inc.*      30,734     8,958,346
Snowflake, Inc. "A"*       1,338       323,528
Twilio, Inc. "A"*      41,718    16,443,567
Visa, Inc. "A"     164,207    38,394,881
      93,772,685
Semiconductors & Semiconductor Equipment 6.1%  
Advanced Micro Devices, Inc.*     117,364    11,024,001
Analog Devices, Inc.      56,754     9,770,769
Applied Materials, Inc.      98,473    14,022,555
MKS Instruments, Inc.      32,828     5,841,743
NVIDIA Corp.      39,875    31,903,987
      72,563,055
Software 20.4%  
Adobe, Inc.*      44,635    26,140,041
Alteryx, Inc. "A"*      25,932     2,230,671
Avalara, Inc.*      42,966     6,951,899
Cloudflare, Inc. "A"*      75,956     8,039,183
DocuSign, Inc.*      42,766    11,956,091
Dynatrace, Inc.*     129,013     7,536,939
Intuit, Inc.      29,653    14,535,011
Microsoft Corp.     404,106   109,472,315
RingCentral, Inc. "A"*      17,411     5,059,288
salesforce.com, Inc.*      70,202    17,148,243
ServiceNow, Inc.*      32,403    17,807,069
Synopsys, Inc.*      53,595    14,780,965
      241,657,715
Technology Hardware, Storage & Peripherals 8.4%  
Apple, Inc.     731,776    100,224,041
  Shares Value ($)
Materials 1.2%  
Chemicals 0.7%  
Ecolab, Inc.      39,416      8,118,514
Construction Materials 0.5%  
Vulcan Materials Co.      36,901      6,423,357
Real Estate 1.7%  
Equity Real Estate Investment Trusts (REITs)  
Equinix, Inc.      13,362    10,724,341
Prologis, Inc.      74,220     8,871,517
      19,595,858
Total Common Stocks (Cost $395,093,939) 1,184,218,226
Securities Lending Collateral 0.3%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c)
(Cost $3,312,896) 		  3,312,896      3,312,896
Cash Equivalents 0.2%
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $2,719,474)   2,719,474      2,719,474
    % of
Net Assets 		Value ($)
Total Investment Portfolio (Cost $401,126,309)   100.3 1,190,250,596
Other Assets and Liabilities, Net   (0.3) (4,147,560)
Net Assets   100.0 1,186,103,036
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2021 are as follows:
Value ($) at
12/31/2020 		Purchases
Cost ($) 		Sales
Proceeds ($) 		Net Realized
Gain/
(Loss) ($) 		Net Change in
Unrealized
Appreciation
(Depreciation) ($) 		Income ($) Capital Gain
Distributions ($) 		Number
of Shares
at
6/30/2021 		Value ($) at
6/30/2021
Securities Lending Collateral 0.3%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c)
60,706,321 — 57,393,425 (d) — — 10,119 — 3,312,896 3,312,896
Cash Equivalents 0.2%
DWS Central Cash Management Government Fund, 0.02% (b)
5,792,769 77,470,939 80,544,234 — — 675 — 2,719,474 2,719,474
66,499,090 77,470,939 137,937,659 — — 10,794 — 6,032,370 6,032,370
* Non-income producing security.
The accompanying notes are an integral part of the financial statements.
6  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2021 amounted to $3,245,704, which is 0.3% of net assets.
(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of June 30, 2021 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) $ 1,184,218,226 $ — $ — $ 1,184,218,226
Short-Term Investments (a) 6,032,370 — —     6,032,370
Total $ 1,190,250,596 $ — $ — $ 1,190,250,596
(a) See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 7
Statement of Assets and Liabilities
as of June 30, 2021 (Unaudited)
Assets  
Investments in non-affiliated securities, at value (cost $395,093,939) — including $3,245,704 of securities loaned $ 1,184,218,226
Investment in DWS Government & Agency Securities Portfolio (cost $3,312,896)* 3,312,896
Investment in DWS Central Cash Management Government Fund (cost $2,719,474) 2,719,474
Receivable for Fund shares sold 9,507
Dividends receivable 124,723
Interest receivable 1,802
Other assets 11,864
Total assets 1,190,398,492
Liabilities  
Payable upon return of securities loaned 3,312,896
Payable for Fund shares redeemed 460,884
Accrued management fee 345,353
Accrued Trustees' fees 3,439
Other accrued expenses and payables 172,884
Total liabilities 4,295,456
Net assets, at value $ 1,186,103,036
Net Assets Consist of  
Distributable earnings (loss) 858,066,236
Paid-in capital 328,036,800
Net assets, at value $ 1,186,103,036
Net Asset Value  
Class A  
Net Asset Value, offering and redemption price per share ($1,179,596,144 ÷ 26,265,643 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) $  44.91
Class B  
Net Asset Value, offering and redemption price per share ($6,506,892 ÷ 145,407 outstanding shares of beneficial interest, $0.01 par value, unlimited number of shares authorized) $  44.75
* Represents collateral on securities loaned.
Statement of Operations
for the six months ended June 30, 2021 (Unaudited)
Investment Income  
Income:  
Dividends $  3,886,507
Income distributions — DWS Central Cash Management Government Fund 675
Securities lending income, net of borrower rebates 10,119
Total income 3,897,301
Expenses:  
Management fee 2,052,178
Administration fee 541,264
Services to shareholders 972
Record keeping fee (Class B) 195
Distribution service fee (Class B) 7,532
Custodian fee 5,274
Professional fees 42,262
Reports to shareholders 24,768
Trustees' fees and expenses 17,253
Other 26,755
Total expenses 2,718,453
Net investment income 1,178,848
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) from investments 68,178,072
Change in net unrealized appreciation (depreciation) on investments 62,391,282
Net gain (loss) 130,569,354
Net increase (decrease) in net assets resulting from operations $131,748,202
 
The accompanying notes are an integral part of the financial statements.
8  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets Six Months
Ended June 30, 2021
(Unaudited) 		Year Ended
December 31,
2020
Operations:    
Net investment income $  1,178,848 $  2,413,174
Net realized gain (loss) 68,178,072 62,781,949
Change in net unrealized appreciation
(depreciation) 		62,391,282 260,409,153
Net increase (decrease) in net assets resulting from operations 131,748,202 325,604,276
Distributions to shareholders:    
Class A (65,033,932) (67,556,274)
Class B (342,026) (308,190)
Total distributions (65,375,958) (67,864,464)
Fund share transactions:    
Class A    
Proceeds from shares sold 13,950,252 70,444,423
Reinvestment of distributions 65,033,932 67,556,274
Payments for shares redeemed (92,177,788) (129,614,047)
Net increase (decrease) in net assets from Class A share transactions (13,193,604) 8,386,650
Class B    
Proceeds from shares sold 499,592 1,384,411
Reinvestment of distributions 342,026 308,190
Payments for shares redeemed (686,360) (1,250,517)
Net increase (decrease) in net assets from Class B share transactions 155,258 442,084
Increase (decrease) in net assets 53,333,898 266,568,546
Net assets at beginning of period 1,132,769,138 866,200,592
Net assets at end of period $1,186,103,036 $1,132,769,138
Other Information    
Class A    
Shares outstanding at beginning of period     26,599,512     25,934,145
Shares sold 324,763 2,030,040
Shares issued to shareholders in reinvestment of distributions 1,495,721 2,306,462
Shares redeemed (2,154,353) (3,671,135)
Net increase (decrease) in Class A shares       (333,869)        665,367
Shares outstanding at end of period 26,265,643 26,599,512
Class B    
Shares outstanding at beginning of period        141,745        127,162
Shares sold 11,792 39,019
Shares issued to shareholders in reinvestment of distributions 7,890 10,547
Shares redeemed (16,020) (34,983)
Net increase (decrease) in Class B shares          3,662         14,583
Shares outstanding at end of period 145,407 141,745
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 9
Financial Highlights
DWS Capital Growth VIP — Class A
  Six Months
Ended 6/30/21 		Years Ended December 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data
Net asset value, beginning of period $42.36 $33.24 $27.27 $30.86 $26.70 $28.22
Income (loss) from investment operations:            
Net investment incomea .05 .09 .17 .14 .20 .21
Net realized and unrealized gain (loss) 5.07 11.69 9.53 (.53) 6.47 .83
Total from investment operations 5.12 11.78 9.70 (.39) 6.67 1.04
Less distributions from:            
Net investment income (.10) (.18) (.14) (.23) (.22) (.22)
Net realized gains (2.47) (2.48) (3.59) (2.97) (2.29) (2.34)
Total distributions (2.57) (2.66) (3.73) (3.20) (2.51) (2.56)
Net asset value, end of period $44.91 $42.36 $33.24 $27.27 $30.86 $26.70
Total Return (%) 12.28 * 39.04 37.14 (1.60) 26.30 4.25
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 1,180 1,127 862 725 776 745
Ratio of expenses (%)b .49 ** .49 .50 .50 .50 .50
Ratio of net investment income (%) .21 ** .25 .55 .46 .70 .82
Portfolio turnover rate (%) 6 * 13 11 26 15 35
a Based on average shares outstanding during the period.
b Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.
* Not annualized
** Annualized
    
The accompanying notes are an integral part of the financial statements.
10  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
DWS Capital Growth VIP — Class B
  Six Months
Ended 6/30/21 		Years Ended December 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data            
Net asset value, beginning of period $42.18 $33.10 $27.16 $30.75 $26.61 $28.12
Income (loss) from investment operations:            
Net investment income (loss)a (.01) (.00) * .09 .07 .13 .15
Net realized and unrealized gain (loss) 5.05 11.66 9.49 (.54) 6.44 .83
Total from investment operations 5.04 11.66 9.58 (.47) 6.57 .98
Less distributions from:            
Net investment income — (.10) (.05) (.15) (.14) (.15)
Net realized gains (2.47) (2.48) (3.59) (2.97) (2.29) (2.34)
Total distributions (2.47) (2.58) (3.64) (3.12) (2.43) (2.49)
Net asset value, end of period $44.75 $42.18 $33.10 $27.16 $30.75 $26.61
Total Return (%) 12.13 ** 38.70 36.79 (1.87) 25.96 4.00
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 7 6 4 3 6 5
Ratio of expenses (%)b .75 *** .75 .76 .76 .75 .76
Ratio of net investment income (loss) (%) (.05) *** (.01) .29 .21 .45 .58
Portfolio turnover rate (%) 6 ** 13 11 26 15 35
a Based on average shares outstanding during the period.
b Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.
* Amount is less than $.005.
** Not annualized
*** Annualized
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 11
Notes to Financial Statements (Unaudited)
A. Organization and Significant Accounting Policies
Deutsche DWS Variable Series I (the “Trust“) is registered under the Investment Company Act of 1940, as amended (the “1940 Act“), as an open-end, management investment company organized as a Massachusetts business trust. The Trust consists of five diversified funds: DWS Bond VIP, DWS Capital Growth VIP, DWS Core Equity VIP, DWS CROCI® 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). Sales of Class B shares are subject to recordkeeping fees of up to 0.15% and Rule 12b-1 fees under the 1940 Act equal to an annual rate of up to 0.25% 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.
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 Trustees and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
12  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
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. During the six months ended June 30, 2021, 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 (0.01% annualized effective rate as of June 30, 2021) 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 June 30, 2021, 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.
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.
At June 30, 2021, the aggregate cost of investments for federal income tax purposes was $401,370,448. The net unrealized appreciation for all investments based on tax cost was $788,880,148. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $790,959,317 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $2,079,169.
The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 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
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 13
available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
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 statement purposes and a recharacterization will be made within the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.
B. Purchases and Sales of Securities
During the six months ended June 30, 2021, purchases and sales of investment securities (excluding short-term investments) aggregated $71,170,193 and $145,262,054, respectively.
C. Related Parties
Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:
First $250 million of average daily net assets .390%
Next $750 million of average daily net assets .365%
Over $1 billion of average daily net assets .340%
Accordingly, for the six months ended June 30, 2021, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.368% of the Fund’s average daily net assets.
For the period from January 1, 2021 through September 30, 2021, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain
14  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:
Class A .75%
Class B 1.00%
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee”) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2021, the Administration Fee was $541,264, of which $91,200 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 DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2021, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders Total
Aggregated 		Unpaid at
June 30, 2021
Class A $ 499 $ 148
Class B 131 43
  $ 630 $ 191
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 six months ended June 30, 2021, the Distribution Service Fee aggregated $7,532, of which $1,289 is unpaid.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2021, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $633, of which $274 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 six months ended June 30, 2021, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $762.
D. Ownership of the Fund
At June 30, 2021, 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 the owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 41%, 28% and 12%, respectively.
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 15
E. Line of Credit
The Fund and other affiliated funds (the “Participants”) share in a $350 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2021.
F. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund's accounting and financial reporting.
16  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
Information About Your Fund’s Expenses (Unaudited)
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2021 to June 30, 2021).
The tables illustrate your Fund’s expenses in two ways:
—  Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.
—  Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended June 30, 2021
Actual Fund Return Class A Class B
Beginning Account Value 1/1/21 $ 1,000.00 $ 1,000.00
Ending Account Value 6/30/21 $ 1,122.80 $ 1,121.30
Expenses Paid per $1,000* $  2.58 $  3.94
Hypothetical 5% Fund Return Class A Class B
Beginning Account Value 1/1/21 $ 1,000.00 $ 1,000.00
Ending Account Value 6/30/21 $ 1,022.36 $ 1,021.08
Expenses Paid per $1,000* $  2.46 $  3.76
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratios Class A Class B
Deutsche DWS Variable Series I — DWS Capital Growth VIP .49% .75%
For more information, please refer to the Fund’s prospectus.
These tables do not reflect charges and fees (“contract charges”) 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.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 17
Liquidity Risk Management
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee”) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2021, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2019 through November 30, 2020 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.
Proxy Voting
The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
18  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
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 2020.
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, 2019, the Fund’s performance (Class A shares) was in the 1st quartile, 3rd quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 19
outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2019.
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 0.10% 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, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. 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, 2019, 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
20  |  Deutsche DWS Variable Series I —DWS Capital Growth VIP
substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.
The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.
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.
Deutsche DWS Variable Series I —DWS Capital Growth VIP   | 21
Notes
Notes
VS1capgro-3 (R-028374-10 8/21)

 

 

June 30, 2021
Semiannual Report
Deutsche DWS Variable Series I
DWS Core Equity VIP
Contents
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 details.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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.
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NOT FDIC/NCUA INSURED    NO BANK GUARANTEE    MAY LOSE VALUE
NOT A DEPOSIT    NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
Performance Summary June 30, 2021 (Unaudited)
Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recent month-end performance. Performance does not reflect charges and fees (“contract charges”) 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. These charges and fees will reduce returns. While all share classes have the same underlying portfolio, their performance will differ.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2021 are 0.62% and 0.94% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
Growth of an Assumed $10,000 Investment
Yearly periods ended June 30
The Russell 1000® Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000® 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.
 
Comparative Results
DWS Core Equity VIP 6-Month ‡ 1-Year 3-Year 5-Year 10-Year
Class A Growth of $10,000 $11,503 $14,153 $15,858 $21,843 $37,747
Average annual total return 15.03% 41.53% 16.61% 16.91% 14.21%
Russell 1000® Index Growth of $10,000 $11,495 $14,307 $16,918 $22,871 $40,096
Average annual total return 14.95% 43.07% 19.16% 17.99% 14.90%
DWS Core Equity VIP 6-Month ‡ 1-Year 3-Year 5-Year 10-Year
Class B Growth of $10,000 $11,494 $14,121 $15,704 $21,504 $36,680
Average annual total return 14.94% 41.21% 16.23% 16.55% 13.88%
Russell 1000® Index Growth of $10,000 $11,495 $14,307 $16,918 $22,871 $40,096
Average annual total return 14.95% 43.07% 19.16% 17.99% 14.90%
The growth of $10,000 is cumulative.
‡ Total returns shown for periods less than one year are not annualized.
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 3
Portfolio Summary (Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) 6/30/21 12/31/20
Common Stocks 100% 99%
Cash Equivalents 0% 1%
  100% 100%
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) 6/30/21 12/31/20
Information Technology 29% 27%
Health Care 14% 14%
Consumer Discretionary 12% 13%
Financials 11% 10%
Communication Services 10% 11%
Industrials 8% 9%
Consumer Staples 5% 6%
Real Estate 3% 3%
Materials 3% 2%
Energy 3% 2%
Utilities 2% 3%
  100% 100%
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 5.
Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Portfolio Management Team
Pankaj Bhatnagar, PhD, Head of Investment Strategy Equity
Di Kumble, CFA, Senior Portfolio Manager Equity
Arno V. Puskar, Senior Portfolio Manager Equity
Portfolio Managers
4  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
Investment Portfolio as of June 30, 2021 (Unaudited)
  Shares Value ($)
Common Stocks 99.6%  
Communication Services 10.2%  
Entertainment 4.6%  
Activision Blizzard, Inc.      12,591   1,201,685
Electronic Arts, Inc.       3,296     474,064
Netflix, Inc.*       1,240     654,981
Roku, Inc.*       5,077   2,331,612
Spotify Technology SA*       3,036     836,691
      5,499,033
Interactive Media & Services 4.4%  
Alphabet, Inc. "A"*         768   1,875,295
Alphabet, Inc. "C"*       1,327   3,325,886
      5,201,181
Wireless Telecommunication Services 1.2%  
T-Mobile U.S., Inc.*      10,008    1,449,459
Consumer Discretionary 12.2%  
Auto Components 0.6%  
BorgWarner, Inc.       9,211     447,102
Gentex Corp.       8,058     266,639
      713,741
Diversified Consumer Services 0.5%  
Terminix Global Holdings, Inc.*      11,717      559,018
Hotels, Restaurants & Leisure 2.9%  
Choice Hotels International, Inc.       6,173     733,723
Darden Restaurants, Inc.       3,292     480,599
Vail Resorts, Inc.*       1,352     427,935
Wyndham Hotels & Resorts, Inc.      16,224   1,172,833
Yum China Holdings, Inc.       9,093     602,411
      3,417,501
Household Durables 2.0%  
D.R. Horton, Inc.      21,234   1,918,917
Newell Brands, Inc.      17,190     472,209
      2,391,126
Internet & Direct Marketing Retail 4.8%  
Amazon.com, Inc.*       1,649    5,672,824
Leisure Products 0.5%  
Peloton Interactive, Inc. "A"*       4,641      575,577
Specialty Retail 0.5%  
Carvana Co.*       2,032      613,298
Textiles, Apparel & Luxury Goods 0.4%  
NIKE, Inc. "B"       3,082      476,138
  Shares Value ($)
Consumer Staples 5.1%  
Beverages 2.7%  
Coca-Cola Co.      25,140   1,360,325
PepsiCo, Inc.      12,509   1,853,459
      3,213,784
Food & Staples Retailing 1.4%  
Beyond Meat, Inc.* (a)       3,004     473,100
Costco Wholesale Corp.       1,778     703,501
Kroger Co.      13,579     520,212
      1,696,813
Personal Products 0.3%  
Estee Lauder Companies, Inc. "A"       1,115      354,659
Tobacco 0.7%  
Altria Group, Inc.      15,845      755,490
Energy 2.8%  
Energy Equipment & Services 0.3%  
Baker Hughes Co.      16,238      371,363
Oil, Gas & Consumable Fuels 2.5%  
Devon Energy Corp.      24,482     714,630
Hess Corp.       9,344     815,918
Marathon Petroleum Corp.      23,148   1,398,602
      2,929,150
Financials 10.8%  
Banks 4.1%  
Bank of America Corp.      21,642     892,300
JPMorgan Chase & Co.      18,958   2,948,727
Wells Fargo & Co.      21,232     961,597
      4,802,624
Capital Markets 3.9%  
Ameriprise Financial, Inc.       3,716     924,838
Carlyle Group, Inc.      18,404     855,418
Intercontinental Exchange, Inc.       4,002     475,037
MSCI, Inc.       2,867   1,528,340
T. Rowe Price Group, Inc.       2,438     482,651
Tradeweb Markets, Inc. "A"       4,278     361,748
      4,628,032
Insurance 2.8%  
Arthur J. Gallagher & Co.       6,200     868,496
Everest Re Group Ltd.       1,728     435,474
Hartford Financial Services Group, Inc.       6,825     422,945
MetLife, Inc.      20,505   1,227,224
Progressive Corp.       4,275     419,848
      3,373,987
 
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 5
  Shares Value ($)
Health Care 14.0%  
Biotechnology 4.8%  
AbbVie, Inc.       8,782     989,204
Alexion Pharmaceuticals, Inc.*       3,410     626,451
Amgen, Inc.       9,957   2,427,019
Biogen, Inc.*       3,433   1,188,745
BioMarin Pharmaceutical, Inc.*       5,673     473,355
      5,704,774
Health Care Providers & Services 6.4%  
Anthem, Inc.       6,281   2,398,086
Centene Corp.*      19,598   1,429,282
DaVita, Inc.*       6,716     808,808
Guardant Health, Inc.*       3,596     446,587
HCA Healthcare, Inc.       2,235     462,064
McKesson Corp.       2,575     492,443
Molina Healthcare, Inc.*       4,177   1,057,032
Premier, Inc. "A"      12,908     449,069
      7,543,371
Pharmaceuticals 2.8%  
Bristol-Myers Squibb Co.      14,697     982,054
Johnson & Johnson       8,689   1,431,426
Viatris, Inc.      32,032     457,737
Zoetis, Inc.       2,325     433,287
      3,304,504
Industrials 8.0%  
Aerospace & Defense 0.9%  
Howmet Aerospace, Inc.*       7,460     257,146
Textron, Inc.      12,673     871,522
      1,128,668
Building Products 1.0%  
Owens Corning      11,575    1,133,192
Commercial Services & Supplies 2.1%  
Cintas Corp.         974     372,068
Republic Services, Inc.       2,761     303,738
Waste Management, Inc.      12,937   1,812,603
      2,488,409
Electrical Equipment 0.4%  
Emerson Electric Co.       5,019      483,029
Machinery 2.4%  
AGCO Corp.       5,479     714,351
Caterpillar, Inc.       2,214     481,833
Cummins, Inc.       1,253     305,494
Ingersoll Rand, Inc.*       8,419     410,931
Parker-Hannifin Corp.       3,135     962,790
      2,875,399
Road & Rail 1.2%  
Norfolk Southern Corp.       2,396     635,922
Union Pacific Corp.       3,617     795,487
      1,431,409
  Shares Value ($)
Information Technology 28.6%  
Communications Equipment 0.9%  
Cisco Systems, Inc.      19,889    1,054,117
IT Services 3.6%  
Accenture PLC "A"       1,699     500,848
DXC Technology Co.*      15,915     619,730
Visa, Inc. "A"      13,525   3,162,416
      4,282,994
Semiconductors & Semiconductor Equipment 5.2%  
Advanced Micro Devices, Inc.*       9,190     863,217
Intel Corp.      28,473   1,598,474
NVIDIA Corp.       1,145     916,114
QUALCOMM, Inc.      12,606   1,801,776
Teradyne, Inc.       7,133     955,537
      6,135,118
Software 11.6%  
ANSYS, Inc.*         853     296,042
Cadence Design Systems, Inc.*       2,307     315,644
Citrix Systems, Inc.       3,136     367,759
Dynatrace, Inc.*       9,141     534,017
Intuit, Inc.         742     363,706
Microsoft Corp.      28,928   7,836,595
Oracle Corp.      30,486   2,373,030
salesforce.com, Inc.*       2,844     694,704
Splunk, Inc.*       3,310     478,560
Synopsys, Inc.*       1,850     510,211
      13,770,268
Technology Hardware, Storage & Peripherals 7.3%  
Apple, Inc.      63,226    8,659,433
Materials 2.8%  
Chemicals 1.4%  
Air Products & Chemicals, Inc.       1,648     474,097
DuPont de Nemours, Inc.       5,945     460,202
Linde PLC *       1,668     482,219
The Mosaic Co.       8,512     271,618
      1,688,136
Containers & Packaging 0.3%  
International Paper Co.       5,570      341,496
Metals & Mining 1.1%  
Arconic Corp.*      24,583     875,647
Newmont Corp.       6,885     436,371
      1,312,018
Real Estate 3.0%  
Equity Real Estate Investment Trusts (REITs)  
AvalonBay Communities, Inc.       5,324   1,111,066
The accompanying notes are an integral part of the financial statements.
6  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
  Shares Value ($)
Iron Mountain, Inc. (a)      30,489   1,290,295
Prologis, Inc.       9,910   1,184,542
      3,585,903
Utilities 2.1%  
Electric Utilities 0.4%  
NextEra Energy, Inc.       6,941      508,637
Multi-Utilities 0.9%  
Dominion Energy, Inc.       6,265     460,916
Public Service Enterprise Group, Inc.      10,734     641,249
      1,102,165
Water Utilities 0.8%  
American Water Works Co., Inc.       5,976     921,081
Total Common Stocks (Cost $65,477,387) 118,148,919
Securities Lending Collateral 1.3%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c)
(Cost $1,590,558) 		  1,590,558    1,590,558
  Shares Value ($)
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $561,005)     561,005      561,005
    % of
Net Assets 		Value ($)
Total Investment Portfolio (Cost $67,628,950)   101.4 120,300,482
Other Assets and Liabilities, Net   (1.4) (1,659,412)
Net Assets   100.0 118,641,070
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2021 are as follows:
Value ($) at
12/31/2020 		Purchases
Cost ($) 		Sales
Proceeds ($) 		Net Realized
Gain/
(Loss) ($) 		Net Change in
Unrealized
Appreciation
(Depreciation) ($) 		Income ($) Capital Gain
Distributions ($) 		Number
of Shares
at
6/30/2021 		Value ($) at
6/30/2021
Securities Lending Collateral 1.3%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c)
3,846,941 — 2,256,383 (d) — — 2,739 — 1,590,558 1,590,558
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 0.02% (b)
740,536 5,641,383 5,820,914 — — 82 — 561,005 561,005
4,587,477 5,641,383 8,077,297 — — 2,821 — 2,151,563 2,151,563
* Non-income producing security.
(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2021 amounted to $1,562,083, which is 1.3% of net assets.
(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021.
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 7
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of June 30, 2021 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) $ 118,148,919 $ — $ — $ 118,148,919
Short-Term Investments (a) 2,151,563 — —   2,151,563
Total $ 120,300,482 $ — $ — $ 120,300,482
(a) See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
8  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
Statement of Assets and Liabilities
as of June 30, 2021 (Unaudited)
Assets  
Investments in non-affiliated securities, at value (cost $65,477,387) — including $1,562,083 of securities loaned $ 118,148,919
Investment in DWS Government & Agency Securities Portfolio (cost $1,590,558)* 1,590,558
Investment in DWS Central Cash Management Government Fund (cost $561,005) 561,005
Cash 10,000
Receivable for Fund shares sold 8,205
Dividends receivable 69,934
Interest receivable 313
Other assets 709
Total assets 120,389,643
Liabilities  
Payable upon return of securities loaned 1,590,558
Payable for Fund shares redeemed 59,967
Accrued management fee 37,862
Accrued Trustees' fees 309
Other accrued expenses and payables 59,877
Total liabilities 1,748,573
Net assets, at value $ 118,641,070
Net Assets Consist of  
Distributable earnings (loss) 61,075,628
Paid-in capital 57,565,442
Net assets, at value $ 118,641,070
Net Asset Value  
Class A  
Net Asset Value, offering and redemption price per share ($115,234,673 ÷ 8,647,190 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) $  13.33
Class B  
Net Asset Value, offering and redemption price per share ($3,406,397 ÷ 255,622 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) $  13.33
* Represents collateral on securities loaned.
Statement of Operations
for the six months ended June 30, 2021 (Unaudited)
Investment Income  
Income:  
Dividends $  743,131
Income distributions — DWS Central Cash Management Government Fund 82
Securities lending income, net of borrower rebates 2,739
Total income 745,952
Expenses:  
Management fee 221,348
Administration fee 55,053
Services to shareholders 757
Record keeping fee (Class B) 1,108
Distribution service fee (Class B) 4,241
Custodian fee 2,745
Professional fees 37,017
Reports to shareholders 15,961
Trustees' fees and expenses 3,015
Other 3,289
Total expenses 344,534
Net investment income 401,418
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) from:  
Investments 8,371,178
Payments by affiliates (see Note F) 2,512
  8,373,690
Change in net unrealized appreciation (depreciation) on investments 7,328,637
Net gain (loss) 15,702,327
Net increase (decrease) in net assets resulting from operations $16,103,745
 
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 9
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets Six Months
Ended June 30, 2021
(Unaudited) 		Year Ended
December 31,
2020
Operations:    
Net investment income $  401,418 $  997,393
Net realized gain (loss) 8,373,690 5,117,424
Change in net unrealized appreciation
(depreciation) 		7,328,637 8,536,882
Net increase (decrease) in net assets resulting from operations 16,103,745 14,651,699
Distributions to shareholders:    
Class A (6,046,519) (5,813,005)
Class B (170,977) (175,513)
Total distributions (6,217,496) (5,988,518)
Fund share transactions:    
Class A    
Proceeds from shares sold 1,349,763 2,502,706
Reinvestment of distributions 6,046,519 5,813,005
Payments for shares redeemed (8,840,644) (16,323,485)
Net increase (decrease) in net assets from Class A share transactions (1,444,362) (8,007,774)
Class B    
Proceeds from shares sold 61,964 141,998
Reinvestment of distributions 170,977 175,513
Payments for shares redeemed (650,425) (428,535)
Net increase (decrease) in net assets from Class B share transactions (417,484) (111,024)
Increase (decrease) in net assets 8,024,403 544,383
Net assets at beginning of period 110,616,667 110,072,284
Net assets at end of period $118,641,070 $110,616,667
Other Information    
Class A    
Shares outstanding at beginning of period    8,760,193    9,438,162
Shares sold 103,758 240,122
Shares issued to shareholders in reinvestment of distributions 469,450 652,414
Shares redeemed (686,211) (1,570,505)
Net increase (decrease) in Class A shares     (113,003)     (677,969)
Shares outstanding at end of period 8,647,190 8,760,193
Class B    
Shares outstanding at beginning of period      288,118      295,485
Shares sold 4,773 12,670
Shares issued to shareholders in reinvestment of distributions 13,265 19,676
Shares redeemed (50,534) (39,713)
Net increase (decrease) in Class B shares      (32,496)       (7,367)
Shares outstanding at end of period 255,622 288,118
The accompanying notes are an integral part of the financial statements.
10  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
Financial Highlights
DWS Core Equity VIP — Class A
  Six Months
Ended 6/30/21 		Years Ended December 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data
Net asset value, beginning of period $12.23 $11.31 $9.83 $14.64 $13.16 $13.29
Income (loss) from investment operations:            
Net investment incomea .05 .11 .14 .14 .17 .17
Net realized and unrealized gain (loss) 1.76 1.47 2.70 (.71) 2.44 1.09
Total from investment operations 1.81 1.58 2.84 (.57) 2.61 1.26
Less distributions from:            
Net investment income (.10) (.15) (.12) (.27) (.17) (.19)
Net realized gains (.61) (.51) (1.24) (3.97) (.96) (1.20)
Total distributions (.71) (.66) (1.36) (4.24) (1.13) (1.39)
Net asset value, end of period $13.33 $12.23 $11.31 $9.83 $14.64 $13.16
Total Return (%) 15.03 * 16.13 30.30 (5.69) 21.02 10.48
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 115 107 107 92 105 163
Ratio of expenses (%)b .60 ** .62 .62 .61 .57 .57
Ratio of net investment income (%) .72 ** 1.01 1.32 1.14 1.22 1.34
Portfolio turnover rate (%) 16 * 45 40 43 39 43
a Based on average shares outstanding during the period.
b Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.
* Not annualized
** Annualized
    
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 11
DWS Core Equity VIP — Class B
  Six Months
Ended 6/30/21 		Years Ended December 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data            
Net asset value, beginning of period $12.21 $11.29 $9.81 $14.62 $13.14 $13.26
Income (loss) from investment operations:            
Net investment incomea .02 .07 .11 .10 .13 .13
Net realized and unrealized gain (loss) 1.77 1.48 2.70 (.72) 2.44 1.10
Total from investment operations 1.79 1.55 2.81 (.62) 2.57 1.23
Less distributions from:            
Net investment income (.06) (.12) (.09) (.22) (.13) (.15)
Net realized gains (.61) (.51) (1.24) (3.97) (.96) (1.20)
Total distributions (.67) (.63) (1.33) (4.19) (1.09) (1.35)
Net asset value, end of period $13.33 $12.21 $11.29 $9.81 $14.62 $13.14
Total Return (%) 14.94 * 15.67 29.92 (6.02) 20.68 10.25
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 3 4 3 3 3 2
Ratio of expenses (%)b .92 ** .94 .94 .93 .86 .86
Ratio of net investment income (%) .39 ** .69 1.00 .82 .94 1.06
Portfolio turnover rate (%) 16 * 45 40 43 39 43
a Based on average shares outstanding during the period.
b Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.
* Not annualized
** Annualized
The accompanying notes are an integral part of the financial statements.
12  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
Notes to Financial Statements (Unaudited)
A. Organization and Significant Accounting Policies
Deutsche DWS Variable Series I (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 five diversified funds: DWS Bond VIP, DWS Capital Growth VIP, DWS Core Equity VIP, DWS CROCI® 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.
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 (“ETF’s”) 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 and ETF’s 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 Trustees and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 13
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. During the six months ended June 30, 2021, 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 (0.01% annualized effective rate as of June 30, 2021) 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 June 30, 2021, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.
Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
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.
At June 30, 2021, the aggregate cost of investments for federal income tax purposes was $67,936,714. The net unrealized appreciation for all investments based on tax cost was $52,363,768. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $53,063,609 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $699,841.
The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 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
14  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.
B. Purchases and Sales of Securities
During the six months ended June 30, 2021, purchases and sales of investment securities (excluding short-term instruments) aggregated $18,395,916 and $25,826,879, respectively.
C. Related Parties
Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA“ or the “Advisor“), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:
First $250 million of average daily net assets .390%
Next $750 million of average daily net assets .365%
Over $1 billion of average daily net assets .340%
Accordingly, for the six months ended June 30, 2021, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.39% of the Fund’s average daily net assets.
For the period from January 1, 2021 through September 30, 2021, 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 .72%
Class B 1.04%
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 15
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee”) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2021, the Administration Fee was $55,053, of which $9,417 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 DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2021, amounts charged to the Fund by DSC were as follows:
Services to Shareholders Total
Aggregated 		Unpaid at
June 30, 2021
Class A $ 379 $ 123
Class B 76 24
  $ 455 $ 147
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 six months ended June 30, 2021, the Distribution Service Fee aggregated $4,241, of which $716 is unpaid.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2021, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $656, of which $300 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 six months ended June 30, 2021, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $206.
D. Ownership of the Fund
At June 30, 2021, 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 49% and 36%, respectively.
E. Line of Credit
The Fund and other affiliated funds (the “Participants”) share in a $350 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
16  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2021.
F. Payments by Affiliates
During the six months ended June 30, 2021, the Advisor agreed to reimburse the Fund $2,512 for commission costs incurred in connection with purchases and sales of portfolio assets. The amount reimbursed was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
G. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund's accounting and financial reporting.
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 17
Information About Your Fund’s Expenses (Unaudited)
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2021 to June 30, 2021).
The tables illustrate your Fund’s expenses in two ways:
—  Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.
—  Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended June 30, 2021
Actual Fund Return Class A Class B
Beginning Account Value 1/1/21 $ 1,000.00 $ 1,000.00
Ending Account Value 6/30/21 $ 1,150.30 $ 1,149.40
Expenses Paid per $1,000* $  3.20 $  4.90
Hypothetical 5% Fund Return Class A Class B
Beginning Account Value 1/1/21 $ 1,000.00 $ 1,000.00
Ending Account Value 6/30/21 $ 1,021.82 $ 1,020.23
Expenses Paid per $1,000* $  3.01 $  4.61
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratios Class A Class B
Deutsche DWS Variable Series I — DWS Core Equity VIP .60% .92%
For more information, please refer to the Fund’s prospectus.
These tables do not reflect charges and fees (“contract charges”) 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.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.
18  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
Liquidity Risk Management
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee”) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2021, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2019 through November 30, 2020 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.
Proxy Voting
The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 19
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 2020.
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, 2019, the Fund’s performance (Class A shares) was in the 3rd quartile, 3rd 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
20  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
outperformed its benchmark in the five-year period and has underperformed its benchmark in the one- and three-year periods ended December 31, 2019.
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 0.10% 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, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. 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, 2019, 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 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
Deutsche DWS Variable Series I —DWS Core Equity VIP   | 21
substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.
The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.
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.
22  |  Deutsche DWS Variable Series I —DWS Core Equity VIP
Notes
VS1coreq-3 (R-028376-10 8/21)

 

June 30, 2021
Semiannual Report
Deutsche DWS Variable Series I
DWS Global Small Cap VIP
Contents
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. 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, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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.
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NOT FDIC/NCUA INSURED    NO BANK GUARANTEE    MAY LOSE VALUE
NOT A DEPOSIT    NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
Performance Summary June 30, 2021 (Unaudited)
Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recent month-end performance. Performance does not reflect charges and fees (“contract charges”) 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. These charges and fees will reduce returns. While all share classes have the same underlying portfolio, their performance will differ.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2021, are 1.10% and 1.39% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
Growth of an Assumed $10,000 Investment
Yearly periods ended June 30
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.
 
Comparative Results
DWS Global Small Cap VIP 6-Month ‡ 1-Year 3-Year 5-Year 10-Year
Class A Growth of $10,000 $11,224 $14,841 $12,509 $16,460 $20,175
Average annual total return 12.24% 48.41% 7.75% 10.48% 7.27%
S&P Developed SmallCap Index Growth of $10,000 $11,478 $15,264 $14,168 $19,611 $27,505
Average annual total return 14.78% 52.64% 12.32% 14.42% 10.65%
DWS Global Small Cap VIP 6-Month ‡ 1-Year 3-Year 5-Year 10-Year
Class B Growth of $10,000 $11,211 $14,796 $12,400 $16,237 $19,643
Average annual total return 12.11% 47.96% 7.43% 10.18% 6.98%
S&P Developed SmallCap Index Growth of $10,000 $11,478 $15,264 $14,168 $19,611 $27,505
Average annual total return 14.78% 52.64% 12.32% 14.42% 10.65%
The growth of $10,000 is cumulative.
‡ Total returns shown for periods less than one year are not annualized.
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 3
Portfolio Summary (Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) 6/30/21 12/31/20
Common Stocks 98% 94%
Cash Equivalents 2% 4%
Exchange-Traded Funds — 2%
  100% 100%
Sector Diversification 
(As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) 		6/30/21 12/31/20
Industrials 19% 21%
Information Technology 16% 19%
Consumer Discretionary 13% 13%
Financials 13% 10%
Health Care 12% 16%
Real Estate 8% 8%
Materials 7% 6%
Communication Services 3% 3%
Consumer Staples 3% 3%
Utilities 3% 0%
Energy 3% 1%
  100% 100%
Geographical Diversification 
(As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) 		6/30/21 12/31/20
United States 58% 61%
Japan 7% 10%
United Kingdom 6% 5%
Canada 4% 3%
Sweden 3% 2%
Germany 3% 3%
France 3% 2%
Italy 2% 2%
Korea 2% 1%
Spain 2% 2%
Austria 2% 2%
Ireland 2% 2%
Luxembourg 1% 2%
Other 5% 3%
  100% 100%
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 5.
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.
Portfolio Management Team
Pankaj Bhatnagar, PhD, Head of Investment Strategy Equity
Peter Barsa, Senior Portfolio Manager Equity
Portfolio Managers
4  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
Investment Portfolio as of June 30, 2021 (Unaudited)
  Shares Value ($)
Common Stocks 98.2%  
Austria 1.7%  
Wienerberger AG (Cost $921,227)      36,328   1,399,968
Belgium 0.4%  
Euronav NV (Cost $313,840)      37,166     345,506
Bermuda 0.9%  
Lazard Ltd. "A" (a) (Cost $345,986)      16,265     735,991
Canada 3.9%  
First Quantum Minerals Ltd.      35,275    813,010
Linamar Corp.      14,424    904,700
Pan American Silver Corp.      16,342    466,688
Quebecor, Inc. "B"      39,795  1,061,328
(Cost $2,173,478)     3,245,726
France 2.5%  
Alten SA       3,084    408,837
Rubis SCA (b)       7,967    354,163
SPIE SA      44,518  1,024,072
Television Francaise 1      29,700    300,223
(Cost $2,069,493)     2,087,295
Germany 3.0%  
Deutz AG*      88,069    712,198
PATRIZIA AG      41,336  1,078,312
United Internet AG (Registered)      16,617    679,380
(Cost $1,143,291)     2,469,890
India 0.7%  
WNS Holdings Ltd. (ADR)* (b) (Cost $193,879)       7,251     579,137
Ireland 1.5%  
Avadel Pharmaceuticals PLC (ADR)* (b)      36,283    244,185
Dalata Hotel Group PLC*     129,550    589,109
Ryanair Holdings PLC*      21,445    405,837
(Cost $1,018,531)     1,239,131
Italy 2.2%  
Buzzi Unicem SpA      42,400  1,124,670
Moncler SpA      10,050    679,972
(Cost $1,171,603)     1,804,642
Japan 7.1%  
Ai Holdings Corp.      41,617    820,390
Anicom Holdings, Inc.      76,900    615,366
BML, Inc.      15,900    542,428
Kusuri No Aoki Holdings Co., Ltd.      12,158    886,447
Optex Group Co., Ltd.      17,000    284,009
Sawai Group Holdings Co. Ltd.      12,600    561,411
Topcon Corp.      23,400    349,225
  Shares Value ($)
UT Group Co., Ltd.      31,024    904,791
Zenkoku Hosho Co., Ltd.      22,400    962,780
(Cost $3,715,656)     5,926,847
Korea 2.0%  
Hanmi Semiconductor Co. Ltd.       8,039    241,638
i-SENS, Inc.      17,591    475,643
Seah Besteel Corp.      33,022    929,536
(Cost $1,294,248)     1,646,817
Luxembourg 1.3%  
B&M European Value Retail SA (Cost $571,241)     132,015   1,046,757
Netherlands 0.4%  
Boskalis Westminster (Cost $325,687)       9,986     320,415
Norway 0.3%  
Fjordkraft Holding ASA 144A (Cost $371,495)      43,142     256,292
Portugal 0.3%  
REN - Redes Energeticas Nacionais SGPS SA (Cost $261,325)      92,222     255,884
Puerto Rico 0.6%  
Popular, Inc. (Cost $463,903)       6,166     462,758
Singapore 0.4%  
BW LPG, Ltd. 144A (Cost $336,865)      54,731     353,425
Spain 2.0%  
Fluidra SA      28,658  1,136,672
Talgo SA 144A*      88,107    498,336
(Cost $905,242)     1,635,008
Sweden 3.2%  
Dometic Group AB 144A      22,461    382,525
Fingerprint Cards AB "B"*      52,853    201,701
MIPS AB       7,101    610,689
Nobina AB 144A     129,243  1,173,413
Ratos AB "B"      55,297    335,345
(Cost $1,693,797)     2,703,673
Switzerland 1.2%  
Julius Baer Group Ltd.       7,222    471,294
Landis & Gyr Group AG       7,698    537,466
(Cost $1,055,900)     1,008,760
United Kingdom 5.4%  
Arrow Global Group PLC*      95,792    404,815
Clinigen Group PLC      44,130    377,869
Domino's Pizza Group PLC     106,754    573,856
Drax Group PLC     108,643    637,513
Electrocomponents PLC      90,511  1,288,348
Genus PLC       2,882    197,739
 
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 5
  Shares Value ($)
Johnson Service Group PLC*     265,435    644,027
Micro Focus International PLC      51,527    389,887
(Cost $2,938,917)     4,514,054
United States 57.2%  
Advanced Drainage Systems, Inc.       3,618    421,750
Affiliated Managers Group, Inc.       4,203    648,145
Agilysys, Inc.*       9,370    532,872
Alcoa Corp.*       9,747    359,079
AMC Entertainment Holdings, Inc. "A"* (b)      12,931    732,929
Americold Realty Trust (REIT)      21,223    803,291
Amicus Therapeutics, Inc.*      29,421    283,618
Anika Therapeutics, Inc.*       7,283    315,281
Arena Pharmaceuticals, Inc.*       8,863    604,457
AZEK Co., Inc.*       5,092    216,206
Builders FirstSource, Inc.* (b)      28,748  1,226,390
Casey's General Stores, Inc.       6,443  1,254,065
Cleveland-Cliffs, Inc.* (b)      46,669  1,006,184
CMC Materials, Inc.       4,593    692,349
Contango Oil & Gas Co.* (b)     177,463    766,640
Cornerstone OnDemand, Inc.*      11,453    590,746
Dril-Quip, Inc.*      16,812    568,750
Ducommun, Inc.*      26,358  1,438,092
Eastern Bankshares, Inc.      14,226    292,629
EastGroup Properties, Inc. (REIT)       4,274    702,859
Envestnet, Inc.* (b)       9,595    727,877
Essential Properties Realty Trust, Inc. (REIT)      24,757    669,429
First Financial Bankshares, Inc.       4,076    200,254
Five9, Inc.*       8,715  1,598,244
FNB Corp. (b)      30,449    375,436
Four Corners Property Trust, Inc. (REIT)      27,967    772,169
Fox Factory Holding Corp.*      10,660  1,659,336
Green Dot Corp. "A"*       6,498    304,431
Heron Therapeutics, Inc.* (b)      22,446    348,362
Hillenbrand, Inc.      10,258    452,173
Hudson Pacific Properties, Inc. (REIT)       8,486    236,081
Hyster-Yale Materials Handling, Inc. (b)       5,590    407,958
iRhythm Technologies, Inc.*       3,824    253,722
Jack in the Box, Inc. (b)       6,611    736,730
Jefferies Financial Group, Inc.      35,036  1,198,231
LivePerson, Inc.*       5,940    375,646
Lumentum Holdings, Inc.*       8,748    717,598
Marvell Technology, Inc.      24,136  1,407,851
Masonite International Corp.*       7,831    875,427
ModivCare, Inc.* (b)      10,032  1,706,196
Molina Healthcare, Inc.*       4,393  1,111,693
Multiplan Corp.* (b)      35,599    338,902
National Storage Affiliates Trust (REIT)      15,303    773,720
  Shares Value ($)
Novavax, Inc.* (b)       1,412    299,782
Option Care Health, Inc.*      29,553    646,324
Outset Medical, Inc.* (b)       6,295    314,624
Pacira BioSciences, Inc.*      15,060    913,841
Physicians Realty Trust (REIT)      38,643    713,736
QAD, Inc. "A" (b)       8,600    748,372
QTS Realty Trust, Inc. "A", (REIT)      10,438    806,857
Rush Enterprises, Inc. "A"      31,808  1,375,356
SJW Group       9,094    575,650
South State Corp.      12,286  1,004,503
Spectrum Brands Holdings, Inc.       3,735    317,624
Synovus Financial Corp.      26,456  1,160,889
Tandem Diabetes Care, Inc.*       3,297    321,128
Tenneco, Inc. "A"*      28,693    554,349
Thermon Group Holdings, Inc.* (b)      40,418    688,723
TopBuild Corp.*       6,338  1,253,530
Translate Bio, Inc.* (b)      10,019    275,923
TriState Capital Holdings, Inc.*      21,539    439,180
Varonis Systems, Inc.* (b)      21,580  1,243,440
Vital Farms, Inc.* (b)      12,874    256,965
Vroom, Inc.* (b)       8,106    339,317
WEX, Inc.*       2,214    429,295
YETI Holdings, Inc.*      16,616  1,525,681
Zions Bancorp. NA      12,982    686,229
(Cost $27,619,669)     47,595,116
Total Common Stocks (Cost $50,905,273)     81,633,092
Securities Lending Collateral 10.7%  
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (c) (d) (Cost $8,873,880)   8,873,880   8,873,880
Cash Equivalents 1.8%  
DWS Central Cash Management Government Fund, 0.02% (c) (Cost $1,530,984)   1,530,984   1,530,984
    % of
Net Assets 		Value ($)
Total Investment Portfolio (Cost $61,310,137)   110.7 92,037,956
Other Assets and Liabilities, Net   (10.7) (8,902,960)
Net Assets   100.0 83,134,996
The accompanying notes are an integral part of the financial statements.
6  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2021 are as follows:
Value ($) at
12/31/2020 		Purchases
Cost ($) 		Sales
Proceeds ($) 		Net Realized
Gain/
(Loss) ($) 		Net Change in
Unrealized
Appreciation
(Depreciation) ($) 		Income ($) Capital Gain
Distributions ($) 		Number
of Shares
at
6/30/2021 		Value ($) at
6/30/2021
Securities Lending Collateral 10.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (c) (d)
1,184,652 7,689,228 (e) — — — 9,161 — 8,873,880 8,873,880
Cash Equivalents 1.8%
DWS Central Cash Management Government Fund, 0.02% (c)
3,011,728 6,450,481 7,931,225 — — 284 — 1,530,984 1,530,984
4,196,380 14,139,709 7,931,225 — — 9,445 — 10,404,864 10,404,864
* Non-income producing security.
(a) Listed on the NASDAQ Stock Market, Inc.
(b) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2021 amounted to $9,188,460, which is 11.1% of net assets.
(c) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $246,412.
(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021.
    
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
ADR: American Depositary Receipt
REIT: Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 7
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of June 30, 2021 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        
Austria  $  1,399,968 $ — $ —  $  1,399,968
Belgium    345,506 — —    345,506
Bermuda    735,991 — —    735,991
Canada  3,245,726 — —  3,245,726
France  2,087,295 — —  2,087,295
Germany  2,469,890 — —  2,469,890
India    579,137 — —    579,137
Ireland  1,239,131 — —  1,239,131
Italy  1,804,642 — —  1,804,642
Japan  5,926,847 — —  5,926,847
Korea  1,646,817 — —  1,646,817
Luxembourg  1,046,757 — —  1,046,757
Netherlands    320,415 — —    320,415
Norway    256,292 — —    256,292
Portugal    255,884 — —    255,884
Puerto Rico    462,758 — —    462,758
Singapore    353,425 — —    353,425
Spain  1,635,008 — —  1,635,008
Sweden  2,703,673 — —  2,703,673
Switzerland  1,008,760 — —  1,008,760
United Kingdom  4,514,054 — —  4,514,054
United States 47,595,116 — — 47,595,116
Short-Term Investments (a) 10,404,864 — — 10,404,864
Total $92,037,956 $ — $ — $92,037,956
(a) See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
8  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
Statement of Assets and Liabilities
as of June 30, 2021 (Unaudited)
Assets  
Investments in non-affiliated securities, at value (cost $50,905,273) — including $9,188,460 of securities loaned $ 81,633,092
Investment in DWS Government & Agency Securities Portfolio (cost $8,873,880)* 8,873,880
Investment in DWS Central Cash Management Government Fund (cost $1,530,984) 1,530,984
Foreign currency, at value (cost $28,130) 27,504
Receivable for Fund shares sold 1,342
Dividends receivable 76,671
Interest receivable 3,785
Foreign taxes recoverable 36,916
Other assets 742
Total assets 92,184,916
Liabilities  
Payable upon return of securities loaned 8,873,880
Payable for Fund shares redeemed 86,086
Accrued management fee 34,843
Accrued Trustees' fees 589
Other accrued expenses and payables 54,522
Total liabilities 9,049,920
Net assets, at value $ 83,134,996
Net Assets Consist of  
Distributable earnings (loss) 35,938,282
Paid-in capital 47,196,714
Net assets, at value $ 83,134,996
Net Asset Value  
Class A  
Net Asset Value, offering and redemption price per share ($80,399,435 ÷ 6,040,984 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) $  13.31
Class B  
Net Asset Value, offering and redemption price per share ($2,735,561 ÷ 214,398 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) $  12.76
* Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $246,412.
Statement of Operations
for the six months ended June 30, 2021 (Unaudited)
Investment Income  
Income:  
Dividends (net of foreign taxes withheld of $65,066) $  647,786
Income distributions — DWS Central Cash Management Government Fund 284
Securities lending income, net of borrower rebates 9,161
Total income 657,231
Expenses:  
Management fee 323,899
Administration fee 39,273
Services to shareholders 1,807
Record keeping fee (Class B) 377
Distribution service fee (Class B) 3,346
Custodian fee 4,433
Professional fees 35,991
Reports to shareholders 16,170
Trustees' fees and expenses 2,142
Other 7,207
Total expenses before expense reductions 434,645
Expense reductions (101,563)
Total expenses after expense reductions 333,082
Net investment income 324,149
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) from:  
Investments 7,102,124
Foreign currency 13,602
  7,115,726
Change in net unrealized appreciation (depreciation) on:  
Investments 1,885,046
Foreign currency (6,411)
  1,878,635
Net gain (loss) 8,994,361
Net increase (decrease) in net assets resulting from operations $9,318,510
 
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 9
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets Six Months
Ended June 30, 2021
(Unaudited) 		Year Ended
December 31,
2020
Operations:    
Net investment income $  324,149 $  238,619
Net realized gain (loss) 7,115,726 (1,077,595)
Change in net unrealized appreciation
(depreciation) 		1,878,635 11,994,951
Net increase (decrease) in net assets resulting from operations 9,318,510 11,155,975
Distributions to shareholders:    
Class A (284,998) (509,172)
Class B (1,897) (12,523)
Total distributions (286,895) (521,695)
Fund share transactions:    
Class A    
Proceeds from shares sold 1,997,843 2,748,177
Reinvestment of distributions 284,998 509,172
Payments for shares redeemed (6,121,302) (8,776,264)
Net increase (decrease) in net assets from Class A share transactions (3,838,461) (5,518,915)
Class B    
Proceeds from shares sold 22,884 152,440
Reinvestment of distributions 1,897 12,523
Payments for shares redeemed (180,143) (301,149)
Net increase (decrease) in net assets from Class B share transactions (155,362) (136,186)
Increase (decrease) in net assets 5,037,792 4,979,179
Net assets at beginning of period 78,097,204 73,118,025
Net assets at end of period $83,134,996 $78,097,204
Other Information    
Class A    
Shares outstanding at beginning of period   6,344,768   6,910,961
Shares sold 155,837 293,128
Shares issued to shareholders in reinvestment of distributions 21,493 66,298
Shares redeemed (481,114) (925,619)
Net increase (decrease) in Class A shares    (303,784)    (566,193)
Shares outstanding at end of period 6,040,984 6,344,768
Class B    
Shares outstanding at beginning of period     227,196     238,523
Shares sold 1,813 18,334
Shares issued to shareholders in reinvestment of distributions 149 1,701
Shares redeemed (14,760) (31,362)
Net increase (decrease) in Class B shares     (12,798)     (11,327)
Shares outstanding at end of period 214,398 227,196
The accompanying notes are an integral part of the financial statements.
10  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
Financial Highlights
DWS Global Small Cap VIP — Class A
  Six Months
Ended 6/30/21 		Years Ended December 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data
Net asset value, beginning of period $11.90 $10.24 $8.91 $12.90 $11.78 $13.17
Income (loss) from investment operations:            
Net investment incomea .05 .04 .05 .02 .00 * .03
Net realized and unrealized gain (loss) 1.41 1.70 1.82 (2.32) 2.21 .15
Total from investment operations 1.46 1.74 1.87 (2.30) 2.21 .18
Less distributions from:            
Net investment income (.05) (.08) — (.04) — (.05)
Net realized gains — — (.54) (1.65) (1.09) (1.52)
Total distributions (.05) (.08) (.54) (1.69) (1.09) (1.57)
Net asset value, end of period $13.31 $11.90 $10.24 $8.91 $12.90 $11.78
Total Return (%)b 12.24 ** 17.36 21.29 (20.51) 20.02 1.57
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 80 76 71 63 85 89
Ratio of expenses before expense reductions (%)c 1.06 *** 1.10 1.11 1.10 1.15 1.17
Ratio of expenses after expense reductions (%)c .81 *** .81 .82 .78 .94 1.02
Ratio of net investment income (%) .81 *** .38 .54 .21 .03 .22
Portfolio turnover rate (%) 18 ** 9 23 32 42 41
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
c Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.
* Amount is less than $.005.
** Not annualized
*** Annualized
    
The accompanying notes are an integral part of the financial statements.
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 11
DWS Global Small Cap VIP — Class B
  Six Months
Ended 6/30/21 		Years Ended December 31,
  (Unaudited) 2020 2019 2018 2017 2016
Selected Per Share Data            
Net asset value, beginning of period $11.39 $9.81 $8.57 $12.47 $11.45 $12.85
Income (loss) from investment operations:            
Net investment income (loss)a .03 .01 .03 (.01) (.03) (.03)
Net realized and unrealized gain (loss) 1.35 1.62 1.75 (2.24) 2.14 .17
Total from investment operations 1.38 1.63 1.78 (2.25) 2.11 .14
Less distributions from:            
Net investment income (.01) (.05) — — — (.02)
Net realized gains — — (.54) (1.65) (1.09) (1.52)
Total distributions (.01) (.05) (.54) (1.65) (1.09) (1.54)
Net asset value, end of period $12.76 $11.39 $9.81 $8.57 $12.47 $11.45
Total Return (%)b 12.11 * 16.94 21.08 (20.74) 19.60 1.34
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 3 3 2 2 3 3
Ratio of expenses before expense reductions (%)c 1.35 ** 1.39 1.40 1.39 1.44 1.47
Ratio of expenses after expense reductions (%)c 1.09 ** 1.09 1.09 1.06 1.22 1.30
Ratio of net investment income (loss) (%) .53 ** .10 .27 (.08) (.26) (.23)
Portfolio turnover rate (%) 18 * 9 23 32 42 41
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
c Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.
* Not annualized
** Annualized
The accompanying notes are an integral part of the financial statements.
12  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
Notes to Financial Statements (Unaudited)
A. Organization and Significant Accounting Policies
Deutsche DWS Variable Series I (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 five diversified funds: DWS Bond VIP, DWS Capital Growth VIP, DWS Core Equity VIP, DWS CROCI® 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 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.
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 or ETFs are generally categorized as Level 1 securities. 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 Trustees and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 13
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 six months ended June 30, 2021, 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 (0.01% annualized effective rate as of June 30, 2021) 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 June 30, 2021, the Fund had securities on loan. Due to the increased market values of securities on loan on June 30, 2021, the value of the related collateral was less than the value of securities on loan at period end. On the next business day, additional collateral was received, and the value of collateral exceeded the value of the securities on loan.
Remaining Contractual Maturity of the Agreements as of June 30, 2021
  Overnight
and
Continuous 		<30 days Between 30
& 90 days 		>90 days Total
Securities Lending Transactions 
Common Stocks $ 8,873,880 $ — $ — $ 246,412 $ 9,120,292
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions: $ 9,120,292
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.
14  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.
At December 31, 2020, the Fund had net tax basis capital loss carryforwards of approximately $1,907,000, including short-term losses ($676,000) and long-term losses ($1,231,000), which may be applied against realized net taxable capital gains indefinitely.
At June 30, 2021, the aggregate cost of investments for federal income tax purposes was $61,644,692. The net unrealized appreciation for all investments based on tax cost was $30,393,264. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $32,005,977 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $1,612,713.
The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 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 income received from passive foreign investment companies 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.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.
Contingencies.  In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other.  Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis net of foreign withholding taxes. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.
B. Purchases and Sales of Securities
During the six months ended June 30, 2021, purchases and sales of investment securities (excluding short-term investments) aggregated $14,153,419 and $15,155,057, 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
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 15
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, 2021 through April 30, 2021, 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 .81%
Class B 1.09%
Effective May 1, 2021 through April 30, 2022, 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   .82%
Class B   1.10%
For the six months ended June 30, 2021, fees waived and/or expenses reimbursed for each class are as follows:
Class A $  98,146
Class B 3,417
  $ 101,563
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee”) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2021, the Administration Fee was $39,273, of which $6,686 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 DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2021, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders Total
Aggregated 		Unpaid at
June 30, 2021
Class A $ 319 $ 103
Class B 98 37
  $ 417 $ 140
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 six months ended June 30, 2021, the Distribution Service Fee aggregated $3,346, of which $566 is unpaid.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2021, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $663, of which $274 is unpaid.
16  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
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 June 30, 2021, three participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 33%, 27% and 14%, 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 76% and 14%, respectively.
E. Line of Credit
The Fund and other affiliated funds (the “Participants”) share in a $350 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2021.
F. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund's accounting and financial reporting.
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 17
Information About Your Fund’s Expenses (Unaudited)
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2021 to June 30, 2021).
The tables illustrate your Fund’s expenses in two ways:
—  Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.
—  Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
Expenses and Value of a $1,000 Investment for the six months ended June 30, 2021
Actual Fund Return Class A Class B
Beginning Account Value 1/1/21 $ 1,000.00 $ 1,000.00
Ending Account Value 6/30/21 $ 1,122.40 $ 1,121.10
Expenses Paid per $1,000* $  4.26 $  5.73
Hypothetical 5% Fund Return Class A Class B
Beginning Account Value 1/1/21 $ 1,000.00 $ 1,000.00
Ending Account Value 6/30/21 $ 1,020.78 $ 1,019.39
Expenses Paid per $1,000* $  4.06 $  5.46
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratios Class A Class B
Deutsche DWS Variable Series I — DWS Global Small Cap VIP .81% 1.09%
For more information, please refer to the Fund’s prospectus.
These tables do not reflect charges and fees (“contract charges”) 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.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.
18  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
Liquidity Risk Management
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee”) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2021, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2019 through November 30, 2020 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.
Proxy Voting
The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 19
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 2020.
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, 2019, the Fund’s performance (Class A shares) was in the 4th 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
20  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
one-, three-, and five-year periods ended December 31, 2019. 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 changes in the portfolio management team, effective April 19, 2018. 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 0.10% 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, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. 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, 2019, 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
Deutsche DWS Variable Series I —DWS Global Small Cap VIP   | 21
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.
The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.
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.
22  |  Deutsche DWS Variable Series I —DWS Global Small Cap VIP
Notes
VS1glosc-3 (R-028377-10 8/21)

 

   
  (b) Not applicable
   
ITEM 2. CODE OF ETHICS
   
  Not applicable.
   
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
   
  Not applicable
   
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
  Not applicable
   
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
   
  Not applicable
   
ITEM 6. SCHEDULE OF INVESTMENTS
   
  Not applicable
   

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
   
  Not applicable
   
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   
  There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
   
ITEM 11. CONTROLS AND PROCEDURES
   
  (a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
   
  (b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   
ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
   
  Not applicable
   
ITEM 13. EXHIBITS
   
  (a)(1) Not applicable
   
  (a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
   
  (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant: DWS Capital Growth VIP, DWS Core Equity VIP, and DWS Global Small Cap VIP, each a series of Deutsche DWS Variable Series I
   
   
By:

/s/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 9/24/2021

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

/s/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 9/24/2021
   
   
   
By:

/s/Diane Kenneally

Diane Kenneally

Chief Financial Officer and Treasurer

   
Date: 9/24/2021

 

 EX-99.CERT 2 ex99cert.htm CERTIFICATION

President

Form N-CSRS Certification under Sarbanes Oxley Act

 

I, Hepsen Uzcan, certify that:

 

1) I have reviewed this report, filed on behalf of DWS Capital Growth VIP, DWS Core Equity VIP, and DWS Global Small Cap VIP, each a series of Deutsche DWS Variable Series I, on form N-CSRS;
     
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     
  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
       

 

9/24/2021 /s/Hepsen Uzcan
  Hepsen Uzcan
  President
 
 

 

 

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

 

I, Diane Kenneally, certify that:

 

1) I have reviewed this report, filed on behalf of DWS Capital Growth VIP, DWS Core Equity VIP, and DWS Global Small Cap VIP, each a series of Deutsche DWS Variable Series I, on Form N-CSRS;
     
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     
  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
       

 

9/24/2021 /s/Diane Kenneally
  Diane Kenneally
  Chief Financial Officer and Treasurer

 

 EX-99.906 CERT 3 ex99906cert.htm 906 CERTIFICATION

President

 

 

Section 906 Certification under Sarbanes Oxley Act

 

 

 

I, Hepsen Uzcan, certify that:

 

1. I have reviewed this report, filed on behalf of DWS Capital Growth VIP, DWS Core Equity VIP, and DWS Global Small Cap VIP, each a series of Deutsche DWS Variable Series I, on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

9/24/2021 /s/Hepsen Uzcan
  Hepsen Uzcan
  President

 

 

 

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 DWS Capital Growth VIP, DWS Core Equity VIP, and DWS Global Small Cap VIP, each a series of Deutsche DWS Variable Series I, on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

9/24/2021 /s/Diane Kenneally
  Diane Kenneally
  Chief Financial Officer and Treasurer

 

 GRAPHIC 4 g80060img0d280ab62.jpg GRAPHIC begin 644 g80060img0d280ab62.jpg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end GRAPHIC 5 g80060img39fef4d03.jpg GRAPHIC begin 644 g80060img39fef4d03.jpg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end GRAPHIC 6 g80060img49bd0c8e2.jpg GRAPHIC begin 644 g80060img49bd0c8e2.jpg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end GRAPHIC 7 g80060img6e32f3821.jpg GRAPHIC begin 644 g80060img6e32f3821.jpg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end GRAPHIC 8 g80060imgcb92f0b22.jpg GRAPHIC begin 644 g80060imgcb92f0b22.jpg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end GRAPHIC 9 g80060imgdf4dbf591.jpg GRAPHIC begin 644 g80060imgdf4dbf591.jpg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end GRAPHIC 10 g80060imge28f8cbc1.jpg GRAPHIC begin 644 g80060imge28f8cbc1.jpg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end