Deutsche DWS Variable Series I N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-04257

Deutsche DWS Variable Series I

(Exact Name of Registrant as Specified in Charter)

345 Park Avenue

New York, NY 10154-0004

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 250-2500

Diane Kenneally

1 International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	12/31
Date of reporting period:	6/30/2018

ITEM 1. REPORT TO STOCKHOLDERS

June 30, 2018

Semiannual Report

Deutsche DWS Variable Series I

(formerly Deutsche Variable Series I)

DWS Bond VIP

(formerly Deutsche Bond VIP)

Contents

3	Performance Summary
4	Portfolio Summary
4	Portfolio Management Team
5	Investment Portfolio
11	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements
22	Information About Your Fund’s Expenses
23	Proxy Voting
24	Advisory Agreement Board Considerations and Fee Evaluation

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.

Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. 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. 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.

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 Bond VIP

Performance Summary June 30, 2018 (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.

The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated May 1, 2018 is 0.74% for Class A shares and may differ from the expense ratio disclosed in the Financial Highlights table 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

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index representing domestic taxable investment-grade bonds, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with an average maturity of one year or more.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Bond VIP		6-Month‡	1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$9,735	$9,962	$10,933	$11,709	$12,745
	Average annual total return	–2.65%	–0.38%	3.02%	3.21%	2.46%
Bloomberg Barclays U.S. Aggregate Bond Index	Growth of $10,000	$9,838	$9,960	$10,525	$11,189	$14,409
	Average annual total return	–1.62%	–0.40%	1.72%	2.27%	3.72%

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 Bond VIP | 3

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Total Net Assets)	6/30/18		12/31/17
Corporate Bonds		45%		64%
Mortgage-Backed Securities Pass-Throughs		21%		20%
Government & Agency Obligations		16%		5%
Asset-Backed		7%		5%
Collateralized Mortgage Obligations		4%		4%
Commercial Paper		4%		—
Short-Term U.S. Treasury Obligations		4%		7%
Commercial Mortgage-Backed Securities		1%		2%
Cash Equivalents, Securities Lending Collateral and other Assets and Liabilities, net		–2%		–7%
		100%		100%
Quality (Excludes Cash Equivalents and Securities Lending Collateral)	6/30/18		12/31/17
AAA		43%		29%
AA		7%		5%
A		11%		14%
BBB		29%		32%
BB		8%		13%
B		1%		5%
Not Rated		1%		2%
		100%		100%
Interest Rate Sensitivity	6/30/18		12/31/17
Effective Maturity		10.1 years		11.1 years
Effective Duration		5.9 years		5.9 years

The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Effective maturity is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Effective duration is an approximate measure of the Fund’s sensitivity to interest rate changes taking into consideration any maturity shortening features.

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 filed with the SEC on Form N-Q. The form will be available on the SEC’s Web site at sec.gov, and it also may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (800) SEC-0330. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

Portfolio Management Team

Thomas M. Farina, CFA, Managing Director

Gregory M. Staples, CFA, Managing Director

Kelly L. Beam, CFA, Director

Portfolio Managers

4 | Deutsche DWS Variable Series I — DWS Bond VIP

Investment Portfolio as of June 30, 2018 (Unaudited)

	Principal Amount ($)(a)		Value ($)
Corporate Bonds 45.2%
Consumer Discretionary 7.8%
BMW U.S. Capital LLC, 144A, 3.75%, 4/12/2028		130,000		127,232
CCO Holdings LLC, 144A, 5.125%, 5/1/2027		180,000		168,412
Charter Communications Operating LLC:
3.579%, 7/23/2020		90,000		89,886
3.75%, 2/15/2028		110,000		99,623
5.375%, 5/1/2047		70,000		63,567
Comcast Corp., 3.55%, 5/1/2028 (b)		240,000		229,205
CSC Holdings LLC, 144A, 5.375%, 2/1/2028		200,000		185,000
Discovery Communications LLC, 3.95%, 3/20/2028		125,000		118,377
Expedia Group, Inc., 3.8%, 2/15/2028		100,000		91,575
Ford Motor Co., 5.291%, 12/8/2046		50,000		46,337
General Motors Financial Co., Inc.:
3.15%, 6/30/2022		450,000		437,341
4.35%, 4/9/2025		84,000		82,795
GLP Capital LP, 5.25%, 6/1/2025		220,000		220,000
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/2024		130,000		123,500
Hilton Worldwide Finance LLC, 4.875%, 4/1/2027		220,000		212,300
KFC Holding Co., 144A, 4.75%, 6/1/2027		110,000		103,950
Lennar Corp., 5.0%, 6/15/2027		90,000		86,175
Nordstrom, Inc.:
4.0%, 3/15/2027 (b)		85,000		81,789
5.0%, 1/15/2044		135,000		124,479
Sabre GLBL, Inc., 144A, 5.375%, 4/15/2023		130,000		131,300
Toll Brothers Finance Corp., 4.875%, 11/15/2025		130,000		125,125
Viacom, Inc.:
5.875%, 2/28/2057		80,000		75,600
6.25%, 2/28/2057		85,000		80,537
Viking Cruises Ltd., 144A, 5.875%, 9/15/2027		250,000		236,250
VOC Escrow Ltd., 144A, 5.0%, 2/15/2028		145,000		136,983
Walgreens Boots Alliance, Inc., 4.8%, 11/18/2044		40,000		37,663
Walmart, Inc., 3.4%, 6/26/2023		175,000		176,302
				3,691,303
Consumer Staples 1.8%
Anheuser-Busch InBev Finance, Inc., 4.9%, 2/1/2046		140,000		143,973
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/2058		60,000		58,606
Aramark Services, Inc., 144A, 5.0%, 2/1/2028		95,000		90,725
Campbell Soup Co., 4.8%, 3/15/2048		65,000		58,765
General Mills, Inc., 4.7%, 4/17/2048		29,000		27,733

	Principal Amount ($)(a)		Value ($)
Kraft Heinz Foods Co.:
4.375%, 6/1/2046		130,000		112,464
4.625%, 1/30/2029		90,000		89,135
Maple Escrow Subsidiary, Inc.:
144A, 4.057%, 5/25/2023		90,000		90,219
144A, 4.597%, 5/25/2028		70,000		70,259
Molson Coors Brewing Co., 4.2%, 7/15/2046		120,000		107,737
				849,616
Energy 5.9%
Andeavor Logistics LP, 5.2%, 12/1/2047		60,000		57,873
Baker Hughes a GE Co., LLC:
2.773%, 12/15/2022		85,000		82,458
4.08%, 12/15/2047		55,000		49,151
Boardwalk Pipelines LP, 4.95%, 12/15/2024		110,000		111,986
Buckeye Partners LP, 4.125%, 12/1/2027		175,000		158,915
Canadian Natural Resources Ltd.:
3.85%, 6/1/2027		125,000		121,957
4.95%, 6/1/2047		80,000		82,570
Cenovus Energy, Inc., 5.4%, 6/15/2047		100,000		97,900
Continental Resources, Inc.:
4.375%, 1/15/2028		40,000		39,766
4.9%, 6/1/2044		175,000		171,392
5.0%, 9/15/2022		60,000		60,793
Enbridge, Inc., 2.9%, 7/15/2022		110,000		106,841
Energy Transfer Equity LP, 4.25%, 3/15/2023		350,000		337,754
Energy Transfer Partners LP, 5.95%, 10/1/2043		50,000		48,883
EnLink Midstream Partners LP, 5.45%, 6/1/2047		160,000		134,531
EQT Corp., 3.9%, 10/1/2027		130,000		121,234
EQT Midstream Partners LP, 4.75%, 7/15/2023		230,000		229,629
Hess Corp., 5.8%, 4/1/2047		140,000		144,668
Kinder Morgan Energy Partners LP, 4.7%, 11/1/2042		110,000		97,334
Kinder Morgan, Inc., 3.15%, 1/15/2023		150,000		144,828
MPLX LP, 3.375%, 3/15/2023		30,000		29,339
Newfield Exploration Co., 5.75%, 1/30/2022		60,000		62,475
Plains All American Pipeline LP:
2.85%, 1/31/2023		165,000		155,337
4.3%, 1/31/2043		95,000		78,478
Sunoco Logistics Partners Operations LP, 5.3%, 4/1/2044		75,000		67,983
				2,794,075
Financials 11.1%
AerCap Ireland Capital DAC, 3.3%, 1/23/2023		150,000		144,177
Ares Capital Corp.:
3.625%, 1/19/2022		130,000		126,775
3.875%, 1/15/2020		200,000		200,654
ASB Bank Ltd., 144A, 3.75%, 6/14/2023		200,000		199,101

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

Deutsche DWS Variable Series I — DWS Bond VIP | 5

	Principal Amount ($)(a)		Value ($)
AXA Equitable Holdings, Inc., 144A, 5.0%, 4/20/2048		100,000		92,261
Banco de Credito e Inversiones SA, 144A, 3.5%, 10/12/2027		225,000		203,062
Banco Santander SA, 4.379%, 4/12/2028		200,000		191,225
Barclays PLC, 4.338%, 5/16/2024		200,000		197,527
BNP Paribas SA, 144A, 4.625%, 3/13/2027		300,000		294,459
BNZ International Funding Ltd., 144A, 2.9%, 2/21/2022		250,000		243,647
Citigroup, Inc., 3.2%, 10/21/2026		170,000		158,088
Credit Suisse Group AG, 144A, 4.282%, 1/9/2028		250,000		243,187
Everest Reinsurance Holdings, Inc., 4.868%, 6/1/2044		100,000		100,524
Fairfax Financial Holdings Ltd., 144A, 4.85%, 4/17/2028		96,000		94,939
FS Investment Corp., 4.75%, 5/15/2022		40,000		39,865
HSBC Holdings PLC:
4.375%, 11/23/2026		200,000		196,599
6.0%, 5/22/2027		225,000		208,687
Intesa Sanpaolo SpA, 144A, 3.875%, 7/14/2027		150,000		129,428
JPMorgan Chase & Co., 2.95%, 10/1/2026		140,000		130,045
KKR Group Finance Co. III LLC, 144A, 5.125%, 6/1/2044		70,000		69,186
Kookmin Bank, 144A, 2.875%, 3/25/2023		200,000		191,972
Legg Mason, Inc., 5.625%, 1/15/2044		100,000		104,049
Macquarie Group Ltd., 144A, 3.189%, 11/28/2023		220,000		209,911
Manulife Financial Corp., 4.061%, 2/24/2032		200,000		189,675
Nationwide Financial Services, Inc., 144A, 5.3%, 11/18/2044		80,000		85,430
Royal Bank of Scotland Group PLC, 3.498%, 5/15/2023		200,000		193,742
Santander Holdings U.S.A., Inc., 3.7%, 3/28/2022		270,000		266,027
Standard Chartered PLC, 144A, 3.885%, 3/15/2024		5,000		4,909
Swiss Re Treasury U.S. Corp., 144A, 4.25%, 12/6/2042		70,000		70,132
The Goldman Sachs Group, Inc., 3.75%, 2/25/2026		290,000		280,981
Westpac Banking Corp., 5.0%, 9/21/2027		185,000		159,686
Woori Bank, 144A, 4.5%, 12/29/2049		250,000		235,623
				5,255,573
Health Care 2.2%
AbbVie, Inc., 4.45%, 5/14/2046		120,000		114,750
Allergan Funding SCS, 4.75%, 3/15/2045		70,000		67,384
Bayer US Finance II LLC, 144A, 4.375%, 12/15/2028		200,000		200,380
Centene Escrow I Corp., 144A, 5.375%, 6/1/2026		105,000		106,379
CVS Health Corp., 4.78%, 3/25/2038		129,000		126,881

	Principal Amount ($)(a)		Value ($)
HCA, Inc., 5.25%, 6/15/2026		130,000		129,116
Stryker Corp.:
3.375%, 11/1/2025		80,000		76,852
4.625%, 3/15/2046		40,000		40,752
Teva Pharmaceutical Finance Netherlands III BV, 6.0%, 4/15/2024		200,000		198,065
				1,060,559
Industrials 1.9%
Boeing Co., 3.625%, 3/1/2048		25,000		23,426
BWX Technologies, Inc., 144A, 5.375%, 7/15/2026		40,000		40,500
CSX Corp., 4.25%, 11/1/2066		130,000		112,395
Delta Air Lines, Inc., 4.375%, 4/19/2028		154,000		148,304
FedEx Corp., 4.05%, 2/15/2048		220,000		197,617
Union Pacific Corp., 4.5%, 9/10/2048		55,000		55,910
United Rentals North America, Inc., 5.5%, 5/15/2027		330,000		320,100
				898,252
Information Technology 4.5%
Amazon.com, Inc., 4.25%, 8/22/2057		135,000		133,115
Apple, Inc., 3.45%, 2/9/2045		60,000		53,623
Booking Holdings, Inc., 2.75%, 3/15/2023		105,000		101,303
Broadcom Corp.:
3.5%, 1/15/2028		115,000		104,722
3.625%, 1/15/2024		125,000		121,001
Dell International LLC, 144A, 5.875%, 6/15/2021		240,000		243,269
DXC Technology Co., 4.75%, 4/15/2027		190,000		191,962
Fair Isaac Corp., 144A, 5.25%, 5/15/2026		95,000		95,356
Fidelity National Information Services, Inc., 4.25%, 5/15/2028		53,000		52,783
Microchip Technology, Inc., 144A, 3.922%, 6/1/2021		97,000		97,161
Netflix, Inc., 144A, 5.875%, 11/15/2028		235,000		237,280
QUALCOMM, Inc., 3.25%, 5/20/2027		133,000		123,757
Seagate HDD Cayman, 4.25%, 3/1/2022		90,000		88,781
VMware, Inc., 3.9%, 8/21/2027		275,000		253,929
Western Digital Corp., 4.75%, 2/15/2026		245,000		238,263
				2,136,305
Materials 1.5%
Anglo American Capital PLC, 144A, 4.75%, 4/10/2027		230,000		226,765
AngloGold Ashanti Holdings PLC, 5.125%, 8/1/2022 (b)		110,000		111,650
Celulosa Arauco y Constitucion SA, 5.5%, 11/2/2047		200,000		194,602
Crown Americas LLC, 144A, 4.75%, 2/1/2026		80,000		76,000
Yamana Gold, Inc., 4.95%, 7/15/2024		110,000		109,880
				718,897

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

6 | Deutsche DWS Variable Series I — DWS Bond VIP

	Principal Amount ($)(a)		Value ($)
Real Estate 4.5%
CBL & Associates LP:
(REIT), 5.25%, 12/1/2023		95,000		82,650
(REIT), 5.95%, 12/15/2026		130,000		109,484
Crown Castle International Corp.:
(REIT), 3.8%, 2/15/2028		50,000		46,867
(REIT), 5.25%, 1/15/2023		135,000		141,458
Government Properties Income Trust:
(REIT), 3.75%, 8/15/2019		60,000		60,075
(REIT), 4.0%, 7/15/2022		125,000		123,521
Hospitality Properties Trust:
(REIT), 3.95%, 1/15/2028		70,000		63,956
(REIT), 5.25%, 2/15/2026		155,000		157,274
Host Hotels & Resorts LP, (REIT), 3.875%, 4/1/2024		135,000		131,614
MGM Growth Properties Operating Partnership LP, (REIT), 4.5%, 9/1/2026		120,000		111,450
Omega Healthcare Investors, Inc., (REIT), 4.75%, 1/15/2028 (b)		165,000		159,079
Realty Income Corp., (REIT), 3.875%, 4/15/2025		250,000		246,485
SBA Communications Corp., 144A, (REIT), 4.0%, 10/1/2022		190,000		181,688
Select Income REIT:
(REIT), 4.15%, 2/1/2022		80,000		79,443
(REIT), 4.25%, 5/15/2024		80,000		76,503
WEA Finance LLC, 144A, (REIT), 3.75%, 9/17/2024		200,000		197,589
Welltower, Inc., (REIT), 4.0%, 6/1/2025		75,000		73,555
4.25%, 4/15/2028		105,000		103,174
				2,145,865
Telecommunication Services 0.8%
Empresa Nacional de Telecomunicaciones SA, REG S, 4.75%, 8/1/2026		250,000		238,520
Verizon Communications, Inc., 5.5%, 3/16/2047		60,000		62,872
Vodafone Group PLC, 5.25%, 5/30/2048		98,000		97,729
				399,121
Utilities 3.2%
Abu Dhabi National Energy Co. PJSC, 144A, 4.375%, 4/23/2025		210,000		207,703
Calpine Corp., 144A, 5.25%, 6/1/2026		235,000		221,341
EDP Finance BV, 144A, 3.625%, 7/15/2024		200,000		191,496
Electricite de France SA, 144A, 4.75%, 10/13/2035		150,000		155,288
Israel Electric Corp., Ltd.:
144A, REG S, 4.25%, 8/14/2028		290,000		278,881
Series 6, 144A, REG S, 5.0%, 11/12/2024		300,000		307,950
Sempra Energy, 4.0%, 2/1/2048		55,000		49,432
Southern Power Co., Series F, 4.95%, 12/15/2046		87,000		87,488
				1,499,579
Total Corporate Bonds (Cost $22,206,029)				21,449,145

	Principal Amount ($)(a)		Value ($)
Mortgage-Backed Securities Pass-Throughs 20.6%
Federal Home Loan Mortgage Corp.:
3.5%, 12/1/2047		479,189		476,995
4.0%, 8/1/2039		388,651		398,355
5.5%, with various maturities from 10/1/2023 until 5/1/2041		605,512		654,735
6.5%, 3/1/2026		72,404		77,220
Federal National Mortgage Association:
12-month USD-LIBOR + 1.750%, 3.5%*, 9/1/2038		27,313		28,568
3.5%, with various maturities from 12/1/2045 until 7/1/2048 (c)		2,792,892		2,786,925
4.0%, 7/1/2048 (c)		1,300,000		1,325,352
4.5%, 7/1/2048 (c)		1,900,000		1,978,391
5.0%, 10/1/2033		30,779		33,005
5.5%, with various maturities from 12/1/2032 until 8/1/2037		603,343		654,176
6.0%, with various maturities from 4/1/2024 until 3/1/2025		164,687		179,985
6.5%, with various maturities from 11/1/2024 until 1/1/2036		55,329		60,989
Government National Mortgage Association, 4.0%, 7/1/2048 (c)		1,100,000		1,127,414
Total Mortgage-Backed Securities Pass-Throughs (Cost $9,809,695)				9,782,110
Asset-Backed 7.3%
Automobile Receivables 2.1%
Avis Budget Rental Car Funding AESOP LLC, “C”, Series 2015-1A, 144A, 3.96%, 7/20/2021		500,000		497,045
CarMax Auto Owner Trust, “A4”, Series 2015-1, 1.83%, 7/15/2020		500,000		497,946
				994,991
Credit Card Receivables 3.1%
Discover Card Execution Note Trust, “A4”, Series 2014-A4, 2.12%, 12/15/2021		500,000		497,313
World Financial Network Credit Card Master Trust, “M”, Series 2016-A, 2.33%, 4/15/2025		1,000,000		965,556
				1,462,869
Miscellaneous 2.1%
Hilton Grand Vacations Trust, “B”, Series 2014-AA, 144A, 2.07%, 11/25/2026		103,335		101,608
Taco Bell Funding LLC, “A2I”, Series 2016-1A, 144A, 3.832%, 5/25/2046		733,825		734,706
Wendy’s Funding LLC, “A2I”, Series 2018-1A, 144A, 3.573%, 3/15/2048		199,000		193,531
				1,029,845
Total Asset-Backed (Cost $3,535,147)				3,487,705

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

Deutsche DWS Variable Series I — DWS Bond VIP | 7

	Principal Amount ($)(a)		Value ($)
Commercial Mortgage-Backed Securities 1.2%
BXP Trust, “B”, Series 2017-CQHP, 144A, 1-month USD-LIBOR + 1.100%, 3.173% *, 11/15/2034		280,000		279,657
FHLMC Multifamily Structured Pass-Through Certificates:
“X1”, Series K043, Interest Only, 0.672% *, 12/25/2024		4,939,682		149,189
“X1”, Series K054, Interest Only, 1.316% *, 1/25/2026		1,835,804		134,502
Total Commercial Mortgage-Backed Securities (Cost $562,175)				563,348
Collateralized Mortgage Obligations 4.4%
Countrywide Home Loans, “A2”, Series 2006-1, 6.0%, 3/25/2036		170,253		142,563
CSFB Mortgage-Backed Pass-Through Certificates, “10A3”, Series 2005-10, 6.0%, 11/25/2035		84,944		49,378
Federal Home Loan Mortgage Corp.:
“PI”, Series 4485, Interest Only, 3.5%, 6/15/2045		1,696,923		347,109
“PI”, Series 3940, Interest Only, 4.0%, 2/15/2041		266,428		42,922
“C31”, Series 303, Interest Only, 4.5%, 12/15/2042		1,238,322		282,784
Federal National Mortgage Association, “ZL” , Series 2017-55, 3.0%, 10/25/2046		515,208		438,714
Government National Mortgage Association:
“PL”, Series 2013-19, 2.5%, 2/20/2043		684,500		616,601
“PI”, Series 2015-40, Interest Only, 4.0%, 4/20/2044		275,014		36,773
“PI”, Series 2014-108, Interest Only, 4.5%, 12/20/2039		212,952		34,028
“EI”, Series 2011-162, Interest Only, 4.5%, 5/20/2040		243,421		10,316
“IN”, Series 2009-69, Interest Only, 5.5%, 8/20/2039		63,121		11,837
“IV”, Series 2009-69, Interest Only, 5.5%, 8/20/2039		122,911		24,217
“IJ”, Series 2009-75, Interest Only, 6.0%, 8/16/2039		47,863		9,189
MASTR Alternative Loans Trust:
“5A1”, Series 2005-1, 5.5%, 1/25/2020		13,109		13,316
“8A1”, Series 2004-3, 7.0%, 4/25/2034		4,573		4,855
Total Collateralized Mortgage Obligations (Cost $2,109,624)				2,064,602
Government & Agency Obligations 15.8%
Other Government Related (d) 2.0%
Inter-American Development Bank, 7.0%, 6/15/2025		400,000		490,422
Novatek OAO, 144A, 6.604%, 2/3/2021		300,000		318,180

	Principal Amount ($)(a)			Value ($)
Provincia de Neuquen Argentina, 144A, 7.5%, 4/27/2025		150,000			124,812
					933,414
Sovereign Bonds 3.4%
French Republic Government Bond OAT, 144A, REG S, 1.75%, 5/25/2066	EUR	555,287			653,578
Kingdom of Norway, Series 480, 144A, REG S, 2.0%, 4/26/2028	NOK	7,750,000			971,290
					1,624,868
U.S. Treasury Obligations 10.4%
U.S. Treasury Bond, 3.0%, 2/15/2048		1,117,000			1,120,752
U.S. Treasury Notes:
2.75%, 5/31/2023		818,000			819,023
2.875%, 5/15/2028		3,020,000			3,026,016
					4,965,791
Total Government & Agency Obligations (Cost $7,500,061)					7,524,073
Short-Term U.S. Treasury Obligations 3.8%
U.S. Treasury Bills:
1.18% **, 8/16/2018 (e)		804,000			802,166
1.381% **, 10/11/2018		1,000,000			994,589
Total Short-Term U.S. Treasury Obligations (Cost $1,798,876)					1,796,755
Commercial Paper 4.2%
Catholic Health Initiatives, 2.708%**, 10/10/2018 (Cost $1,985,131)		2,000,000			1,985,131
	Shares			Value ($)
Securities Lending Collateral 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.80% (f) (g) (Cost $560,435)		560,435			560,435
Cash Equivalents 6.4%
DWS Central Cash Management Government Fund, 1.85% (f) (Cost $3,058,618)		3,058,618			3,058,618
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $53,125,791)		110.1			52,271,922
Other Assets and Liabilities, Net		(10.1	)		(4,796,618	)
Net Assets		100.0			47,475,304

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

8 | Deutsche DWS Variable Series I — DWS Bond VIP

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2018 are as follows:

Value ($) at 12/31/2017	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2018		Value ($) at 6/30/2018
Securities Lending Collateral 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.80% (f) (g)
1,394,433		—		833,998		—		—		4,880		—		560,435		560,435
Cash Equivalents 6.4%
DWS Central Cash Management Government Fund, 1.85% (f)
1,055,489		23,611,609		21,608,480		—		—		14,698		—		3,058,618		3,058,618
2,449,922		23,611,609		22,442,478		—		—		19,578		—		3,619,053		3,619,053

* Variable or floating rate security. These securities are shown at their current rate as of June 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables.

** Annualized yield at time of purchase; not a coupon rate.

(a) Principal amount stated in U.S. dollars unless otherwise noted.

(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, 2018 amounted to $541,450, which is 1.1% of net assets.

(c) When-issued, delayed delivery or forward commitment securities included.

(d) Government-backed debt issued by financial companies or government sponsored enterprises.

(e) At June 30, 2018, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

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

(g) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended June 30, 2018.

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.

Interest Only: Interest Only (IO) bonds represent the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.

LIBOR: London Interbank Offered Rate

PJSC: Public Joint Stock Company

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

REIT: Real Estate Investment Trust

Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Federal Home Loan Mortgage Corp. and Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.

At June 30, 2018, open futures contracts purchased were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
10 Year U.S. Treasury Note		USD		9/19/2018		7		843,186		841,313		(1,873	)
U.S. Treasury Long Bond		USD		9/19/2018		8		1,157,079		1,160,000		2,921
Ultra 10 Year U.S. Treasury Note		USD		9/19/2018		30		3,823,782		3,847,031		23,249
Total net unrealized appreciation												24,297

At June 30, 2018, open futures contracts sold were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
5 Year U.S. Treasury Note		USD		9/28/2018		12		1,367,509		1,363,406		4,103
Federal Republic of Germany Euro-Bund		EUR		9/6/2018		6		1,127,525		1,138,955		(11,430	)
Euro-OAT French Government Bond		EUR		9/6/2018		14		2,496,828		2,526,606		(29,778	)
Ultra Long U.S. Treasury Bond		USD		9/19/2018		12		1,907,225		1,914,750		(7,525	)
Total net unrealized depreciation												(44,630	)

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

Deutsche DWS Variable Series I — DWS Bond VIP | 9

As of June 30, 2018, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation ($)			Counterparty
EUR	522,000	USD	650,028		7/18/2018		39,628			HSBC Holdings PLC
NOK	7,750,000	USD	992,296		7/24/2018		39,780			Danske Bank AS
USD	221,265	EUR	190,000		8/2/2018		1,150			Credit Agricole CIB
EUR	190,000	USD	232,076		8/2/2018		9,661			Credit Agricole CIB
SEK	8,364,905	USD	938,110		8/15/2018		919			Danske Bank AS
EUR	416,000	USD	501,792		8/16/2018		14,277			Canadian Imperial Bank of Commerce
Total unrealized appreciation							105,415
Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Depreciation ($)			Counterparty
USD	963,756	JPY	104,984,001		7/19/2018		(14,296	)		Toronto-Dominion Bank
USD	971,339	CAD	1,246,000		8/7/2018		(22,930	)		Barclays Bank PLC
USD	979,516	SEK	8,364,905		8/15/2018		(42,325	)		Danske Bank AS
USD	488,216	EUR	416,000		8/16/2018		(700	)		Canadian Imperial Bank of Commerce
Total unrealized depreciation							(80,251	)

Currency Abbreviations

CAD Canadian Dollar

EUR Euro

JPY Japanese Yen

NOK Norwegian Krone

SEK Swedish Krona

USD United States Dollar

For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

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, 2018 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
Fixed Income Investments (h)
Corporate Bonds	$	—		$	21,449,145		$	—	$	21,449,145
Mortgage-Backed Securities Pass-Throughs		—			9,782,110			—		9,782,110
Asset-Backed		—			3,487,705			—		3,487,705
Commercial Mortgage-Backed Securities		—			563,348			—		563,348
Collateralized Mortgage Obligations		—			2,064,602			—		2,064,602
Government & Agency Obligations		—			7,524,073			—		7,524,073
Short-Term U.S. Treasury Obligations		—			1,796,755			—		1,796,755
Commercial Paper		—			1,985,131			—		1,985,131
Short-Term Investments (h)		3,619,053			—			—		3,619,053
Derivatives (i)
Futures Contracts		30,273			—			—		30,273
Forward Foreign Currency Contracts		—			105,415			—		105,415
Total	$	3,649,326		$	48,758,284		$	—	$	52,407,440
Liabilities	Level 1			Level 2			Level 3		Level 2
Derivatives (i)
Futures Contracts	$	(50,606	)	$	—		$	—	$	(50,606	)
Forward Foreign Currency Contracts		—			(80,251	)		—		(80,251	)
Total	$	(50,606	)	$	(80,251	)	$	—	$	(130,857	)

There have been no transfers between fair value measurement levels during the period ended June 30, 2018.

(h) See Investment Portfolio for additional detailed categorizations.

(i) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

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

10 | Deutsche DWS Variable Series I — DWS Bond VIP

Statement of Assets and Liabilities

as of June 30, 2018 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $49,506,738) — including $541,450 of securities loaned	$	48,652,869
Investment in Government & Agency Securities Portfolio (cost $560,435)*		560,435
Investment in DWS Central Cash Management Government Fund (cost $3,058,618)		3,058,618
Cash		6,225
Foreign currency, at value (cost $545,122)		534,539
Receivable for investments sold — when-issued/delayed delivery securities		2,144,938
Receivable for Fund shares sold		2,479
Interest receivable		352,638
Unrealized appreciation on forward foreign currency contracts		105,415
Other assets		864
Total assets		55,419,020
Liabilities
Payable upon Securities loaned		560,435
Payable for investments purchased — when-issued/delayed delivery securities		7,160,280
Payable for Fund shares redeemed		23,923
Payable for variation margin on futures contracts		11,998
Unrealized depreciation on forward foreign currency contracts		80,251
Accrued management fee		9,633
Accrued Trustees’ fees		955
Other accrued expenses and payables		96,241
Total liabilities		7,943,716
Net assets, at value	$	47,475,304
Net Assets Consist of
Undistributed net investment income		731,677
Net unrealized appreciation (depreciation) on:
Investments		(853,869	)
Futures		(20,333	)
Foreign currency		(10,695	)
Forward foreign currency contracts		25,164
Accumulated net realized gain (loss)		(2,649,542	)
Paid-in capital		50,252,902
Net assets, at value	$	47,475,304
Net Asset Value
Net asset value, offering and redemption price per share ($47,475,304 ÷ 8,955,702 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	5.30

* Represents collateral on securities loaned.

Statement of Operations

For the six months ended June 30, 2018 (Unaudited)
Investment Income
Income:
Interest	$	917,790
Income distributions — DWS Central Cash Management Government Fund		14,698
Securities lending income, net of borrower rebates		4,880
Total income		937,368
Expenses:
Management fee		94,988
Administration fee		24,356
Services to shareholders		613
Custodian fee		9,530
Professional fees		48,386
Reports to shareholders		11,552
Trustees’ fees and expenses		2,776
Pricing service fee		12,762
Other		3,541
Total expenses before expense reductions		208,504
Expense reductions		(42,120	)
Total expenses after expense reductions		166,384
Net investment income		770,984
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(687,569	)
Swap contracts		(123,648	)
Futures		(71,534	)
Forward foreign currency contracts		6,106
Foreign currency		22,092
		(854,553	)
Change in net unrealized appreciation (depreciation) on:
Investments		(1,250,235	)
Swap contracts		10,504
Futures		(29,643	)
Forward foreign currency contracts		19,991
Foreign currency		(22,250	)
		(1,271,633	)
Net gain (loss)		(2,126,186	)
Net increase (decrease) in net assets resulting from operations	$	(1,355,202)

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

Deutsche DWS Variable Series I — DWS Bond VIP | 11

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net investment income	$	770,984		$	2,126,076
Net realized gain (loss)		(854,553	)		1,507,922
Change in net unrealized appreciation (depreciation)		(1,271,633	)		581,196
Net increase (decrease) in net assets resulting from operations		(1,355,202	)		4,215,194
Distributions to shareholders from:
Net investment income:
Class A		(2,159,140	)		(1,811,823	)
Fund share transactions:
Class A
Proceeds from shares sold		1,142,853			5,538,840
Reinvestment of distributions		2,159,140			1,811,823
Payments for shares redeemed		(3,807,288	)		(35,229,871	)
Net increase (decrease) in net assets from Class A share transactions		(505,295	)		(27,879,208	)
Increase (decrease) in net assets		(4,019,637	)		(25,475,837	)
Net assets at beginning of period		51,494,941			76,970,778
Net assets at end of period (including undistributed net investment income of $731,677 and $2,119,833, respectively)	$	47,475,304		$	51,494,941
Other Information
Class A
Shares outstanding at beginning of period		9,030,036			13,944,103
Shares sold		207,803			986,189
Shares issued to shareholders in reinvestment of distributions		407,385			328,229
Shares redeemed		(689,522	)		(6,228,485	)
Net increase (decrease) in Class A shares		(74,334	)		(4,914,067	)
Shares outstanding at end of period		8,955,702			9,030,036

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

12 | Deutsche DWS Variable Series I — DWS Bond VIP

Financial Highlights

	Six Months Ended 6/30/18			Years Ended December 31,
Class A	(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period	$	5.70		$	5.52		$	5.49		$	5.67		$	5.51			$5.89
Income (loss) from investment operations:
Net investment incomea		.09			.17			.15			.14			.17			.16
Net realized and unrealized gain (loss)		(.24	)		.15			.17			(.15	)		.19			(.33	)
Total from investment operations		(.15	)		.32			.32			(.01	)		.36			(.17	)
Less distributions from:
Net investment income		(.25	)		(.14	)		(.29	)		(.17	)		(.20	)		(.21	)
Net asset value, end of period	$	5.30		$	5.70		$	5.52		$	5.49		$	5.67			$5.51
Total Return (%)b		(2.65	)**		5.83			5.93			(.29	)		6.63			(3.03	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		47			51			77			80			101			105
Ratio of expenses before expense reductions (%)c		.86	*		.74			.78			.69			.69			.65
Ratio of expenses after expense reductions (%)c		.68	*		.65			.64			.64			.61			.56
Ratio of net investment income (%)		3.17	*		2.99			2.68			2.54			2.99			2.88
Portfolio turnover rate (%)		109	**		205			236			197			273			418

^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.

^*  Annualized

^**  Not annualized

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

Deutsche DWS Variable Series I — DWS Bond VIP | 13

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

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

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. 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.

Debt securities are valued at prices supplied by independent pricing services approved by the Trustees of the Series. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally 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.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Swap contracts are valued daily based upon prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer. Swap contracts are generally categorized as Level 2.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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.

14 | Deutsche DWS Variable Series I — DWS Bond 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 effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the six months ended June 30, 2018, the Fund invested the cash collateral into a joint trading account in affiliated money market funds managed by DWS Investment Management Americas, Inc. As of June 30, 2018, the Fund invested the cash collateral in DWS Government & Agency Securities Portfolio. DWS Investment Management Americas, Inc. receives a management/administration fee (0.14% annualized effective rate as of June 30, 2018) 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, 2018, the Fund had securities on loan, which were classified as corporate bonds 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.

When-Issued/Delayed Delivery Securities. The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. At the time the Fund enters into a purchase transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment. Additionally, the Fund may be required to post securities and/or cash collateral in accordance with the terms of the commitment.

Certain risks may arise upon entering into when-issued or delayed delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

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.

Deutsche DWS Variable Series I — DWS Bond VIP | 15

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. Estimated tax liabilities 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, 2017, the Fund had net tax basis capital loss carryforwards of approximately $1,791,000 of long-term losses, which may be applied against realized net taxable capital gains indefinitely.

At December 31, 2017, the aggregate cost of investments for federal income tax purposes was $57,278,314. The net unrealized appreciation for all investments based on tax cost was $390,796. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $1,071,463 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $680,667.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2017 and has determined that no provision for income tax and/or uncertain tax provisions 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 investments in foreign denominated investments, investments in forward foreign currency exchange contracts, futures contracts, swap contracts, expiration of capital loss carryforward 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. 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. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. Derivative Instruments

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended June 30, 2018, the Fund invested in interest rate futures to gain exposure to different parts of the yield curve while managing the overall duration. The Fund also entered into interest rate futures contracts for non-hedging purposes to seek to enhance potential gains.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) are made or received by the Fund dependent

16 | Deutsche DWS Variable Series I — DWS Bond VIP

upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of June 30, 2018, is included in a table following the Fund’s Investment Portfolio. For the six months ended June 30, 2018, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $4,135,000 to $5,824,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $5,994,000 to $6,899,000.

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on the notional amount of the swap. A bilateral swap is a transaction between the fund and a counterparty where cash flows are exchanged between the two parties. A centrally cleared swap is a transaction executed between the fund and a counterparty, then cleared by a clearing member through a central clearinghouse. The central clearinghouse serves as the counterparty, with whom the fund exchanges cash flows.

The value of a swap is adjusted daily, and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Gains or losses are realized when the swap expires or is closed. Certain risks may arise when entering into swap transactions including counterparty default; liquidity; or unfavorable changes in interest rates or the value of the underlying reference security, commodity or index. In connection with bilateral swaps, securities and/or cash may be identified as collateral in accordance with the terms of the swap agreement to provide assets of value and recourse in the event of default. The maximum counterparty credit risk is the net present value of the cash flows to be received from or paid to the counterparty over the term of the swap, to the extent that this amount is beneficial to the Fund, in addition to any related collateral posted to the counterparty by the Fund. This risk may be partially reduced by a master netting arrangement between the Fund and the counterparty. Upon entering into a centrally cleared swap, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the notional amount of the swap. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value of the swap. In a cleared swap transaction, counterparty risk is minimized as the central clearinghouse acts as the counterparty.

An upfront payment, if any, made by the Fund is recorded as an asset in the Statement of Assets and Liabilities. An upfront payment, if any, received by the Fund is recorded as a liability in the Statement of Assets and Liabilities. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations.

Interest rate swaps are agreements in which the Fund agrees to pay to the counterparty a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund a variable rate payment, or the Fund agrees to receive from the counterparty a fixed rate payment in exchange for the counterparty agreeing to receive from the Fund a variable rate payment. The payment obligations are based on the notional amount of the swap. For the six months ended June 30, 2018, the Fund entered into interest rate swap agreements to gain exposure to different parts of the yield curve while managing overall duration and for non-hedging purposes to seek to enhance potential gains.

As of June 30, 2018 the fund did not hold open interest rate swap contracts. For the six months ended June 30, 2018, the investment in interest rate swap contracts had a total USD equivalent notional amount generally indicative of a range from $0 to approximately $2,997,000.

Forward Foreign Currency Contracts. A forward foreign currency contract (“forward currency contract“) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. The Fund is subject to foreign exchange rate risk in its securities denominated in foreign currencies. Changes in exchange rates between foreign currencies and the U.S. dollar may affect the U.S. dollar value of foreign securities or the income or gains received on these securities. To reduce the effect of currency fluctuations, the Fund may enter into forward currency contracts. For the six months ended June 30, 2018, the Fund invested in forward currency contracts to hedge its exposure to changes in foreign currency exchange rates

Deutsche DWS Variable Series I — DWS Bond VIP | 17

on its foreign currency denominated securities. In addition, the Fund also engaged in forward currency contracts for non-hedging purposes to seek to enhance potential gains.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

A summary of the open forward currency contracts as of June 30, 2018, is included in a table following the Fund’s Investment Portfolio. For the six months ended June 30, 2018, the investment in forward currency contracts U.S. dollars purchased had a total contract value generally indicative of a range from approximately $2,584,000 to $3,314,000 and the investment in forward currency contracts U.S. dollars sold had a total contract value generally indicative of a range from approximately $1,281,000 to $3,624,000.

The following tables summarize the value of the Fund’s derivative instruments held as of June 30, 2018 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivatives	Forward Contracts		Futures Contracts		Total
Interest Rate Contracts (a)	$	—	$	30,273	$	30,273
Foreign Exchange Contracts (b)		105,415		—		105,415
	$	105,415	$	30,273	$	135,688

Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts:

(a) Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

(b) Unrealized appreciation on forward foreign currency contracts

Liability Derivatives	Forward Contracts			Futures Contracts			Total
Interest Rate Contracts (c)	$	—		$	(50,606	)	$	(50,606	)
Foreign Exchange Contracts (d)		(80,251	)		—			(80,251	)
	$	(80,251	)	$	(50,606	)	$	(130,857	)

Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts:

(c) Includes cumulative depreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

(d) Unrealized depreciation on forward foreign currency contracts

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended June 30, 2018 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Forward Contracts		Swap Contracts			Futures Contracts			Total
Interest Rate Contract (e)	$	—	$	(123,648	)	$	(71,534	)	$	(195,182	)
Foreign Exchange Contracts (f)		6,106		—			—			6,106
	$	6,106	$	(123,648	)	$	(71,534	)	$	(189,076	)

Each of the above derivatives is located in the following Statement of Operations accounts:

(e) Net realized gain (loss) from swap contracts and futures, respectively

(f) Net realized gain (loss) from forward foreign currency contracts

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Change in Net Unrealized Appreciation (Depreciation)	Forward Contracts		Swap Contracts		Futures Contracts			Total
Interest Rate Contracts (g)	$	—	$	10,504	$	(29,643	)	$	(19,139	)
Foreign Exchange Contracts (h)		19,991		—		—			19,991
	$	19,991	$	10,504	$	(29,643	)	$	852

Each of the above derivatives is located in the following Statement of Operations accounts:

(g) Change in net unrealized appreciation (depreciation) on swap contracts and futures, respectively

(h) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts

As of June 30, 2018, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following tables:

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received		Net Amount of Derivative Assets
Canadian Imperial Bank of Commerce	$	14,277	$	(700	)	$	—	$	13,577
Credit Agricole CIB		10,811		—			—		10,811
Danske Bank AS		40,699		(40,699	)		—		—
HSBC Holdings PLC		39,628		—			—		39,628
	$	105,415	$	(41,399	)	$	—	$	64,016
Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged		Net Amount of Derivative Liabilities
Barclays Bank PLC	$	22,930	$	—		$	—	$	22,930
Canadian Imperial Bank of Commerce		700		(700	)		—		—
Danske Bank AS		42,325		(40,699	)		—		1,626
Toronto-Dominion Bank		14,296		—			—		14,296
	$	80,251	$	(41,399	)	$	—	$	38,852

C. Purchases and Sales of Securities

During the year ended June 30, 2018, purchases and sales of investment securities, excluding short-term investments, were as follows:

	Purchases		Sales
Non-U.S. Treasury Obligations	$	61,140,910	$	69,861,809
U.S. Treasury Obligations	$	10,298,084	$	5,984,831

D. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (formerly Deutsche 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.

Deutsche DWS Variable Series I — DWS Bond VIP | 19

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, 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, 2018, 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, 2018 through April 30, 2018, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A at 0.66%.

Effective May 1, 2018 through April 30, 2019, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A at 0.73%.

For the six months ended June 30, 2018, fees waived and/or expenses reimbursed were $42,120.

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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2018, the Administration Fee was $24,356, of which $3,917 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, 2018, the amounts charged to the Fund by DSC aggregated $281, of which $92 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended June 30, 2018, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders“ aggregated $5,973, of which $5,942 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 Vice 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 Variable NAV Money 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 Variable NAV Money 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 Variable NAV Money 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 Variable NAV Money Fund.

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the six months ended June 30, 2018, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $367.

20 | Deutsche DWS Variable Series I — DWS Bond VIP

E. Ownership of the Fund

At June 30, 2018, three participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 42%, 25% and 15%, respectively.

F. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. 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, 2018.

G. Name Changes

In connection with adoption of the DWS brand, effective July 2, 2018, Deutsche Investment Management Americas Inc., the Advisor, was renamed to DWS Investment Management Americas, Inc. In addition, the “Deutsche Funds” became known as the “DWS Funds.” As a result, Deutsche Variable Series I was renamed Deutsche DWS Variable Series I and Deutsche Bond VIP was renamed DWS Bond VIP.

Deutsche DWS Variable Series I — DWS Bond VIP | 21

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 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, 2018 to June 30, 2018).

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, 2018
Actual Fund Return		Class A
Beginning Account Value 1/1/18	$	1,000.00
Ending Account Value 6/30/18	$	973.50
Expenses Paid per $1,000*	$	3.33
Hypothetical 5% Fund Return		Class A
Beginning Account Value 1/1/18	$	1,000.00
Ending Account Value 6/30/18	$	1,021.42
Expenses Paid per $1,000*	$	3.41

* Expenses are equal to the Fund’s annualized expense ratio, 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 Ratio	Class A
Deutsche DWS Variable Series I — DWS Bond VIP		.68

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.

22 | Deutsche DWS Variable Series I — DWS Bond VIP

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 Bond VIP | 23

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of Deutsche Bond VIP’s (now known as DWS Bond VIP) (the “Fund”) investment management agreement (the “Agreement”) with Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.) (“DIMA”) in September 2017.

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’s Contract Committee 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”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– 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 distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and 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, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s (“Deutsche Bank”) Asset Management (“Deutsche AM”) division. Deutsche AM 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.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche 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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

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 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

24 | Deutsche DWS Variable Series I — DWS Bond VIP

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, 2016, the Fund’s performance (Class A shares) was in the 1st 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 outperformed its benchmark in the one-, three- and five-year periods ended December 31, 2016.

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, 2016). The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2016, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses”). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds (“Deutsche Funds”) and considered differences between the Fund and the comparable Deutsche 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 (“Deutsche Europe funds”) managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche 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 Deutsche 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 Deutsche 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 benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to Deutsche 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.

Deutsche DWS Variable Series I — DWS Bond VIP | 25

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously 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.

26 | Deutsche DWS Variable Series I — DWS Bond VIP

VS1bond-3 (R-028373-7 8/18)

June 30, 2018

Semiannual Report

Deutsche DWS Variable Series I

(formerly Deutsche Variable Series I)

DWS Capital Growth VIP

(formerly Deutsche Capital Growth VIP)

Contents

3	Performance Summary
4	Portfolio Summary
4	Portfolio Manager
5	Investment Portfolio
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements
15	Information About Your Fund’s Expenses
16	Proxy Voting
17	Advisory Agreement Board Considerations and Fee Evaluation

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. See the prospectus for details.

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, 2018 (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, 2018 are 0.50% 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

The 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.   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	$10,771	$11,927	$14,391	$21,236	$27,400
	Average annual total return	7.71%	19.27%	12.90%	16.26%	10.60%
Russell 1000 Growth Index	Growth of $10,000	$10,725	$12,251	$15,199	$21,328	$30,580
	Average annual total return	7.25%	22.51%	14.98%	16.36%	11.83%
DWS Capital Growth VIP		6-Month‡	1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$10,756	$11,893	$14,278	$20,943	$26,589
	Average annual total return	7.56%	18.93%	12.61%	15.93%	10.27%
Russell 1000 Growth Index	Growth of $10,000	$10,725	$12,251	$15,199	$21,328	$30,580
	Average annual total return	7.25%	22.51%	14.98%	16.36%	11.83%

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)	6/30/18		12/31/17
Common Stocks		98%		98%
Cash Equivalents		2%		2%
Convertible Preferred Stocks		0%		0%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	6/30/18		12/31/17
Information Technology		43%		36%
Consumer Discretionary		17%		16%
Health Care		13%		17%
Industrials		11%		11%
Financials		6%		6%
Consumer Staples		4%		5%
Telecommunication Services		2%		3%
Real Estate		2%		2%
Materials		1%		3%
Energy		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 filed with the SEC on Form N-Q. The form will be available on the SEC’s Web site at sec.gov, and it also may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (800) SEC-0330. The Fund’s portfolio holdings 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, Director

Portfolio Manager

4 | Deutsche DWS Variable Series I — DWS Capital Growth VIP

Investment Portfolio June 30, 2018 (Unaudited)

	Shares		Value ($)
Common Stocks 98.2%
Consumer Discretionary 16.9%
Hotels, Restaurants & Leisure 2.4%
Las Vegas Sands Corp.		74,365		5,678,512
McDonald’s Corp.		90,048		14,109,621
				19,788,133
Internet & Direct Marketing Retail 6.0%
Amazon.com, Inc.*		23,208		39,448,959
Booking Holdings, Inc.*		4,626		9,377,318
				48,826,277
Media 3.0%
Comcast Corp. “A”		189,976		6,233,113
Live Nation Entertainment, Inc.*		85,736		4,164,197
Walt Disney Co.		131,267		13,758,094
				24,155,404
Multiline Retail 1.0%
Dollar General Corp.		79,443		7,833,080
Specialty Retail 3.8%
Burlington Stores, Inc.*		58,773		8,847,100
Home Depot, Inc.		113,064		22,058,786
				30,905,886
Textiles, Apparel & Luxury Goods 0.7%
Carter’s, Inc.		50,924		5,519,652
Consumer Staples 3.7%
Food & Staples Retailing 1.0%
Costco Wholesale Corp.		40,435		8,450,106
Food Products 1.8%
Mondelez International, Inc. “A”		124,882		5,120,162
Pinnacle Foods, Inc.		143,481		9,334,874
				14,455,036
Personal Products 0.9%
Estee Lauder Companies, Inc. “A”		49,551		7,070,432
Energy 0.7%
Oil, Gas & Consumable Fuels
Concho Resources, Inc.*		41,969		5,806,411
Financials 6.1%
Banks 1.5%
SVB Financial Group*		42,611		12,304,352
Capital Markets 2.3%
Intercontinental Exchange, Inc.		136,545		10,042,885
The Charles Schwab Corp.		171,155		8,746,020
				18,788,905
Insurance 2.3%
Progressive Corp.		316,677		18,731,445
Health Care 12.5%
Biotechnology 3.9%
Alexion Pharmaceuticals, Inc.*		72,119		8,953,574
Biogen, Inc.*		19,983		5,799,866
BioMarin Pharmaceutical, Inc.*		47,653		4,488,913
Celgene Corp.*		83,981		6,669,771
Shire PLC (ADR)		34,869		5,885,887
				31,798,011

	Shares		Value ($)
Health Care Equipment & Supplies 4.5%
Becton, Dickinson & Co.		96,740		23,175,035
Danaher Corp.		101,296		9,995,889
The Cooper Companies, Inc.		15,783		3,716,107
				36,887,031
Life Sciences Tools & Services 2.3%
Thermo Fisher Scientific, Inc.		89,446		18,527,844
Pharmaceuticals 1.8%
Bristol-Myers Squibb Co.		60,658		3,356,814
Zoetis, Inc.		130,772		11,140,466
				14,497,280
Industrials 10.6%
Aerospace & Defense 3.3%
Boeing Co.		56,395		18,921,086
TransDigm Group, Inc.		23,263		8,028,992
				26,950,078
Electrical Equipment 1.5%
AMETEK, Inc.		165,443		11,938,367
Industrial Conglomerates 1.3%
Roper Technologies, Inc.		38,541		10,633,847
Machinery 0.9%
Parker-Hannifin Corp.		48,303		7,528,023
Professional Services 2.4%
TransUnion		118,345		8,478,236
Verisk Analytics, Inc.*		99,809		10,743,441
				19,221,677
Road & Rail 1.2%
Norfolk Southern Corp.		64,461		9,725,231
Information Technology 42.3%
Internet Software & Services 8.7%
2U, Inc.*		32,161		2,687,373
Alphabet, Inc. “A”*		17,959		20,279,123
Alphabet, Inc. “C”*		16,506		18,414,919
Facebook, Inc. “A”*		96,952		18,839,713
Spotify Technology SA*		61,357		10,322,702
				70,543,830
IT Services 8.3%
Cognizant Technology Solutions Corp. “A”		150,227		11,866,430
Fidelity National Information Services, Inc.		93,696		9,934,587
FleetCor Technologies, Inc.*		29,226		6,156,457
Global Payments, Inc.		89,747		10,005,893
Visa, Inc. “A”		223,631		29,619,926
				67,583,293
Semiconductors & Semiconductor Equipment 4.8%
Analog Devices, Inc.		85,293		8,181,305
Broadcom, Inc.		59,977		14,552,819
NVIDIA Corp.		66,499		15,753,613
				38,487,737
Software 14.4%
Activision Blizzard, Inc.		218,575		16,681,644
Adobe Systems, Inc.*		65,393		15,943,467
Intuit, Inc.		48,264		9,860,577

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

Deutsche DWS Variable Series I — DWS Capital Growth VIP | 5

	Shares		Value ($)
Microsoft Corp.		483,363		47,664,425
Oracle Corp.		178,624		7,870,173
salesforce.com, Inc.*		107,537		14,668,047
ServiceNow, Inc.*		25,850		4,458,350
				117,146,683
Technology Hardware, Storage & Peripherals 6.1%
Apple, Inc.		242,758		44,936,934
Pure Storage, Inc. “A”*		180,873		4,319,247
				49,256,181
Materials 1.6%
Chemicals 0.8%
Albemarle Corp.		67,847		6,400,008
Construction Materials 0.8%
Vulcan Materials Co.		47,537		6,135,125
Real Estate 1.8%
Equity Real Estate Investment Trusts (REITs)
Digital Realty Trust, Inc.		76,800		8,569,344
Prologis, Inc.		95,608		6,280,490
				14,849,834
Telecommunication Services 2.0%
Diversified Telecommunication Services 1.1%
Zayo Group Holdings, Inc.*		232,950		8,498,016

	Shares			Value ($)
Wireless Telecommunication Services 0.9%
T-Mobile U.S., Inc.*		123,963			7,406,789
Total Common Stocks (Cost $413,862,067)					796,650,004
Convertible Preferred Stock 0.0%
Industrials
Stericycle, Inc. Series A, 5.25% (Cost $270,100)		2,701			132,781
Cash Equivalents 1.9%
DWS Central Cash Management Government Fund, 1.85% (a) (Cost $15,317,784)		15,317,784			15,317,784
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $429,449,951)		100.1			812,100,569
Other Assets and Liabilities, Net		(0.1	)		(673,209	)
Net Assets		100.0			811,427,360

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2018 are as follows:

Value ($) at 12/31/2017	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2018		Value ($) at 6/30/2018
Securities Lending Collateral 0.00%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.80% (a) (b)
4,867,950		—		4,867,950		—		—		346		—		—		—
Cash Equivalents 1.9%
DWS Central Cash Management Government Fund, 1.85% (a)
11,650,299		82,806,724		79,139,239		—		—		61,983		—		15,317,784		15,317,784
16,518,249		82,806,724		84,007,189		—		—		62,329		—		15,317,784		15,317,784

* Non-income producing security.

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

(b) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended June 30, 2018.

ADR: American Depositary Receipt

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, 2018 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 (c)	$	796,650,004	$	—	$	—	$	796,650,004
Convertible Preferred Stock		132,781		—		—		132,781
Short-Term Investments		15,317,784		—		—		15,317,784
Total	$	812,100,569	$	—	$	—	$	812,100,569

There have been no transfers between fair value measurement levels during the period ended June 30, 2018.

(c) See Investment Portfolio for additional detailed categorizations.

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

6 | Deutsche DWS Variable Series I — DWS Capital Growth VIP

Statement of Assets and Liabilities

as of June 30, 2018 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $414,132,167)	$	796,782,785
Investment in DWS Central Cash Management Government Fund (cost $15,317,784)		15,317,784
Cash		10,000
Receivable for Fund shares sold		17,186
Dividends receivable		128,247
Interest receivable		18,422
Other assets		4,665
Total assets		812,279,089
Liabilities
Payable for Fund shares redeemed		439,760
Accrued management fee		251,832
Accrued Trustees’ fees		538
Other accrued expenses and payables		159,599
Total liabilities		851,729
Net assets, at value	$	811,427,360
Net Assets Consist of
Undistributed net investment income		2,116,989
Net unrealized appreciation (depreciation) on:
Investments		382,650,618
Accumulated net realized gain (loss)		58,702,499
Paid-in capital		367,957,254
Net assets, at value	$	811,427,360
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($805,352,856 ÷ 26,981,159 outstanding shares of beneficial interest, $.01par value, unlimited number of shares authorized)	$	29.85
Class B
Net Asset Value, offering and redemption price per share ($6,074,504 ÷ 204,033 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	29.77

Statement of Operations

for the six months ended June 30, 2018 (Unaudited)
Investment Income
Income:
Dividends	$	4,133,152
Income distributions — DWS Central Cash Management Government Fund		61,983
Securities lending income, net of borrower rebates		346
Total income		4,195,481
Expenses:
Management fee		1,481,667
Administration fee		397,445
Services to Shareholders		1,185
Record keeping fee (Class B)		38
Distribution service fee (Class B)		7,507
Custodian fee		5,255
Professional fees		43,280
Reports to shareholders		23,754
Trustees’ fees and expenses		20,176
Other		21,754
Total expenses		2,002,061
Net investment income		2,193,420
Realized and Unrealized gain (loss)
Net realized gain (loss) from investments		59,426,639
Change in net unrealized appreciation (depreciation) on investments		(2,482,622	)
Net gain (loss)		56,944,017
Net increase (decrease) in net assets resulting from operations	$	59,137,437

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

Deutsche DWS Variable Series I — DWS Capital Growth VIP | 7

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net investment income (loss)		2,193,420		$	5,732,351
Net realized gain (loss)		59,426,639			73,188,413
Change in net unrealized appreciation (depreciation)		(2,482,622	)		111,635,895
Net increase (decrease) in net assets resulting from operations		59,137,437			190,556,659
Distributions to shareholders from:
Net investment income:
Class A		(5,710,019	)		(6,004,257	)
Class B		(28,879	)		(28,374	)
Net realized gains:
Class A		(72,582,745	)		(63,517,984	)
Class B		(554,684	)		(466,086	)
Total distributions		(78,876,327	)		(70,016,701	)
Fund share transactions:
Class A
Proceeds from shares sold		22,984,839			60,007,049
Reinvestment of distributions		78,292,764			69,522,241
Payments of shares redeemed		(52,539,666	)		(217,855,027	)
Net increase (decrease) in net assets from Class A share transactions		48,737,937			(88,325,737	)
Class B
Proceeds from shares sold		168,313			1,092,096
Reinvestment of distributions		583,563			494,460
Payments of shares redeemed		(433,251	)		(1,795,865	)
Net increase (decrease) in net assets from Class B share transactions		318,625			(209,309	)
Increase (decrease) in net assets		29,317,672			32,004,912
Net assets at beginning of period		782,109,688			750,104,776
Net assets at end of year (including undistributed net investment income of $2,116,989 and $5,662,467, respectively)		811,427,360		$	782,109,688
Other Information
Class A
Shares outstanding at beginning of period		25,154,197			27,895,381
Shares sold		738,424			2,126,577
Shares issued to shareholders in reinvestment of distributions		2,776,339			2,573,944
Shares redeemed		(1,687,801	)		(7,441,705	)
Net increase (decrease) in Class A shares		1,826,962			(2,741,184	)
Shares outstanding at end of period		26,981,159			25,154,197
Class B
Shares outstanding at beginning of period		191,717			197,662
Shares sold		5,461			39,266
Shares issued to shareholders in reinvestment of distributions		20,738			18,341
Shares redeemed		(13,883	)		(63,552	)
Net increase (decrease) in Class B shares		12,316			(5,945	)
Shares outstanding at end of period		204,033			191,717

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

8 | Deutsche DWS Variable Series I — DWS Capital Growth VIP

Financial Highlights

	Six Months Ended 6/30/18			Years Ended December 31,
Class A	(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period	$	30.86		$	26.70		$	28.22		$	29.95		$	28.41		$	21.38
Income (loss) from investment operations:
Net investment income (loss)a		.09			.20			.21			.20			.21			.21
Net realized and unrealized gain (loss)		2.10			6.47			.83			2.34			3.18			7.12
Total from investment operations		2.19			6.67			1.04			2.54			3.39			7.33
Less distributions from:
Net investment income		(.23	)		(.22	)		(.22	)		(.22	)		(.18	)		(.30	)
Net realized gains		(2.97	)		(2.29	)		(2.34	)		(4.05	)		(1.67	)		—
Total distributions		(3.20	)		(2.51	)		(2.56	)		(4.27	)		(1.85	)		(.30	)
Net asset value, end of period	$	29.85		$	30.86		$	26.70		$	28.22		$	29.95		$	28.41
Total Return (%)		7.71	**		26.30			4.25			8.62			12.97			34.65
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		805			776			745			849			890			837
Ratio of expenses (%)b		.50	*		.50			.50			.49			.50			.50
Ratio of net investment income (loss) (%)		.55	*		.70			.82			.70			.76			.85
Portfolio turnover rate (%)		17	**		15			35			35			47			37

^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.

^*  Annualized

^**  Not annualized

	Six Months Ended 6/30/18			Years Ended December 31,
Class B	(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period	$	30.75		$	26.61		$	28.12		$	29.84		$	28.29		$	21.29
Income (loss) from investment operations:
Net investment income (loss)a		.05			.13			.15			.13			.09			.13
Net realized and unrealized gain (loss)		2.09			6.44			.83			2.32			3.22			7.10
Total from investment operations		2.14			6.57			.98			2.45			3.31			7.23
Less distributions from:
Net investment income		(.15	)		(.14	)		(.15	)		(.12	)		(.09	)		(.23	)
Net realized gains		(2.97	)		(2.29	)		(2.34	)		(4.05	)		(1.67	)		—
Total distributions		(3.12	)		(2.43	)		(2.49	)		(4.17	)		(1.76	)		(.23	)
Net asset value, end of period	$	29.77		$	30.75		$	26.61		$	28.12		$	29.84		$	28.29
Total Return (%)		7.56	**		25.96			4.00			8.33			12.67			34.19
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		6			6			5			4			3			14
Ratio of expenses (%)b		.76	*		.75			.76			.76			.80			.83
Ratio of net investment income (loss) (%)		.30	*		.45			.58			.44			.33			.52
Portfolio turnover rate (%)		17	**		15			35			35			47			37

^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.

^*  Annualized

^**  Not annualized

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

Deutsche DWS Variable Series I — DWS Capital Growth VIP | 9

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Deutsche DWS Variable Series I (formerly Deutsche 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 (formerly Deutsche Bond VIP), DWS Capital Growth VIP (formerly Deutsche Capital Growth VIP), DWS Core Equity VIP (formerly Deutsche Core Equity VIP), DWS CROCI^® International VIP (formerly Deutsche CROCI^® International VIP) and DWS Global Small Cap VIP (formerly Deutsche Global Small Cap VIP) (individually or collectively hereinafter referred to as a “Fund“ or the “Funds“). These financial statements report on DWS Capital Growth VIP. The Trust is intended to be the underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies (“Participating Insurance Companies“).

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and record keeping fees equal to an annual rate of 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 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

10 | Deutsche DWS Variable Series I — DWS Capital Growth VIP

respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best 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, 2018, the Fund invested the cash collateral into a joint trading account in affiliated money market funds including DWS Government & Agency Securities Portfolio managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.14% annualized effective rate as of June 30, 2018) 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, 2018, the Fund had no securities on loan.

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

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

Federal Income Taxes. The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code, as amended. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

At December 31, 2017, the aggregate cost of investments for federal income tax purposes was

$402,632,939. The net unrealized appreciation for all investments based on tax cost was $384,640,938. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $395,623,726 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $10,982,788.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2017 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.

Deutsche DWS Variable Series I — DWS Capital Growth VIP | 11

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, 2018, purchases and sales of investment securities (excluding short-term investments) aggregated $133,221,678 and $164,133,864, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (formerly Deutsche 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.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, 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, 2018, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.37% of the Fund’s average daily net assets.

For the period from January 1, 2018 through September 30, 2018, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.82	%
Class B	1.07	%

12 | Deutsche DWS Variable Series I — DWS Capital Growth VIP

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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2018, the Administration Fee was $397,445, of which $67,588 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, 2018, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at June 30, 2018
Class A	$	365	$	105
Class B		96		96
	$	461	$	201

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 0.25% of 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, 2018, the Distribution Service Fee aggregated $7,507, of which $1,273 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended June 30, 2018, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders“ aggregated $5,536, all of which 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 Vice 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 Variable NAV Money 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 Variable NAV Money 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 Variable NAV Money 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 Variable NAV Money Fund.

Securities Lending Agent Fees. Deutsche Bank AG serves as lending agent for the Fund. For the six months ended June 30, 2018, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $25.

D. Ownership of the Fund

At June 30, 2018, two participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 56% and 30%, respectively. Two participating insurance companies were the owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 61% and 30%, respectively.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 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

Deutsche DWS Variable Series I — DWS Capital Growth VIP | 13

Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. 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, 2018.

F. Name Changes

In connection with adoption of the DWS brand, effective July 2, 2018, Deutsche Investment Management Americas Inc., the Advisor, was renamed to DWS Investment Management Americas, Inc. In addition, the “Deutsche Funds” became known as the “DWS Funds.” As a result, Deutsche Variable Series I was renamed Deutsche DWS Variable Series I and Deutsche Capital Growth VIP was renamed DWS Capital Growth VIP.

14 | 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, 2018 to June 30, 2018).

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, 2018
Actual Fund Return	Class A		Class B
Beginning Account Value 1/1/18	$	1,000.00	$	1,000.00
Ending Account Value 6/30/18	$	1,077.10	$	1,075.60
Expenses Paid per $1,000*	$	2.58	$	3.91
Hypothetical 5% Fund Return	Class A		Class B
Beginning Account Value 1/1/18	$	1,000.00	$	1,000.00
Ending Account Value 6/30/18	$	1,022.32	$	1,021.03
Expenses Paid per $1,000*	$	2.51	$	3.81

* 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		.50	%		.76	%

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 | 15

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.

16 | 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 Deutsche Capital Growth VIP’s (now known as DWS Capital Growth VIP) (the “Fund”) investment management agreement (the “Agreement”) with Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.) (“DIMA”) in September 2017.

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’s Contract Committee 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”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

— 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 Contract Committee and 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, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s (“Deutsche Bank”) Asset Management (“Deutsche AM”) division. Deutsche AM 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.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche 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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

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 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

Deutsche DWS Variable Series I — DWS Capital Growth VIP | 17

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, 2016, the Fund’s performance (Class A shares) was in the 2nd quartile, 1st 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 outperformed its benchmark in the five-year period, has underperformed its benchmark in the one-year period and has performed equal to its benchmark in the three-year period ended December 31, 2016.

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, 2016). 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, 2016, 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 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 Deutsche U.S. registered funds (“Deutsche Funds”) and considered differences between the Fund and the comparable Deutsche 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 (“Deutsche Europe funds”) managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche 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 Deutsche 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 Deutsche 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 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

18 | Deutsche DWS Variable Series I — DWS Capital Growth VIP

related to Deutsche 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 documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously 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 | 19

VS1capgro-3 (R-028374-7 8/18)

June 30, 2018

Semiannual Report

Deutsche DWS Variable Series I

(formerly Deutsche Variable Series I)

DWS Core Equity VIP

(formerly Deutsche Core Equity VIP)

Contents

3	Performance Summary
4	Portfolio Summary
4	Portfolio Management Team
5	Investment Portfolio
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
15	Information About Your Fund’s Expenses
16	Proxy Voting
17	Advisory Agreement Board Considerations and Fee Evaluation

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.

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, 2018 (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, 2018 are 0.57% and 0.86% 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

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	$10,353	$11,543	$13,810	$19,542	$27,469
	Average annual total return	3.53%	15.43%	11.36%	14.34%	10.63%
Russell 1000® Index	Growth of $10,000	$10,285	$11,454	$13,916	$18,729	$26,414
	Average annual total return	2.85%	14.54%	11.64%	13.37%	10.20%
DWS Core Equity VIP		6-Month‡	1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$10,336	$11,509	$13,702	$19,285	$26,829
	Average annual total return	3.36%	15.09%	11.07%	14.04%	10.37%
Russell 1000® Index	Growth of $10,000	$10,285	$11,454	$13,916	$18,729	$26,414
	Average annual total return	2.85%	14.54%	11.64%	13.37%	10.20%

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)	6/30/18		12/31/17
Common Stocks		99%		99%
Cash Equivalents		1%		1%
Exchange-Traded Fund		0%		0%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Exchange-Traded Fund, Cash Equivalents and Securities Lending Collateral)	6/30/18		12/31/17
Information Technology		26%		23%
Health Care		15%		14%
Financials		14%		15%
Consumer Discretionary		12%		11%
Industrials		10%		10%
Energy		6%		6%
Consumer Staples		6%		8%
Real Estate		3%		4%
Materials		3%		4%
Utilities		3%		3%
Telecommunication Services		2%		2%
		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 filed with the SEC on Form N-Q. The form will be available on the SEC’s Web site at sec.gov, and it also may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (800) SEC-0330. The Fund’s portfolio holdings 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, Managing Director

Di Kumble, CFA, Managing Director

Arno V. Puskar, Director

Portfolio Managers

4 | Deutsche DWS Variable Series I — DWS Core Equity VIP

Investment Portfolio June 30, 2018 (Unaudited)

	Shares		Value ($)
Common Stocks 99.2%
Consumer Discretionary 12.4%
Hotels, Restaurants & Leisure 1.5%
Hyatt Hotels Corp. “A”		10,295		794,259
Yum! Brands, Inc.		10,176		795,967
				1,590,226
Internet & Direct Marketing Retail 3.7%
Amazon.com, Inc.*		2,345		3,986,031
Media 3.8%
Comcast Corp. “A”		12,714		417,146
Live Nation Entertainment, Inc.*		25,831		1,254,611
Omnicom Group, Inc.		31,073		2,369,938
				4,041,695
Multiline Retail 0.7%
Macy’s, Inc.		20,611		771,470
Specialty Retail 1.4%
Best Buy Co., Inc.		13,554		1,010,857
Ulta Salon, Cosmetics & Fragrance, Inc.*		2,045		477,426
				1,488,283
Textiles, Apparel & Luxury Goods 1.3%
NIKE, Inc. “B”		17,038		1,357,588
Consumer Staples 6.0%
Beverages 2.3%
PepsiCo, Inc.		22,213		2,418,329
Food & Staples Retailing 1.7%
Costco Wholesale Corp.		2,675		559,022
Sprouts Farmers Market, Inc.*		10,971		242,130
Sysco Corp.		15,287		1,043,949
				1,845,101
Food Products 1.7%
Conagra Brands, Inc.		19,682		703,238
Pinnacle Foods, Inc.		5,219		339,548
The JM Smucker Co.		6,589		708,186
				1,750,972
Personal Products 0.3%
Coty, Inc. “A”		23,218		327,374
Energy 6.2%
Energy Equipment & Services 1.0%
Transocean Ltd.*		23,405		314,563
Weatherford International PLC*		233,143		767,041
				1,081,604
Oil, Gas & Consumable Fuels 5.2%
Concho Resources, Inc.*		6,009		831,345
Devon Energy Corp.		17,080		750,837
Laredo Petroleum, Inc.*		126,275		1,214,765
Newfield Exploration Co.*		60,484		1,829,641
ONEOK, Inc.		13,341		931,602
				5,558,190
Financials 13.5%
Banks 5.5%
Bank of the Ozarks, Inc.		10,412		468,956
Citigroup, Inc.		21,282		1,424,191

	Shares			Value ($)
PacWest Bancorp.		10,410			514,462
Popular, Inc.		33,112			1,496,994
U.S. Bancorp.		38,491			1,925,320
					5,829,923
Capital Markets 5.6%
Ameriprise Financial, Inc.		6,870			960,976
Ares Capital Corp.		66,200			1,088,990
BlackRock, Inc.		1,410			703,646
CME Group, Inc.		6,840			1,121,213
E*TRADE Financial Corp.*		7,478			457,354
Intercontinental Exchange, Inc.		7,430			546,477
LPL Financial Holdings, Inc.		8,155			534,479
S&P Global, Inc.		2,880			587,203
					6,000,338
Insurance 2.4%
Chubb Ltd.		10,293			1,307,417
MetLife, Inc.		28,227			1,230,697
					2,538,114
Health Care 14.5%
Biotechnology 5.5%
AbbVie, Inc.		20,432			1,893,025
Amgen, Inc.		9,454			1,745,114
Celgene Corp.*		5,576			442,846
Gilead Sciences, Inc.		24,437			1,731,117
					5,812,102
Health Care Equipment & Supplies 2.8%
Becton, Dickinson & Co.		6,261			1,499,885
Boston Scientific Corp.*		36,600			1,196,820
Hill-Rom Holdings, Inc.		3,385			295,646
					2,992,351
Health Care Providers & Services 3.0%
Cardinal Health, Inc.		2,879			140,582
Cigna Corp.		7,912			1,344,644
CVS Health Corp.		6,061			390,025
McKesson Corp.		10,042			1,339,603
					3,214,854
Pharmaceuticals 3.2%
Eli Lilly & Co.		6,286			536,384
Endo International PLC*		22,559			212,731
Merck & Co., Inc.		21,702			1,317,312
Pfizer, Inc.		37,418			1,357,525
					3,423,952
Industrials 9.9%
Aerospace & Defense 2.3%
Boeing Co.		7,237			2,428,086
Electrical Equipment 1.5%
AMETEK, Inc.		18,953			1,367,648
Regal Beloit Corp.		2,866			234,439
					1,602,087
Industrial Conglomerates 2.4%
Honeywell International, Inc.		7,627			1,098,670
Roper Technologies, Inc.		5,510	��		1,520,264
					2,618,934

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

Deutsche DWS Variable Series I — DWS Core Equity VIP | 5

	Shares		Value ($)
Machinery 1.6%
Ingersoll-Rand PLC		8,723		782,715
Parker-Hannifin Corp.		5,764		898,319
				1,681,034
Road & Rail 1.7%
Norfolk Southern Corp.		12,013		1,812,401
Trading Companies & Distributors 0.4%
WESCO International, Inc.*		7,043		402,155
Information Technology 25.5%
Internet Software & Services 4.0%
Alphabet, Inc. “A”*		1,619		1,828,159
Alphabet, Inc. “C”*		1,674		1,867,598
Facebook, Inc. “A”*		2,836		551,091
				4,246,848
IT Services 6.1%
Conduent, Inc.*		75,848		1,378,158
Gartner, Inc.*		8,803		1,169,919
Leidos Holdings, Inc.		9,733		574,247
PayPal Holdings, Inc.*		2,339		194,769
Visa, Inc. “A”		24,250		3,211,912
				6,529,005
Semiconductors & Semiconductor Equipment 5.1%
Applied Materials, Inc.		7,184		331,829
Intel Corp.		49,234		2,447,422
NVIDIA Corp.		7,179		1,700,705
Teradyne, Inc.		25,312		963,628
				5,443,584
Software 5.0%
Microsoft Corp.		53,620		5,287,468
Technology Hardware, Storage & Peripherals 5.3%
Apple, Inc.		25,548		4,729,190
Hewlett Packard Enterprise Co.		59,404		867,893
				5,597,083
Materials 3.1%
Chemicals 1.2%
Albemarle Corp.		13,465		1,270,153
Containers & Packaging 0.3%
Graphic Packaging Holding Co.		18,463		267,898

	Shares			Value ($)
Metals & Mining 1.6%
Freeport-McMoRan, Inc.		99,225			1,712,624
Real Estate 3.4%
Equity Real Estate Investment Trusts (REITs)
AvalonBay Communities, Inc.		6,199			1,065,546
Digital Realty Trust, Inc.		14,145			1,578,299
Prologis, Inc.		15,618			1,025,947
					3,669,792
Telecommunication Services 1.7%
Diversified Telecommunication Services 0.3%
Zayo Group Holdings, Inc.*		7,265			265,027
Wireless Telecommunication Services 1.4%
T-Mobile U.S., Inc.*		25,386			1,516,814
Utilities 3.0%
Electric Utilities 1.4%
NextEra Energy, Inc.		9,078			1,516,298
Multi-Utilities 0.7%
CenterPoint Energy, Inc.		24,847			688,511
Water Utilities 0.9%
American Water Works Co., Inc.		11,681			997,324
Total Common Stocks (Cost $75,131,292)					105,581,623
Exchange-Traded Fund 0.2%
Vanguard S&P 500 ETF (Cost $249,422)		1,077			268,722
Cash Equivalents 0.6%
DWS Central Cash Management Government Fund, 1.85% (a) (Cost $594,498)		594,498			594,498
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $75,975,212)		100.0			106,444,843
Other Assets and Liabilities, Net		(0.0	)		(31,170	)
Net Assets		100.0			106,413,673

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2018 are as follows:

Value ($) at 12/31/2017		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2018		Value ($) at 6/30/2018
	Securities Lending Collateral 0.00%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.80% (a) (b)
	151,800		—		151,800		—		—		17		—		—		—
	Cash Equivalents 0.6%
	DWS Central Cash Management Government Fund, 1.85% (a)
	1,008,753		5,594,980		6,009,235		—		—		4,287		—		594,498		594,498
	1,160,553		5,594,980		6,161,035		—		—		4,304		—		594,498		594,498

* Non-income producing security.

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

(b) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended June 30, 2018.

S&P: Standard & Poor’s

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

6 | Deutsche DWS Variable Series I — DWS Core Equity VIP

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, 2018 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 (c)	$	105,581,623	$	—	$	—	$	105,581,623
Exchange-Traded Fund		268,722		—		—		268,722
Short-Term Investments		594,498		—		—		594,498
Total	$	106,444,843	$	—	$	—	$	106,444,843

There have been no transfers between fair value measurement levels during the period ended June 30, 2018.

(c) See Investment Portfolio for additional detailed categorizations.

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

Deutsche DWS Variable Series I — DWS Core Equity VIP | 7

Statement of

Assets and Liabilities

as of June 30, 2018 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $75,380,714)	$	105,850,345
Investment in DWS Central Cash Management Government Fund (cost $594,498)		594,498
Cash		10,000
Receivable for Fund shares sold		12,263
Dividends receivable		103,125
Interest receivable		671
Other assets		1,406
Total assets		106,572,308
Liabilities
Payable for Fund shares redeemed		48,326
Accrued management fee		34,440
Accrued Trustees’ fees		1,941
Other accrued expenses and payables		73,928
Total liabilities		158,635
Net assets, at value	$	106,413,673
Net Assets Consist of
Undistributed net investment income		618,177
Net unrealized appreciation (depreciation) on investments		30,469,631
Accumulated net realized gain (loss)		5,957,018
Paid-in capital		69,368,847
Net assets, at value	$	106,413,673
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($103,212,307 ÷ 9,561,776 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	10.79
Class B
Net Asset Value, offering and redemption price per share ($3,201,366 ÷ 296,640 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	10.79

Statement of Operations

for the six months ended June 30, 2018 (Unaudited)
Investment Income
Income:
Dividends (net of foreign taxes withheld of $1,354)	$	941,714
Income distributions — DWS Central Cash Management Government Fund		4,287
Securities lending income, net of borrower rebates		17
Total income		946,018
Expenses:
Management fee		208,677
Administration fee		53,507
Services to Shareholders		748
Record keeping fee (Class B)		1,081
Distribution service fee (Class B)		4,050
Custodian fee		5,543
Professional fees		37,650
Reports to shareholders		11,008
Trustees’ fees and expenses		4,738
Other		5,221
Total expenses		332,223
Net investment income		613,795
Realized and Unrealized gain (loss)
Net realized gain (loss) from investments		6,236,511
Change in net unrealized appreciation (depreciation) on investments		(3,090,233	)
Net gain (loss)		3,146,278
Net increase (decrease) in net assets resulting from operations	$	3,760,073

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

8 | Deutsche DWS Variable Series I — DWS Core Equity VIP

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net investment income	$	613,795		$	1,926,984
Net realized gain (loss)		6,236,511			28,444,398
Change in net unrealized appreciation (depreciation)		(3,090,233	)		(233,266	)
Net increase (decrease) in net assets resulting from operations		3,760,073			30,138,116
Distributions to shareholders from:
Net investment income:
Class A		(1,850,167	)		(2,009,714	)
Class B		(48,764	)		(19,752	)
Net realized gains:
Class A		(27,611,898	)		(11,463,123	)
Class B		(867,827	)		(148,543	)
Total distributions		(30,378,656	)		(13,641,132	)
Fund share transactions:
Class A
Proceeds from shares sold		1,952,291			5,272,674
Reinvestment of distributions		29,462,065			13,472,837
Payments for shares redeemed		(7,381,439	)		(92,783,533	)
Net increase (decrease) in net assets from Class A share transactions		24,032,917			(74,038,022	)
Class B
Proceeds from shares sold		241,391			902,144
Reinvestment of distributions		916,591			168,295
Payments for shares redeemed		(291,827	)		(259,704	)
Net increase (decrease) in net assets from Class B share transactions		866,155			810,735
Increase (decrease) in net assets		(1,719,511	)		(56,730,303	)
Net assets at beginning of period		108,133,184			164,863,487
Net assets at end of period (including undistributed net investment income of $618,177 and $1,903,313, respectively)	$	106,413,673		$	108,133,184
Other Information
Class A
Shares outstanding at beginning of period		7,169,708			12,373,665
Shares sold		152,512			384,902
Shares issued to shareholders in reinvestment of distributions		2,816,641			1,047,654
Shares redeemed		(577,085	)		(6,636,513	)
Net increase (decrease) in Class A shares		2,392,068			(5,203,957	)
Shares outstanding at end of period		9,561,776			7,169,708
Class B
Shares outstanding at beginning of period		215,292			155,615
Shares sold		16,953			65,736
Shares issued to shareholders in reinvestment of distributions		87,628			13,087
Shares redeemed		(23,233	)		(19,146	)
Net increase (decrease) in Class B shares		81,348			59,677
Shares outstanding at end of period		296,640			215,292

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

Deutsche DWS Variable Series I — DWS Core Equity VIP | 9

Financial Highlights

	Six Months Ended 6/30/18			Years Ended December 31,
Class A	(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period	$	14.64		$	13.16		$	13.29		$	12.76		$	11.54		$	8.53
Income (loss) from investment operations:
Net investment incomea		.08			.17			.17			.15			.10			.12
Net realized and unrealized gain (loss)		.31			2.44			1.09			.52			1.25			3.03
Total from investment operations		.39			2.61			1.26			.67			1.35			3.15
Less distributions from:
Net investment income		(.27	)		(.17	)		(.19	)		(.11	)		(.13	)		(.14	)
Net realized gains		(3.97	)		(.96	)		(1.20	)		(.03	)		—			—
Total distributions		(4.24	)		(1.13	)		(1.39	)		(.14	)		(.13	)		(.14	)
Net asset value, end of period	$	10.79		$	14.64		$	13.16		$	13.29		$	12.76		$	11.54
Total Return (%)		3.53	**		21.02			10.48			5.25			11.82			37.33
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		103			105			163			176			220			223
Ratio of expenses (%)b		.61	*		.57			.57			.56			.57			.56
Ratio of net investment income (%)		1.16	*		1.22			1.34			1.11			.86			1.20
Portfolio turnover rate (%)		19	**		39			43			27			48			238

^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.

^*  Annualized

^**  Not annualized

	Six Months Ended 6/30/18			Years Ended December 31,
Class B	(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period	$	14.62		$	13.14		$	13.26		$	12.74		$	11.53		$	8.51
Income (loss) from investment operations:
Net investment incomea		.05			.13			.13			.11			.07			.10
Net realized and unrealized gain (loss)		.31			2.44			1.10			.52			1.24			3.03
Total from investment operations		.36			2.57			1.23			.63			1.31			3.13
Less distributions from:
Net investment income		(.22	)		(.13	)		(.15	)		(.08	)		(.10	)		(.11	)
Net realized gains		(3.97	)		(.96	)		(1.20	)		(.03	)		—			—
Total distributions		(4.19	)		(1.09	)		(1.35	)		(.11	)		(.10	)		(.11	)
Net asset value, end of period	$	10.79		$	14.62		$	13.14		$	13.26		$	12.74		$	11.53
Total Return (%)		3.36	**		20.68			10.25			4.91			11.52			37.10
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		3			3			2			2			2			2
Ratio of expenses (%)b		.93	*		.86			.86			.83			.82			.76
Ratio of net investment income (%)		.84	*		.94			1.06			.84			.60			1.00
Portfolio turnover rate (%)		19	**		39			43			27			48			238

^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.

^*  Annualized

^**  Not annualized

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

10 | 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 (formerly Deutsche 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 (formerly Deutsche Bond VIP), DWS Capital Growth VIP (formerly Deutsche Capital Growth VIP), DWS Core Equity VIP (formerly Deutsche Core Equity VIP), DWS CROCI^® International VIP (formerly Deutsche CROCI^® International VIP) and DWS Global Small Cap VIP (formerly Deutsche 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 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 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 used 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 | 11

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 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, 2018, the Fund invested the cash collateral into a joint trading account in affiliated money market funds including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.14% annualized effective rate as of June 30, 2018) 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, 2018, the Fund had no securities on loan.

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

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

Federal Income Taxes. The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code, as amended. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

At December 31, 2017, the aggregate cost of investments for federal income tax purposes was $75,051,100. The net unrealized appreciation for all investments based on tax cost was $33,364,632. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $34,391,168 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $1,026,536.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2017 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

12 | Deutsche DWS Variable Series I — DWS Core Equity VIP

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, 2018, purchases and sales of investment securities (excluding short-term investments) aggregated $20,186,362 and $24,688,517, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (formerly Deutsche 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.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, 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, 2018, 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, 2018 through September 30, 2018, 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) of each class as follows:

Class A	.80	%
Class B	1.08	%

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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2018, the Administration Fee was $53,507, of which $8,831 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,

Deutsche DWS Variable Series I — DWS Core Equity VIP | 13

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, 2018, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at June 30, 2018
Class A	$	326	$	118
Class B		60		19
	$	386	$	137

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 0.25% of 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, 2018, the Distribution Service Fee aggregated $4,050, of which $668 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended June 30, 2018, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders“ aggregated $5,310, all of which 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 Vice 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 Variable NAV Money 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 Variable NAV Money 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 Variable NAV Money 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 Variable NAV Money Fund.

Security Lending Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the six months ended June 30, 2018, the Fund incurred lending agent fees to Deutsche Bank AG for the amount of $1.

D. Ownership of the Fund

At June 30, 2018, two participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 49% and 17%, 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 45% and 35%, respectively.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. 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, 2018.

F. Name Changes

In connection with adoption of the DWS brand, effective July 2, 2018, Deutsche Investment Management Americas Inc., the Advisor, was renamed to DWS Investment Management Americas, Inc. In addition, the “Deutsche Funds” became known as the “DWS Funds.” As a result, Deutsche Variable Series I was renamed Deutsche DWS Variable Series I and Deutsche Core Equity VIP was renamed DWS Core Equity VIP.

14 | Deutsche DWS Variable Series I — DWS Core Equity 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, 2018 to June 30, 2018).

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, 2018
Actual Fund Return		Class A		Class B
Beginning Account Value 1/1/18	$	1,000.00	$	1,000.00
Ending Account Value 6/30/18	$	1,035.30	$	1,033.60
Expenses Paid per $1,000*	$	3.08	$	4.69
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 1/1/18	$	1,000.00	$	1,000.00
Ending Account Value 6/30/18	$	1,021.77	$	1,020.18
Expenses Paid per $1,000*	$	3.06	$	4.66

* 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		.61	%		.93	%

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 Core Equity VIP | 15

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.

16 | Deutsche DWS Variable Series I — DWS Core Equity VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of Deutsche Core Equity VIP’s (now known as DWS Core Equity VIP) (the “Fund”) investment management agreement (the “Agreement”) with Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.) (“DIMA”) in September 2017.

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’s Contract Committee 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”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– 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 Contract Committee and 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, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s (“Deutsche Bank”) Asset Management (“Deutsche AM”) division. Deutsche AM 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.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche 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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

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 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, 2016, the Fund’s performance (Class A shares) was in the 3rd quartile, 1st quartile and 1st

Deutsche DWS Variable Series I — DWS Core Equity VIP | 17

quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the three- and five-year periods and has underperformed its benchmark in the one-year period ended December 31, 2016.

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, 2016). 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, 2016, 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 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 Deutsche U.S. registered fund (“Deutsche Funds”) and considered differences between the Fund and the comparable Deutsche 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 (“Deutsche Europe funds”) managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche 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 Deutsche 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 Deutsche 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 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 Deutsche 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 documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the

18 | Deutsche DWS Variable Series I — DWS Core Equity VIP

experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously 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 Core Equity VIP | 19

VS1coreq-3 (R-028376-7 8/18)

June 30, 2018

Semiannual Report

Deutsche DWS Variable Series I

(formerly Deutsche Variable Series I)

DWS CROCI^® International VIP

(formerly Deutsche CROCI^® International VIP)

Contents

3	Performance Summary
4	Portfolio Summary
4	Portfolio Management Team
5	Investment Portfolio
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements
15	Information About Your Fund’s Expenses
16	Proxy Voting
17	Advisory Agreement Board Considerations and Fee Evaluation

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

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

In June 2016, citizens of the United Kingdom approved a referendum to leave the European Union (EU) and in March 2017, the United Kingdom initiated its withdrawal from the EU, which is expected to take place by March 2019. Significant uncertainty exists regarding the United Kingdom’s anticipated withdrawal from the EU and any adverse economic and political effects such withdrawal may have on the United Kingdom, other EU countries and the global economy.

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 CROCI^® International VIP

Performance Summary June 30, 2018 (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, 2018 are 1.10% and 1.38% 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

MSCI EAFE Index is an equity index which captures large and mid cap representation across developed markets countries around the world, excluding the US and Canada.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS CROCI® International VIP		6-Month‡			1-Year			3-Year			5-Year			10-Year
Class A	Growth of $10,000		$9,648			$10,263			$10,541			$11,557			$9,019
	Average annual total return		–3.52	%		2.63	%		1.77	%		2.94	%		–1.03	%
MSCI EAFE® Index	Growth of $10,000		$9,725			$10,684			$11,544			$13,662			$13,236
	Average annual total return		–2.75	%		6.84	%		4.90	%		6.44	%		2.84	%
DWS CROCI® International VIP		6-Month‡			1-Year			3-Year			5-Year			10-Year
Class B	Growth of $10,000		$9,625			$10,237			$10,448			$11,408			$8,798
	Average annual total return		–3.75	%		2.37	%		1.47	%		2.67	%		–1.27	%
MSCI EAFE® Index	Growth of $10,000		$9,725			$10,684			$11,544			$13,662			$13,236
	Average annual total return		–2.75	%		6.84	%		4.90	%		6.44	%		2.84	%

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 CROCI^® International VIP | 3

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio)	6/30/18		12/31/17
Common Stocks		97%		97%
Preferred Stocks		2%		2%
Cash Equivalents		1%		1%
Total		100%		100%
Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalents)	6/30/18		12/31/17
Japan		24%		24%
United Kingdom		21%		14%
Germany		15%		18%
Switzerland		12%		16%
France		8%		10%
Hong Kong		6%		6%
Singapore		4%		4%
Netherlands		4%		2%
Australia		2%		2%
Finland		2%		—
Belgium		2%		2%
Spain		—		2%
Total		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents)	6/30/18		12/31/17
Consumer Discretionary		31%		22%
Industrials		22%		24%
Consumer Staples		17%		16%
Health Care		12%		16%
Utilities		10%		14%
Materials		6%		6%
Telecommunication Services		2%		2%
Total		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 filed with the SEC on Form N-Q. The form will be available on the SEC’s Web site at sec.gov, and it also may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (800) SEC-0330. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

Portfolio Management Team

Di Kumble, CFA, Managing Director

John Moody, Vice President

Portfolio Managers

4 | Deutsche DWS Variable Series I — DWS CROCI^® International VIP

Investment Portfolio June 30, 2018 (Unaudited)

	Shares		Value ($)
Common Stocks 96.7%
Australia 2.3%
Wesfarmers Ltd. (Cost $1,716,118)		53,519		1,955,698
Belgium 1.9%
Solvay SA (Cost $1,842,478)		12,526		1,578,232
Finland 2.0%
Nokian Renkaat Oyj (Cost $2,138,569)		43,516		1,716,480
France 7.7%
Cie Generale des Etablissements Michelin		12,444		1,512,305
Danone SA		21,705		1,589,652
Pernod Ricard SA		10,529		1,717,611
Sanofi		21,764		1,740,034
(Cost $6,096,383)				6,559,602
Germany 12.9%
BASF SE		17,131		1,636,030
Bayer AG (Registered)		14,836		1,632,982
Beiersdorf AG		15,535		1,763,175
Continental AG		6,525		1,488,582
Daimler AG (Registered)		22,310		1,433,119
Deutsche Post AG (Registered)		40,184		1,309,258
Merck KGaA		17,890		1,745,410
(Cost $11,857,553)				11,008,556
Hong Kong 6.3%
CLP Holdings Ltd.		168,149		1,811,032
HK Electric Investments & HK Electric Investments Ltd. “SS”, 144A, (Units)		1,875,000		1,793,357
Hong Kong & China Gas Co., Ltd.		929,095		1,775,507
(Cost $4,232,487)				5,379,896
Japan 23.3%
Bridgestone Corp.		41,308		1,617,502
Central Japan Railway Co.		9,100		1,887,852
Honda Motor Co., Ltd.		50,400		1,480,406
ITOCHU Corp.		87,200		1,583,825
Japan Tobacco, Inc.		65,900		1,848,074
Mazda Motor Corp.		126,300		1,550,649
Nissan Motor Co., Ltd.		165,300		1,610,603
Sekisui House Ltd.		96,700		1,711,701
Subaru Corp.		52,700		1,534,430
Sumitomo Electric Industries Ltd.		112,900		1,682,792
Toppan Printing Co., Ltd.		211,000		1,654,688
Toyota Industries Corp.		29,200		1,639,718
(Cost $20,215,830)				19,802,240
Netherlands 3.9%
Koninklijke DSM NV		16,791		1,684,529
Randstad NV		27,525		1,615,515
(Cost $2,790,061)				3,300,044

	Shares		Value ($)
Singapore 3.8%
Singapore Airlines Ltd.		215,741		1,691,786
Singapore Telecommunications Ltd.		682,000		1,541,430
(Cost $3,669,195)				3,233,216
Switzerland 12.2%
Adecco Group AG (Registered)		26,667		1,573,654
Ferguson PLC		21,449		1,735,057
Nestle SA (Registered)		22,891		1,776,401
Novartis AG (Registered)		22,989		1,740,536
Roche Holding AG (Genusschein)		7,935		1,761,931
Schindler Holding AG		8,524		1,834,003
(Cost $10,463,581)				10,421,582
United Kingdom 20.4%
Barratt Developments PLC		227,559		1,544,296
Bunzl PLC		60,653		1,833,845
GlaxoSmithKline PLC		89,348		1,803,038
Imperial Brands PLC		50,976		1,895,672
International Consolidated Airlines Group SA		201,949		1,763,712
ITV PLC		867,975		1,992,338
National Grid PLC		155,338		1,719,447
Persimmon PLC		46,752		1,561,837
SSE PLC		93,784		1,675,153
Taylor Wimpey PLC		651,828		1,540,982
(Cost $17,491,949)				17,330,320
Total Common Stocks (Cost $82,514,204)				82,285,866
Preferred Stock 2.1%
Germany
Henkel AG & Co. KGaA (Cost $1,715,122)		13,973		1,786,424
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 1.85% (a) (Cost $436,042)		436,042		436,042
	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $84,665,368)		99.3		84,508,332
Other Assets and Liabilities, Net		0.7		574,092
Net Assets		100.0		85,082,424

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

Deutsche DWS Variable Series I — DWS CROCI^® International VIP | 5

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2018 are as follows:

Value ($) at 12/31/2017	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2018		Value ($) at 6/30/2018
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.80% (a) (b)
—		—		—		—		—		11,530		—		—		—
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 1.85% (a)
729,063		4,824,037		5,117,058		—		—		3,926		—		436,042		436,042
729,063		4,824,037		5,117,058		—		—		15,456		—		436,042		436,042

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

(b) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Purchases and sales not shown for securities lending collateral.

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.

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, 2018 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	1,955,698	$	—	$	1,955,698
Belgium		—		1,578,232		—		1,578,232
Finland		—		1,716,480		—		1,716,480
France		—		6,559,602		—		6,559,602
Germany		—		11,008,556		—		11,008,556
Hong Kong		—		5,379,896		—		5,379,896
Japan		—		19,802,240		—		19,802,240
Netherlands		—		3,300,044		—		3,300,044
Singapore		—		3,233,216		—		3,233,216
Switzerland		—		10,421,582		—		10,421,582
United Kingdom		—		17,330,320		—		17,330,320
Preferred Stock		—		1,786,424		—		1,786,424
Short-Term Investments		436,042		—		—		436,042
Total	$	436,042	$	84,072,290	$	—	$	84,508,332

There have been no transfers between fair value measurement levels during the period ended June 30, 2018.

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

6 | Deutsche DWS Variable Series I — DWS CROCI^® International VIP

Statement of Assets and Liabilities

As of June 30, 2018 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $84,229,326)	$	84,072,290
Investment in DWS Central Cash Management Government Fund (cost $436,042)		436,042
Foreign currency, at value (cost $114,481)		114,791
Receivable for Fund shares sold		28,495
Dividends receivable		369,255
Interest receivable		762
Foreign taxes recoverable		209,454
Other assets		1,008
Total assets		85,232,097
Liabilities
Payable for Fund shares redeemed		28,405
Accrued management fee		37,128
Accrued Trustees’ fees		769
Other accrued expenses and payables		83,371
Total liabilities		149,673
Net assets, at value	$	85,082,424
Net Assets Consist of
Undistributed net investment income		1,756,713
Net unrealized appreciation (depreciation) on:
Investments		(157,036	)
Foreign currency		(4,981	)
Accumulated net realized gain (loss)		(26,780,082	)
Paid-in capital		110,267,810
Net assets, at value	$	85,082,424
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($84,766,136 ÷ 12,090,892 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	7.01
Class B
Net Asset Value, offering and redemption price per share ($316,288 ÷ 44,972 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	7.03

Statement of Operations

For the six months ended June 30, 2018 (Unaudited)
Investment Income
Income:
Dividends (net of foreign taxes withheld of $182,357)	$	2,086,034
Income distributions — DWS Central Cash Management Government Fund		3,926
Securities lending income, net of borrower rebates		11,530
Other income		88,220
Total income		2,189,710
Expenses:
Management fee		352,444
Administration fee		44,613
Services to shareholders		1,316
Distribution service fee (Class B)		407
Custodian fee		30,587
Professional fees		37,738
Reports to shareholders		18,388
Trustees’ fees and expenses		3,259
Other		9,843
Total expenses before expense reductions		498,595
Expense reductions		(114,594	)
Total expenses after expense reductions		384,001
Net investment income (loss)		1,805,709
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		4,328,871
Foreign currency		(26,035	)
		4,302,836
Change in net unrealized appreciation (depreciation) on:
Investments		(9,222,227	)
Foreign currency		(9,770	)
		(9,231,997	)
Net gain (loss)		(4,929,161	)
Net increase (decrease) in net assets resulting from operations	$	(3,123,452	)

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

Deutsche DWS Variable Series I — DWS CROCI^® International VIP | 7

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2018 (Unaudited)		Year Ended December 31, 2017
Operations:
Net investment income (loss)		$    1,805,709	$	2,228,428
Net realized gain (loss)		4,302,836		2,603,883
Change in net unrealized appreciation (depreciation)		(9,231,997)		14,930,893
Net increase (decrease) in net assets resulting from operations		(3,123,452)		19,763,204
Distributions to shareholders from:
Net investment income:
Class A		(895,216)		(7,067,244	)
Class B		(2,479)		(20,366	)
Total distributions		(897,695)		(7,087,610	)
Fund share transactions:
Class A
Proceeds from shares sold		2,174,649		6,185,861
Reinvestment of distributions		895,216		7,067,244
Payments for shares redeemed		(6,107,626)		(27,986,345	)
Net increase (decrease) in net assets from Class A share transactions		(3,037,761)		(14,733,240	)
Class B
Proceeds from shares sold		7,971		8,966
Reinvestment of distributions		2,479		20,366
Payments for shares redeemed		(5,928)		(15,497	)
Net increase (decrease) in net assets from Class B share transactions		4,522		13,835
Increase (decrease) in net assets		(7,054,386)		(2,043,811	)
Net assets at beginning of period		92,136,810		94,180,621
Net assets at end of period (including undistributed net investment income of $1,756,713 and $848,699, respectively)		85,082,424		92,136,810
Other Information
Class A
Shares outstanding at beginning of period		12,504,196		14,512,126
Shares sold		297,001		886,888
Shares issued to shareholders in reinvestment of distributions		123,649		1,054,813
Shares redeemed		(833,954)		(3,949,631	)
Net increase (decrease) in Class A shares		(413,304)		(2,007,930	)
Shares outstanding at end of period		12,090,892		12,504,196
Class B
Shares outstanding at beginning of period		44,351		42,251
Shares sold		1,090		1,287
Shares issued to shareholders in reinvestment of distributions		341		3,026
Shares redeemed		(810)		(2,213	)
Net increase (decrease) in Class B shares		621		2,100
Shares outstanding at end of period		44,972		44,351

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

8 | Deutsche DWS Variable Series I — DWS CROCI^® International VIP

Financial Highlights

	Six Months Ended 6/30/18						Years Ended December 31,
Class A	(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period	$	7.34		$	6.47		$	7.15		$	7.86		$	9.06		$	7.96
Income (loss) from investment operations:
Net investment income (loss)a		.15			.16			.16			.21			.31	b		.14
Net realized and unrealized gain (loss)		(.41	)		1.21			(.13	)		(.59	)		(1.36	)		1.41
Total from investment operations		(.26	)		1.37			.03			(.38	)		(1.05	)		1.55
Less distributions from:
Net investment income		(.07	)		(.50	)		(.71	)		(.33	)		(.15	)		(.45	)
Net asset value, end of period	$	7.01		$	7.34		$	6.47		$	7.15		$	7.86		$	9.06
Total Return (%)c		(3.52	)**		21.96			.74			(5.48	)		(11.76	)		20.23
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		85			92			94			105			126			151
Ratio of expenses before expense reductions (%)d		1.12	*		1.10			1.12			1.05			1.04			1.02
Ratio of expenses after expense reductions (%)d		.86	*		.84			.84			.98			.98			1.01
Ratio of net investment income (loss) (%)		4.05	*		2.24			2.46			2.74			3.55	b		1.64
Portfolio turnover rate (%)		27	**		73			67			99			135			97

^a  Based on average shares outstanding during the period.

^b  Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $.08 per share and .95% of average daily net assets, for the year ended December 31, 2014.

^c  Total return would have been lower had certain expenses not been reduced.

^d  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.

^*  Annualized

^**  Not annualized

	Six Months Ended 6/30/18						Years Ended December 31,
Class B	(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period	$	7.36		$	6.48		$	7.16		$	7.87		$	9.07		$	7.96
Income (loss) from investment operations:
Net investment income (loss)a		.14			.13			.14			.19			.28	b		.13
Net realized and unrealized gain (loss)		(.41	)		1.23			(.13	)		(.59	)		(1.35	)		1.41
Total from investment operations		(.27	)		1.36			.01			(.40	)		(1.07	)		1.54
Less distributions from:
Net investment income		(.06	)		(.48	)		(.69	)		(.31	)		(.13	)		(.43	)
Net asset value, end of period	$	7.03		$	7.36		$	6.48		$	7.16		$	7.87		$	9.07
Total Return (%)c		(3.75	)**		21.76			.48			(5.71	)		(11.98	)		20.01
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.32			.33			.27			.27			.26			.31
Ratio of expenses before expense reductions (%)d		1.39	*		1.38			1.40			1.33			1.31			1.30
Ratio of expenses after expense reductions (%)d		1.11	*		1.09			1.10			1.23			1.23			1.27
Ratio of net investment income (loss) (%)		3.83	*		1.86			2.18			2.47			3.26	b		1.62
Portfolio turnover rate (%)		27	**		73			67			99			135			97

^a  Based on average shares outstanding during the period.

^b  Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $.08 per share and .95% of average daily net assets, for the year ended December 31, 2014.

^c  Total return would have been lower had certain expenses not been reduced.

^d  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.

^*  Annualized

^**  Not annualized

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

Deutsche DWS Variable Series I — DWS CROCI^® International VIP | 9

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Deutsche DWS Variable Series I (formerly Deutsche 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 (formerly Deutsche Bond VIP), DWS Capital Growth VIP (formerly Deutsche Capital Growth VIP), DWS Core Equity VIP (formerly Deutsche Core Equity VIP), DWS CROCI^® International VIP (formerly Deutsche CROCI^® International VIP) and DWS Global Small Cap VIP (formerly Deutsche Global Small Cap VIP) (individually or collectively hereinafter referred to as a “Fund“ or the “Funds“). These financial statements report on DWS CROCI^® International VIP. The Trust is intended to be the underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies (“Participating Insurance Companies“).

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to an annual rate of 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 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 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

10 | Deutsche DWS Variable Series I — DWS CROCI^® International VIP

evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

Securities Lending. 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 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, 2018, the Fund invested the cash collateral into a joint trading account in affiliated money market funds including DWS Government & Agency Securities Portfolio managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.14% annualized effective rate as of June 30, 2018) 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, 2018, the Fund had no securities on loan.

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

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

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

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as 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, 2017, the Fund had a net tax basis capital loss carryforward of approximately $30,489,000 which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($6,944,000) and long-term losses ($23,545,000).

Deutsche DWS Variable Series I — DWS CROCI^® International VIP | 11

At December 31, 2017, the aggregate cost of investments for federal income tax purposes was $83,321,016. The net unrealized appreciation for all investments based on tax cost was $8,471,654. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $10,689,557 aggregate gross unrealized depreciation for all investments in which was an excess of tax cost over value of $2,217,903.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2017 and has determined that no positions 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 investments in foreign denominated investments, forward currency contracts, passive foreign investment companies, expiration of capital loss carryforwards 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, 2018, purchases and sales of investment securities (excluding short-term investments) aggregated $24,051,723 and $26,132,486, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (formerly Deutsche 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.

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

First $500 million of average daily net assets	.790	%
Over $500 million of average daily net assets	.640	%

12 | Deutsche DWS Variable Series I — DWS CROCI^® International VIP

Accordingly, for the six months ended June 30, 2018, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.79% of the Fund’s average daily net assets.

For the period from January 1, 2018 through April 30, 2018, the Advisor had contractually agreed to waive all or a portion of 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) of each class as follows:

Class A	.84	%
Class B	1.09	%

Effective May 1, 2018 through April 30, 2019, the Advisor has contractually agreed to waive all or a portion of 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) of each class as follows:

Class A	.90	%
Class B	1.15	%

For the six months ended June 30, 2018, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	114,138
Class B		456
	$	114,594

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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2018, the Administration Fee was $44,613, of which $7,150 is unpaid.

Service Provider Fees. DWS AM 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, 2018, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at June 30, 2018
Class A	$	311	$	102
Class B		40		13
	$	351	$	115

Distribution Service Agreement. DWS AM Distributors, Inc. (“DDI“), also an affiliate of the Advisor, is the Trusts’ Distributor. In accordance with the Master Distribution Plan, DDI receives 12b-1 fees of 0.25% of 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, 2018, the Distribution Service Fee aggregated $407, of which $67 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended June 30, 2018, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders“ aggregated $5,610, of which $4,936 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 Vice 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 Variable NAV Money Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with

Deutsche DWS Variable Series I — DWS CROCI^® International VIP | 13

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 Variable NAV Money 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 Variable NAV Money 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 Variable NAV Money Fund.

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the six months ended June 30, 2018, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $868.

D. Ownership of the Fund

At June 30, 2018, five participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 22%, 18%, 14%, 12% and 11%, 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 84% and 10%, respectively.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. 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, 2018.

F. Name Changes

In connection with adoption of the DWS brand, effective July 2, 2018, Deutsche Investment Management Americas Inc., the Advisor, was renamed to DWS Investment Management Americas, Inc. In addition, the “Deutsche Funds” became known as the “DWS Funds.” As a result, Deutsche Variable Series I was renamed Deutsche DWS Variable Series I and Deutsche CROCI^® International VIP was renamed DWS CROCI^® International VIP.

14 | Deutsche DWS Variable Series I — DWS CROCI^® International 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. 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, 2018 to June 30, 2018).

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, 2018
Actual Fund Return		Class A		Class B
Beginning Account Value 1/1/18	$	1,000.00	$	1,000.00
Ending Account Value 6/30/18	$	964.80	$	962.50
Expenses Paid per $1,000*	$	4.19	$	5.40
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 1/1/18	$	1,000.00	$	1,000.00
Ending Account Value 6/30/18	$	1,020.53	$	1,019.29
Expenses Paid per $1,000*	$	4.31	$	5.56

* 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 CROCI® International VIP		.86	%		1.11	%

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 CROCI^® International VIP | 15

Proxy Voting

The Trusts’ 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 Trusts’ policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

16 | Deutsche DWS Variable Series I — DWS CROCI^® International VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of Deutsche CROCI^® International VIP’s (now known as DWS CROCI^® International VIP) (the “Fund”) investment management agreement (the “Agreement”) with Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.) (“DIMA”) in September 2017.

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’s Contract Committee 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”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– 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 Contract Committee and 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, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s (“Deutsche Bank”) Asset Management (“Deutsche AM”) division. Deutsche AM 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.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche 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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

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 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

Deutsche DWS Variable Series I — DWS CROCI^® International VIP | 17

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, 2016, the Fund’s performance (Class A shares) was in the 2nd quartile, 4th quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three-, and five-year periods ended December 31, 2016. The Board noted the disappointing investment performance of the Fund in some past 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 recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the Deutsche 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, 2016). 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, 2016, 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 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 Deutsche U.S. registered funds (“Deutsche Funds”) and considered differences between the Fund and the comparable Deutsche 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 (“Deutsche Europe funds”) managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche 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 Deutsche 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 Deutsche 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 benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board noted that DIMA pays a licensing fee to an affiliate related to the Fund’s use of the CROCI^® strategy. The Board also

18 | Deutsche DWS Variable Series I — DWS CROCI^® International VIP

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 Deutsche 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 documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously 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 CROCI^® International VIP | 19

VS1cint-3 (R-028378-7 8/18)

June 30, 2018

Semiannual Report

Deutsche DWS Variable Series I

(formerly Deutsche Variable Series I)

DWS Global Small Cap VIP

(formerly Deutsche Global Small Cap VIP)

Contents

3	Performance Summary
4	Portfolio Summary
4	Portfolio Manager
5	Investment Portfolio
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
16	Information About Your Fund’s Expenses
17	Proxy Voting
18	Advisory Agreement Board Considerations and Fee Evaluation

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.

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, 2018

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, 2018, as revised, are 1.08% and 1.37% 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

The 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	$10,153	$11,081	$11,644	$14,572	$17,933
	Average annual total return	1.53%	10.81%	5.20%	7.82%	6.01%
S&P Developed Small Cap Index	Growth of $10,000	$10,235	$11,441	$13,286	$17,414	$22,156
	Average annual total return	2.35%	14.41%	9.93%	11.73%	8.28%
DWS Global Small Cap VIP		6-Month‡	1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$10,145	$11,059	$11,558	$14,382	$17,449
	Average annual total return	1.45%	10.59%	4.95%	7.54%	5.72%
S&P Developed Small Cap Index	Growth of $10,000	$10,235	$11,441	$13,286	$17,414	$22,156
	Average annual total return	2.35%	14.41%	9.93%	11.73%	8.28%

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)	6/30/18		12/31/17
Common Stocks		95%		98%
Cash Equivalents		5%		2%
Preferred Stock		0%		—%
Convertible Preferred Stock		0%		0%
Warrant		0%		0%
		100%		100%
Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	6/30/18		12/31/17
United States		57%		55%
Japan		10%		10%
United Kingdom		5%		6%
Italy		4%		4%
France		4%		4%
Germany		3%		4%
Canada		3%		3%
Spain		2%		1%
Ireland		2%		2%
Austria		2%		1%
Switzerland		2%		1%
Other		6%		9%
		100%		100.0%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	6/30/18		12/31/17
Information Technology		18%		19%
Industrials		18%		22%
Consumer Discretionary		17%		19%
Health Care		14%		12%
Financials		11%		10%
Energy		8%		7%
Materials		7%		6%
Consumer Staples		5%		3%
Real Estate		2%		2%
Total		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 filed with the SEC on Form N-Q. The form will be available on the SEC’s Web site at sec.gov, and it also may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (800) SEC-0330. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

Portfolio Manager

Peter Barsa, Director

Portfolio Manager

4 | Deutsche DWS Variable Series I — DWS Global Small Cap VIP

Investment Portfolio June 30, 2018 (Unaudited)

	Shares		Value ($)
Common Stocks 94.0%
Argentina 0.2%
Grupo Supervielle SA (ADR) (Cost $448,323)		14,245		150,712
Austria 1.5%
Lenzing AG		5,395		652,360
Wienerberger AG		24,946		622,238
(Cost $1,498,986)				1,274,598
Bermuda 0.9%
Lazard Ltd. “A” (a) (Cost $370,795)		16,265		795,521
Brazil 0.5%
Construtora Tenda SA* (Cost $450,691)		64,472		395,740
Canada 2.8%
First Quantum Minerals Ltd.		30,320		446,734
Linamar Corp.		10,135		445,673
Quebecor, Inc. “B”		43,506		890,870
SunOpta, Inc.*		77,771		653,276
(Cost $1,981,806)				2,436,553
France 3.5%
Altran Technologies SA		66,543		963,635
Biom’Up SACA*		24,600		280,097
SMCP SA 144A*		27,607		791,856
SPIE SA		33,790		684,907
Synergie SA (b)		6,511		320,951
(Cost $3,171,827)				3,041,446
Germany 3.0%
Deutz AG		100,599		775,432
PATRIZIA Immobilien AG		44,504		856,520
United Internet AG (Registered)		16,617		951,901
(Cost $1,310,228)				2,583,853
Hong Kong 1.3%
Techtronic Industries Co., Ltd. (Cost $237,536)		193,041		1,082,853
India 1.0%
WNS Holdings Ltd. (ADR)* (Cost $482,259)		17,279		901,618
Ireland 1.6%
Avadel Pharmaceuticals PLC (ADR)* (b)		52,808		323,713
Dalata Hotel Group PLC*		82,826		674,213
Ryanair Holdings PLC*		21,445		396,424
(Cost $1,027,163)				1,394,350
Italy 4.0%
Buzzi Unicem SpA		33,186		813,328
Cerved Group SpA		63,000		675,642
Moncler SpA		24,133		1,096,640
Prysmian SpA		32,326		802,874
(Cost $2,524,689)				3,388,484
Japan 9.6%
Ai Holdings Corp.		31,017		672,934
Anicom Holdings, Inc.		22,900		862,155

	Shares		Value ($)
BML, Inc.		16,500		425,857
Coca-Cola Bottlers Japan Holdings, Inc.		22,800		910,945
Daikyonishikawa Corp.		53,400		783,374
Kura Corp.		4,300		285,840
Kusuri No Aoki Holdings Co., Ltd.		11,258		749,218
Optex Group Co., Ltd.		16,800		471,239
Syuppin Co., Ltd. (b)		47,300		726,708
Topcon Corp.		24,100		413,503
UT Group Co., Ltd.*		26,624		1,000,221
Zenkoku Hosho Co., Ltd.		20,300		922,859
(Cost $4,641,763)				8,224,853
Korea 0.9%
i-SENS, Inc.		17,084		344,899
Vieworks Co., Ltd.		14,330		392,162
(Cost $1,321,658)				737,061
Luxembourg 1.0%
B&M European Value Retail SA (Cost $764,904)		164,952		879,061
Panama 0.1%
Banco Latinoamericano de Comercio Exterior SA “E” (Cost $104,440)		4,533		111,557
Spain 1.7%
Talgo SA 144A		155,251		931,224
Telepizza Group SA 144A*		73,497		496,072
(Cost $1,318,375)				1,427,296
Sweden 1.1%
Nobina AB 144A (Cost $511,811)		122,252		935,915
Switzerland 1.5%
Transocean Ltd.* (c) (Cost $1,018,461)		93,674		1,258,979
United Kingdom 4.5%
accesso Technology Group PLC*		21,061		701,116
Arrow Global Group PLC		86,848		275,907
Clinigen Healthcare Ltd.*		29,896		361,749
Domino’s Pizza Group PLC		96,786		442,633
Electrocomponents PLC		119,715		1,196,944
Scapa Group PLC		148,645		850,070
(Cost $2,165,504)				3,828,419
United States 53.3%
Advanced Disposal Services, Inc.*		28,244		699,886
Affiliated Managers Group, Inc.		5,328		792,114
Alta Mesa Resources, Inc.* (b)		62,836		427,913
Ambarella, Inc.* (b)		8,384		323,706
Amicus Therapeutics, Inc.*		18,646		291,251
Anixter International, Inc.*		8,374		530,074
Arena Pharmaceuticals, Inc.*		8,596		374,786
athenahealth, Inc.*		3,381		538,052
Belden, Inc.		11,422		698,113
BioScrip, Inc.*		118,049		345,884
Blucora, Inc.*		12,163		450,031
Cardiovascular Systems, Inc.*		32,056		1,036,691
Casey’s General Stores, Inc.		7,661		805,018
Contango Oil & Gas Co.*		121,886		692,312

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

Deutsche DWS Variable Series I — DWS Global Small Cap VIP | 5

	Shares		Value ($)
Cypress Semiconductor Corp.		52,591		819,368
Del Taco Restaurants, Inc.*		40,513		574,474
Dolby Laboratories, Inc. “A”		9,970		615,049
Dril-Quip, Inc.*		19,440		999,216
Ducommun, Inc.*		28,526		943,925
Eagle Bancorp., Inc.*		9,200		563,960
Envestnet, Inc.*		7,700		423,115
FCB Financial Holdings, Inc. “A”*		18,970		1,115,436
Five9, Inc.*		21,001		726,005
Fox Factory Holding Corp.*		16,286		758,113
H&E Equipment Services, Inc.		13,547		509,503
Hain Celestial Group, Inc.*		17,361		517,358
Heron Therapeutics, Inc.*		28,428		1,104,428
Hillenbrand, Inc.		9,300		438,495
Hyster-Yale Materials Handling, Inc.		10,838		696,342
Inphi Corp.* (b)		13,565		442,355
ITT, Inc.		12,457		651,127
Jack in the Box, Inc.		4,906		417,599
Jefferies Financial Group, Inc.		25,633		582,894
Kennametal, Inc.		20,722		743,920
KMG Chemicals, Inc.		17,196		1,268,721
Lumentum Holdings, Inc.*		10,194		590,233
Matador Resources Co.*		9,120		274,056
Molina Healthcare, Inc.*		10,499		1,028,272
National Storage Affiliates Trust (REIT)		35,104		1,081,905
Neurocrine Biosciences, Inc.*		10,230		1,004,995
Oil States International, Inc.*		35,603		1,142,856
Pacira Pharmaceuticals, Inc.*		11,608		372,036
Providence Service Corp.*		14,314		1,124,365
QAD, Inc. “A”		13,869		695,530
Retrophin, Inc.*		48,274		1,315,949
Rush Enterprises, Inc. “A”*		37,581		1,630,264
Samsonite International SA* (d)		162,600		582,700
SEACOR Marine Holdings, Inc.*		36,767		848,950
Shutterfly, Inc.*		9,063		815,942
Sinclair Broadcast Group, Inc. “A”		13,482		433,446
South State Corp.		9,575		825,844
Super Micro Computer, Inc.*		19,719		466,354
Tailored Brands, Inc.		16,100		410,872
Tenneco, Inc.		7,869		345,921
Thermon Group Holdings, Inc.*		36,596		836,951
Titan Machinery, Inc.*		49,205		765,138
TiVo Corp.		12,956		174,258
TopBuild Corp.*		5,261		412,147
Trinseo SA		9,996		709,216
TriState Capital Holdings, Inc.*		24,568		641,225
UniFirst Corp.		4,473		791,274
Varonis Systems, Inc.*		11,265		839,243
WEX, Inc.*		5,149		980,782

	Shares			Value ($)
Whiting Petroleum Corp.*		15,559			820,270
Zions Bancorp.		14,441			760,896
(Cost $35,339,617)					45,639,124
Total Common Stocks (Cost $60,690,836)					80,487,993
Convertible Preferred Stock 0.5%
United States
Providence Service Corp. (e) (Cost $196,900)		1,969			387,826
Preferred Stocks 0.5%
Brazil
Randon SA Implementos e Participacoes (Cost $694,203)		261,457			416,226
Warrants 0.0%
France
Parrot SA, Expiration Date 12/15/2022* (e)		13,230			1,056
Parrot SA, Expiration Date 12/22/2022* (e)		13,230			1,137
Total Warrants (Cost $0)					2,193
Securities Lending Collateral 1.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.80% (f) (g) (Cost $1,312,378)		1,312,378			1,312,378
Cash Equivalents 5.0%
DWS Central Cash Management Government Fund, 1.85% (f) (Cost $4,277,342)		4,277,342			4,277,342
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $67,171,659)		101.5			86,883,958
Other Assets and Liabilities, Net		(1.5	)		(1,244,181	)
Net Assets		100.0			85,639,777

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2018 are as follows:

Value ($) at 12/31/2017		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2018		Value ($) at 6/30/2018
	Securities Lending Collateral 1.5%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.80% (f) (g)
	2,980,179		—		1,667,801		—		—		16,322		—		1,312,378		1,312,378
	Cash Equivalents 5.0%
	DWS Central Cash Management Government Fund, 1.85% (f)
	1,563,917		12,027,260		9,313,835		—		—		18,290		—		4,277,342		4,277,342
	4,544,096		12,027,260		10,981,636		—		—		34,612		—		5,589,720		5,589,720

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

6 | Deutsche DWS Variable Series I — DWS Global Small Cap VIP

* Non-income producing security.

(a) Listed on the NASDAQ Exchange.

(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, 2018 amounted to $1,276,389, which is 1.5% of net assets.

(c) Listed on the New York Stock Exchange.

(d) Listed on the Stock Exchange of Hong Kong.

(e) Investment was valued using significant unobservable inputs.

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

(g) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended June 30, 2018.

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

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, 2018 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
Argentina	$	150,712	$	—	$	—	$	150,712
Austria		—		1,274,598		—		1,274,598
Bermuda		795,521		—		—		795,521
Brazil		395,740		—		—		395,740
Canada		2,436,553		—		—		2,436,553
France		280,097		2,761,349		—		3,041,446
Germany		—		2,583,853		—		2,583,853
Hong Kong		—		1,082,853		—		1,082,853
India		901,618		—		—		901,618
Ireland		323,713		1,070,637		—		1,394,350
Italy		—		3,388,484		—		3,388,484
Japan		—		8,224,853		—		8,224,853
Korea		737,061		—		—		737,061
Luxembourg		—		879,061		—		879,061
Panama		111,557		—		—		111,557
Spain		—		1,427,296		—		1,427,296
Sweden		—		935,915		—		935,915
Switzerland		1,258,979		—		—		1,258,979
United Kingdom		—		3,828,419		—		3,828,419
United States		45,056,424		582,700		—		45,639,124
Convertible Preferred Stock		—		—		387,826		387,826
Preferred Stocks		416,226		—		—		416,226
Warrants		—		—		2,193		2,193
Short-Term Investments (h)		5,589,720		—		—		5,589,720
Total	$	58,453,921	$	28,040,018	$	390,019	$	86,883,958

There have been no transfers between fair value measurement levels during the period ended June 30, 2018.

(h) See Investment Portfolio for additional detailed categorizations.

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

Deutsche DWS Variable Series I — DWS Global Small Cap VIP | 7

Statement of Assets and Liabilities

as of June 30, 2018 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $61,581,939) — including $1,276,389 of securities loaned	$	81,294,238
Investment in DWS Government & Agency Securities Portfolio (cost $1,312,378)*		1,312,378
Investment in DWS Central Cash Management Government Fund (cost $4,277,342)		4,277,342
Foreign currency, at value (cost $132,627)		131,769
Receivable for investments sold		385,906
Receivable for Fund shares sold		37,764
Dividends receivable		71,267
Interest receivable		8,418
Foreign taxes recoverable		13,919
Other assets		848
Total assets		87,533,849
Liabilities
Payable upon return of securities loaned		1,312,378
Payable for investments purchased		423,234
Payable for Fund shares redeemed		23,815
Accrued management fee		36,042
Accrued Trustees’ fees		3,211
Other accrued expenses and payables		95,392
Total liabilities		1,894,072
Net assets, at value	$	85,639,777
Net Assets Consist of
Distributions in excess of net investment income		(245,783	)
Net unrealized appreciation (depreciation) on:
Investments		19,712,299
Foreign currency		(1,659	)
Accumulated net realized gain (loss)		5,350,406
Paid-in capital		60,824,514
Net assets, at value	$	85,639,777
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($82,921,574 ÷ 7,285,494 outstanding shares of beneficial interest, $.01 par value, unlimited numbers of shares authorized)	$	11.38
Class B
Net Asset Value, offering and redemption price per share ($2,718,203 ÷ 247,851 outstanding shares of beneficial interest, $.01 par value, unlimited numbers of shares authorized)	$	10.97

* Represents collateral on securities loaned.

     Statement of Operations

for the six months ended June 30, 2018 (Unaudited)
Investment Income
Income:
Dividends (net of foreign taxes withheld of $42,421)	$	486,025
Income distributions — DWS Central Cash Management Government Fund		18,290
Securities lending income, net of borrower rebates		16,322
Other income		2,097
Total income		522,734
Expenses:
Management fee		345,047
Administration fee		43,131
Services to shareholders		1,120
Record keeping fee (Class B)		481
Distribution service fees (Class B)		3,507
Custodian fee		26,417
Professional fees		42,778
Reports to shareholders		18,715
Trustees’ fees and expenses		5,604
Other		13,246
Total expenses before expense reductions		500,046
Expense reductions		(159,697	)
Total expenses after expense reductions		340,349
Net investment income		182,385
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		5,732,322
Foreign currency		(19,839	)
		5,712,483
Change in net unrealized appreciation (depreciation) on:
Investments		(4,537,768	)
Foreign currency		(6,334	)
		(4,544,102	)
Net gain (loss)		1,168,381
Net increase (decrease) in net assets resulting from operations	$	1,350,766

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

8 | Deutsche DWS Variable Series I — DWS Global Small Cap VIP

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Operations:
Net investment income (loss)	$	182,385		$	20,032
Net realized gain (loss)		5,712,483			11,409,672
Change in net unrealized appreciation (depreciation)		(4,544,102	)		5,252,419
Net increase (decrease) in net assets resulting from operations		1,350,766			16,682,123
Distributions to shareholders from:
Net investment income:
Class A		(223,437	)		—
Net realized gains:
Class A		(10,527,719	)		(8,009,441	)
Class B		(359,200	)		(245,528	)
Total distributions		(11,110,356	)		(8,254,969	)
Fund share transactions:
Class A
Proceeds from shares sold		1,859,940			3,744,539
Reinvestment of distributions		10,751,156			8,009,441
Payments for shares redeemed		(5,593,566	)		(23,622,010	)
Net increase (decrease) in net assets from Class A share transactions		7,017,530			(11,868,030	)
Class B
Proceeds from shares sold		59,602			289,787
Reinvestment of distributions		359,200			245,528
Payments for shares redeemed		(280,789	)		(451,769	)
Net increase (decrease) in net assets from Class B share transactions		138,013			83,546
Increase (decrease) in net assets		(2,604,047	)		(3,357,330	)
Net assets at beginning of period		88,243,824			91,601,154
Net assets at end of period (including distributions in excess of net investment income of $245,783 and $204,731, respectively)	$	85,639,777		$	88,243,824
Other Information
Class A
Shares outstanding at beginning of period		6,616,392			7,559,752
Shares sold		152,737			308,643
Shares issued to shareholders in reinvestment of distributions		963,365			695,868
Shares redeemed		(447,000	)		(1,947,871	)
Net increase (decrease) in Class A shares		669,102			(943,360	)
Shares outstanding at end of period		7,285,494			6,616,392
Class B
Shares outstanding at beginning of period		232,496			224,620
Shares sold		4,883			24,779
Shares issued to shareholders in reinvestment of distributions		33,383			22,020
Shares redeemed		(22,911	)		(38,923	)
Net increase (decrease) in Class B shares		15,355			7,876
Shares outstanding at end of period		247,851			232,496

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

Deutsche DWS Variable Series I — DWS Global Small Cap VIP | 9

Financial Highlights

	Six Months Ended 6/30/18			Years Ended December 31,
Class A	(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period	$	12.90		$	11.78		$	13.17		$	14.61		$	17.31		$	13.78
Income (loss) from investment operations:
Net investment income (loss)a		.03			.00	***		.03			.06			.04			.04
Net realized and unrealized gain (loss)		.14			2.21			.15			.21			(.69	)		4.66
Total from investment operations		.17			2.21			.18			.27			(.65	)		4.70
Less distributions from:
Net investment income		(.04	)		—			(.05	)		(.14	)		(.15	)		(.10	)
Net realized gains		(1.65	)		(1.09	)		(1.52	)		(1.57	)		(1.90	)		(1.07	)
Total distributions		(1.69	)		(1.09	)		(1.57	)		(1.71	)		(2.05	)		(1.17	)
Net asset value, end of period	$	11.38		$	12.90		$	11.78		$	13.17		$	14.61		$	17.31
Total Return (%)b		1.53	**		20.02			1.57			1.16			(4.13	)		35.94
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		83			85			89			104			135			154
Ratio of expenses before expense reductions (%)c		1.15	*		1.15			1.17			1.12			1.13			1.14
Ratio of expenses after expense reductions (%)c		.78	*		.94			1.02			.99			.97			.94
Ratio of net investment income (loss) (%)		.43	*		.03			.22			.41			.27			.28
Portfolio turnover rate (%)		21	**		42			41			27			33			39

^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.

^* Annualized         ^** Not annualized         ^*** Amount is less than $.005.

	Six Months Ended 6/30/18			Years Ended December 31,
Class B	(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period	$	12.47		$	11.45		$	12.85		$	14.29		$	16.97		$	13.52
Income (loss) from investment operations:
Net investment income (loss)a		.01			(.03	)		(.03	)		.02			.00	***		.01
Net realized and unrealized gain (loss)		.14			2.14			.17			.21			(.67	)		4.57
Total from investment operations		.15			2.11			.14			.23			(.67	)		4.58
Less distributions from:
Net investment income		—			—			(.02	)		(.10	)		(.11	)		(.06	)
Net realized gains		(1.65	)		(1.09	)		(1.52	)		(1.57	)		(1.90	)		(1.07	)
Total distributions		(1.65	)		(1.09	)		(1.54	)		(1.67	)		(2.01	)		(1.13	)
Net asset value, end of period	$	10.97		$	12.47		$	11.45		$	12.85		$	14.29		$	16.97
Total Return (%)b		1.45	**		19.60			1.34			.86			(4.33	)		35.67
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		3			3			3			3			3			3
Ratio of expenses before expense reductions (%)c		1.44	*		1.44			1.47			1.41			1.41			1.34
Ratio of expenses after expense reductions (%)c		1.06	*		1.22			1.30			1.24			1.25			1.15
Ratio of net investment income (loss) (%)		.14	*		(.26	)		(.23	)		.15			.02			.07
Portfolio turnover rate (%)		21	**		42			41			27			33			39

^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.

^*  Annualized         ^** Not annualized         ^*** Amount is less than $.005.

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

10 | 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 (formerly Deutsche 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 (formerly Deutsche Bond VIP), DWS Capital Growth VIP (formerly Deutsche Capital Growth VIP), DWS Core Equity VIP (formerly Deutsche Core Equity VIP), DWS CROCI^® International VIP (formerly Deutsche CROCI^® International VIP) and DWS Global Small Cap VIP (formerly Deutsche 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 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 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 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,

Deutsche DWS Variable Series I — DWS Global Small Cap VIP | 11

and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

Securities Lending. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the six months ended June 30, 2018, the Fund invested the cash collateral into a joint trading account in affiliated money market funds managed by DWS Investment Management Americas, Inc. As of June 30, 2018, the Fund invested the cash collateral in DWS Government & Agency Securities Portfolio. DWS Investment Management Americas, Inc. receives a management/administration fee (0.14% annualized effective rate as of June 30, 2018) 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, 2018, the Fund had securities on loan, which were classified as common stock in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

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

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

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

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as 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.

12 | Deutsche DWS Variable Series I — DWS Global Small Cap VIP

At December 31, 2017, the aggregate cost of investments for federal income tax purposes was $67,561,435. The net unrealized appreciation for all investments based on tax cost was $23,566,319. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $26,727,511 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $3,161,192.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2017 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, 2018, purchases and sales of investment securities (excluding short-term investments) aggregated $17,400,414 and $23,870,384, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (formerly Deutsche 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.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays the Advisor an annual fee based on its average daily net assets, 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, 2018 through April 30, 2019, the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to

Deutsche DWS Variable Series I — DWS Global Small Cap VIP | 13

maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A	.78	%
Class B	1.06	%

For the six months ended June 30, 2018, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	154,361
Class B		5,336
	$	159,697

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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2018, the Administration Fee was $43,131, of which $7,144 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, 2018, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at June 30, 2018
Class A	$	251	$	63
Class B		91		33
	$	342	$	96

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 0.25% of 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, 2018, the Distribution Service Fee aggregated $3,507, of which $566 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended June 30, 2018, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders“ aggregated $5,703, all of which 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 Vice 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 Variable NAV Money 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 Variable NAV Money 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 Variable NAV Money 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 Variable NAV Money Fund.

14 | Deutsche DWS Variable Series I — DWS Global Small Cap VIP

D. Ownership of the Fund

At June 30, 2018, four participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 35%, 21%, 17% and 10%, 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 74% and 16%, respectively.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. 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, 2018.

F. Name Changes

In connection with adoption of the DWS brand, effective July 2, 2018, Deutsche Investment Management Americas Inc., the Advisor, was renamed to DWS Investment Management Americas, Inc. In addition, the “Deutsche Funds” became known as the “DWS Funds.” As a result, Deutsche Variable Series I was renamed Deutsche DWS Variable Series I and Deutsche Global Small Cap VIP was renamed DWS Global Small Cap VIP.

Deutsche DWS Variable Series I — DWS Global Small Cap VIP | 15

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, 2018 to June 30, 2018).

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, 2018
Actual Fund Return		Class A		Class B
Beginning Account Value 1/1/18	$	1,000.00	$	1,000.00
Ending Account Value 6/30/18	$	1,015.30	$	1,014.50
Expenses Paid per $1,000*	$	3.90	$	5.29
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 1/1/18	$	1,000.00	$	1,000.00
Ending Account Value 6/30/18	$	1,020.93	$	1,019.54
Expenses Paid per $1,000*	$	3.91	$	5.31

* 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		.78	%		1.06	%

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.

16 | Deutsche DWS Variable Series I — DWS Global Small Cap VIP

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 | 17

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of Deutsche Global Small Cap VIP’s (now known as DWS Global Small Cap VIP) (the “Fund”) investment management agreement (the “Agreement”) with Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.) (“DIMA”) in September 2017.

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’s Contract Committee 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”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– 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 Contract Committee and 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, and that the Agreement was approved by the Fund’s shareholders. DIMA is part of Deutsche Bank AG’s (“Deutsche Bank”) Asset Management (“Deutsche AM”) division. Deutsche AM 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.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche 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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

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 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

18 | Deutsche DWS Variable Series I — DWS Global Small Cap VIP

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, 2016, 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 one-, three-, and five-year periods ended December 31, 2016. The Board observed that there were limitations to the usefulness of the comparative data provided by Morningstar, noting that the applicable Morningstar universe for the Fund included funds that pursue substantially different investment programs as compared to that pursued by the Fund. 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 recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the Deutsche 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, 2016). The Board noted that, effective October 1, 2017, in connection with the 2017 contract renewal process, DIMA agreed to reduce the Fund’s contractual management fee rate to an annual rate of 0.80%. 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, 2016, 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 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 also observed that the Broadridge expense universe for the Fund included funds that pursue substantially different investment programs as compared to that pursued by the Fund. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable Deutsche U.S. registered fund (“Deutsche Funds”) and considered differences between the Fund and the comparable Deutsche 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 (“Deutsche Europe funds”) managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM manages an institutional account comparable to the Fund, but that Deutsche AM does not manage any comparable Deutsche Europe funds. The Board took note of the differences in services provided to Deutsche Funds as compared to institutional accounts and that such differences made comparison difficult.

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 Deutsche 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 Deutsche 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.

Deutsche DWS Variable Series I — DWS Global Small Cap VIP | 19

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 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 Deutsche 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 documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously 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.

20 | Deutsche DWS Variable Series I — DWS Global Small Cap VIP

VS1glosc-3 (R-028377-7 8/18)

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 second fiscal quarter of 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:	Deutsche DWS Variable Series I
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	8/15/2018

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:	8/15/2018
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	8/15/2018