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 possi- ble 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 ......................................