# Sales Prospectus – Special Section
## DWS Institutional Pension Floating Yield
| Investor profile | Income-oriented |
| --- | --- |
| Sub-fund currency | EUR |
| Fund manager | DWS Investment GmbH |
| Maturity date | No fixed maturity |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | – (absolute VaR) |
| Leverage | Maximum of twice the sub-fund’s assets |
| Valuation date | Each bank business day in Luxembourg and Frankfurt/Main. A bank business day is a day on which the banks are open in Luxembourg and Frankfurt/Main and settle payments. |
| Minimum investment* | EUR 25,000,000 |
| Order acceptance | All orders are submitted on the basis of an unknown net asset value per share. Orders received by the Management Company or the paying agent at or before 1:30 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 1:30 PM Luxembourg time are pro- cessed on the basis of the net asset value per share on the next valuation date. |
| Value date | In the case of a purchase, the equivalent value is charged one bank business day after issue of the shares. The equivalent value is credited one bank business day after redemption of the shares. |
| Issue of fractional shares | Up to three decimal places |

| Share class | Share class currency | Initial issue price (incl. initial sales charge) | Initial sales charge (payable by the shareholder) | Redemption fee (payable by the shareholder) | All-in fee p.a. (payable by the sub-fund)** | Taxe d’abonnement | Inception date |
| --- | --- | --- | --- | --- | --- | --- | --- |
| IC | EUR | EUR 10,100 | Up to 1% | Up to 2.5%; currently 0% | Up to 0.16% | 0.01% | July 5, 2004 |
| ID | EUR | EUR 10,100 | Up to 1% | Up to 2.5%; currently 0% | Up to 0.16% | 0.01% | The inception date is determined by the Manage- ment Company. The Sales Prospectus will be updated accordingly. |

*  The Management Company reserves the right to deviate from the minimum investment at its own discretion.
** For additional costs, cf. article 14 of the general section of the Sales Prospectus.
For the sub-fund with the name DWS Institutional Pension Floating Yield, the following provisions shall apply in addition to the regulations set out in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy of DWS Institutional Pension Floating Yield is to generate the greatest possible appreciation of capital in the short term while taking into account the opportunities and risks of the international capital markets.
The sub-fund is actively managed and is not managed with reference to a benchmark.
At least 70% of the sub-fund’s assets are invested in bonds, equities, convertible bonds, fixed rate or floating rate bonds, warrant-linked bonds whose warrants are on securities and in warrants on securities that are traded on stock exchanges or in another regulated market that is recognized, open to the public, and operates regularly and that is located in a member country of the Organisation for Economic Co-operation and Development (OECD), the G20, the EU or Singapore, all of which are denominated in or
hedged against the euro, as well as in invest- ment funds and money market instruments.
The investments in equities primarily comprise blue chips and secondary stocks of the major European equity indices (e.g., the HDAX). Up to 10% of the sub-fund’s assets may be invested in equities.
Money market instruments (such as commercial paper, certificates of deposit and time deposits) as defined in article 41 (1) a-d and h of the Law of 2010 therefore do not have to be admitted for trading on a stock exchange or included in a regulated market.
The investment policy is implemented in particular by managing credit risks of various issuers of government, bank and corporate bonds. The resulting risk premiums are dependent on eco- nomic fluctuations and on the situation specific to the respective issuer and provide corresponding opportunities to increase returns. The portfolio management continuously examines these risk premiums and compiles the portfolio based on the market situation and on their assessment of opportunity vs. risk. Interest rate risks are also
taken into account in the investment policy, although the investment focus is on managing credit risks. The sub-fund can therefore be invested in assets with shorter or longer residual terms to maturity, depending on the market situation.
Up to 10% of the sub-fund’s assets may be invested in asset-backed securities (ABS). The asset-backed securities are based on receivables from leasing, credit card or car financing transac- tions, SME (Small & Medium Enterprise) financing or mortgage loans. These must have an invest- ment-grade rating. An investment instrument is categorized as investment-grade if the lowest rating assigned by the three rating agencies (S&P, Moody’s and Fitch) is investment-grade. If the investment is downgraded to a rating lower than Baa3 (by Moody’s) or BBB- (by S&P and FITCH), it must be sold within six months. If there is no official rating, an internal rating in line with the DWS internal guidelines shall be applied.
The investment policy will also be implemented through the use of suitable derivatives in compli- ance with the investment limits specified in article 4 B. of the general section of the Sales
Prospectus. The derivative financial instruments include, among others, options, forwards, futures on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instru- ment, including total return swaps and credit default swaps. These may be acquired for hedg- ing and investment purposes.
Securities lending transactions may be entered into in line with the investment policy.
For an investment in individual stocks, at least 51% of the equity price risk is hedged through the use of suitable derivatives.
The sub-fund may not invest in contingent convertibles.
In addition, the sub-fund’s assets may be invested in all other permissible assets.
The respective risks associated with the invest- ment assets are presented in the general section of the Sales Prospectus.

#### Consideration of sustainability risks
The sub-fund management considers sustainabil- ity risks by way of smart integration when mak- ing investment decisions. Additional information on the way in which sustainability risks are considered in investment decisions is provided in the general section of the Sales Prospectus.

#### Additional information
If total return swaps are used to implement the investment strategy described above, the follow- ing must be taken into account:
The proportion of the fund’s net assets that may be the subject of total return swaps (expressed as the sum of the nominal values of the total return swaps divided by the net asset value of the fund) is expected to reach up to 10%. How- ever, depending on market conditions, the objectives of efficient portfolio management and investors’ interests, this share may rise to as much as 20%. The calculation is carried out in accordance with the CESR/10-788 guidelines.
However, the expected leverage indicated is not to be considered as an additional risk limit for the sub-fund.
Additional information on total return swaps can be found under “Techniques for efficient portfolio management” and elsewhere in the general section of the Sales Prospectus. The selection
of counterparties for total return swaps is based on the principles described in the “Counterparty selection” section of the general section. Further information on counterparties is disclosed in the annual report. With regard to specific risk con- siderations arising from the use of total return swaps, investors are referred to the “General risk warnings” section and, in particular, to the “Risks associated with derivative transactions” section in the Sales Prospectus.
This sub-fund does not comply with the provisions of EU Regulation 2017/1131 on money market funds and is therefore not to be classified as a money market fund.

#### Specific risk warning
The sub-fund invests in various asset-backed securities (ABS). These securities may be exposed to strong market fluctuations. In addi- tion, these securities are extremely illiquid in times of market uncertainty and may be unsale- able under certain circumstances. It is therefore possible that there may be a total loss or a significant reduction in value of these securities. Despite the diversification within the sub-fund, the possibility that several securities in which the sub-fund invests will be adversely affected at the same time cannot be ruled out. Strong price fluctuations for the sub-fund, as well as high losses in value therefore cannot be ruled out.
With respect to the potential illiquidity and the still restricted capacity of the ABS market, the Management Company specifically points out that there is a possibility that the calculation of the NAV may be suspended and also that the redemption of shares may be suspended. The calculation of the issue and redemption price, as well as the issue and redemption of shares, may be suspended by the Management Company if and for as long as the immediate sale of sub- fund assets to gain the necessary liquidity for large-scale redemptions is not in the interests of the investors. In such cases, the Management Company is only authorized to redeem shares at the applicable redemption price if corresponding positions of the sub-fund’s assets were sold and the interests of all investors are safeguarded.

#### Risk management
For the sub-fund’s assets, the absolute value-at- risk (VaR) approach is used as the method for market risk limitation.
The leverage effect is not expected to exceed twice the value of the sub-fund’s assets. The leverage is calculated using the total of the nominals (total nominal amounts of all derivatives in the portfolio divided by the current net asset value of the portfolio). However, the expected leverage indicated is not to be considered as an additional risk limit for the sub-fund.

#### Investments in units of target funds
In addition to the information provided in the general section of the Sales Prospectus, the following applies for this sub-fund:
For investment in affiliated target funds, the portion of the all-in fee attributable to units of affiliated target funds is reduced by the all-in fee / management fee charged by the acquired target fund, if necessary up to the full amount (differ- ence method).

## DWS Institutional ESG Euro Money Market Fund
| Investor profile | Risk-averse |
| --- | --- |
| Sub-fund currency | EUR |
| Fund manager* | DWS Investment GmbH |
| Maturity date | No fixed maturity |
| Performance benchmark | 1M EUR LIBID, administered by ICE Benchmark Administration Limited |
| Reference portfolio (risk benchmark) | – (absolute VaR) |
| Leverage | Maximum of the amount of the sub-fund’s assets |
| Valuation date | Each bank business day in Luxembourg and Frankfurt/Main. A bank business day is a day on which the banks are open in Luxembourg and Frankfurt/Main and settle payments. |
| Order acceptance | All orders are submitted on the basis of an unknown net asset value per share. Orders received by the Management Company or the paying agent at or before 1:30 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 1:30 PM Luxembourg time are processed on the basis of the net asset value per share on the next valuation date. |
| Value date | In the case of a purchase, the equivalent value is charged one bank business day after issue of the shares. The equivalent value is credited within one bank business day after redemption of the shares. |
| Issue of fractional shares | Three decimal places |

| Share class | Share class currency | Initial issue price | Initial sales charge (payable by the shareholder) | Redemption fee | All-in fee p.a. (payable by the sub-fund)*** | Taxe d’abonnement | Inception date | Minimum investment total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IC | EUR | EUR 10,100 | Up to 1% | Up to 2.5%; currently 0% | Up to 0.16% | 0.01% p.a. | June 25, 1999 | EUR 0.5 million** |
| ID | EUR | EUR 14,155.43 | Up to 1% | Up to 2.5%; currently 0% | Up to 0.16% | 0.01% p.a. | July 2, 2012 | EUR 0.5 million** |
| IC100 | EUR | EUR 13,893.21 | 0% | Up to 2.5%; currently 0% | Up to 0.12% | 0.01% p.a. | February 7, 2020 | EUR 100 million** |
| IC500 | EUR | EUR 13,893.21 | 0% | Up to 2.5%; currently 0% | Up to 0.10% | 0.01% p.a. | February 7, 2020 | EUR 500 million** |
| USD ICH | USD | The initial issue price is determined by the Management Company. The Sales Prospectus will be updated accordingly. | Up to 1% | Up to 2.5%; currently 0% | Up to 0.19% | 0.01% p.a. | The inception date is determined by the Management Company. The Sales Prospectus will be updated accordingly. | USD 0.5 million** |
| CHF ICH | CHF | The initial issue price is determined by the Management Company. The Sales Prospectus will be updated accordingly. | Up to 1% | Up to 2.5%; currently 0% | Up to 0.19% | 0.01% p.a. | The inception date is determined by the Management Company. The Sales Prospectus will be updated accordingly. | CHF 0.5 million** |
| USD ICH100 | USD | The initial issue price is determined by the Management Company. The Sales Prospectus will be updated accordingly. | 0% | Up to 2.5%; currently 0% | Up to 0.15% | 0.01% p.a. | The inception date is determined by the Management Company. The Sales Prospectus will be updated accordingly. | USD 100 million** |
| CHF ICH100 | CHF | The initial issue price is determined by the Management Company. The Sales Prospectus will be updated accordingly. | 0% | Up to 2.5%; currently 0% | Up to 0.15% | 0.01% p.a. | The inception date is determined by the Management Company. The Sales Prospectus will be updated accordingly. | CHF 100 million** |

*  The Management Company has commissioned a fund rating (from the rating agency FITCH). This is a bond fund rating. This is financed by the fund manager.
**  The Management Company reserves the right to deviate from the minimum investment at its own discretion.
*** For additional costs, cf. article 14 of the general section of the Sales Prospectus.
For the sub-fund with the name DWS Institutional ESG Euro Money Market Fund, the following provisions shall apply in addition to the regulations set out in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund is a financial product that highlights environmental and social features, and qualifies according to article 8 (1) of Regulation (EU) 2019/2088 on sustainability-related disclosure obligations in the financial services sector.
DWS Institutional ESG Euro Money Market Fund is registered with the CSSF as a VNAV money market fund. It is a standard money market fund in accordance with the provisions in section 4. I of the general section of the Sales Prospectus in relation to money market sub-funds.
The objective of the investment policy of this sub-fund is to generate a reasonable money market return in euro.
The sub-fund invests mainly in money market instruments and deposits with credit institutions that are denominated in euro or hedged against the euro. In addition, the sub-fund may invest in units of other short-term money market funds or of other standard money market funds, in repur- chase agreements, reverse repurchase agree- ments and liquid assets.
The instruments are traded on stock exchanges, or in another regulated market that is recognized, open to the public and operates regularly, in a member country of the Organisation for Economic Co-operation and Development (OECD), the G20, the EU or Singapore. Money market instruments (such as commercial paper, certificates of deposit and time deposits) do not, however, have to be admitted for trading on a stock exchange or included in a regulated market. In addition, the sub-fund’s assets may be invested in all other permissible assets.
To this end, the sub-fund management evaluates potential investments using a proprietary ESG methodology with regard to various environmen- tal, social and corporate governance-related characteristics. This methodology takes into account the requirements for the investment portfolio using an ESG database containing data from several leading ESG data providers as well as internal and external sources, and uses it to generate its own combined ratings for various environmental, social, and corporate gover-
nance-related characteristics. These assessments cover (i) controversial industries (such as coal, tobacco products, armaments, pornography, gambling and nuclear energy), (ii) participation in controversial arms deals (nuclear weapons, enriched uranium, cluster munitions and anti-per- sonnel mines), or (iii) the violation of internationally recognized norms. They also enable active selec- tion of issuers based on criteria such as climate and global warming risk, adherence to norms or
best-in-class ESG ratings. In this methodology, each potential issuer is assigned one of six possi- ble ratings on a scale of A to F. Issuers rated A and B are considered leaders in their respective categories; issuers rated C are in the upper
mid-range of their category. This rating may be based on the revenue earned from controversial sectors, the extent to which the issuer is involved in controversial arms deals or the extent to which it violates international norms. Other factors are an assessment of the climate and global warming risk using parameters such as carbon intensity or the risk of stranded assets and best-in-class ESG ratings.
The sub-fund manager takes the ratings from the ESG database into account when structuring the portfolio. The sub-fund is subject to limits or prohibitions on investments in issuers with low ratings (D and E); issuers with the lowest rating (F) are always excluded from the investment universe.
The ESG performance of an issuer is assessed independently of its financial success on the basis of various characteristics. These characteristics relate to the following topics, for example:
Environmental
- Conservation of animal and plant life
- Protection of natural resources, the atmosphere and coastal waters
- Curbing of soil degradation and climate change
- Avoidance of interference with ecosystems and loss of biodiversitySocial
- General human rights
- Ban on child labor and forced labor
- Mandatory non-discrimination
- Health and safety in the workplace
- Fair working conditions and appropriate remunerationCorporate governance
- Corporate principles of the International Corporate Governance Network
- Principles of combating corruption in accord- ance with the UN Global CompactAt least 90% of the sub-fund’s positions are analyzed using the ESG database with regard to non-financial criteria.

The performance benchmark of this sub-fund is not consistent with the environmental and social characteristics highlighted by this sub-fund. For details on the performance benchmark, please see https://www.theice.com/index.
More information about the functioning of the ESG investment methodology, its integration into the investment process, the selection criteria as well as the ESG-related policies can be found on our website www.dws.com/solutions/esg.
In addition, an engagement activity can be initi- ated with the individual issuers regarding matters such as strategy, financial and non-financial perfor- mance, risk, capital structure, social and environ- mental impact as well as corporate governance including topics like disclosure, culture and remu- neration. This dialog can be exercised through, for example, proxy voting, shareholder meetings or engagement letters.
The sub-fund may not invest in contingent convertibles.
The assets acquired for the sub-fund may have a residual term to maturity of no more than two years and an interest rate adjustment within
397 days. The weighted average term to maturity of the sub-fund’s assets may at no time be more than twelve months. Article 25 (1), sub-paragraphs 2 and 3, of the Money Market Funds Regulation apply for the calculation of the weighted average term to maturity. The weighted duration may at no time be more than six months. At least 7.5% of the assets of the sub-fund comprise assets payable on demand, reverse repurchase agreements that can be terminated by giving notice of one business day or cash deposits that may be withdrawn by giving notice of one business day. At least 15% of the assets of the sub-fund comprise assets that become payable in a week, reverse repurchase agreements that can be terminated by giving notice of five working days or cash deposits that may be withdrawn by giving notice of five working days. Money market instruments or units of other money market funds may be counted toward the assets becoming payable in a week up to a limit of 7.5%, provided they can be redeemed and settled within five working days.
The respective risks associated with the invest- ment assets are presented in the general section of the Sales Prospectus.

#### Consideration of sustainability risks
The sub-fund management considers sustainabil- ity risks by way of ESG integration when making investment decisions. Additional information on the way in which sustainability risks are consid- ered in investment decisions is provided in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed with reference to a benchmark or a combination of benchmarks, as outlined in greater detail in the fund-specific table. All benchmarks and their administrators are registered with the European Securities and Markets Authority (ESMA) in the official register of benchmark administrators or in the official register of benchmarks of a third country.
The sub-fund uses a money market benchmark to measure its performance. Application of this money market benchmark does not in any way limit the portfolio management in structuring the sub-fund’s portfolio. Although the sub-fund’s objective is for its investment performance to
outperform the benchmark, the possible out­ performance may be limited depending on the prevailing market environment (e.g., less volatile general conditions) and the actual positioning relative to the benchmark.

#### Specific risk warning
It is pointed out to investors that:
- an investment in a money market fund is not a guaranteed investment;
- an investment in a money market fund differs from an investment in the form of a deposit; the capital invested in a money market fund is subject to fluctuations;
- a money market fund does not rely on external support to guarantee its liquidity or to keep the net asset value per share stable;
- the risk of a complete loss of capital must be borne by the investor.


#### Risk management
For the sub­fund’s assets, the absolute value­at­ risk (VaR) approach is used as the method for market risk limitation.
The leverage effect is not expected to exceed the value of the sub­fund’s assets. The leverage is calculated using the total of the nominals (total nominal amounts of all derivatives in the portfolio divided by the current net asset value of the portfolio). However, the expected leverage indicated is not to be considered as an additional risk limit for the sub­fund.

#### Investments in units of target funds
In addition to the information provided in the general section of the Sales Prospectus, the following applies for this sub­fund:
For investment in affiliated target funds, the portion of the all­in fee attributable to units of affiliated target funds is reduced by the all­in fee / management fee charged by the acquired target fund, if necessary up to the full amount (difference method).

## DWS Institutional Multi Asset Total Return
| Investor profile | Income-oriented |
| --- | --- |
| Sub-fund currency | EUR |
| Fund manager | DWS Investment GmbH |
| Maturity date | No fixed maturity |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | – (absolute VaR) |
| Leverage | Maximum of twice the sub-fund’s assets |
| Valuation date | Each bank business day in Luxembourg. A bank business day is a day on which the banks are open in Luxembourg and settle payments. |
| Swing pricing | The sub-fund can apply swing pricing. If a swing pricing mechanism is applied, this will be published on the Management Company’s website www.dws.com under the heading “Fund Facts”. |
| Order acceptance | All orders are submitted on the basis of an unknown net asset value per share. Orders received by the Management Company or the paying agent at or before 1:30 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the next valuation date. Orders received after 1:30 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date. |
| Value date | In the case of a purchase, the equivalent value is charged within three bank business days after issue of the shares. The equivalent value is credited within three bank business days after redemption of the shares. |
| Issue of fractional shares | Three decimal places |
| Maximum management fee for investment in target funds (charged to the sub-fund’s assets) | 3.25% p.a. |

| Share class | Share class currency | Initial issue price | Initial sales charge (payable by the shareholder) | Redemption fee | All-in fee p.a. (payable by the sub-fund)** | Taxe d’abonnement | Inception date | Minimum investment total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IC | EUR | EUR 10,300 | Up to 3% | None | Up to 0.45% | 0.01% | May 3, 2013 | EUR 0.5 million* |
| ID | EUR | The initial issue is determined by the Management Company. The Sales Prospectus will be updated accordingly. | Up to 3% | None | Up to 0.45% | 0.01% | The inception date is determined by the Management Company. The Sales Prospectus will be updated accordingly. | EUR 0.5 million* |

*  The Management Company reserves the right to deviate from the minimum investment at its own discretion.
** For additional costs, cf. article 14 of the general section of the Sales Prospectus.
For the sub-fund with the name DWS Institutional Multi Asset Total Return, the following provisions shall apply in addition to the regulations set out in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy of the sub-fund DWS Institutional Multi Asset Total Return is to achieve a positive investment per- formance in the medium to long term while taking into account the opportunities and risks of the international capital markets.
The sub-fund is actively managed and is not managed with reference to a benchmark.
The sub-fund endeavors to achieve the invest- ment objective while taking into account and actively managing the portfolio risks. Certain risk indicators are used for this. The most important indicator is the “value-at-risk”, which is applied in accordance with circular 07/308 of the Commis- sion de Surveillance du Secteur Financier (“CSSF”) and specifies at a given probability the
possible maximum loss that a specific portfolio can record over a specified period. For DWS Institutional Multi Asset Total Return, the value- at-risk is based on a probability of 99% and a period of 10 days.
The sub-fund aims for a value-at-risk of not more than 7.5%. This means that the loss incurred within a period of 10 days, shall, with a probability of 99%, not be more than 7.5%.
If the value-at-risk exceeds the above target value, the portfolio management takes suitable measures to bring the key figure back into the specified range. The long-term objective of the fund is to achieve constant returns.
To achieve an asset allocation that is as flexible as possible, the sub-fund may invest up to 100% of its assets globally in equities and bonds, as well as in equity certificates, index certificates, convertible bonds, warrant-linked bonds whose underlying warrants are on securi- ties, warrants on securities, participation and
dividend-right certificates, investment funds such as equity, bond and money market funds, investment funds that track the performance of an index, as well as in interest-bearing debt instruments and cash.
Up to 10% of the sub-fund’s assets may be invested in certificates and structured financial products that can be qualified as securities, and in funds that are based on commodities, com- modity indices, precious metals and precious metal indices. In accordance with article 4 A. (j), investment in the certificates mentioned here is only permissible if they are 1:1 certificates.
Notwithstanding article 4 B. (i), the following applies: The sub-fund may also invest in shares of other undertakings for collective investment in transferable securities and/or collective invest- ment undertakings as defined in article 4 A. (e), provided that no more than 20% of the sub-fund’s assets are invested in one and the same undertak- ing for collective investment in transferable securi- ties and/or collective investment undertaking.
Each sub-fund of an umbrella fund is to be viewed as a stand-alone issuer, provided that the principle of separate liability for the liabilities of the individual sub-funds is guaranteed in respect of third parties.
Investments in units of collective investment undertakings other than undertakings for collec- tive investment in transferable securities may not exceed 30% of the sub-fund’s net assets in total.
For investments in units of another undertaking for collective investment in transferable securi- ties and/or other collective investment under- takings, the asset values of the undertaking for collective investment in transferable securities and/or other collective investment undertaking in question are not taken into account in relation to the upper limits specified in article 4 B. (a), (b), (c), (d), (e) and (f).
In compliance with the investment limits speci- fied in article 4 B. of the general section of the Sales Prospectus, the investment policy shall also be implemented through the use of suitable derivative financial instruments. These may include options, forward contracts, futures, futures on financial instruments and options on such contracts as well as privately negotiated OTC contracts on any type of financial instru- ment, including swaps, forward-starting swaps, inflation swaps, swaptions, constant maturity swaps and credit default swaps.
The sub-fund may not invest in contingent convertibles.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in article 4 of the general section of the Sales Prospectus.
The respective risks associated with the invest- ment assets are presented in the general section of the Sales Prospectus.

#### Consideration of sustainability risks
The sub-fund management considers sustainabil- ity risks by way of smart integration when mak- ing investment decisions. Additional information on the way in which sustainability risks are considered in investment decisions is provided in the general section of the Sales Prospectus.

#### Risk management
The market risk in the sub-fund is limited by the absolute value-at-risk (VaR) method.
The leverage effect is not expected to exceed twice the value of the sub-fund’s assets. How- ever, the expected leverage indicated is not to be considered as an additional risk limit for the
sub-fund.

#### Investments in units of target funds
In addition to the information provided in the general section of the Sales Prospectus, the following applies for this sub-fund:
The sub-fund will not invest in target funds where the management fee exceeds a certain amount. More detailed information on the maximum management fees for the sub-fund can be found in the overview table.
For investment in affiliated target funds, the portion of the all-in fee attributable to units of affiliated target funds is reduced by the manage- ment fee / all-in fee charged by the acquired target fund, if necessary up to the full amount (differ- ence method).

## DWS Institutional Pension Vario Yield
| Investor profile | Income-oriented |
| --- | --- |
| Sub-fund currency | EUR |
| Fund manager | DWS Investment GmbH |
| Inception date | November 10, 2014 |
| Maturity date | No fixed maturity |
| Initial issue price | EUR 101 (incl. initial sales charge) |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | – (absolute VaR) |
| Leverage | Maximum of twice the sub-fund’s assets |
| Valuation date | Each bank business day in Luxembourg and Frankfurt/Main. A bank business day is a day on which the banks are open in Luxembourg and Frankfurt/Main and settle payments. |
| Order acceptance | All orders are submitted on the basis of an unknown net asset value per share. Orders received by the Manage- ment Company or the paying agent at or before 1:30 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 1:30 PM Luxembourg time are processed on the basis of the net asset value per share on the next valuation date. |
| Value date | In the case of a purchase, the equivalent value is charged within two bank business days after issue of the shares. The equivalent value is credited within two bank business days after redemption of the shares. |
| Distribution policy | Reinvestment |
| Minimum investment* | EUR 25 million |
| Initial sales charge (payable by the shareholder) | Up to 1% |
| Redemption fee | Up to 2.5%; currently 0% |
| All-in fee** (payable from the sub-fund’s assets) | Up to 0.25% |
| Taxe d’abonnement | 0.01% |
| Issue of fractional shares | Three decimal places |

*  The Management Company reserves the right to deviate from the minimum investment at its own discretion.
** For additional costs, cf. article 14 of the general section of the Sales Prospectus.
For the sub-fund with the name DWS Institution- al Pension Vario Yield, the following provisions shall apply in addition to the regulations set out in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy of DWS Institutional Pension Vario Yield is to generate the greatest possible appreciation of capital in the short term while taking into account the oppor- tunities and risks of the international capital markets.
The sub-fund is actively managed and is not managed with reference to a benchmark.
At least 70% of the sub-fund’s assets are invest- ed in bonds, equities, convertible bonds, fixed rate or floating rate bonds, warrant-linked bonds whose warrants are on securities and in warrants on securities that are traded on stock exchanges or in another regulated market that is recognized, open to the public, and operates regularly and that is located in a member country of the Organisation for Economic Co-operation and Development (OECD), the G20, the EU, Singa- pore, all of which are denominated in or hedged against the euro, as well as in investment funds and money market instruments.
The investments in equities primarily comprise blue chips and secondary stocks of the major European equity indices (e.g., the HDAX). Up to 10% of the sub-fund’s assets may be invested in equities.
Money market instruments such as commercial paper, certificates of deposit and time deposits, as defined in article 41 (1) a-d and h of the Law of 2010, therefore do not have to be admitted for trading on a stock exchange or included in a regu- lated market.
The investment policy is implemented in particular by managing credit risks of various issuers of government, bank and corporate bonds. The resulting risk premiums are dependent on eco- nomic fluctuations and on the situation specific to the respective issuer and provide corresponding opportunities to increase returns. The portfolio management continuously examines these risk premiums and compiles the portfolio based on the market situation and on their assessment of opportunity vs. risk. Interest rate risks are also taken into account in the investment policy, although the investment focus is on managing credit risks. The sub-fund can therefore be invest- ed in assets with shorter or longer residual terms to maturity, depending on the market situation.
Up to 10% of the sub-fund’s assets may be invested in asset-backed securities (ABS). The asset-backed securities are based on receivables from leasing, credit card or car financing transac- tions, SME (Small & Medium Enterprise) financ- ing or mortgage loans. These must have an investment-grade rating. An investment instru- ment is categorized as investment-grade if the lowest rating assigned by the three rating agencies (S&P, Moody’s and Fitch) is invest- ment-grade. If the investment is downgraded to a rating lower than Baa3 (by Moody’s) or BBB- (by S&P and FITCH), it must be sold within six months. If there is no official rating, an internal rating in line with the DWS internal guidelines shall be applied.
The investment policy will also be implemented through the use of suitable derivatives in compli- ance with the investment limits specified in article 4 B. of the general section of the Sales Prospectus. The derivative financial instruments include, among others, options, forwards, fu- tures, and futures contracts on financial instru- ments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument, including total return swaps and credit default swaps. These may be acquired for hedging and investment purposes.
Securities lending transactions may be entered into in line with the investment policy.
For an investment in individual stocks, at least 51% of the equity price risk is hedged through the use of suitable derivatives.
The sub-fund may not invest in contingent convertibles.
In addition, the sub-fund’s assets may be invested in all other permissible assets.
The respective risks associated with the invest- ment assets are presented in the general section of the Sales Prospectus.

#### Consideration of sustainability risks
The sub-fund management considers sustainabil- ity risks by way of smart integration when mak- ing investment decisions. Additional information on the way in which sustainability risks are considered in investment decisions is provided in the general section of the Sales Prospectus.

#### Additional information
If total return swaps are used to implement the investment strategy described above, the follow- ing must be taken into account:
The proportion of the fund’s net assets that may be the subject of total return swaps (expressed as the sum of the nominal values of the total return swaps divided by the net asset value of the fund) is expected to reach up to 10%. How- ever, depending on market conditions, the objectives of efficient portfolio management and investors’ interests, this share may rise to as much as 20%. The calculation is carried out in accordance with the CESR/10-788 guidelines.
However, the expected leverage indicated is not to be considered as an additional risk limit for the sub-fund.
Additional information on total return swaps can be found under “Techniques for efficient portfolio management” and elsewhere in the general section of the Sales Prospectus. The selection of counterparties for total return swaps is based on the principles described in the “Counterparty selection” section of the general section. Further information on counterparties is disclosed in the annual report. With regard to specific risk consid- erations arising from the use of total return swaps, investors are referred to the “General risk warnings” section and, in particular, to the “Risks associated with derivative transactions” section in the Sales Prospectus.
This sub-fund does not comply with the provisions of EU Regulation 2017/1131 on money market funds and is therefore not to be classified as a money market fund.

#### Specific risk warning
The sub-fund invests in various asset-backed securities (ABS). These securities may be ex- posed to strong market fluctuations. In addition, these securities are extremely illiquid in times of market uncertainty and may be unsaleable under certain circumstances. It is therefore possible that there may be a total loss or a significant reduction in value of these securities. Despite the diversification within the sub-fund, the possibility that several securities in which the sub-fund invests will be adversely affected at the same time cannot be ruled out. Strong price fluctuations for the sub-fund, as well as high losses in value therefore cannot be ruled out.
With respect to the potential illiquidity and the still restricted capacity of the ABS market, the Management Company specifically points out that there is a possibility that the calculation of the NAV may be suspended and also that the redemption of shares may be suspended. The calculation of the issue and redemption price, as well as the issue and redemption of shares, may be suspended by the Management Company if and for as long as the immediate sale of sub- fund assets to gain the necessary liquidity for large-scale redemptions is not in the interests of the investors. In such cases, the Management Company is only authorized to redeem shares at the applicable redemption price if corresponding positions of the sub-fund’s assets were sold and the interests of all investors are safeguarded.

#### Risk management
For the sub-fund’s assets, the absolute value-at- risk (VaR) approach is used as the method for market risk limitation.
The leverage effect is not expected to exceed twice the value of the sub-fund’s assets. The leverage is calculated using the total of the nominals (total nominal amounts of all derivatives in the portfolio divided by the current net asset value of the portfolio). However, the expected leverage indicated is not to be considered as an additional risk limit for the sub-fund.

#### Investments in units of target funds
In addition to the information provided in the general section of the Sales Prospectus, the following applies for this sub-fund:
For investment in affiliated target funds, the portion of the all-in fee attributable to units of affiliated target funds is reduced by the manage- ment fee / all-in fee charged by the acquired target fund, if necessary up to the full amount (difference method).

## DWS Institutional Pension Flex Yield
| Investor profile | Income-oriented |
| --- | --- |
| Sub-fund currency | EUR |
| Fund manager | DWS Investment GmbH |
| Inception date | August 15, 2005 |
| Maturity date | No fixed maturity |
| Initial issue price | EUR 10,100 (incl. initial sales charge) |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | – (absolute VaR) |
| Leverage | Maximum of twice the sub-fund’s assets |
| Valuation date | Each bank business day in Luxembourg and Frankfurt/Main. A bank business day is a day on which the banks are open in Luxembourg and Frankfurt/Main and settle payments. |
| Order acceptance | All orders are submitted on the basis of an unknown net asset value per share. Orders received by the Management Company or the paying agent at or before 1:30 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 1:30 PM Luxembourg time are processed on the basis of the net asset value per share on the next valuation date. |
| Value date | In the case of a purchase, the equivalent value is charged within two bank business days after issue of the shares. The equivalent value is credited within two bank business days after redemption of the shares. |
| Distribution policy | Reinvestment |
| Minimum investment* | EUR 25 million |
| Initial sales charge (payable by the shareholder) | Up to 1% |
| Redemption fee | Up to 2.5%; currently 0% |
| All-in fee** (payable from the sub-fund’s assets) | Up to 0.25% |
| Taxe d’abonnement | 0.01% |
| Fractions of shares | Three decimal places |

*  The Management Company reserves the right to deviate from the minimum investment at its own discretion.
** For additional costs, cf. article 14 of the general section of the Sales Prospectus.
For the sub-fund with the name DWS Institutional Pension Flex Yield, the following provisions shall apply in addition to the regulations set out in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy of DWS Institutional Pension Flex Yield is to generate the greatest possible appreciation of capital in the short term while taking into account the oppor- tunities and risks of the international capital markets.
The sub-fund is actively managed and is not managed with reference to a benchmark.
At least 70% of the sub-fund’s assets are invest- ed in bonds, equities, convertible bonds, fixed rate or floating rate bonds, warrant-linked bonds whose warrants are on securities and in warrants on securities that are traded on stock exchanges or in another regulated market that is recognized, open to the public, and operates regularly and that is located in a member country of the Organisation for Economic Co-operation and Development (OECD), the G20, the EU or Singa- pore, all of which are denominated in or hedged against the euro, as well as in investment funds and money market instruments.
The investments in equities primarily comprise blue chips and secondary stocks of the major European equity indices (e.g., the HDAX). Up to 10% of the sub-fund’s assets may be invested in equities.
Money market instruments such as commercial paper, certificates of deposit and time deposits, as defined in article 41 (1) a-d and h of the Law of 2010, therefore do not have to be admitted for trading on a stock exchange or included in a regu- lated market.
Up to 10% of the sub-fund’s assets may be invested in asset-backed securities (ABS). The asset-backed securities are based on receivables from leasing, credit card or car financing transac- tions, SME (Small & Medium Enterprise) financ- ing or mortgage loans. These must have an investment-grade rating. An investment instru- ment is categorized as investment-grade if the lowest rating assigned by the three rating agen- cies (S&P, Moody’s and Fitch) is investment- grade. If the investment is downgraded to a rating lower than Baa3 (by Moody’s) or BBB- (by S&P and FITCH), it must be sold within six months. If there is no official rating, an internal rating in line with the DWS internal guidelines shall be applied.
The investment policy will also be implemented through the use of suitable derivatives in compli- ance with the investment limits specified in article 4 B. of the general section of the Sales Prospec- tus. The derivative financial instruments include, among others, options, forwards, futures, and futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument, including credit default swaps. These may be acquired for hedging and investment purposes.
Securities lending transactions may be entered into in line with the investment policy.
For an investment in individual stocks, at least 51% of the equity price risk is hedged through the use of suitable derivatives.
The sub-fund may not invest in contingent convertibles.
In addition, the sub-fund’s assets may be invest- ed in all other permissible assets.
The respective risks associated with the invest- ment assets are presented in the general section of the Sales Prospectus.

#### Consideration of sustainability risks
The sub-fund management considers sustainabil- ity risks by way of smart integration when mak- ing investment decisions. Additional information on the way in which sustainability risks are considered in investment decisions is provided in the general section of the Sales Prospectus.

#### Additional information
If total return swaps are used to implement the investment strategy described above, the follow- ing must be taken into account:
The proportion of the fund’s net assets that may be the subject of total return swaps (expressed as the sum of the nominal values of the total return swaps divided by the net asset value of the fund) is expected to reach up to 10%. How- ever, depending on market conditions, the objectives of efficient portfolio management and investors’ interests, this share may rise to as much as 20%. The calculation is carried out in accordance with the CESR/10-788 guidelines.
However, the expected leverage indicated is not to be considered as an additional risk limit for the sub-fund.
Additional information on total return swaps can be found under “Techniques for efficient portfolio management” and elsewhere in the general section of the Sales Prospectus. The selection of counterparties for total return swaps is based on the principles described in the “Counterparty selection” section of the general section. Further information on counterparties is disclosed in the annual report. With regard to specific risk consid- erations arising from the use of total return swaps, investors are referred to the “General risk warnings” section and, in particular, to the “Risks associated with derivative transactions” section in the Sales Prospectus.
This sub-fund does not comply with the provisions of EU Regulation 2017/1131 on money market funds and is therefore not to be classified as a money market fund.

#### Specific risk warning
The sub-fund invests in various asset-backed securities (ABS). These securities may be ex- posed to strong market fluctuations. In addition, these securities are extremely illiquid in times of market uncertainty and may be unsaleable under certain circumstances. It is therefore possible that there may be a total loss or a significant reduction in value of these securities. Despite the diversification within the sub-fund, the possibility that several securities in which the sub-fund invests will be adversely affected at the same time cannot be ruled out. Strong price fluctuations for the sub-fund, as well as high losses in value therefore cannot be ruled out.
With respect to the potential illiquidity and the still restricted capacity of the ABS market, the Management Company specifically points out that there is a possibility that the calculation of the NAV may be suspended and also that the
redemption of shares may be suspended. The calculation of the issue and redemption price, as well as the issue and redemption of shares, may be suspended by the Management Company if and for as long as the immediate sale of sub- fund assets to gain the necessary liquidity for large-scale redemptions is not in the interests of the investors. In such cases, the Management Company is only authorized to redeem shares at the applicable redemption price if corresponding positions of the sub-fund’s assets were sold and the interests of all investors are safeguarded.

#### Risk management
For the sub-fund’s assets, the absolute value-at- risk (VaR) approach is used as the method for market risk limitation.
The leverage effect is not expected to exceed twice the value of the sub-fund’s assets. The leverage is calculated using the total of the nominals (total nominal amounts of all derivatives in the portfolio divided by the current net asset value of the portfolio). However, the expected leverage indicated is not to be considered as an additional risk limit for the sub-fund.

#### Investments in units of target funds
In addition to the information provided in the general section of the Sales Prospectus, the following applies for this sub-fund:
For investment in affiliated target funds, the portion of the all-in fee attributable to units of affiliated target funds is reduced by the manage- ment fee / all-in fee charged by the acquired target fund, if necessary up to the full amount (differ- ence method).

Translation (ENFR, 2021-01-20):
# Prospectus de vente – Partie Spécifique
## DWS Institutional ESG Euro Money Market Fund
| Profil d’investisseur | Orienté sur la sécurité |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant de portefeuille* | DWS Investment GmbH |
| Échéance | Indéterminée |
| Indice de performance | 1M EUR LIBID, administré par ICE Benchmark Administration Limited. |
| Portefeuille de référence (indice de risque) | – (VaR absolue) |
| Effet de levier | Au maximum à concurrence de l’actif du compartiment |
| Date d’évaluation | Chaque jour ouvré de banque au Luxembourg et à Francfort-sur-le-Main. Un jour ouvré de banque désigne un jour où les banques sont ouvertes à Luxembourg et à Francfort-sur-le-Main et procèdent à des paiements. |
| Acceptation des ordres | Tous les ordres s’effectuent sur la base d’une valeur liquidative inconnue. Les ordres reçus avant 13h30 (heure de Luxembourg) lors d’un jour d’évaluation, par la société de gestion ou un agent payeur, seront traités sur la base de la valeur liquidative de ce jour d’évaluation. Les ordres reçus après 13h30 (heure de Luxembourg) seront traités sur la base de la valeur liquidative du jour d’évaluation suivant. |
| Date de valeur | Lors d’une souscription, le compte de l’investisseur est débité de la contre-valeur dans un délai d’un jour ouvré de banque après l’émission des actions. La contre-valeur est créditée dans un délai d’un jour ouvré de banque après le rachat des actions. |
| Émission de fractions d’actions | Trois décimales |

| Classe d’actions | Devise de la classe d’actions | Cours de souscription d’origine | Droit d’entrée (supporté par l’investisseur) | Droit de sortie (supporté par l’investisseur) | Frais forfaitaires annuels (supportés par le compartiment)*** | Taxe d‘abonnement | Date de création | Montant minimum d’investisse- ment |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IC | EUR | 10 100,00 EUR | 1 % maximum | 2,5 % maximum ; actuellement 0 % | 0,16 % maximum | 0,01 % p.a. | 25.6.1999 | 0,5 million d’EUR** |
| ID | EUR | 14 155,43 EUR | 1 % maximum | 2,5 % maximum ; actuellement 0 % | 0,16 % maximum | 0,01 % p.a. | 2.7.2012 | 0,5 million d’EUR** |
| IC100 | EUR | 13 893,21 EUR | 0% | 2,5 % maximum ; actuellement 0 % | 0,12 % maximum | 0,01 % p.a. | 7.2.2020 | 100 millions d’EUR** |
| IC500 | EUR | 13 893,21 EUR | 0% | 2,5 % maximum ; actuellement 0 % | 0,10 % maximum | 0,01 % p.a. | 7.2.2020 | 500 millions d’EUR** |
| USD ICH | USD | Le cours de souscription d’origine est déterminé par la société de gestion. Le prospectus de vente est actualisé en conséquence. | 1 % maximum | 2,5 % maximum ; actuellement 0 % | 0,19 % maximum | 0,01 % p.a. | La date de création est déterminée par la société de gestion. Le prospectus de vente est actualisé en conséquence. | 0,5 million d’USD** |
| CHF ICH | CHF | Le cours de souscription d’origine est déterminé par la société de gestion. Le prospectus de vente est actualisé en conséquence. | 1 % maximum | 2,5 % maximum ; actuellement 0 % | 0,19 % maximum | 0,01 % p.a. | La date de création est déterminée par la société de gestion. Le prospectus de vente est actualisé en conséquence. | 0,5 million de CHF** |
| USD ICH100 | USD | Le cours de souscription d’origine est déterminé par la société de gestion. Le prospectus de vente est actualisé en conséquence. | 0% | 2,5 % maximum ; actuellement 0 % | 0,15 % maximum | 0,01 % p.a. | La date de création est déterminée par la société de gestion. Le prospectus de vente est actualisé en conséquence. | 100 millions d’USD** |

| Classe d’actions | Devise de la classe d’actions | Cours de souscription d’origine | Droit d’entrée (supporté par l’investisseur) | Droit de sortie (supporté par l’investisseur) | Frais forfaitaires annuels (supportés par le compartiment)*** | Taxe d‘abonnement | Date de création | Montant minimum d’investisse- ment |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CHF ICH100 | CHF | Le cours de souscription d’origine est déterminé par la société de gestion. Le prospectus de vente est actualisé en conséquence. | 0% | 2,5 % maximum ; actuellement 0 % | 0,15 % maximum | 0,01 % p.a. | La date de création est déterminée par la société de gestion. Le prospectus de vente est actualisé en conséquence. | 100 millions de CHF** |

*  La société de gestion a demandé une notation du fonds (auprès de l’agence de notation FITCH). Il s’agit d’une notation de fonds d’obligations. Celle-ci est financée par le gérant de portefeuille.
**  La société de gestion se réserve le droit de modifier ce montant minimum d’investissement dans certains cas particuliers.
*** Autres frais, cf. article 14 de la Partie Générale du prospectus de vente.
Pour le compartiment dénommé DWS Institutional ESG Euro Money Market Fund, les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente.

#### Politique de placement
Ce Compartiment est un produit financier promou- vant des caractéristiques environnementales et sociales et répond aux critères de l’article 8,
alinéa 1, du Règlement (UE) 2019/2088 sur les obligations d’information en matière de dévelop- pement durable dans le secteur des services financiers.
Le DWS Institutional ESG Euro Money Market Fund est enregistré auprès de la CSSF comme fonds monétaire à valeur liquidative. Il s’agit d’un fonds monétaire standard conforme aux disposi- tions de la section 4. I de la Partie Générale du prospectus de vente relatif aux compartiments du marché monétaire.
La politique de placement de ce compartiment a pour objectif de générer un rendement suffisant en euro sur le marché monétaire.
Le compartiment investit essentiellement dans des instruments financiers libellés en euro ou couverts contre l’euro et dans des dépôts auprès d’établissements de crédit. Le compartiment peut par ailleurs investir dans des actions d’autres fonds monétaires à court terme voire dans d’autres fonds monétaires standard, opéra- tions d’avances sur titres, opérations inverses d’avances sur titres et liquidités.
Les instruments sont négociés en bourse ou sur un autre marché réglementé, reconnu, ouvert au public et en fonctionnement régulier, un État membre de l’Organisation de coopération et de développement économiques (OCDE), du G20, de l’UE ou à Singapour. Les instruments du marché monétaire (par ex. les Commercial Paper, Certifi- cates of Deposits et dépôts à terme) ne peuvent toutefois pas être admis à la cote officielle d’une Bourse ou négociés sur un marché réglementé.
L’actif du compartiment peut en outre être investi dans tous les autres éléments d’actif autorisés.
À cette fin, la direction du compartiment évalue les investissements potentiels en utilisant une méthodologie d’investissement ESG propre à la société en tenant compte de diverses caractéris- tiques environnementales, sociales et de gouver- nance d’entreprise. Cette méthodologie prend en compte les objectifs du portefeuille d’investisse- ment selon une base de données ESG qui com- prend des données provenant de plusieurs four- nisseurs de données ESG de premier plan, ainsi que de sources internes et publiques, et déter- mine des évaluations combinées propres pour diverses caractéristiques environnementales, sociales et de gouvernance d’entreprise. Il s’agit notamment d’évaluations concernant (i) des secteurs controversés (tels que le charbon, les produits du tabac, les armes, la pornographie, les jeux de hasard et l’énergie nucléaire), (ii) la partici- pation à des marchés d’armes controversés (armes nucléaires, uranium appauvri, munitions à fragmentation et mines antipersonnel) ou (iii) la violation de normes internationalement accep- tées. Toutefois, elles permettent également une sélection active des émetteurs sur la base de critères tels que le risque climatique et de réchauf- fement de la planète, la conformité aux normes ou les meilleures notations ESG de leur catégorie
(« plus performant »). Selon cette méthode, chaque émetteur potentiel se voit attribuer une des six notes possibles sur une échelle de A à F. La note est déterminée par l’émetteur. Les émet- teurs notés A et B sont considérés comme les leaders dans leurs catégories respectives ; les émetteurs notés C se situent dans le milieu supérieur de leur catégorie. Cette évaluation peut être basée sur les ventes générées par des secteurs controversés ou sur le niveau d’implica- tion de l’émetteur dans des transactions d’armes controversées ou sur le niveau de violation des normes internationales qui concerne cet émetteur. D’autres facteurs comprennent l’évaluation des risques liés au climat et au réchauffement clima- tique, pour lesquels, par exemple, l’intensité de
carbone ou le risque lié aux actifs immobilisés sont utilisés, ainsi que les meilleures notations ESG de la catégorie (« plus performant »).
Le gestionnaire du compartiment prend en compte les notations de la base de données ESG lors de la répartition du portefeuille. Les investis- sements du compartiment dans les émetteurs faiblement notés (D et E) sont limités ou exclus, les émetteurs les moins bien notés (F) étant toujours exclus de l’univers d’investissement.
La performance ESG d’un émetteur est évaluée indépendamment de sa performance financière sur la base de diverses caractéristiques. Ces caractéristiques portent, par exemple, sur les thèmes suivants :
Environnement
- Conservation de la flore et de la faune
- Protection des ressources naturelles, de l’atmosphère et des eaux côtières
- Limitation de la dégradation des sols et du changement climatique
- Mesures visant à éviter toute intervention dans les écosystèmes et perte de biodiversitéSocial
- Droits de l’homme en général
- Interdiction du travail des mineurs et du travail forcé
- Non-discrimination obligatoire
- Santé et sécurité sur le lieu de travail
- Conditions de travail équitables et rémunérations appropriéesGouvernance d’entreprise
- Principes des entreprises conformément à l’ICGN, réseau international d’échangede vues et d’informations
- Principes de la lutte contre la corruption conformément au Global Compact de l’ONUAu moins 90 % des avoirs du portefeuille du compartiment sont analysés en termes de critères non financiers via la base de données ESG.

Le critère de performance de ce compartiment n’est pas conforme aux caractéristiques environ- nementales et sociales promues par ce comparti- ment. Des détails sur le critère de performance sont disponibles sur le site https://www.theice. com/index.
Des informations supplémentaires sur le fonction- nement la méthodologie d’investissement ESG, son intégration dans le processus d’investisse- ment, les critères de sélection, ainsi que nos directives liées à l’ESG, sont disponibles sur notre site web www.dws.com/loesungen/esg.
En outre, un dialogue constructif peut être engagé avec les différents émetteurs sur des questions telles que la stratégie, les performances finan- cières et non financières, le risque, la structure du capital, l’impact social et environnemental et la gouvernance d’entreprise, y compris des ques- tions telles que la divulgation d’informations, la culture et la rémunération. Ce dialogue peut s’exercer, par exemple, par le biais du vote par procuration, de la participation aux assemblées générales ou des accords de mandat.
Le compartiment ne peut pas investir dans des obligations de type Contingent Convertibles.
Les actifs acquis pour le compartiment doivent avoir une échéance résiduelle de deux années au plus et une révision du taux d’intérêt intervenant sous 397 jours maximum. L’échéance résiduelle moyenne pondérée de l’actif du compartiment ne doit à aucun moment être supérieure à douze mois. Pour le calcul de l’échéance résiduelle moyenne pondérée, il convient de se reporter à l’article 25 (1) sous-alinéas 2 et 3 de l’ordonnance sur les fonds monétaires. La fixation moyenne pondérée des taux ne doit à aucun moment être supérieure à six mois. Au moins 7,5 % des actifs du compartiment se composent d’actifs à vue, d’opérations inverses d’avances sur titres pouvant être résiliées sous un délai d’un jour ouvré ou de dépôts en espèces pouvant être retirés sous un délai d’un jour ouvré. Au moins 15 % des actifs du compartiment se composent d’actifs à une semaine, d’opérations inverses d’avances sur titres pouvant être résiliées sous un délai de cinq jours ouvrés ou de dépôts en espèces pouvant être retirés sous un délai de cinq jours ouvrés. Les instruments du marché monétaire ou les parts d’autres fonds monétaires peuvent représenter jusqu’à 7,5 % des actifs à une semaine sous réserve qu’ils puissent être traités et restitués sous un délai de cinq jours ouvrés.
Les risques liés aux actifs placés sont décrits dans la Partie Générale du prospectus de vente.

#### Prise en compte des risques de durabilité
La direction du compartiment tient compte des risques de durabilité lors de la prise de décisions d’investissement par le biais de l’intégration des facteurs ESG. De plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement peuvent être trouvées dans la section générale du prospectus de vente.

#### Indice de référence
Le compartiment sera géré activement par réfé- rence à un indice de référence ou à une combinai- son d’indices de référence, comme indiqué dans le tableau spécifique du fonds. Tous les indices de référence ou leurs agents administratifs doivent être enregistrés auprès de l’AEMF dans le registre public des agents administratifs d’indices de référence ou dans le registre public des indices de référence d’un pays tiers.
Le compartiment utilise un indice de référence du marché monétaire pour mesurer sa performance. L’utilisation de cet indice de référence du marché monétaire ne limite en rien la gestion du porte- feuille dans le cadre de la composition du porte- feuille du compartiment. Bien que l’objectif du compartiment soit de surperformer l’indice de référence, la surperformance potentielle peut être limitée en fonction de l’environnement du marché (par exemple, des conditions moins volatiles) et du positionnement réel par rapport à l’indice de référence.

#### Remarque spécifique relative aux risques
Nous attirons l’attention des investisseurs sur les points suivants :
- un placement dans un fonds monétaire n’est pas un placement garanti ;
- un placement dans un fonds monétaire se distingue d’un placement sous forme d’in- vestissement en ce que le capital investi dans un fonds monétaire est soumis à des fluctuations ;
- un fonds monétaire ne compte pas sur un soutien externe pour garantir ses liquidités ou maintenir la stabilité de la valeur liquida- tive par action ;
- l’investisseur doit supporter le risque d’une perte complète du capital.


#### Gestion des risques
La méthode de limitation du risque de marché utilisée pour l’actif du compartiment est celle de l’approche Value at Risk (VaR) (valeur à risque) absolue.
L’effet de levier ne dépassera probablement pas la valeur de l’actif du compartiment. L’effet de levier sera calculé à l’aide de la somme des nominaux (somme des montants des nominaux de tous les dérivés du portefeuille divisée par la valeur nette actuelle du portefeuille). L’effet de levier escompté indiqué n’est toutefois pas à considérer comme une limite de risque supplé- mentaire pour le compartiment.

#### Placements dans des parts de fonds cibles
En complément des indications contenues dans la Partie Générale du prospectus de vente, les principes suivants s’appliquent pour ce comparti- ment :
En cas de placement dans des fonds cibles liés, les frais forfaitaires relatifs à la partie incombant aux parts des fonds cibles liés seront diminués du montant de la commission de gestion / des frais forfaitaires calculé par les fonds cibles acquis, le cas échéant dans sa totalité (méthode de calcul de la différence).