DWS Multi Asset PIR Fund

DWS Investment S.A. DWS Multi Asset PIR Fund

Semiannual Report 2020

Investment Fund Organized under Luxembourg Law DWS Multi Asset PIR Fund Content

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

General information ...... 2

Semiannual report DWS Multi Asset PIR Fund ...... 4

1 General information

The fund described in this The corresponding benchmark – Issue and redemption prices report is subject to the laws if available – is also presented The current issue and redemp- of Luxembourg. in the report. All financial data tion prices and all other infor- in this publication is as of mation for unitholders may be Performance June 30, 2020 (unless otherwise requested at any time at the The investment return, or 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 units. The net asset values per the basis of the current sales prices are published in every unit (= redemption prices) with prospectus and management country 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 semi-annual report that is more Investment S.A. are used as the recent than the latest annual basis for calculating the value. report. 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 Multi Asset PIR Fund

DWS MULTI ASSET PIR FUND Performance of unit classes (in euro) Unit class ISIN 6 months Class LC LU1631464101 -6.7% Class FC LU1631464952 -6.4% Class PFC LU1631464879 -7.2%

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2020

4 DWS Multi Asset PIR Fund

Statement of net assets as of June 30, 2020

Amount in EUR % of net assets I. Assets 1. Equities (sectors) Information Technology 6 507 863.36 3.04 Telecommunication Services 7 451 927.60 3.49 Consumer discretionaries 20 950 603.61 9.81 Energy 11 369 181.92 5.33 Consumer Staples 10 318 794.22 4.84 Financials 22 349 160.35 10.47 Consumer discretionary and financials weighted more heavily 681 961.74 0.32 Industrials 19 000 021.01 8.91 Utilities 20 320 795.10 9.53 Others 538 221.11 0.25 Total equities 119 488 530.02 55.99

2. Bonds (issuers) Companies 46 389 704.08 21.70 Total bonds 46 389 704.08 21.70

3. Investment fund units Bond fund 20 311 136.06 9.52 Equity fund 13 153 004.88 6.15 other funds 9 771 120.59 4.58 Total investment fund units 43 235 261.53 20.25

4. Derivatives 184 000.00 0.08

5. Cash at bank 376 081.90 0.18

6. Other assets 4 182 122.54 1.96

II. Liabilities

1. Loan liabilities -120 467.08 - 0.06

2. Other liabilities -150 392.13 - 0.07

3. Liabilities from unit certificate transactions -66 740.73 - 0.03

213 518 100.13 100.00

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

5 DWS Multi Asset PIR Fund

Investment portfolio – June 30, 2020

Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net assets currency amount in the fiscal year EUR

Securities traded on an exchange 165 356 277.60 77.44

Equities Nestle SA ...... Count 13 000 CHF 105 .06 1 282 701 .82 0 .60 A2A SpA ...... Count 200 827 34 859 EUR 1 .262 253 343 .26 0 .12 ACEA SpA ...... Count 134 429 EUR 17 27. 2 321 588 .83 1 .09 Amplifon SpA ...... Count 155 956 36 843 EUR 23 66. 3 689 918 .96 1 .73 Anima Holding SpA ...... Count 513 351 61 649 EUR 3 .782 1 941 493 .48 0 .91 Ascopiave SpA ...... Count 275 000 EUR 3 .725 1 024 375 .00 0 .48 Assicurazioni Generali SpA ...... Count 197 200 63 198 EUR 13 37. 2 636 564 .00 1 .23 ASTM SpA ...... Count 73 735 45 583 1 EUR 20 54. 1 514 516 .90 0 .71 Atlantia SpA ...... Count 34 870 25 130 EUR 14 33. 499 687 10. 0 .23 Autogrill SpA ...... Count 224 131 75 869 EUR 4 .634 1 038 623 .05 0 .49 Avio SpA ...... Count 62 425 62 425 EUR 15 14. 945 114 50. 0 .44 Azimut Holding SpA ...... Count 30 150 19 850 EUR 15 105. 455 415 .75 0 .21 Banca Farmafactoring SpA ...... Count 126 821 48 431 EUR 5 .01 635 373 .21 0 .30 Banca IFIS SpA ...... Count 32 236 17 440 EUR 8 .46 272 716 .56 0 .13 Banca Mediolanum SpA ...... Count 358 297 133 301 EUR 6 .33 2 268 020 .01 1 .06 Banca Popolare dell‘Emilia Romagna SC ...... Count 154 005 154 005 EUR 2 .201 338 965 .01 0 .16 Banca Popolare di Sondrio SCPA ...... Count 353 930 EUR 1 .675 592 832 .75 0 .28 Banca Sistema SpA ...... Count 661 138 661 138 EUR 1 .432 946 749 .62 0 .44 Banco BPM SpA ...... Count 229 767 104 767 EUR 1 .314 302 028 .72 0 .14 BE SpA ...... Count 534 818 534 818 EUR 1 .05 561 558 90. 0 .26 Biesse SpA ...... Count 64 884 49 884 EUR 11 13. 722 158 .92 0 .34 Brembo SpA ...... Count 100 000 43 515 EUR 8 .21 821 000 .00 0 .38 Brunello Cucinelli SpA ...... Count 19 274 19 274 EUR 26 48. 510 375 .52 0 .24 Buzzi Unicem SpA ...... Count 161 009 88 991 EUR 19 255. 3 100 228 .30 1 .45 Cairo Communication SpA ...... Count 349 490 349 490 EUR 1 .46 510 255 40. 0 .24 Cementir Holding NV ...... Count 74 476 50 524 EUR 6 .34 472 177 .84 0 .22 Cerved Information Solutions SpA ...... Count 352 491 112 798 EUR 6 .325 2 229 505 .58 1 .04 Cofide SpA ...... Count 1 328 941 1 328 941 EUR 0 .405 538 221 .11 0 .25 COIMA RES SpA ...... Count 133 568 133 568 EUR 6 .34 846 821 .12 0 .40 Datalogic SpA ...... Count 40 000 20 000 EUR 11 01. 440 400 .00 0 .21 Davide Campari-Milano SpA ...... Count 80 000 80 000 EUR 7 .506 600 480 .00 0 .28 De‘ Longhi SpA ...... Count 83 410 46 590 EUR 23 3. 1 943 453 .00 0 .91 Deutsche Post AG ...... Count 30 000 10 000 EUR 32 55. 976 500 .00 0 .46 DiaSorin SpA ...... Count 16 278 11 252 EUR 168 .5 2 742 843 .00 1 .28 doBank SpA ...... Count 68 495 26 143 EUR 7 .86 538 370 70. 0 .25 El .En . SpA ...... Count 14 629 4 629 EUR 22 15. 324 032 .35 0 .15 Enav SpA ...... Count 462 952 37 048 EUR 4 .014 1 858 289 .33 0 .87 Enel SpA ...... Count 1 251 173 348 827 EUR 7 .735 9 677 823 .16 4 .53 Eni SpA ...... Count 404 617 61 405 71 788 EUR 8 .449 3 418 609 .03 1 .60 ERG SpA ...... Count 165 000 EUR 19 38. 3 197 700 .00 1 .50 Falck Renewables SpA ...... Count 655 000 331 764 246 764 EUR 5 .405 3 540 275 .00 1 .66 FinecoBank Banca Fineco SpA ...... Count 86 787 33 213 EUR 11 96. 1 037 972 .52 0 .49 Gruppo MutuiOnline SpA ...... Count 21 461 EUR 18 56. 398 316 .16 0 .19 Heineken NV ...... Count 12 537 EUR 81 9. 1 026 780 .30 0 .48 Hera SpA ...... Count 362 716 37 284 EUR 3 .37 1 222 352 .92 0 .57 Indel B SpA ...... Count 30 317 30 317 EUR 15 2. 460 818 40. 0 .22 Industria Macchine Automatiche SpA ...... Count 10 965 4 035 EUR 54 592 110 .00 0 .28 Infrastrutture Wireless Italiane SpA ...... Count 300 000 100 974 EUR 8 .96 2 688 000 .00 1 .26 Interpump Group SpA ...... Count 106 795 18 205 EUR 26 42. 2 821 523 .90 1 .32 Intesa Sanpaolo SpA ...... Count 2 514 798 985 202 EUR 1 .681 4 227 375 .44 1 .98 Iren SpA ...... Count 844 501 EUR 2 .218 1 873 103 .22 0 .88 Italgas SpA ...... Count 249 034 249 034 EUR 5 .205 1 296 221 .97 0 .61 Leonardo-Finmeccanica SpA ...... Count 64 883 185 117 EUR 5 .842 379 046 .49 0 .18 LU-VE SpA ...... Count 50 017 50 017 EUR 12 2. 610 207 40. 0 .29 MARR SpA ...... Count 29 888 EUR 13 5. 403 488 .00 0 .19 Mediobanca Banca di Credito Finanziario SpA ...... Count 122 388 134 902 EUR 6 .292 770 065 30. 0 .36 Moncler SpA ...... Count 80 000 EUR 34 19. 2 735 200 .00 1 .28 Nexi SpA ...... Count 263 531 186 469 EUR 15 425. 4 064 965 .68 1 .90 OVS SpA ...... Count 250 743 70 233 EUR 0 .954 239 334 .19 0 .11 Piaggio & C SpA ...... Count 500 000 500 000 EUR 2 .134 1 067 000 .00 0 .50 Poste Italiane SpA ...... Count 45 644 60 269 EUR 7 .746 353 558 .42 0 .17 Prima Industrie SpA ...... Count 55 360 45 360 EUR 12 9. 714 144 .00 0 .33 Prysmian SpA ...... Count 55 483 64 517 EUR 20 52. 1 138 511 .16 0 .53 RAI Way SpA ...... Count 90 787 EUR 5 .84 530 196 .08 0 .25 Recordati SpA ...... Count 36 015 5 496 EUR 44 35. 1 597 265 .25 0 .75 Reno de Medici SpA ...... Count 1 200 000 1 200 000 EUR 0 .703 843 600 .00 0 .40 Reply SpA ...... Count 15 518 3 562 EUR 71 85. 1 114 968 .30 0 .52 Saipem SpA ...... Count 268 329 163 336 EUR 2 .203 591 128 .79 0 .28 Saras SpA ...... Count 887 813 447 418 EUR 0 .7 621 469 10. 0 .29 Snam SpA ...... Count 495 679 170 679 EUR 4 .379 2 170 578 .34 1 .02 Societa Cattolica di Assicurazioni SC ...... Count 126 709 148 939 EUR 5 .105 646 849 .45 0 .30 Tamburi Investment Partners SpA ...... Count 98 991 73 991 EUR 5 .81 575 137 .71 0 .27 TeamViewer AG ...... Count 20 000 20 000 EUR 48 51. 970 200 .00 0 .45 Technogym SpA ...... Count 40 000 35 000 EUR 7 .345 293 800 .00 0 .14 Telecom Italia SpA ...... Count 2 344 835 3 155 165 EUR 0 .352 824 912 .95 0 .39 Terna Rete Elettrica Nazionale SpA ...... Count 78 100 123 904 EUR 6 .164 481 408 40. 0 .23

6 DWS Multi Asset PIR Fund

Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net assets currency amount in the fiscal year EUR

UniCredit SpA ...... Count 300 000 28 352 29 107 EUR 8 .129 2 438 700 .00 1 .14 Unieuro SpA ...... Count 98 703 98 703 EUR 7 .46 736 324 .38 0 .35 Unione di Banche Italiane SpA ...... Count 123 183 54 722 EUR 2 .888 355 752 50. 0 .17 Reckitt Benckiser Group PLC ...... Count 13 693 GBP 74 92. 1 125 882 .27 0 .53 Accenture PLC ...... Count 3 917 USD 212 .8 743 732 .26 0 .35 Adobe Systems, Inc ...... Count 3 500 USD 429 .77 1 342 133 .03 0 .63 Alphabet, Inc ...... Count 1 200 USD 1 392 .14 1 490 581 .00 0 .70 Amazon .com, Inc ...... Count 530 USD 2 710 .32 1 281 704 .37 0 .60 Apple, Inc ...... Count 6 000 1 000 USD 364 .08 1 949 124 .13 0 .91 LyondellBasell Industries NV ...... Count 11 976 USD 63 82. 681 961 .74 0 .32 MACOM Technology Solutions Holdings, Inc ...... Count 16 662 USD 33 68. 500 715 .04 0 .23 Merck & Co ., Inc ...... Count 18 072 USD 76 39. 1 231 782 .85 0 .58 PepsiCo, Inc ...... Count 10 000 USD 131 .74 1 175 463 .32 0 .55

Interest-bearing securities 3 .00 % 2i Rete Gas SpA (MTN) 2014/2024 ...... EUR 2 860 000 % 110 .72 3 166 577 .70 1 .48 7 .75 % Assicurazioni Generali SpA (MTN) 2012/2042 * . . . EUR 1 000 000 % 115 .816 1 158 165 .00 0 .54 1 .625 % Atlantia SpA (MTN) 2017/2025 ...... EUR 2 246 000 % 94 181. 2 115 305 .26 0 .99 2 .875 % Autostrade per l‘Italia SpA (MTN) 2013/2021 . . . . EUR 2 905 000 % 99 482. 2 889 937 .58 1 .35 2 .125 % Buzzi Unicem SpA (MTN) 2016/2023 ...... EUR 1 630 000 % 103 .664 1 689 715 .05 0 .79 9 .00 % CMF SpA -Reg- (MTN) 2017/2022 ...... EUR 535 000 % 97 568. 521 991 .48 0 .24 1 .00 % Enel Finance International NV (MTN) 2017/2024 . . . EUR 2 488 000 % 103 .349 2 571 323 .12 1 .20 2 .625 % Eni SpA (MTN) 2013/2021 ...... EUR 375 000 375 000 % 103 .35 387 560 .63 0 .18 4 .596 % Generali Finance BV 2014/2049 * ...... EUR 545 000 % 104 .5 569 522 .28 0 .27 5 .20 % Hera SpA (MTN) 2013/2028 ...... EUR 1 976 000 % 133 .083 2 629 720 .08 1 .23 2 .00 % Intesa Sanpaolo SpA (MTN) 2014/2021 ...... EUR 450 000 450 000 % 101 .582 457 121 .25 0 .21 3 .50 % Intesa Sanpaolo SpA (MTN) 2014/2022 ...... EUR 2 151 000 % 104 .508 2 247 956 .33 1 .05 3 .928 % Intesa Sanpaolo SpA (MTN) 2014/2026 ...... EUR 556 000 % 106 .872 594 205 .54 0 .28 0 .875 % Intesa Sanpaolo SpA (MTN) 2017/2022 ...... EUR 2 097 000 % 100 .188 2 100 952 .85 0 .98 1 .95 % Iren SpA (MTN) 2018/2025 ...... EUR 900 000 % 107 .582 968 233 50. 0 .45 4 .50 % Leonardo SpA (MTN) 2013/2021 ...... EUR 527 000 % 102 .115 538 146 .05 0 .25 1 .625 % Mediobanca Banca di Credito Finanziario SpA (MTN) 2016/2021 ...... EUR 6 000 000 % 100 .788 6 047 310 .00 2 .83 3 .625 % Piaggio & C SpA -Reg- (MTN) 2018/2025 . . . . . EUR 2 500 000 % 99 428. 2 485 687 .50 1 .16 7 .00 % Sisal Group SpA -Reg- (MTN) 2016/2023 ...... EUR 195 250 88 750 % 100 .712 196 640 .18 0 .09 0 .875 % Snam SpA (MTN) 2016/2026 ...... EUR 3 488 000 % 103 .06 3 594 732 .80 1 .68 3 .25 % Telecom Italia SpA (MTN) 2015/2023 ...... EUR 2 208 000 % 104 .342 2 303 871 .36 1 .08 2 .50 % Telecom Italia SpA (MTN) 2017/2023 ...... EUR 1 120 000 % 102 .1 1 143 514 .40 0 .54 4 .75 % Terna Rete Elettrica Nazionale SpA (MTN) 2011/2021 ...... EUR 300 000 300 000 % 103 .205 309 615 .00 0 .15 6 .125 % UniCredit SpA (MTN) 2011/2021 ...... EUR 220 000 220 000 % 103 .378 227 432 70. 0 .11 2 .00 % UniCredit SpA (MTN) 2016/2023 ...... EUR 4 790 000 % 103 .224 4 944 453 .55 2 .32 4 .375 % UniCredit SpA (MTN) 2016/2027 * ...... EUR 517 000 % 102 .517 530 012 .89 0 .25

Securities admitted to or included in organized markets 521 956.50 0.25

Equities Illimity Bank SpA ...... Count 71 994 71 994 EUR 7 .25 521 956 .50 0 .25

Investment fund units 43 235 261.53 20.25

In-group fund units db x-trackers - MSCI Emerging Markets Index UCITS ETF (DR) -1C- USD - (0 200%)...... Shares 70 000 27 120 EUR 42 083. 2 945 810 .00 1 .38 Deutsche Floating Rate Notes -FC- EUR - (0 .000%) . . . . . Shares 11 202 EUR 83 41. 934 358 .82 0 .44 Deutsche Global Liquidity Series Plc - Managed Euro Fund -Z- EUR - (0 000%)...... Shares 937 4 110 3 173 EUR 9 816 .751 9 198 295 .59 4 .31 DWS Invest SICAV - European Equity Focussed Alpha -XC- EUR - (0 350%)...... Shares 10 193 EUR 99 4. 1 013 184 .20 0 .47 DWS Invest SICAV - Multi Asset Income -FC- EUR - (0 .600%) ...... Shares 5 500 2 500 EUR 104 .15 572 825 .00 0 .27 DWS Invest SICAV - Multi Strategy -FC- EUR - (0 .550%) . . . Shares 10 000 EUR 127 .99 1 279 900 .00 0 .60 DWS Invest SICAV - Invest Emerging Markets Corporates -E2- USD - (0 .600%) ...... Shares 25 251 USD 171 .54 3 864 874 .64 1 .81 Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0 .250%) ...... Shares 275 000 180 001 USD 14 444. 3 544 145 .95 1 .66

Non-group fund units iShares VII plc - iShares FTSE Italia Mid-Small Cap UCITS ETF EUR - (0 330%)...... Shares 600 000 125 000 EUR 4 .274 2 564 700 .00 1 .20 Multi Units France - Lyxor FTSE Italia Mid Cap PIR UCITS ETF -C- EUR - (0 400%)...... Shares 45 000 7 000 EUR 111 .12 5 000 400 .00 2 .34 iShares IV plc - iShares $ Short Duration Corporate Bond UCITS ETF USD - (0 .200%) ...... Shares 45 000 6 285 USD 104 .66 4 202 276 .92 1 .97 iShares V plc - iShares S&P 500 Financials Sector UCITS ETF USD - (0 .150%) ...... Shares 294 096 USD 6 .208 1 628 910 .68 0 .76 Lyxor Index Fund - Lyxor $ Floating Rate Note UCITS ETF -Dist- USD - (0 .100%) ...... Shares 52 838 USD 100 .885 4 756 246 .92 2 .23 SSgA SPDR ETFs Europe I plc - SPDR Barclays Emerging Markets Local Bond UCITS ETF USD - (0 .550%) ...... Shares 28 498 USD 68 01. 1 729 332 .81 0 .81

Total securities portfolio 209 113 495.63 97.94

7 DWS Multi Asset PIR Fund

Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net assets currency amount in the fiscal year EUR

Derivatives (Minus signs denote short positions)

Equity index derivatives 184 000.00 0.08 Receivables/payables

Equity index futures FTSE MIB Index Futures 09/2020 (DB) ...... Count -160 160 184 000 .00 0 .08

Cash at bank 376 081.90 0.18

Demand deposits at Depositary EUR deposits ...... EUR 90 622 .13 0 .04

Deposits in other EU/EEA currencies

British pound ...... GBP 14 762 16 201 .41 0 .01 Norwegian krone ...... NOK 2 685 780 246 843 03. 0 .12

Deposits in non-EU/EEA currencies

Swiss franc ...... CHF 23 867 22 415 .33 0 .01

Other assets 4 182 122.54 1.96 Dividends receivable / distribution entitlements ...... 168 315 25. 0 .08 Prepaid placement fee **...... 3 479 817 .71 1 .63 Interest receivable ...... 532 452 71. 0 .25 Other receivables ...... 1 536 .87 0 .00

Total assets 213 855 700.07 100.16

Short-term liabilities -120 467.08 -0.06

Loans in non-EU/EEA currencies

U .S . dollar ...... USD -135 013 -120 467 .08 -0 .06

Other liabilities -150 392.13 -0.07 Liabilities from cost items ...... -150 392 .13 -0 .07

Liabilities from unit certificate transactions -66 740.73 -0.03

Total liabilities -337 599.94 -0.16

Net assets 213 518 100.13 100.00

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.

Net asset value per unit and Count/ Net asset value per unit number of units outstanding currency in the respective currency

Net asset value per unit Class FC ...... EUR 99 40. Class LC ...... EUR 96 95. Class PFC ...... EUR 94 74.

Number of units outstanding Class FC ...... Count 268 719 000. Class LC ...... Count 55 536 .000 Class PFC ...... Count 1 914 982 .000

Composition of the reference portfolio (according to CSSF circular 11/512) 25% FTSE MIB CLOSE INDEX NET, 25% Markit iBoxx Euro Corporate Index, 25% ICE BofAML Italy Government Index, 20% FTSE Italia Mid Cap Net Tax Index, 5% MSCI World Net TR Index in EUR

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure ...... % 83 056.

Highest market risk exposure ...... % 113 .096

Average market risk exposure ...... % 99 489.

8 DWS Multi Asset PIR Fund

The values-at-risk were calculated for the year from January 1, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512.

In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled as of the reporting date EUR 15 500 416.50.

Market abbreviations Futures exchanges DB = Deutsche Bank AG Frankfurt

Exchange rates (indirect quotes) As of June 30, 2020 Swiss franc ...... CHF 1.064768 = EUR 1 British pound ...... GBP 0.911178 = EUR 1 Norwegian krone ...... NOK 10.880517 = EUR 1 U.S. dollar ...... USD 1.12075 = 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‘s 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.

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

The management fee/all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the fund held units of other investment funds (target funds) in the fiscal year, further costs, charges and fees may have been incurred at the level of these individual target funds.

Footnotes * Floating interest rate. ** The prepaid placement fee is amortized over a period of five years, as specified in the article “Placement Fee” of the general section of the management regulations.

9 DWS Multi Asset PIR Fund

Information according to Regulation (EU) 2015/2365 on the transparency of securities financing transactions, and the re-use and amending Regulation (EU) No 648/2012 – Certificate in Section A

In the reporting period, there were no securities financing transactions according to the above mentioned regulation.

10 Management Company, Management Board Auditor Administration, Registrar and Transfer Agent, 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