DWS Investment S.A. DWS Osteuropa

Semiannual Report 2020

Investment Fund Organized under Luxembourg Law DWS Osteuropa Contents

Semiannual report 2020 for the period from January 1, 2020, through June 30, 2020

General information ...... 2

Semiannual report DWS Osteuropa ...... 4

1 General information

The fund described in this The corresponding bench- Issue and redemption prices report is subject to the laws mark – if available – is also The current issue and redemp- of Luxembourg. ­presented in the report. All tion prices and all other infor- financial data in this publication mation for unitholders may be Performance is as of June 30, 2020 (unless requested at any time at the The investment return, or ­otherwise stated). registered office of the Man- ­performance, of a mutual fund agement Company and from investment is measured by the Sales prospectuses the paying agents. In addition, change in value of the fund’s Fund units are purchased on the issue and redemption prices units. The net asset values per the basis of the current sales are published in every country unit (= redemption prices) with prospectus and management of distribution through the addition of intervening regulations, as well as the key ­appropriate media (such as the ­distributions, which are, for investor information document, Internet, electronic information example, reinvested free of in combination with the latest ­systems, newspapers, etc.). charge within the scope of audited annual report and any investment accounts at DWS semiannual report that is more Investment S.A., are used as recent than the latest annual the basis for calculating the report. value. Past ­performance is not a guide to future results.

Coronavirus crisis The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis, the specific effects of which on the economy, individual markets and sectors cannot currently be reliably estimated yet due to the high degree of uncertainty. In light of this, the Management Company of the fund, following discussions with the major service providers, is satisfied that the measures taken and the business continuity plans put in place will curb the currently foreseeable or ongoing operational risks and will ensure that the activities of the fund are not disrupted. The outbreak and the evolution of the global spread of the virus have, however, led to a situation whereby the possible effects in 2020 are fraught with uncertainty and cannot be conclusively assessed at the time of preparing this report. The Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.

2 Semiannual report DWS Osteuropa

DWS OSTEUROPA VS. BENCHMARK Performance at a glance ISIN 6 months LU0062756647 -21.5% MSCI EM Europe ex Greece 10/401 -23.0%

1 MSCI EM Europe 10/40 ex. Greece since July 17, 2017 “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2020 Data on euro basis

4 The format used for complete dates in security names in the investment portfolio is “day/month/year”. DWS Osteuropa

Statement of net assets as of June 30, 2020

Amount in EUR % of net assets I. Assets 1. Equities (sectors): Energy 35686988.21 32.95 Financials 20 504 924.92 18.93 Basic Materials 15728288.03 14.52 Consumer Staples 10 073 581.65 9.30 Health Care 1 374 309.74 1.27 Information Technology 1 086 282.20 1.00 Industrials 646 147.24 0.60 Consumer Discretionaries 532 384.35 0.49 Utilities 268 877.54 0.25 Other 12 767 115.73 11.79 Total equities: 98668899.61 91.10

2. Cash at bank 10 326 120.20 9.53

3. Other assets 346 391.06 0.32

II. Liabilities 1. Loan liabilities -868 598.98 -0.80

2. Other liabilities -165 785.80 -0.15

III. Net assets 108 307 026.09 100.00

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

5 DWS Osteuropa

Investment portfolio – June 30, 2020

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Securities traded on an exchange 94 407 032.60 87.17

Equities Komercní Banka (CZ0008019106)...... Count 35 000 CZK 563 .0000 735 110 33. 0 .68 Moneta Money Bank (CZ0008040318)...... Count 561 444 128 556 CZK 54 5000. 1 141 508 .20 1 .05

Nova Ljubljanska Banka GDR Reg .S (US66980N2036). . . Count 115 840 25 000 EUR 7 .8400 908 185 .60 0 .84 OMV (AT0000743059)...... Count 35 000 35 000 EUR 29 4200. 1 029 700 .00 0 .95

Polymetal International (JE00B6T5S470) ...... Count 115 000 115 000 GBP 15 .9750 2 009 653 .78 1 .86

Magyar Telekom Telecommunications Co . (HU0000073507)...... Count 546 351 120 544 HUF 384 .0000 588 355 .61 0 .54 MOL Magyar Olaj- és Gázipari Nyilv . Részv . Cl .A (HU0000153937)...... Count 356 105 155 295 HUF 1 886 .0000 1 883 461 .25 1 .74 OTP Bank Nyrt . (HU0000061726)...... Count 83 231 20 000 20 000 HUF 11 210 .0000 2 616 541 .67 2 .42 Richter Gedeon Vegyészeti Gyár Nyrt . (HU0000123096) . Count 74 704 20 000 100 000 HUF 6 560 .0000 1 374 309 .74 1 .27

CD Projekt (PLOPTTC00011)...... Count 33 500 40 500 7 000 PLN 400 .3000 3 002 563 .70 2 .77 (PLCFRPT00013)...... Count 93 000 PLN 26 6400. 554 726 .61 0 .51 Eurocash Cl A. (PLEURCH00011)...... Count 220 000 220 000 PLN 17 .6500 869 419 .19 0 .80 Globe Trade Centre (PLGTC0000037)...... Count 74 796 60 000 PLN 6 .7400 112 875 .61 0 .10 (PLLOTOS00025) ...... Count 135 000 85 000 PLN 61 .2200 1 850 499 .31 1 .71 Kernel Holding (LU0327357389)...... Count 60 000 60 000 PLN 40 9500. 550 132 .10 0 .51 (PLTLKPL00017) ...... Count 441 895 PLN 6 .2650 619 871 .97 0 .57 PGE Polska Grupa Energetyczna (PLPGER000010). . . Count 167 718 PLN 7 .1600 268 877 .54 0 .25 Play Communications (LU1642887738) ...... Count 182 549 92 549 80 000 PLN 30 4000. 1 242 552 .86 1 .15 Polski Koncern Naftowy Orlen (PLPKN0000018) ...... Count 121 618 36 034 70 000 PLN 63 6600. 1 733 509 .89 1 .60 Polskie Gornictwo Naftowe i Gaz . S . A (PLPGNIG00014) . Count 850 000 PLN 4 .5780 871 277 .60 0 .80 Powszechna Kasa Oszczednosci (PKO) Bank Polski (PLPKO0000016)...... Count 295 373 100 000 PLN 22 5700. 1 492 671 .31 1 .38 (PLBZ00000044)...... Count 18 000 18 000 PLN 176 .9000 712 955 .08 0 .66

Akbank Bear . (TRAAKBNK91N6)...... Count 1 400 000 1 400 000 1 495 000 TRY 6 .1300 1 116 190 .75 1 .03 Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9). . . . Count 389 849 8 538 38 689 TRY 21 .3600 1 083 047 .69 1 .00 Haci Omer Sabanci Holding (TRASAHOL91Q5) ...... Count 1 384 433 334 433 TRY 9 .2200 1 660 170 .81 1 .53 Koza Altin Isletmeleri (TREKOAL00014) ...... Count 120 000 TRY 82 3000. 1 284 490 .78 1 .19 SOK Marketler Ticaret (TRESOKM00022)...... Count 1 092 968 1 075 122 TRY 13 .3500 1 897 748 .34 1 .75 Turkcell Iletisim Hizmetleri (TRATCELL91M1)...... Count 600 000 600 000 450 000 TRY 16 .5000 1 287 612 .26 1 .19 Turkiye Garanti Bankasi (TRAGARAN91N1)...... Count 1 650 000 900 000 950 000 TRY 8 .5900 1 843 431 .55 1 .70 Türkiye Sise ve Cam Fabrikalari (TRASISEW91Q3). . . . . Count 900 000 500 000 900 000 TRY 5 .5200 646 147 .24 0 .60 Türkiye Vakiflar Bankasi (TREVKFB00019)...... Count 1 300 000 1 300 000 TRY 5 .3700 907 961 .74 0 .84

Aktsionernaya Kompaniya ‘ALROSA’ (RU0007252813). . . . Count 1 100 000 550 000 USD 0 .9090 891 226 .49 0 .82 Detskiy Mir (RU000A0JSQ90)...... Count 420 000 420 000 USD 1 .4221 532 384 .35 0 .49 Etalon Group GDR Reg S (US29760G1031) ...... Count 386 569 USD 1 .3800 475 501 .58 0 .44 Gazprom ADR (US3682872078)...... Count 1 480 000 540 000 800 000 USD 5 .4680 7 213 334 .52 6 .66 Lukoil ADR (US69343P1057)...... Count 118 000 17 000 40 000 USD 75 3200. 7 922 060 .79 7 .31 Magnit GDR (US55953Q2021)...... Count 388 464 50 000 USD 13 .1500 4 553 259 .29 4 .20 Magnitogorsk Iron & Steel Works GDR Reg S (US5591892048)...... Count 80 000 USD 6 .8800 490 596 .31 0 .45 MMC Norilsk Nickel (Sp . ADR) (US55315J1025). . . . . Count 140 000 95 000 USD 26 5300. 3 310 633 75. 3 .06 Mobile Telesystems ADR (US6074091090)...... Count 545 000 270 000 USD 9 .2400 4 488 635 .35 4 .14 Novatek GDR Reg S (US6698881090) ...... Count 29 664 7 000 10 000 USD 145 9000. 3 857 721 .37 3 .56 Novolipetsk Steel GDR Reg S (US67011E2046)...... Count 142 903 USD 19 .9200 2 537 327 .53 2 .34 PhosAgro Sp . GDR Reg S (US71922G2093)...... Count 6 317 USD 12 .4000 69 819 .77 0 .06 Polyrus Sp . GDR (US73181M1172)...... Count 45 510 14 000 USD 84 0000. 3 407 469 .47 3 .15 Qiwi ADR (US74735M1080) ...... Count 70 000 120 000 50 000 USD 17 .4100 1 086 282 .20 1 .00 Rosneft Oil GDR (US67812M2070)...... Count 610 000 120 000 USD 5 .0840 2 764 274 89. 2 .55 Sberbank of Russia ADR (US80585Y3080)...... Count 725 000 USD 11 .4050 7 370 197 .88 6 .80 Severstal PAO GDR Reg S (Oct . 2006) (US8181503025) . Count 160 000 USD 12 .1100 1 727 070 .15 1 .59 Surgutneftegaz Pref . (RU0009029524)...... Count 5 200 000 1 800 000 USD 0 .4961 2 299 281 .58 2 .12 Veon Sp ADR. (US91822M1062)...... Count 250 000 USD 1 .7700 394 420 .18 0 .36 X 5 Retail Group GDR Reg S (US98387E2054)...... Count 35 000 60 000 25 000 USD 35 9000. 1 119 975 .04 1 .03

Unlisted securities 4 261 867.01 3.93

Equities Tatneft ADR (US8766292051)...... Count 100 365 10 000 10 000 USD 47 .6400 4 261 867 .01 3 .93

Total securities portfolio 98 668 899.61 91.10

6 DWS Osteuropa

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Cash at bank 10 326 120.20 9.53

Demand deposits at Depositary Deposits in other EU/EEA currencies...... EUR 1 574 640 .98 % 100 1 574 640 .981 .45

Deposits in non-EU/EEA currencies British pound ...... GBP 8 939 .24 % 100 9 778 .75 0 .01 Hong Kong dollar ...... HKD 1 .00 % 100 0 .12 0 .00 U .S . dollar ...... USD 9 806 348 .57 % 100 8 740 840 .16 8 .07 South African rand...... ZAR 16 721 .88 % 100 860 .19 0 .00

Other assets 346 391.06 0.32 Dividends/Distributions receivable ...... EUR 346 391 .06 % 100 346 391 .06 0 .32

Total assets 1 109 341 410.87 100.96

Loan liabilities -868 598.98 -0.80 EUR loans...... EUR -212 297 .27 % 100 -212 297 .27 -0 .20 Loans in non-EU/EEA currencies Turkish lira...... TRY -5 046 074 .14 % 100 -656 301 .71 -0 .60

Other liabilities -165 785.80 -0.15 Liabilities from cost items...... EUR -152 144 .52 % 100 -152 144 .52 -0 14. Additional other liabilities...... EUR -13 641 .28 % 100 -13 641 .28 -0 .01

Net assets 108 307 026.09 100.00

Net asset value per unit 536 .54

Number of units outstanding 201 862 592.

Negligible rounding errors may have arisen due to the rounding of calculated percentages .

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request .

Exchange rates (indirect quotes) As of June 30, 2020

Czech koruna...... CZK 26 .805500 = EUR 1 British pound ...... GBP 0 914150. = EUR 1 Hong Kong dollar ...... HKD 8 694900. = EUR 1 Hungarian forint...... HUF 356 585000. = EUR 1 Polish zloty...... PLN 4 466200. = EUR 1 Turkish lira...... TRY 7 .688650 = EUR 1 U .S . dollar ...... USD 1 .121900 = EUR 1 South African rand...... ZAR 19 439700. = EUR 1

Notes on valuation The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund . The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus .

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters . This procedure is subject to an ongoing monitoring process . The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure .

Investments reported in this report are not valued at derived market values .

Footnotes 1 Does not include positions with a negative balance, if such exist .

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Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing ­transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

Securities lending Repurchase agreements Total return swaps Stated in fund currency

1. Assets used Absolute - - - In % of the fund’s net assets - - -

2. The 10 largest counterparties 1. Name Gross volume of open transactions Country of registration

2. Name Gross volume of open transactions Country of registration

3. Name Gross volume of open transactions Country of registration

4. Name Gross volume of open transactions Country of registration

5. Name Gross volume of open transactions Country of registration

6. Name Gross volume of open transactions Country of registration

7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

8 DWS Osteuropa

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing 10. Name ­transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Gross volume Statement in accordance with Section A of open transactions Country of registration

Securities lending Repurchase agreements Total return swaps 3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, Stated in fund currency - - - central counterparty) 1. Assets used Absolute - - - 4. Transactions classified by term to maturity (absolute amounts) In % of the fund’s net assets - - - Less than 1 day - - - 1 day to 1 week - - - 2. The 10 largest counterparties 1 week to 1 month - - - 1. Name 1 to 3 months - - - Gross volume of open transactions 3 months to 1 year - - - Country of registration More than 1 year - - - No fixed maturity - - - 2. Name

Gross volume 5. Type(s) and quality/qualities of collateral received of open transactions Type(s): Country of registration Bank balances - - - 3. Name Bonds - - - Gross volume Equities - - - of open transactions Other - - - Country of registration Quality/Qualities:

4. Name Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: Gross volume of open transactions – Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the Country of registration counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity 5. Name – Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset Gross volume value daily and has a rating of AAA or an equivalent rating of open transactions – Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents Country of registration – Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade

6. Name – Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index Gross volume of open transactions The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Country of registration Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund. 7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

9 DWS Osteuropa

6. Currency/Currencies of collateral received Currency/Currencies: - - -

7. Collateral classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity - - -

8. Income and cost portions (before income adjustment) Income portion of the fund Absolute 1 698.52 - - In % of gross income 67.00 - - Cost portion of the fund - - -

Income portion of the Management Company Absolute 836.54 - - In % of gross income 33.00 - - Cost portion of the - - - Management Company

Income portion of third parties Absolute - - - In % of gross income - - - Cost portion of third parties - - -

9. Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute -

10. Lent securities in % of all lendable assets of the fund Total - Share -

11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name Volume of collateral received (absolute)

2. Name Volume of collateral received (absolute)

10 DWS Osteuropa

3. Name Volume of collateral received (absolute)

4. Name Volume of collateral received (absolute)

5. Name Volume of collateral received (absolute)

6. Name Volume of collateral received (absolute)

7. Name Volume of collateral received (absolute)

8. Name Volume of collateral received (absolute)

9. Name Volume of collateral received (absolute)

10. Name Volume of collateral received (absolute)

12. Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share -

13. Custody type of provided collateral from SFTs and total return swaps (In % of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines - - custody type

11 DWS Osteuropa

14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ - - - account holders

1. Name Amount held in custody (absolute)

12 Management Company, Central Management Board Auditor Administration Agent, Transfer Agent, Registrar and Main Distributor Nathalie Bausch KPMG Luxembourg Chairman (since July 1, 2020) Société coopérative DWS Investment S.A. DWS Investment S.A., 39, Avenue John F. Kennedy 2, Boulevard Konrad Adenauer Luxembourg 1855 Luxembourg, Luxembourg 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2019: Manfred Bauer (until June 30, 2020) Depositary EUR 331.1 million before profit appropriation DWS Investment S.A., Luxembourg State Street Bank International GmbH Supervisory Board Luxembourg Branch Dr. Stefan Junglen (since January 6, 2020) 49, Avenue John F. Kennedy Claire Peel DWS Investment S.A., 1855 Luxembourg, Luxembourg Chairman (since June 22, 2020) Luxembourg DWS Management GmbH, Fund Manager Frankfurt/Main Barbara Schots DWS Investment S.A., DWS Investment GmbH Stefan Kreuzkamp Luxembourg Mainzer Landstraße 11-17 DWS Investment GmbH, 60329 Frankfurt/Main, Germany Frankfurt/Main Sales, Information and Paying Agent * Frank Krings Deutsche Bank Luxembourg S.A., LUXEMBOURG Luxembourg Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer Dr. Matthias Liermann 1115 Luxembourg, Luxembourg DWS Investment GmbH, Frankfurt/Main * For additional Sales and Paying Agents, please refer to the sales prospectus Holger Naumann DWS Investment GmbH, Frankfurt/Main

Nikolaus von Tippelskirch (until June 10, 2020) DWS Management GmbH, Frankfurt/Main

As of: July 31, 2020 DWS Investment S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00