# Sales Prospectus – Special Section
## DWS Invest Africa
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI EFM AFRICA – Total Return Net Dividend in EUR |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited five bank business days after issue of the shares. The equivalent value is credited five bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class* | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)** | Service Fee p.a. (payable by the sub-fund)** | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.75% | 0% | 0.05% | July 10, 2008 |
| LD | EUR | up to 5% | up to 1.75% | 0% | 0.05% | July 10, 2008 |
| NC | EUR | up to 3% | up to 2.2% | 0.2% | 0.05% | July 10, 2008 |
| FC | EUR | 0% | up to 0.85% | 0% | 0.05% | July 10, 2008 |
| USD LC | USD | up to 5% | up to 1.8% | 0% | 0.05% | July 10, 2008 |
| GBP D RD | GBP | 0% | up to 0.9% | 0% | 0.05% | January 20, 2009 |

*  The sub-fund DWS Invest Africa and its share classes are excluded from the option “exchanges of shares” stated in paragraph 8 of the general part of the Sales Prospectus.
** For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest Africa, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy of
DWS Invest Africa is to achieve an appreciation as high as possible of capital invested.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 70% of the sub-fund’s total assets (after deduction of liquid assets) are invested in shares, stock certificates, participation and dividend-right certificates, and equity warrants of issuers which have their registered offices or their principal business activity in Africa or which, as holding companies, hold the majority of interests in
companies registered in Africa, particularly in South-Africa, Egypt, Mauritius, Nigeria, Morocco and Kenya.
The securities issued by these companies may be listed on the African or other foreign securities
exchanges or traded on other regulated markets in a member country of the Organisation for Eco- nomic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public. The exchanges and other regulated markets must comply with requirements of
Article 41 of the Law of 2010.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges and markets issued by international financial institutions.
A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in shares, stock certificates, convertible bonds and warrant-linked bonds whose underlying warrants are for securities, participation and dividend-right certificates, and equity warrants of foreign and domestic issuers that do not satisfy the requirements of the preceding paragraphs, as well as in all other permissible assets speci- fied in Article 2 of the general section of the Sales Prospectus.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest- ments in shares of other UCITS and/or other UCIs as defined in A. (e), an investment limit of 5% shall apply to this sub-fund.
The sub-fund management considers ESG criteria in its investment decisions (“ESG-Criteria” for the
corresponding terms Environmental, Social and Governance). In order to determine whether and to what extent the sub-fund’s assets meet the ESG-Criteria, a proprietary ESG database evalu- ates assets according to ESG-Criteria.
The ESG database processes data from multiple ESG data providers, public sources and consid- ers internal assessments based on a defined assessment and classification methodology. The ESG database is therefore based on the one hand on data and figures and, on the other hand on assessments, that take into account factors beyond the processed data and figures, such as future expected ESG developments, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters and corporate decisions of the issuer. The ESG database uses a variety of assessment categories to assess whether investments meet ESG-Criteria, including amongst others, DWS Norm Assessment, DWS Climate Risk Assessment, DWS ESG Quality Assessment, Exposure in controversial sectors. According to the ESG database analysis, the target investments receive one of six possible scores, with “A” being the highest score and “F” being the lowest score.
The sub-fund management only considers the Climate Risk Assessment and Norm Assessment.
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international stand- ards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics. Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
The sub-fund does not promote any Environmen- tal or Social characteristics or any combination of these characteristics. The consideration of ESG criteria in investment decisions in the form of exclusions as described above does not pursue an ESG and/or sustainable investment policy.
The following is the disclosure in accordance with Article 7 of Regulation (EU) 2020/852 of June 18, 2020 on the establishment of a frame- work to facilitate sustainable investment: The investments underlying this financial product do not take into account the EU criteria for environ- mentally sustainable economic activities.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income taxof at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Specific Risks
Investment in or relating to Africa carries a high degree of risk. If any of the following risks occurs, the sub-funds business, financial condition or results of operations could be materially and adversely affected. The risks listed below are not exhaustive and are not ranked in any order. The sub-fund’s invest- ments will be subject to certain special risks associated with the jurisdictions in which investments by the Investment Company are made, as well as normal investment risks.
Additional risks and uncertainties not pres- ently known to the Investment Company, or that the Investment Company deem immate- rial, may also have an adverse effect on the sub-fund’s business. There can be no assur- ance that the investments of the sub-fund will be successful or that its objectives will be attained. Accordingly, investment in the sub-fund should be considered to be specula- tive in nature and only suitable for investors who are aware of the risks involved in invest- ment in the sub-fund and who have the ability and willingness to accept the antici- pated lack of liquidity in the investments of
the sub-fund, the illiquid nature of investment in the shares and the risk of the total loss of capital resulting from investment in the
sub-fund.
If you are in any doubt about the action you should take, you are advised to consult an investment advisor who is duly qualified in your jurisdiction and specialised in advising on the acquisition of shares and other securities.

#### Risks relating to investments made by the sub-fund
Prospective investors should be aware of certain specific risk factors relating to Africa, other jurisdictions in which the sub-fund may invest and the nature of the sub-fund’s investments.
These include:
- Limited liquidityIt may be considerably more difficult for the sub-fund to invest or exit its investments in African countries or Africa related productsthan it would be for investors in more developed countries. Limited liquidity may adversely affect the Net Asset Value and the price of the shares. The sub-fund may also invest in Non-African companies, which may be listed on Non-African Stock Exchanges, and the liquidity in respect of such investments may also be limited.

The sub-fund may endeavour to realise invest- ments in unlisted companies through listing on the relevant African stock exchange. However, there is no guarantee that such stock exchanges will provide liquidity for the sub-funds investment in unlisted companies. The Investment Company may have to resell the investments of the sub- fund in privately negotiated transactions and the prices realised from these sales could be less than those originally paid by the sub-fund or less than what may be considered to be the fair value or actual market value of such securities.
- Investment restrictions in listed companies in AfricaTrading on the African stock exchanges could be subject to various restrictions. There may also be restrictions on the total foreign ownership of listed companies in certain African countries.
- Investments in unlisted companies and in unlisted non-African companiesGenerally, where the sub-fund invests in securities of unlisted companies or unlisted non-African companies, whether or not traded on an OTC Market, there is no guarantee that the sub-fund will be able to realise the fair value of such securi- ties due to the tendency of such companies to have limited liquidity and comparatively high price volatility. Furthermore, there may be no reliable price source available. Estimates of fair market value of such investments are inherently difficult to establish and are the subject of substantial uncertainty. Furthermore, any companies whose securities are not publicly traded may not be subject to disclosure and other legal requirements that would otherwise be applicable if their securi- ties were traded on a public exchange.

Risks specific to investment in the OTC Market in Africa
Many unlisted companies in Africa trade on the OTC Market in Africa, which acts as an interme- diary for the trading of shares of Africa unlisted companies. Transactions on the OTC Market are negotiated and agreed upon directly between buyers and sellers, often with the involvement of facilitating broker-dealers or other intermediaries.
The clearance and settlement process with respect to securities that trade on the OTC Market may be time consuming, often requiring endorsement by officials of the subject company.
Investments in domestic unlisted companies The Investment Company’s investments in unlisted companies could be subject to foreign ownership restrictions in certain African countries. While investments in unlisted companies may offer the opportunity for significant capital gains, such investments also involve a high degree of financial risk. Generally, the sub-fund’s invest- ments in unlisted companies may be illiquid and difficult to value, and there will be little or no protection for the value of such investments. In many cases, investments will be long-term in nature and may have to be held for many years from the date of initial investment before dis- posal, especially if a subsequent listing of these investments on an African stock exchange is
not possible. Sales of securities in unlisted companies, which fail to obtain a listing, may not be possible and, if possible, may only occur at a substantial discount to the Fund Manager’s perception of the market value of or the price originally paid by the sub-fund for such securities. The sub-fund’s investments in unlisted companies may require extensive due diligence. However, good due diligence may be difficult to achieve in some contexts, especially where limited informa- tion is publicly available. As the sub-fund is likely to be a minority shareholder in any unlisted company in which it invests, the Investment Company will endeavour in appropriate situations to obtain suitable minority shareholder protection by way of a shareholders’ agreement and/or observer rights on boards, where possible. How- ever, the Investment Company may not succeed in obtaining such protection and even where the Investment Company obtains such shareholders’ agreement or board representation, they may only offer limited protection.
- Investments in SOEsInvestment in SOEs (state-owned enterprises) involves a number of special risks. The Investment Company may obtain only very limited financial information available to it in order to evaluate potential investments in equitizing SOEs, either because it may buy shares in a process that allows only limited due diligence or because the SOEs’ records are incomplete or unavailable.

Furthermore, the managers of former SOEs may have difficulties in adjusting to the private sector following equitisation, in following good corporate governance practices, in being transparent and in appointing and retaining talented and qualified staff. It is not uncommon for SOEs after equiti- sation to remain majority-owned by the relevant government and to continue to respond to the requirements of the relevant government rather than acting in the best interests of its share- holders. Former SOEs may in some cases inherit business legacies from their former status, such as excessively large workforces, and on-going and unresolved breaches of environmental regulations.
- Investments in existing closed-end funds Closed-end funds operating in the African market may be subject to the same investment risks as outlined herein, including but not limited to politi- cal and economic risks and deficiencies in the current legal system in African countries. Invest- ment by the sub-fund in unlisted closed-end funds will be subject to additional risk as unlisted closed- end funds will not be subject to the regulations of any listing authority. The sub-fund may also be subject to capital calls in its investments. In the event that the sub-fund fails to meet any future capital calls, the sub-fund’s investments may be forfeited.
- Other risks relating to investing in companies in AfricaIn addition to the risks specified above, investee companies, and in particular former SOEs, whether they are listed or not, may face a number of risks which could cause them to significantly under-perform or even result in their bankruptcy. These include, but are not limited to:
- risk of insufficient financing;
- lack of customer diversification and under- standing of the product market;
- internal management deficiencies;
- incorrect or lack of strategy or failure to antici- pate industry trends due to inexperience;
- overstaffing; and
- changes in competitiveness due to changes to currency exchange rates.

These and other risks may be particularly acute for small companies. The Investment Company may invest in small capitalisation companies.
Risks relating to market conditions
- Market environmentInvestee companies will be exposed to the risk of a changing market environment including but not limited to increased competition in both local markets and export markets in certain sectors due to further liberalisation of the African econ- omy resulting from some African countries opening their markets for foreign investors. As a result of, and due to, other market forces, any of the sub-fund’s investments could be subject to a substantial decline in value at any time.
- Limited investment opportunitiesThere are other companies, institutions and investors, both African and foreign, actively seeking and making investments in Africa. Several of these competitors, are expected to raise, significant amounts of capital, and may have similar investment objectives to those of the sub-fund, which may create additional com- petition for investment opportunities. The Invest- ment Company therefore expects to face signifi- cant competition for investment opportunities. Competition for a limited number of potential investment opportunities may lead to a delay in making investments and may increase the price at which investments may be made or divestedby the sub-fund, reducing the potential profitabil- ity of the sub-fund’s investments.

Foreign entities may be subject to certain restric- tions regarding investments made into certain African countries, and certain investments may require prior evaluation or approval by the relevant African government. This may increase the compe- tition for a limited number of investments consid- ered to be attractive by the Investment Company, and result in investment delays for the sub-fund. Additionally, in order for the sub-fund to make investments in Non-African companies located in certain non-African jurisdictions it may also need to comply with as-yet unknown local investment restrictions.
The sub-fund could be adversely affected by delays in, or a refusal to grant, any required approvals for investment in any particular com- pany, as well as by the delays in investment caused by the competition the Investment Company expects to face in the market or by restrictions imposed on investments made in certain jurisdictions. Pending investment of the proceeds of the placing the company may invest in temporary investments, which could remain invested for longer than anticipated and are expected to generate returns that are substan- tially lower than the returns that the Investment Company anticipates receiving from investments in investee companies.
- Legal systemsThe laws and regulations affecting the certain markets where the sub-fund may invest are in an early stage of development and are not well established. There can be no assurance that the sub-fund will be able to obtain effective enforce- ment of its rights through legal proceedings, nor is there any assurance that improvements will take place. As these legal systems, there may be inconsistencies and gaps in laws and regulations, the administration of laws and regulations by government agencies may be subject to consid- erable discretion, and in many areas the legal framework is vague, contradictory and subject to different interpretations. Furthermore, the judicial system may not be reliable or objective, and the ability to enforce legal rights is often lacking. As such, there can be no assurance that the sub- fund will be able to enforce its rights effectively through legal proceedings.

Legal systems may also unreliable, as a result of, for example, corruption or political instability.
- Political and economic risksThe sub-fund’s investments into African coun- tries and other countries may be affected by unquantifiable changes in economic conditions in such countries or in international political devel- opments, changes in government policies, the imposition of restrictions on the transfer of capital or changes in regulatory, tax and legal requirements. The value of the sub-fund’s assets and of an investment in the sub-fund may be adversely affected by changes in government, government personnel or government policies, whether relating to the Government or the government of any overseas market in which thesub-fund is investing, which may include, among other things, changes in policies relating to expropriation, nationalisation and confiscation of assets, and changes in legislation relating to foreign ownership, economic policy, taxation, investment regulations, securities regulations and foreign currency conversion or repatriation. Political uncertainties have been striking the African continent from time to time and political sentiments vary from nation to nation. Certain African states have been and are affected by civil war and terrorist-linked violence. Certain countries are experiencing and may continue to experience an unstable and volatile political environment. Political uncertainties in certain African countries may affect other countries in the region or even Africa as a whole. All these events and uncertainties may have a negative impact on the sub-fund’s investments. Not only the value of the sub-fund’s investments may be affected significantly, in the event that any clo- sure of market, state of emergency or morato-rium is declared, the sub-fund may not be able to repatriate the value of its investments or such value may be seriously diminished.
- Operational risksThe sub-fund will be exposed to a credit risk on parties with whom it trades and will also bear the risk of settlement default. Market practices in the African markets in relation to the settlement of securities transactions and custody of assetswill provide increased risk. Although the African markets are developing, the clearing, settlement and registration systems available to effect trades on certain of such markets are significantly less developed than those in more mature world markets which can result in delays and other material difficulties in settling trades and in regis- tering transfers of securities. Problems of settle- ment in these markets may affect the Net Asset Value and liquidity of the sub-fund.
- Geographic risks and risk of warCertain African countries are susceptible to military coups, internal wars and political instability, all of which may cause adverse political and/or economic impacts in Africa in general. Such political and/or economic impacts may in turn adversely affect the operation and profitability of the investments of the sub-fund in Africa.
- Corruption risksMany African countries have very low score on the Corruption Perceptions Index published by the Transparency International. This indicates that the levels of corruption in African countries are very high as opposed to those developed countries.

High levels of corruption could have an adverse impact on the political and economic stability of African countries and as a result, the sub-fund’s investments in such countries may be adversely affected.
- Inflation riskAll the assets of the sub-funds are subject to devaluation through inflation. The exposure to the risk of inflation may be increased in certainjurisdictions in which the sub-funds invests due to political, economic or geographic instability or otherwise.
- Regulatory risks and accounting, auditing and financial reporting standardsFinancial disclosure and regulatory standardsmay be less stringent in African countries and other securities markets where the Investment Company may invest than they are in developed OECD member countries, and there may be less publicly available information on potentialinvestee companies than is published by or about an issuer in such OECD member countries. In some countries the legal infrastructure and accounting reporting standards do not provide the same degree of shareholder protection or information to investors as would generally apply in many developed OECD member countries. In particular, greater reliance may be placed by the auditors on representations made by managers of a company, and there may be less indepen- dent verification of information than would apply in more developed countries. The valuation of assets, depreciation, exchange differences, deferred taxation, contingent liabilities and consolidation may also be treated differently from the manner in which they would be treated under international accounting standards.
- Currency conversion and capital controlsThe sub-fund’s investments in certain African and non-African markets may be in securities that are denominated in currencies other than Euro orU.S. dollars. Fluctuations in the exchange rate between Euro/U.S. dollars and the currency of such assets may lead to a depreciation of the value of the sub-fund’s assets as expressed in Euro/U.S. dollars affect, among other things, the foreign currency value of dividend and capital distributions and the Net Asset Value. Further- more, certain currencies are not convertible currencies. Conversion of such currencies may require approvals from the relevant governments. Any delay in obtaining approvals will increase the sub-funds exposure to any depreciation of such currencies against other hard currencies such as Euro/U.S. dollar. If the conversion cannot be effected, some of the sub-fund’s assets may be dominated in a non-convertible currency, and thus the sub-fund may be unable to make distributions to Shareholders of such assets.

The Investment Company may seek to hedge against a decline in the value of the sub-fund’s assets resulting from currency depreciation but only if and when suitable hedging instruments are available on a timely basis and on terms accept- able to the Fund Manager. There is no assurance that any hedging transactions engaged in by the Investment Company will be successful in pro- tecting against currency depreciation or that the Investment Company will have opportunities to hedge on commercially acceptable terms.
- Tax uncertaintyThe tax regulations in many African countries are under development. There are many areas where sufficiently detailed regulations do notcurrently exist and where there is a lack of clarity. The implementation and enforcement of tax regulations in some African countries can vary depending on numerous factors, including the identity of the tax authority involved. Fur- thermore, the tax regulations in other jurisdic- tions in which the sub-fund may make invest- ments may also not be fully developed. Any change in the Investment Company’s tax status, the Fund Manager’s tax status, taxation legisla- tion in African countries in which the sub-fund has investments or the taxation requirements in any other non-African jurisdiction in which the sub-fund has made an investment could adversely affect the sub-fund’s performance, the value of its investments, its ability to declare dividends and remit profits, and the tax obligations imposed on it.

In addition, the Investment Company, its wholly or partly owned SPVs and the investee companies may be subject to capital gains tax, corporate tax, withholding tax and other taxes, duties, levies, tariffs or imposts which may have an adverse impact on the sub-funds returns.
- Transfer and settlement riskThe collection, transfer and deposit of securities and cash expose the sub-fund to a number of risks including theft, loss, fraud, destruction and delay. Procedures for registration may be unreli- able in Africa and may be subject to fraud. Many unlisted securities are still evidenced by paper certificates and not electronically, and the trans- fer process may be subject to delay. In addition, the infrastructure and information technology of professional entities operating within the secu- rities industry in African countries and other developing countries (including depositary banks and depositories) are not as advanced as those in more developed countries.
- Contagious diseasesAn epidemic of human immune deficiency virus (“HIV”) or any other contagious disease could potentially cause a significant drop in economic activity in Africa. In the Sub-Saharan region of Africa, an estimated 22.5 million people were living with HIV at the end of 2007 and approxi- mately 1.7 million additional people were infected with HIV during 2007. In four of the southern African countries, namely Botswana, Lesotho, Swaziland and Zimbabwe, the national adult HIV prevalence rate has increased significantly and now exceeds 20%. Furthermore, an epidemic of HIV or any other contagious disease such as Severe Acute Respiratory Syndrome and avian influenza can occur in any jurisdiction in which the sub-fund may invest, whether in a developed or a developing country, and could result in the performance of investments in such jurisdictions yielding lower than expected results.
- Risk of defaultThe default of an issuer of securities or of a counterparty may result in losses for the sub- fund. The risk of default (or issuer risk) is the risk of the other party to a reciprocal contract failing,in whole or in part, to fulfil its obligation with respect to a claim. This applies to all contracts that are entered into for the account of thesub-fund. Default resulting from the bankruptcy or insolvency of a counterparty may result in the sub-funds experiencing delays in liquidating its position and, possibly, significant losses, includ- ing the costs of enforcing the Investment Com- pany’s rights against the counterparty.

To the extent that the wholly-owned or partly- owned subsidiaries of the Investment Company grant security over their assets, and there is a default on the part of such wholly-owned or part- ly-owned subsidiaries of the Investment Company, the Investment Company’s investments through such subsidiaries may be lost entirely.
Furthermore, bankruptcy laws in African coun- tries and other jurisdictions in which the sub-fund may have investments may be unreliable. As a result, the sub-fund may have limited recourse in realising its investment in the event an investee company becomes insolvent.
- Custody riskThe sub-fund faces a risk of loss of assets arising from insolvency of the Depositary or any sub- depositary appointed by it, poor due diligence in choosing the Depositary, or improper conduct on the part of the Depositary or its officers and employees, or any sub-depositary appointed by it.
- Lack of DiversificationThe sub-fund will not be subject to any diversifi- cation requirements and portfolio diversification is at the sole discretion of the Fund Manager. The sub-fund may invest in a limited number of companies, regions or industry sectors. To the extent the sub-fund concentrates its investments in a particular company, region or sector; it will become more susceptible to fluctuations in value resulting from adverse business or economic conditions affecting that particular company, region or sector. As a consequence, the aggre- gate return of investments may be adversely affected by the unfavourable performance of one or a small number of companies or regions in which the sub-fund has invested.
- Restrictions on foreign ownershipThe African and non-African regions where invest- ments of the sub-fund are located may restrict the movement of foreign capital in the future. Thesub-fund may be subject to controls on foreign investment, including those related to the level of foreign ownership, which may include the risk of expropriation, nationalisation and confiscation of assets, together with possible limitations on repatriation of invested capital. There may be more substantial government intervention in the econ- omy, including industries deemed sensitive to relevant national interests. The value of the sub- fund’s assets may also be affected by uncertain- ties such as changes in the government or its policies regarding inward investment, taxation and the restrictions on currency repatriation and other developments in the laws and regulations impact- ing on foreign investments.

Due to the specifics of these markets the Investment Company and the Management Company notably advert to the right of the Investment Company – for detailed informa- tion refer to Articles 5 F./G. and 7 of the gen- eral section of the Sales Prospectus to tempo- rarily suspend the redemption of shares of the sub-fund, or one or more share classes of the sub-fund, as well as the calculation of the NAV per share, if and while circumstances exist that make this suspension necessary and if the suspension is justified when taking into consideration the interests of the shareholders.

#### Dilution policy
Substantial subscriptions and redemptions of the sub-fund could lead to a dilution of the sub-fund’s assets, due to the fact, that the NAV potentially does not entirely reflect all trading- and other costs. These costs occur, if the portfolio manager has to buy or sell securities in order to manage large in- or outflows of the sub-fund. In addition to these costs, substantial order volumes could lead to market prices, which are considerably lower, respectively higher than the market prices under general circumstances. To enhance the shareholder protection of already existing inves- tors the following option allows the usage of the dilution policy in favour of the sub-fund’s assets during exceptional market situations to compen- sate trading and other costs in case of material impact to the sub-fund.
The Management Company will define limits for the application of the dilution policy, based – amongst others – on the current market condi-
tions, given market liquidity and estimated dilution costs. If an exceptional market situation occurs, as defined by the Management Company, the net asset value of the sub-fund can be adjusted to a higher or lower value to reflect the transactions costs and other dilution effects associated to this trading activity. In accordance with these limits,
the adjustment itself will be initiated automatically. The adjusted net asset value will be applied to all subscriptions and redemptions of this trading day equally.
The impact of the dilution policy will not exceed 2% of the original NAV. As the mentioned dilu- tion policy methodology will only be executed when it comes to exceptional market situations and significant in- and outflows and as it is not based on regular volumes, it is assumed that the NAV adjustment will only be executed occasionally.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Asian Bonds
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Performance benchmark | JPMorgan ASIA CREDIT INDEX, administered by J. P. Morgan Securities LLC |
| Reference portfolio (risk benchmark) | JPMorgan ASIA CREDIT INDEX in USD TR – JACI Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg that is also an exchange trading day on the Hong Kong Stock Exchange |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FCH | EUR | 0% | up to 0.6% | 0% | 0.05% | June 16, 2014 |
| USD FC | USD | 0% | up to 0.6% | 0% | 0.05% | June 16, 2014 |
| LDH | EUR | up to 3% | up to 1.1% | 0% | 0.05% | November 30, 2016 |
| USD LDM | USD | up to 3% | up to 1.1% | 0% | 0.05% | December 15, 2016 |
| USD IC | USD | 0% | up to 0.40% | 0% | 0.01% | April 13, 2017 |
| USD IC500 | USD | 0% | up to 0.15% | 0% | 0.01% | April 13, 2017 |
| USD XC | USD | 0% | up to 0.20% | 0% | 0.05% | April 13, 2017 |
| TFCH | EUR | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| TFDH | EUR | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| USD TFC | USD | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| LCH | EUR | up to 3% | up to 1.1% | 0% | 0.05% | January 15, 2018 |
| USD LC | USD | up to 3% | up to 1.1% | 0% | 0.05% | January 29, 2018 |
| HKD LDM | HKD | up to 3% | up to 1.1% | 0% | 0.05% | February 15, 2018 |
| SGD LDM | SGD | up to 3% | up to 1.1% | 0% | 0.05% | February 15, 2018 |
| IDH** | EUR | 0% | up to 0.4% | 0% | 0.01% | April 16, 2018 |
| HKD LDMH | HKD | up to 3% | up to 1.1% | 0% | 0.05% | May 15, 2018 |
| SGD LDMH | SGD | up to 3% | up to 1.1% | 0% | 0.05% | May 15, 2018 |
| AUD LDMH | AUD | up to 3% | up to 1.1% | 0% | 0.05% | October 31, 2018 |
| HKD TFDMH | HKD | 0% | up to 0.6% | 0% | 0.05% | October 31, 2018 |
| LDMH | EUR | up to 3% | up to 1.1% | 0% | 0.05% | October 31, 2018 |
| SGD TFDMH | SGD | 0% | up to 0.6% | 0% | 0.05% | October 31, 2018 |
| TFDMH | EUR | 0% | up to 0.6% | 0% | 0.05% | October 31, 2018 |
| NCH | EUR | up to 1.5% | up to 1.4% | 0% | 0.05% | December 14, 2018 |
| USD FC50 | USD | 0% | up to 0.3% | 0% | 0.05% | February 28, 2019 |
| USD TFDM | USD | 0% | up to 0.6% | 0% | 0.05% | March 15, 2019 |
| RMB FCH3500 | CNY | 0% | up to 0.2% | 0% | 0.05% | April 15, 2019 |
| RMB FCH350 | CNY | 0% | up to 0.3% | 0% | 0.05% | April 15, 2019 |
| CHF LCH | CHF | up to 3% | up to 1.1% | 0% | 0.05% | June 28, 2019 |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| CHF TFCH | CHF | 0% | up to 0.6% | 0% | 0.05% | June 28, 2019 |
| FCH500 | EUR | 0% | up to 0.2% | 0% | 0.05% | July 31, 2019 |
| GBP TFDMH | GBP | 0% | up to 0.6% | 0% | 0.05% | November 29, 2019 |
| NDH | EUR | up to 1.5 % | up to 1.4% | 0% | 0.05% | February 15, 2021 |
| PFDH | EUR | 0% | up to 0.8% | 0% | 0.05% | February 15, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** In contrast with Article 1 of the general section the IDH share class is not exclusively offered in the form of registered shares.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest Asian Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy of DWS Invest Asian Bonds is to achieve an above-average return for the fund.
The sub-fund’s assets may be invested in interest- bearing securities and convertible bonds issued by:
- Governments of Asian jurisdictions.
- Asian government agencies.
- Asian jurisdictions municipals.
- Companies which have their registered office in an Asian jurisdiction or that conduct their princi- pal business activity in an Asian jurisdiction.
- Supra-national institutions such as World Bank (IBRD), European Investment Bank (EIB) and European Bank for Reconstruction and Develop- ment (EBRD) denominated in Asian currencies.
- Non-Asian corporates that are issued in Asian currencies.

These interest-bearing securities may be denom- inated in U.S. dollars, other G7 currencies and various Asian currencies. The rating of issues can range from Aaa to B3 (Moody’s) and AAA to
B- (Standard & Poor’s) or its equivalent. In case of a split rating involving three rating agencies, the second best will prevail. If a security is rated by only two agencies, the lower of the two ratings will be used for the rating classification. If a security only has one rating, the single rating will be used. If there is no official rating, an internal rating will be applied in accordance with DWS internal guidelines.
Investments in domestic securities via the Chinese onshore market will be done in listed securities, via direct access to the inter-bank bond market (CIBM) or the Bond Connect. When investing via Bond Connect the investment limit of 10% as described in Article 41 (2) a) of the Law of 2010 must be respected.
Alternatively, investments may be made through the Renminbi Qualified Foreign Institutional
(R-QFII) scheme, which requires the sub-fund manager to be granted a R-QFII license granted by the China Securities Regulatory Commission (CSRC). In addition, the sub-fund manager may need to be granted a R-QFII investment quota by the State Administration of Foreign Exchange (SAFE).
Up to 30% of the sub-fund’s assets may be invested in interest-bearing debt securities denominated in Asian currency, U.S. dollars and other G7 currencies from issuers that do not meet the above-mentioned criteria and cash deposits. In extreme market situations, the fund manager may diverge from the above investment strategy to avoid a liquidity squeeze. Up to 100% of the sub-fund’s assets may temporarily be invested in interest-bearing securities of United States of America and Japanese and European (EU-Member States and the United Kingdom) government bonds.
The sub-fund will invest less than 30% of its assets in unrated securities.
The sub-fund may invest no more than 10% of its net asset value in debt securities issued and/ or guaranteed by a single sovereign issuer (including its government, public or local author- ity, government agency, or municipal) which is below investment grade. However, the sub-fund will only purchase debt securities that are rated at least D by S&P or its equivalent by another rating agency or, if unrated, deemed to be of comparable quality by the fund manager. In applying this requirement, if more than one rating agency rates the security and the ratings are not equivalent, the second highest rating will be considered the security’s rating.
Up to 5% of the sub-fund’s assets may be in- vested in instruments with loss-absorption fea- tures which typically include terms and conditions specifying that the instrument is subject to being written off, written down, or converted to ordinary shares on the occurrence of a trigger event.
In compliance with the investment limits specified in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward- starting swaps, inflation swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
The sub-fund will not invest in ABS or MBS securities.
The sub-fund management considers ESG criteria in its investment decisions (“ESG-Criteria” for the corresponding terms Environmental, Social and Governance). In order to determine whether and to what extent the sub-fund’s assets meet the ESG-Criteria, a proprietary ESG database evalu- ates assets according to ESG-Criteria.
The ESG database processes data from multi- ple ESG data providers, public sources and considers internal assessments based on a defined assessment and classification method- ology. The ESG database is therefore based on the one hand on data and figures and, on the other hand on assessments, that take into account factors beyond the processed data and figures, such as future expected ESG develop- ments, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters and corpo- rate decisions of the issuer. The ESG database uses a variety of assessment categories to assess whether investments meet ESG-Criteria, including amongst others, DWS Norm Assess- ment, DWS Climate Risk Assessment, DWS ESG Quality Assessment, Exposure in contro- versial sectors. According to the ESG database analysis, the target investments receive one of six possible scores, with “A” being the highest score and “F” being the lowest score.
The sub-fund management only considers the Climate Risk Assessment and Norm Assessment.
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
The sub-fund does not promote any Environmen- tal or Social characteristics or any combination of these characteristics. The consideration of ESG criteria in investment decisions in the form of exclusions as described above does not pursue an ESG and/or sustainable investment policy.
The following is the disclosure in accordance with Article 7 of Regulation (EU) 2020/852 of June 18, 2020 on the establishment of a frame- work to facilitate sustainable investment: The investments underlying this financial product do not take into account the EU criteria for environ- mentally sustainable economic activities.
The sub-fund will not invest in contingent convertibles.
The Management Company currently does not intend to enter into any securities lending or (reverse) repurchase transactions or other similar over-the counter transactions in respect of the sub-fund.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.

#### Specific Risks
Debt instruments with loss-absorption features are subject to greater risks as a result of being partly or wholly written off or converted into the issuer’s equity upon the occurrence of a pre- defined trigger event, when compared to tradi- tional debt instruments. Such trigger events are likely to be outside of the issuer’s control and
commonly include a reduction in the issuer’s capital ratio below a specified level or upon specific government or regulatory action being taken as a result of the issuer’s ongoing financial viability. Trigger events are complex and difficult to predict and can result in a significant or total reduction in the value of such instruments, giving rise to consequential loss of the sub-fund.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Redemption Volume
Contrary to the general rule regarding substantial redemptions as described in detail in section 5. F of the general section of the Sales Prospectus, the following applies to this sub-fund:
Shareholders may submit for redemption all or part of their shares of all share classes.
The Management Company is under no obliga- tion to execute redemption requests if any such request pertains to shares valued in excess of
10% of the net asset value of a sub-fund. The Management Company reserves the right, taking into account the principle of equal treatment of all shareholders, to dispense with minimum redemption amounts (if provided for).
Special procedure for redemptions valued in excess of 10% of the net asset value of a sub-fund.
If redemption requests are received on a valua- tion date (the “First Valuation Date”) whose value, individually or together with other requests received, is in excess of 10% of the net asset value of a sub-fund, the Board of Directors reserves the right, at its own discretion (and taking into consideration the interests of the remaining shareholders), to reduce the number of shares of every individual redemption request on a pro-rata basis for this First Valuation Date, so that the value of the shares redeemed or exchanged on this First Valuation Date does not exceed 10% of the net asset value of the respec- tive sub-fund. If as a result of the exercise of the right to effect a pro-rata reduction on this First Valuation Date, a redemption request is not executed in full, such request must be treated with respect of the unexecuted portion as though the shareholder submitted a further redemption request for the next valuation date, and if necessary, for the at most seven subse- quent valuation dates as well. Requests received for the First Valuation Date are processed on a priority basis over any subsequent requests that are received for redemption on the subsequent valuation dates. Subject to this reservation, however, redemption requests received at a later time are processed as specified in the preceding sentence.
Based on these preconditions, exchange requests are treated like redemption requests.
The Management Company has the right to carry out substantial redemptions only once the corresponding assets of the sub-fund have been sold without delay.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Asian Small/Mid Cap
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Performance benchmark | MSCI AC Asia ex Japan Small Cap, administered by MSCI Limited. |
| Reference portfolio (risk benchmark) | MSCI AC Asia ex Japan Small Cap |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg that is also an exchange trading day on the Hong Kong Stock Exchange |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | January 16, 2006 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | January 16, 2006 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | January 16, 2006 |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | January 16, 2006 |
| LS | EUR | up to 5% | up to 1.5% | 0% | 0.05% | May 15, 2006 |
| USD LC | USD | up to 5% | up to 1.5% | 0% | 0.05% | November 20, 2006 |
| USD FC | USD | 0% | up to 0.75% | 0% | 0.05% | November 20, 2006 |
| GBP C RD | GBP | 0% | up to 0.75% | 0% | 0.05% | September 14, 2015 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| USD TFC | USD | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest Asian Small/Mid Cap, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The main investment objective of the sub-fund DWS Invest Asian Small/Mid Cap is to achieve long-term capital appreciation by investing in a portfolio of small and medium-sized companies in the Asian markets.
In so doing, at least 70% of the sub-fund’s assets are invested in shares and other equity securities and uncertificated equity instruments of small and medium-sized companies registered in an Asian jurisdiction, or in companies that
conduct their principal business activity in Asia or which, as holding companies, hold primarily interests in companies registered in Asia. The securities issued by these companies may be listed on Chinese (including the Shenzhen-Hong
Kong and Shanghai-Hong Kong Stock Connect) or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Economic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.
Up to 30% of the sub-fund’s assets may be invested in:
- shares and other equity securities and uncer- tificated equity instruments (participation and dividend-right certificates, etc.) of companies of any size from around the world that do not fulfil the requirements of the preceding paragraph;
- interest-bearing securities, as well as convert- ible bonds and warrant-linked bonds that are denominated in any freely convertible currency;
- short-term deposits, money market instruments and bank balances.

Small and medium-sized companies as defined above are companies included in a market index for small and medium-sized companies (until April 11, 2012, e.g. FTSE Asia Pacific Small Cap Index (excluding Japan) or companies that have a comparable market capitalization; effective April 12, 2012: e.g. MSCI AC Asia ex Japan Small Cap TR Net).
A maximum of 20% of the sub-fund´s assets may be invested in securities such as A-Shares, B-Shares, bonds and other securities listed and traded in Mainland China.
In addition, techniques and instruments based on securities may be employed on behalf of the
sub-fund’s assets if this is done for the purpose of efficient portfolio management of the sub-fund.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG deve- lopment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score.
If an issuer’s score in one category is not consid- ered eligible, the portfolio management is prohib- ited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is considered individu- ally and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Business areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of prod- ucts in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation. Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.msci.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation
and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in
the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims
to outperform the return of the benchmark, the potential outperformance might be limited
depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Specific Risks
Because the sub-fund is specialized on a specific geographic area, it presents increased opportunities, but these opportunities are countered by equally elevated risks.
The sub-fund is focused on investments in Asia. Asian exchanges and markets are sometimes subject to substantial fluctuations. Fluctuations in the rate of exchange of the local currencies against the euro can also impact on investment performance. The credit risk associated with an investment in securities, i.e., the risk of a decline in the assets of issuers, cannot be entirely eliminated even by the most careful selection
of the instruments to be purchased. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limitations on foreign capital investments and capital repatria- tion etc. can also affect investment performance.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest China Bonds
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | – (absolute VaR) |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg, that is also an exchange trading day on the Hong Kong Stock Exchange |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FCH | EUR | 0% | up to 0.6% | 0% | 0.05% | August 16, 2011 |
| LCH | EUR | up to 3% | up to 1.1% | 0% | 0.05% | August 16, 2011 |
| USD FC | USD | 0% | up to 0.6% | 0% | 0.05% | August 16, 2011 |
| USD LC | USD | up to 3% | up to 1.1% | 0% | 0.05% | August 16, 2011 |
| LDH | EUR | up to 3% | up to 1.1% | 0% | 0.05% | April 2, 2012 |
| NCH | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | April 2, 2012 |
| CHF FCH | CHF | 0% | up to 0.6% | 0% | 0.05% | December 10, 2012 |
| CHF LCH | CHF | up to 3% | up to 1.1% | 0% | 0.05% | December 10, 2012 |
| RMB FC | RMB | 0% | up to 0.6% | 0% | 0.05% | February 18, 2013 |
| RMB LC | RMB | up to 3% | up to 1.1% | 0% | 0.05% | February 18, 2013 |
| NC | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | August 19, 2013 |
| NDH | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | January 20, 2014 |
| PFCH | EUR | 0% | up to 0.6% | 0% | 0.05% | May 26, 2014 |
| PFDQH | EUR | 0% | up to 0.6% | 0% | 0.05% | May 26, 2014 |
| FDH | EUR | 0% | up to 0.6% | 0% | 0.05% | August 31, 2015 |
| USD FCH (P) | USD | 0% | up to 0.6% | 0% | 0.05% | December 1, 2015 |
| USD LDH (P) | USD | up to 3% | up to 1.1% | 0% | 0.05% | December 1, 2015 |
| USD LDMH (P) | USD | up to 3% | up to 1.1% | 0% | 0.05% | December 1, 2015 |
| SEK FCH | SEK | 0% | up to 0.6% | 0% | 0.05% | December 1, 2015 |
| SEK LCH | SEK | up to 3% | up to 1.1% | 0% | 0.05% | December 1, 2015 |
| NDQH | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | April 28, 2017 |
| TFCH | EUR | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| USD TFC | USD | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| RMB FCH | CNY | 0% | up to 0.6% | 0% | 0.05% | January 31, 2020 |
| RMB LCH | CNY | up to 3% | up to 1.1% | 0% | 0.05% | January 31, 2020 |

| Dilution adjustment (payable by the shareholder)** | PFCH and PFDQH: A dilution adjustment of up to 3% based on the gross redemption amount may be charged. Please see the general section for further explanation. |
| --- | --- |
| Placement fee (payable from the sub-fund’s assets) | PFCH and PFDQH: Up to 3% for the benefit of the distributor. Please see the general section for further explanation. |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest China Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy of DWS Invest China Bonds is to achieve an above aver- age return for the sub-fund by investing at least 60% of net assets in securities of issuers that have their head office or majority of their activity in the Greater China region.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The sub-fund’s assets may be invested in interest-bearing debt securities issued by:
- the Chinese government,
- Chinese government agencies,
- Chinese municipals,
- companies which have their registered office in China or that conduct their principal busi- ness activity in China.

The sub-fund’s assets are generally hedged to
the U.S. dollar, and are invested in interest-bearing debt securities denominated in or hedged to the
U.S. dollar as well as in U.S. dollar-denominated cash deposits. Renminbi-denominated assets may be invested via the Chinese offshore as well as the Chinese onshore market.
Investments in domestic securities via the Chinese onshore market will be done in listed securities, via direct access to the inter-bank bond market (CIBM) or via Bond Connect. When investing via Bond Connect the investment shall be limited to 50% of the sub-fund’s assets.
Alternatively, investments may be made through the Renminbi Qualified Foreign Institutional
(R-QFII) scheme, which requires the sub-fund manager to be granted a R-QFII license granted by the China Securities Regulatory Commission (CSRC). In addition, the sub-fund manager may need to be granted a R-QFII investment quota by the State Administration of Foreign Exchange (SAFE).
Due to the fact that investments made by the sub-fund and income received by the sub-fund may be denominated in Renminbi, investors should be aware of a possible depreciation of the Renminbi.
The above-mentioned securities may be listed on Asian or other foreign securities exchanges or traded on other regulated markets that operate regularly and are recognized and open to the public. The exchanges and other regulated mar- kets must comply with requirements of Arti-
cle 41 of the Law of 2010.
In extreme market situations, the fund manager may diverge from the above investment strategy to avoid a liquidity squeeze. This is dependent on the market context but can generally be under- stood as a sustained and severe period of market volatility. Up to 100% of the sub-fund’s assets may temporarily (potentially several months) be invested in interest-bearing securities of United States of America and Japanese and European (EU-Member States and the United Kingdom) government bonds.
Notwithstanding the principle of risk spreading and in accordance with Article 45 of the Law of 2010, the sub-fund may invest up to 100% of its assets in interest-bearing debt securities that are issued or guaranteed by the Chinese government.
The sub-fund may also invest up to 100% of its assets in interest-bearing debt securities issued or guaranteed by a member state of the Euro- pean Union, its local authorities, an OECD mem- ber country, or by a public international body of which one or more member states of the Euro- pean Union are members. The sub-fund must hold securities from at least six different issues, but securities from any one issue may not account for more than 30% of the sub-fund’s net assets.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others,
options, forwards, futures, futures contracts on financial instruments and options on such con- tracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, infla- tion swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
The sub-fund management considers ESG crite- ria in its investment decisions (“ESG-Criteria” for the corresponding terms Environmental, Social and Governance). In order to determine whether and to what extent the sub-fund’s assets meet the ESG-Criteria, a proprietary ESG database evaluates assets according to ESG-Criteria.
The ESG database processes data from multiple ESG data providers, public sources and consid- ers internal assessments based on a defined assessment and classification methodology. The ESG database is therefore based on the one hand on data and figures and, on the other hand on assessments, that take into account factors beyond the processed data and figures, such as future expected ESG developments, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters and corporate decisions of the issuer. The ESG database uses a variety of assessment categories to assess whether investments meet ESG-Criteria, including amongst others, DWS Norm Assessment, DWS Climate Risk Assessment, DWS ESG Quality Assessment, Exposure in controversial sectors. According to the ESG database analysis, the target investments receive one of six possible scores, with “A” being the highest score and “F” being the lowest score.
The sub-fund management only considers the Climate Risk Assessment and Norm Assessment.
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less
exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international stan- dards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics. Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
The sub-fund does not promote any Environmen- tal or Social characteristics or any combination of these characteristics. The consideration of ESG criteria in investment decisions in the form of exclusions as described above does not pursue an ESG and/or sustainable investment policy.
The following is the disclosure in accordance with Article 7 of Regulation (EU) 2020/852 of June 18, 2020 on the establishment of a frame- work to facilitate sustainable investment: The investments underlying this financial product do not take into account the EU criteria for environ- mentally sustainable economic activities.
The sub-fund’s investments in contingent con- vertibles shall be limited to 10% of the sub- fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Specific Risks
Investments in or related to China carry specific risks, we refer in that context to the specific risk factors outlined in the general section of the Sales Prospectus.

#### Liquidity Risk
The sub-fund may be investing parts of its assets in RMB-denominated interest-bearing debt securities issued or distributed via the RMB offshore markets, such as Hong Kong and Singa- pore. The quantity of RMB-denominated inter- est-bearing debt securities issued or distributed via the RMB offshore markets is currently lim- ited. The sub-fund may therefore under certain market conditions have to invest a significant portion of its assets in RMB-denominated depos- its. This may have an impact on the NAV of the sub-fund’s share classes.

#### Trading Costs
Due to potentially limited liquidity of RMB- denominated interest-bearing debt securities issued or distributed via the RMB offshore market the spread between bid and offer prices for these securities may be higher compared to those of other fixed income securities.

#### Credit Risk
Parts of the interest-bearing debt securities the sub-fund invests in may not be rated. Unrated interest-bearing debt securities are generally more susceptible to the credit risk of their issu- ers. Defaults of interest-bearing debt securities will have an impact on the NAV of the sub-fund’s share classes. Furthermore, the sub-fund may encounter difficulties or delays if having to enforce its rights against the Chinese issuers of interest-bearing debt securities. This is due to the fact that such issuers may be incorporated outside the jurisdiction in which the sub-fund has been authorized or registered and subject to foreign laws.

#### Exchange Rate Risk
Investors will be exposed to exchange rate risks if the currency of the share class (e.g. EUR) differs from the currency of the sub-fund (USD).
Since the Renminbi is not a freely convertible currency and is subject to exchange control policies and repatriation restrictions put in place by the Chinese government, the sub-fund’s assets may directly or indirectly be impacted by exchange control regulations or possible changes thereto.
The exchange rate used for Share Classes denominated in RMB is the offshore Chinese Renminbi. The value of the offshore Chinese Renminbi may deviate significantly from that of the onshore Chinese Renminbi due to various reasons, such as foreign exchange control poli- cies and repatriation restrictions pursued by the Chinese government and other external market forces.

#### China Market Risk
Investment in China is subject to legal, regula- tory, monetary and economic risks. China is dominated by the one-party rule of the Commu- nist Party. Investments in China involve greater control over the economy, political and legal uncertainties and currency fluctuations or
blockage, the risk that the Chinese government may decide not to continue to support the economic reform programs implemented in 1978 and possibly return to the completely centrally planned economy that existed prior to 1978, and the risk of confiscatory taxation, and nationaliza- tion or expropriation of assets.
The Chinese government exercises significant control over China’s economic growth through the allocation of resources, controlling payment of foreign currency denominated obligations, setting monetary policy and providing preferen- tial treatment to particular industries or compa- nies. The willingness and ability of the Chinese government to support the Chinese and Hong Kong economies is uncertain. The growing interconnectivity of global economies and finan- cial markets has increased the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. In particular, the adoption or continuation of protectionist trade policies by one or more countries could lead to a decrease in demand for Chinese products and reduced flows of private capital to these econo- mies. Government supervision and regulation of Chinese stock exchanges, currency markets, trading systems and brokers may be less than in developed countries.
Companies in China may not be subject to the same disclosure, accounting, auditing and finan- cial reporting standards and practices as in devel- oped countries. Thus, there may be less informa- tion publicly available about Chinese companies than about other companies. Political, social or economic disruptions in the region, including conflicts and currency devaluations, even in countries in which the Fund is not invested, may adversely affect security values in other countries in the region and thus the Fund’s holdings.

#### Risk Management
The absolute Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Chinese Equities
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Performance benchmark | MSCI China 10/40 Index in EUR, administered by MSCI Limited. |
| Reference portfolio (risk benchmark) | MSCI China 10/40 Index in EUR |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg, that is also an exchange trading day on the Hong Kong Stock Exchange |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Performance fee | Yes, for certain share classes and in accordance with the methodology described below. |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.5% plus an additional performance fee | 0% | 0.05% | December 15, 2006 |
| NC | EUR | up to 3% | up to 2% plus an additional performance fee | 0.2% | 0.05% | December 15, 2006 |
| FC | EUR | 0% | up to 0.75% plus an additional performance fee | 0% | 0.05% | December 15, 2006 |
| USD LC | USD | up to 5% | up to 1.7% | 0% | 0.05% | December 15, 2006 |
| USD FC | USD | 0% | up to 0.85% | 0% | 0.05% | December 15, 2006 |
| GBP D RD | GBP | 0% | up to 0.85% | 0% | 0.05% | December 21, 2007 |
| TFC | EUR | 0% | up to 0.75% plus an additional performance fee | 0% | 0.05% | December 5, 2017 |
| USD TFC | USD | 0% | up to 0.85% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced and risk-tolerant investors who are familiar with the opportunities and risks of volatile investments and who are in a position to tem- porarily bear substantial losses. A medium to long-term investment horizon is recommended for this sub-fund. Investors should be in a position to bear potentially substantial losses. The sub-fund pursues an investment policy focused on opportunities, and is particularly suited for inclusion in a highly diversified investment portfolio.
For the sub-fund with the name DWS Invest Chinese Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy of
DWS Invest Chinese Equities is to participate in the opportunities presented by the emerging country China (including Hong Kong) and to achieve sustained capital appreciation that exceeds the benchmark for the sub-fund (MSCI China 10/40 (EUR)). The majority of the sub- fund’s securities are expected to be components of the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. The strategy offers investors broad access to the Chinese equity markets. In regard to the benchmark the sub-fund offers a broader risk diversification approach (e.g. by avoiding high single stock rates). Due to the characteristic of the Chinese market (e.g. dominated by relatively few companies), the deviation of the portfolio from the benchmark is typically relatively low.
Despite the fact that the sub-fund aims to out- perform the benchmark, the potential outper- formance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.
At least 70% of the sub-fund’s assets are invested in shares, stock certificates, participa- tion and dividend-right certificates, and equity warrants of issuers registered in China, or of issuers registered outside China that conduct their principal business activity in China. The securities issued by these companies may be listed on Chinese (including the Shenzhen-Hong Kong and Shanghai-Hong Kong Stock Connect) or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Economic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.
A maximum of 30% of the sub-fund’s assets may be invested in shares, stock certificates, convertible bonds and warrant-linked bonds whose underlying warrants are for securities, participation and dividend-right certificates, and equity warrants of foreign and domestic issuers that do not satisfy the requirements of the preceding paragraph, as well as in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest- ments in shares of other UCITS and/or other UCIs as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.
The sub-fund management considers ESG crite- ria in its investment decisions (“ESG-Criteria” for the corresponding terms Environmental, Social
and Governance). In order to determine whether and to what extent the sub-fund’s assets meet the ESG-Criteria, a proprietary ESG database evaluates assets according to ESG-Criteria.
The ESG database processes data from multiple ESG data providers, public sources and consid- ers internal assessments based on a defined assessment and classification methodology. The ESG database is therefore based on the one hand on data and figures and, on the other hand on assessments, that take into account factors beyond the processed data and figures, such as future expected ESG developments, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters and corporate decisions of the issuer. The ESG database uses a variety of assessment categories to assess whether investments meet ESG-Criteria, including amongst others, DWS Norm Assessment, DWS Climate Risk Assessment, DWS ESG Quality Assessment, Exposure in controversial sectors. According to the ESG database analysis, the target investments receive one of six possible scores, with “A” being the highest score and “F” being the lowest score.
The sub-fund management only considers the Climate Risk Assessment and Norm Assessment.
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
The sub-fund does not promote any Environmen- tal or Social characteristics or any combination of these characteristics. The consideration of ESG criteria in investment decisions in the form of exclusions as described above does not pursue an ESG and/or sustainable investment policy.
The following is the disclosure in accordance with Article 7 of Regulation (EU) 2020/852 of
June 18, 2020 on the establishment of a frame- work to facilitate sustainable investment: The investments underlying this financial product do not take into account the EU criteria for environ- mentally sustainable economic activities.
The sub-fund will not invest in contingent convertibles.
The Management Company currently does not intend to enter into any securities lending or (reverse) repurchase transactions or other similar over-the counter transactions in respect of the sub-fund.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fairmarket value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Performance Fee
Until December 31, 2021 the following applies:
The Management Company shall receive from
the sub-fund a performance-based fee of 25% of the amount by which the performance of the respective share class exceeds the performance of the MSCI China 10/40 Index (positive bench- mark deviation); such amount shall, however, not exceed 4% of the average value of the share class during this settlement period.
If the net asset value per share underperforms the benchmark at the end of a settlement period (benchmark underperformance) the Management Company shall receive no performance-based fee. In a manner corresponding to the calculation for benchmark outperformance, the negative amount for each net asset value per share is calculated based on the agreed maximum amount and carried forward to the next settle- ment period. The Management Company shall receive a performance-based fee for the subse- quent settlement period only if the amount calculated from benchmark outperformance at the end of that settlement period exceeds the negative carryforward from the previous settle- ment period. In this case, the fee entitlement
is equal to the difference between the two amounts. Any remaining negative amount for each net asset value per share is again carried forward to the new settlement period. If the result at the end of the next settlement period is yet another benchmark underperformance, the existing negative carryforward is increased by the amount calculated from this new benchmark
underperformance. When calculating the fee entitlement, negative carryforwards from the previous five settlement periods are taken into account.
The accounting period commences on January 1 and ends on December 31 of a calendar year.
The first accounting period starts on January 1, 2015, and ends at December 31, 2015. A nega- tive performance deviation will be taken into account as of this accounting period.
The performance-based fee is determined by comparing the performance of the benchmark with that of the net asset value per share in the settlement period. The costs charged to the sub-fund may not be deducted from the perfor- mance of the benchmark prior to comparison.
In accordance with the result of the daily com- parison, any performance-based fee incurred is deferred in the sub-fund. If the performance of the shares during any settlement period falls short of that of the benchmark, any perfor- mance-based fee amounts already deferred in that settlement period shall be eliminated in accordance with the daily comparison. The amount of the deferred performance-based fee existing at the end of the settlement period may be withdrawn.
The performance-based fee may be withdrawn even if the net asset value per share at the end of the settlement period is less than the net asset value per shares at the beginning of the settlement period (negative absolute performance).
MSCI China 10/40 Index is administered by MSCI. MSCI is listed in the official register of benchmark administrators at the European Securities and Markets Authority (ESMA).
The Management Company has established robust, written plans in which it has stipulated measures that it would take if the benchmark were to change materially or were no longer to be provided.
As of January 1, 2022 the following applies: The Management Company receives a perfor- mance fee for the share classes LC, NC, FC and TFC. The amount of the performance fee is up to 25% of the amount by which the performance of the asset value of a share class (less all costs) exceeds the performance of the MSCI China 10/40 Index in EUR (benchmark); such amount shall, however, not exceed 4% of the average net asset value of the respective share class during the settlement period. The reference period for the performance, at the end of which the mechanism for compensating for an earlier negatively
deviating performance can be initiated, com- mences upon the inception of the relevant share class and corresponds to five years.
The benchmark is a net return index that repli- cates the performance of equities in Chinese emerging markets. It is therefore suitable as a benchmark for the performance of this
sub-fund.
The performance fee is determined on each valuation date when calculating the net asset value, less all costs and taking into account the average number of units in circulation. If the performance of the asset value per share of the respective share class (less all costs) in accor- dance with the comparison carried out each valuation date is above the performance of the benchmark (positive performance) and if, addi- tionally, a possible negative deviation from the past 5 years has been offset, any performance fee accrued is deferred. If the performance of the asset value per share of the respective share class (less all costs) in accordance with the comparison carried out each valuation date is below the performance of the benchmark (negative performance), any previously deferred performance fee is reversed again on a pro rata basis.
A deferred performance fee is generally credited to the respective recipient on an annual basis if the performance of the asset value per share of the respective share class at the end of the settlement period is above the performance of the benchmark.
The settlement period commences on January 1 and ends on December 31 of each calendar year. The first settlement period commences upon the calculation of the first asset value per share of the respective share class. If the sub-fund or a share class is closed or merged during the settlement period or if units are redeemed or exchanged by the investors and a performance fee is accrued for the units affected by this, the performance fee is credited to the recipient on a pro rata basis up to the date of the closure or merger or up to the date on which the units were returned or exchanged.
The performance fee can also be withdrawn if the asset value per share at the end of the settlement period falls below the asset value per share at the beginning of the settlement period, provided the performance of the asset value per share exceeds that of the benchmark.
Sample calculation of the performance fee:
|  | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 |
| --- | --- | --- | --- | --- | --- | --- |
| Average no. of shares | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| No. of shares | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |
| Average fund assets | 99,000.00 | 98,500.00 | 104,500.00 | 108,562.50 | 119,000.00 | 124,875.00 |
| Share class NAV (beginning) | 100.00 | 98.00 | 99.00 | 109.13 | 108.00 | 129.75 |
| Share class NAV (end before performance fee) | 98.00 | 99.00 | 110.00 | 108.00 | 130.00 | 120.00 |
| Benchmark (beginning) | 100.00 | 98.00 | 99.00 | 109.13 | 108.00 | 129.75 |
| Benchmark (end) | 99.00 | 98.50 | 105.00 | 115.00 | 120.00 | 118.00 |
| Performance fee rate | 25% | 25% | 25% | 25% | 25% | 25% |
| Performance fee rate (effective) | 20% | 20% | 20% | 20% | 20% | 20% |
| Performance fee applicable | No | No | Yes | No | Yes | Yes |
| (NAV- Benchmark) * Performance fee fate | -0.250 | 0.125 | 1.250 | -1.750 | 2.500 | 0.500 |
| (NAV- Benchmark) * Performance fee rate (effective) | -0.200 | 0.100 | 1.000 | -1.400 | 2.000 | 0.400 |
| Carry forward per share | 0.000 | -0.250 | -0.125 | 0.000 | -1.750 | 0.000 |
| Performance fee (before cap) | 0.000 | 0.000 | 875.000 | 0.000 | 250.000 | 400.000 |
| Performance fee per share (before cap) | 0.000 | 0.000 | 0.875 | 0.000 | 0.250 | 0.400 |
| Cap: 4% | 3,960.00 | 3,940.00 | 4,180.00 | 4,342.50 | 4,760.00 | 4,995.00 |
| Performance fee (after cap) | 0.000 | 0.000 | 875.000 | 0.000 | 250.000 | 400.000 |
| Performance fee per share (after cap) | 0.000 | 0.000 | 0.875 | 0.000 | 0.250 | 0.400 |
| Final NAV | 98.00 | 99.00 | 109.13 | 108.00 | 129.75 | 119.60 |

Year 1
The performance of the share class is lower than the performance of the benchmark. No performance fee is accrued. A negative carry-forward per share of -0.250 occurs that is considered in year 2.
Year 2
The performance of the share class exceeds the performance of the benchmark but cannot offset the negative carry-forward per share of -0.250 from year 1. No performance fee is accrued. The negative carry-forward per share of -0.250 from year 1 is reduced to -0.125 and is considered in year 3.
Year 3
The performance of the share class exceeds the performance of the benchmark and can offset the negative carry-forward per share of -0.125 from year 2. A performance fee is accrued.
Year 4
The performance of the share class is lower than the performance of the benchmark. No performance fee is accrued. A negative carry-forward per share of -1.750 occurs that is considered in year 5.
Year 5
The performance of the share class exceeds the performance of the benchmark and can offset the negative carry-forward per share of -1.750 from year 4. A performance fee is accrued.
Year 6
The share class price decreases but the performance of the share class exceeds the performance of the benchmark. A performance fee is accrued.
The performance fee is paid out at the expense of and in the currency of the respective share class. It is exclusive of any value-added tax payable.
The Management Company shall pass on any accruing performance fee to the sub-fund manager.
The benchmark is administered by MSCI Limited. MSCI Limited is not registered in the public register of benchmark administrators and of third country benchmarks at the European Securities and Markets Authority (ESMA) but does currently profit from regulatory prescribed transitional arrangements. The Management Company has drawn up robust written plans in which it sets out measures that it would take if the benchmark changes substantially or is no longer provided. In this case, the Management Company will define another comparable benchmark that will take the place of the named benchmark.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are expected to be components of the benchmark and the portfolio is expected to have a similar weighting to the benchmark. The sub- fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate to a limited extent (e.g., by a positioning outside of the benchmark as well as underweighting or
overweighting) and the actual degree of freedom is typically relatively low. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Redemption Volume
Contrary to the general rule regarding substantial redemptions as described in detail in section 5. F of the general section of the Sales Prospectus, the following applies to this sub-fund:
Shareholders may submit for redemption all or part of their shares of all share classes.
The Management Company is under no obliga- tion to execute redemption requests if any such request pertains to shares valued in excess of
10% of the net asset value of a sub-fund. The Management Company reserves the right, taking into account the principle of equal treatment of all shareholders, to dispense with minimum redemption amounts (if provided for).
Special procedure for redemptions valued in excess of 10% of the net asset value of a sub-fund.
If redemption requests are received on a valua- tion date (the “First Valuation Date”) whose value, individually or together with other requests received, is in excess of 10% of the net asset value of a sub-fund, the Board of Directors reserves the right, at its own discretion (and taking into consideration the interests of the remaining shareholders), to reduce the number of shares of every individual redemption request on a pro-rata basis for this First Valuation Date, so that the value of the shares redeemed or exchanged on this First Valuation Date does not exceed 10% of the net asset value of the respec- tive sub-fund. If as a result of the exercise of the right to effect a pro-rata reduction on this First Valuation Date, a redemption request is not executed in full, such request must be treated with respect of the unexecuted portion as though the shareholder submitted a further redemption request for the next valuation date, and if necessary, for the at most seven subse- quent valuation dates as well. Requests received for the First Valuation Date are processed on a priority basis over any subsequent requests that are received for redemption on the subsequent valuation dates. Subject to this reservation, however, redemption requests received at a later time are processed as specified in the preceding sentence.
Based on these preconditions, exchange requests are treated like redemption requests.
The Management Company has the right to carry out substantial redemptions only once the corresponding assets of the sub-fund have been sold without delay.

#### Specific Risks
Because the sub-fund is specialized on companies operating in China, it presents increased opportunities, but these opportuni- ties are countered by equally elevated risks. Chinese exchanges and markets are some- times subject to substantial fluctuations. The sub-fund is suitable for risk-tolerant investors who are familiar with the opportunities and risks of volatile investments.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Convertibles
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | Citi – EuroBIG Corporate Index-A sector (25%), Citi – WorldBIG Corporate A in EUR (25%), MSCI THE WORLD INDEX in EUR (25%) and STOXX 50 (25%) |
| Leverage effect | 5 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg. |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.65% | 0% | 0.05% | January 12, 2004 |
| LC | EUR | up to 3% | up to 1.2% | 0% | 0.05% | January 12, 2004 |
| LD | EUR | up to 3% | up to 1.2% | 0% | 0.05% | January 12, 2004 |
| NC | EUR | up to 1.5% | up to 1.5% | 0.1% | 0.05% | January 12, 2004 |
| USD LCH | USD | up to 5% | up to 1.2% | 0% | 0.05% | November 20, 2006 |
| USD FCH | USD | 0% | up to 0.65% | 0% | 0.05% | November 20, 2006 |
| GBP DH RD | GBP | 0% | up to 0.65% | 0% | 0.05% | March 23, 2009 |
| CHF FCH | CHF | 0% | up to 0.65% | 0% | 0.05% | September 8, 2011 |
| FC (CE) | EUR | 0% | up to 0.65% | 0% | 0.05% | April 10, 2012 |
| FD | EUR | 0% | up to 0.65% | 0% | 0.05% | December 13, 2013 |
| CHF LCH | CHF | up to 3% | up to 1.2% | 0% | 0.05% | March 24, 2014 |
| PFC | EUR | 0% | up to 0.8% | 0% | 0.05% | May 26, 2014 |
| LC (CE) | EUR | up to 3% | up to 1.2% | 0% | 0.05% | June 4, 2014 |
| SEK FCH | SEK | 0% | up to 0.65% | 0% | 0.05% | September 30, 2015 |
| SEK LCH | SEK | up to 3% | up to 1.2% | 0% | 0.05% | September 30, 2015 |
| RC (CE) | EUR | 0% | up to 0.65% | 0% | 0.01% | September 15, 2016 |
| TFC | EUR | 0% | up to 0.65% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.65% | 0% | 0.05% | December 5, 2017 |
| USD TFCH | USD | 0% | up to 0.65% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to considerable downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest Convertibles, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Convertibles is to generate an
above-average return for the sub-fund in Euros. However, no assurance can be given that the investment objective will be achieved.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 70% of the sub-fund’s assets shall be invested in convertible bonds, warrant-linked bonds and similar convertible instruments of national and international issuers.
Up to 30% of the sub-fund’s assets may be invested in fixed-interest and variable-interest securities excluding conversion rights and in equities, equity warrants and participation certifi- cates, with the aggregate percentage of equities, equity warrants and participation certificates not to exceed 10%. In conjunction with the manage- ment of credit risks linked with the sub-fund, the sub-fund may also use credit derivatives such as default swaps (CDS). Such instruments may be used both for transferring credit risks to a coun- terparty and for accepting additional credit risks.
A maximum of 20% of the sub-fund´s assets may be invested in securities such as A-Shares, B-Shares, bonds and other securities listed and traded in Mainland China.
In addition, the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus.
Besides various types of fixed interest payment, convertible bonds vest in the holder the right to convert these securities into shares in the com- pany concerned. Bonds with warrants can simul- taneously vest in the holder the right to interest payments and repayment and the right to acquire shares, i.e., the shares can be acquired in addi- tion to the bond by exercising the option. Con- vertible preference shares regularly include the right or obligation to convert the preference shares into ordinary shares at a later date. The respective price of these securities depends both on the assessment of the share price and on changes in interest rates.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of derivatives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries.
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than
35% of the net value of the assets of the sub-fund may be invested in derivatives that constitute long positions and do not have corresponding cover- age. The sub-fund manager aims to hedge any currency risk versus the euro in the portfolio.
The sub-fund may use, particularly in accordance with the investment limits stated in Article 2 B. of the general section of the Sales Prospectus, derivatives to optimize the investment objective.
The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Convertibles. The perfor- mance of the sub-fund is therefore besides other factors depending on the respective proportion of derivatives, e.g. swaps in the sub-fund’s total assets.
To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as swaps, will be entered with at least BBB3 (Moody’s) /BBB- (S&P, Fitch) rated financial institutions specializing in such trans- actions. Such OTC-agreements are standardized agreements.
In conjunction with the OTC transactions, it is important to note the associated counterparty risk. The sub-fund’s counterparty risk resulting from the use of portfolio total return swaps will be fully collateralized. The use of swaps may furthermore entail specific risks that are explained in the general risk warnings.
The sub-fund can be invested in total or in parts in one or several OTC-transactions negotiated with a counterparty under customary market conditions. Therefore, the sub-fund can be invested in total or in parts in one or several transactions.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning investments in shares of other UCITS and/or other UCIs as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources
and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area
(“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
The following investment restriction applies to the sub-fund due to a possible registration in Korea: The sub-fund must invest more than 70% of the net assets in non-Korean Won-denominated assets.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Contrary to the provision of the general section of the Sales Prospectus, because of the invest- ment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub- fund assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI Euro
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | EURO STOXX 50 Net Return EUR, administered by STOXX Ldt. |
| Reference portfolio (risk benchmark) | EURO STOXX 50 Net Return EUR |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt, that is also an exchange trading day on London Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| IC | EUR | 0% | up to 0.5% | 0% | 0.01% | August 28, 2018 |
| LC | EUR | up to 2% | up to 1% | 0% | 0.05% | August 28, 2018 |
| LD | EUR | up to 2% | up to 1% | 0% | 0.05% | August 28, 2018 |
| TFC | EUR | 0% | up to 0.5% | 0% | 0.05% | August 28, 2018 |
| USD LCH | USD | up to 5% | up to 1% | 0% | 0.05% | August 28, 2018 |
| NC | EUR | 0% | up to 2% | 0% | 0.05% | November 15, 2018 |
| IC50 | EUR | 0% | up to 0.35% | 0% | 0.01% | January 31, 2019 |
| USD TFCH | USD | 0% | up to 0.5% | 0% | 0.05% | February, 26, 2021 |
| TFD | EUR | 0% | up to 0.5% | 0% | 0.05% | April 15, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI Euro, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest CROCI Euro is to achieve long term capital appreciation by investing predominantly in large cap Eurozone equities that are considered under- valued according to the CROCI methodology and the CROCI Euro investment strategy.
The investment strategy will generally select shares of approximately thirty issuers with the lowest positive CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”) from a universe comprising approximately 100 of the largest Eurozone equities by market capitalisation for which CROCI Economic P/Es are calculated.
Companies in the Financial and Real Estate sectors are not eligible for selection. In addition, stocks with low liquidity may be excluded from selection. In the event that fewer than thirty shares have a positive CROCI Economic P/E, only those shares with a positive CROCI Eco- nomic P/E will be investment strategy. The investment strategy may also utilise rules-based techniques which aim to reduce unnecessary portfolio turnover in order to reduce market impact and transaction costs. These techniques
include, but are not limited to, limiting the replacement of an existing share from the invest- ment strategy during re-compositions to circum- stances when the CROCI Economic P/E is sufficiently higher than that of the proposed replacement share. Consequently, in some cases, a share may not be added during a sub- fund re-composition despite having one of the thirty lowest CROCI Economic P/Es among shares eligible for selection. Equally, a share may remain in the sub-fund despite no longer being amongst the thirty shares with the lowest CROCI Economic P/Es. These techniques have no impact on the investment strategy maintain- ing approximately thirty constituents. In addition, the investment strategy may consider other factors such as liquidity, transaction costs and, upon notification to the CROCI Investment and
Valuation Group, market events in respect of the eligible shares. The sub-fund manager may consider risk limits when determining the imple- mentation of the investment strategy into the sub-fund.
The sub-fund’s assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules (re-selecting the approximately thirty shares that the sub-fund will invest in) with the intention that each constituent share is equally weighted. However, in order to minimise impacts on performance when trading the sub-fund’s assets, the sub-fund manager may take neces- sary steps to reduce the costs related to trading and market impact, including effecting the
re-composition in stages over a period of time. Consequently, the sub-fund may at certain times hold more or less than thirty different shares and may not therefore be equally weighted at all times. The sub-fund operates on a total return basis, re-investing dividends received in the purchase of additional shares.
Further information on the investment strategy and the CROCI methodology can be found on the website of the CROCI Investment and Valuation Group www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the
lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the pro- moted environmental and social characteristics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.qontigo.com
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined
as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
CROCI Methodology
The CROCI (Cash Return On Capital Invested) methodology is based on the belief that the data used in traditional valuations (i.e. accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing standards which can make measuring the real asset value of compa- nies difficult. For example, it is difficult to com- pare the price-to-earnings or “P/E” Ratio of a car manufacturing stock to that of a technology stock and equally difficult to compare a Japanese Utility to a U.S. Utility. The CROCI methodology seeks to generate data that will enable valuation comparisons on a consistent basis, resulting in an effective and efficient stock selection process targeting investment in real value. The invest- ment strategy will primarily make use of the CROCI Economic P/E, which is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).
However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:
- Instead of price (market capitalisation), the CROCI Enterprise Value is used as the eco- nomic measure of the market value of a company. It includes not only financial liabili- ties (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).
- Instead of book value, the CROCI Net Capital Invested is used as the economic measure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.
- Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all companies, regardless of their sector or geographic location.

CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited (“CROCI”) and have been licensed for use by DWS Invest. CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV (the “Sub-Funds”) are not sponsored or sold by DWS CROCI and DWS CROCI has no obligation or liability in connection with the administration,
marketing or trading of the Sub-Funds. No repre- sentation, warranty or condition, express or implied, is given or assumed by DWS CROCI with respect to any Sub-Fund and DWS CROCI shall have no liability or responsibility whatsoever to any party for any loss or charges arising in connection with any Sub-Fund. DWS CROCI has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
DWS CROCI does not undertake any discretion- ary or non-discretionary asset management and does not make any suggestions or recommen- dations (including, without limitation, any invest- ment recommendations), whether express or implied, in relation to any financial instruments, issuers, Sub-Funds or the Strategies and does not express any opinions in relation to the present or future value or price of financial instruments. Inclusion of a financial instrument in a Strategy is not a recommendation by CROCI to buy, sell or hold such security, nor shall it be considered investment advice or a recommendation in any manner or form.
DWS CROCI provides no representation, guaran- tee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, complete- ness or fitness for a particular purpose of the Strategies, any data or information related thereto nor as to the results obtained by any of its users. DWS CROCI shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the
benchmark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI Europe SDG
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI Europe Net Return EUR Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt, that is also an exchange trading day on the London Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| IC EB | EUR | 0% | up to 0.4% | 0% | 0.01% | August 28, 2018 |
| LC | EUR | up to 5% | up to 1% | 0% | 0.05% | August 28, 2018 |
| TFC | EUR | 0% | up to 0.5% | 0% | 0.05% | August 28, 2018 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI Europe SDG, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund has sustainable investment as its objective and qualifies as product in accordance with article 9 of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest CROCI Europe SDG is to achieve long term capital appreciation by investing in predomi- nantly large cap, European equities that are considered undervalued according to the CROCI methodology and the CROCI Europe SDG invest- ment strategy, and that are considered by the DWS Sustainability Office to be in a position to profit from present or future geopolitical, social
and economic trends and themes which help to achieve the sustainable development goals of the UN as part of the Agenda 2030.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The outcome of following the rules-based and systematic investment strategy will be a concen- trated portfolio derived by selecting shares based on CROCI metrics including, but not limited to, low positive CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”). Eligible shares are selected from a universe comprising the predominantly largest European companies by market capitalisation for which CROCI Economic P/Es are calculated.
The sub-fund management invests at least 80% of the sub-fund’s assets in economic activities that contribute to environmental and/or social
objectives and to at least one of the UN Sustain- able development goals (‘SDG’).
The sub-fund management seeks to attain its sustainable objective by assessing potential investments via proprietary ESG investment methodology. This methodology incorporates investment standards according to an ESG database, which uses data from multiple leading ESG data providers as well as internal and public sources to derive proprietary combined scores for various environmental and social objectives. The methodology assigns one of six possible proprietary scores to each possible issuer. These scores encompass assessments for (i) contro- versial sectors (which include coal, tobacco, defence industry, pornography, gambling and nuclear power), (ii) involvement in controversial weapons (nuclear weapons, depleted uranium, cluster munitions and anti-personnel mines) or
(iii) violation of internationally accepted norms,
but also allow for an active issuer selection based on categories such as climate and transi- tion risk, norm compliance or best in class ESG evaluations in respect to the above-mentioned environmental and/or social objectives. The methodology assigns one of six possible propri- etary scores to each possible issuer based on a letter scoring from A to F, whereby issuers with A and B scores are considered as leading in their categories and issuers with C scores are consid- ered as within the upper midfield of their cate- gory. These letter scores can originate from revenues generated from controversial sectors or the degree of involvement in controversial weapons, the degree of severity that an issuer may be involved in the violation of international norms, the assessment on climate and transition risk, which is based on for example carbon intensity or the risk of stranded assets, or from best in class ESG evaluations.
The SDG contribution of an issuer will be measured by dedicated SDG scores, which are the result of a double-layered algorithm in the ESG investment methodology. In the first layer, issuers are identified and scored by the reve- nues they generate that can be linked to the SDGs (positive contribution) and where those revenues by comparison measures exceed the corresponding measures of other issuers. The second layer confirms the ESG quality of such issuers in respect to defined minimum stand- ards in respect to environmental, social and corporate governance factors. Further, next to their SDG contribution issuers will be assessed to ensure that they do not obstruct the SDG objective (with negative total net SDG contribution).
The sub-fund manager considers in its asset allocation the resulting scores from the ESG database. At least 80% of the sub-fund’s assets are invested in issuers that are classified in the highest three scores (scores A-C) of the propri- etary SDG score from the application of the ESG investment methodology.
The ESG and SDG performance of an issuer is evaluated independently from financial success based on a variety of factors. These factors include, for example, the following fields of interest:
Environment
- Conservation of flora and fauna;
- Protection of natural resources, atmosphere and inshore waters;
- Limitation of land degradation and climate change;
- Avoidance of encroachment on ecosystems and loss of biodiversity.

Social
- General human rights;
- Prohibition of child labour and forced labour;
- Imperative Non-discrimination;
- Workplace health and safety;
- Fair workplace and appropriate remuneration.

Corporate Governance
- Global Governance Principles by the Inter- national Corporate Governance Network;
- Global Compact Anti-Corruption Principles.

UN Sustainable Development Goals
- Climate Change
- Water Scarcity
- Waste Management
- Food Availability
- Health & Wellness
- Improving Lives and DemographicsAt least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.

More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
Portfolio optimization techniques may be utilised by the investment strategy in analysing the risk profile of eligible shares (in absolute terms or relative to a benchmark) and in determining the final investment strategy constituents and weights. The investment strategy may also utilise techniques and consider factors which aim to reduce unnecessary portfolio turnover in order to reduce market impact and transaction costs.
These techniques include, but are not limited to, limiting the replacement of an existing share from the sub-fund during re-compositions to circumstances when the CROCI Economic P/E is sufficiently higher than that of the proposed replacement share. In addition, the strategy may consider other factors such as liquidity and transaction costs and, upon notification by the sub-fund to the CROCI Investment and Valuation Group, market events in respect of the eligible shares. The sub-fund manager may consider risk limits when determining the implementation of the investment strategy into the sub-fund.
The sub-fund’s assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules. In order to minimise impacts on performance when trading the sub-fund’s assets, the sub-fund manager may take necessary steps
to reduce the costs related to trading and market impact, including effecting the re-composition
in stages over a period of time. The sub-fund operates on a total return basis, re-investing dividends received in the purchase of additional shares and may consider risk limits when deter- mining the implementation of the investment strategy into the sub-fund.
Further information on the investment strategy and the CROCI methodology can be found on the website of the CROCI Investment and Valuation Group www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.
CROCI Methodology
The CROCI (Cash Return On Capital Invested) methodology is based on the belief that the data used in traditional valuations (i.e. accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing standards which can make measuring the real asset value of compa- nies difficult. For example, it is difficult to com- pare the price-to-earnings or “P/E” Ratio of a car manufacturing stock to that of a technology stock and equally difficult to compare a Japanese Utility to a U.S. Utility. The CROCI methodology seeks to generate data that will enable valuation comparisons on a consistent basis, resulting in an effective and efficient stock selection process targeting investment in real value. The invest- ment strategy will primarily make use of the CROCI Economic P/E which is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).
However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:
- Instead of price (market capitalisation), the CROCI Enterprise Value is used as the eco- nomic measure of the market value of a company. It includes not only financial liabili- ties (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).
- Instead of book value, the CROCI Net Capital Invested is used as the economic measure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.
- Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all companies, regardless of their sector or geographic location.

CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited (“CROCI”), and have been licensed for use by DWS Invest. CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV (the “Sub-Funds”) are not sponsored or sold by DWS CROCI and DWS CROCI has no obligation or liability in connection with the administration, marketing or trading of the Sub-Funds. No repre- sentation, warranty or condition, express or implied, is given or assumed by DWS CROCI with respect to any Sub-Fund and DWS CROCI shall have no liability or responsibility whatsoever to any party for any loss or charges arising in connection with any Sub-Fund. DWS CROCI has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
DWS CROCI does not undertake any discretion- ary or non-discretionary asset management and does not make any suggestions or recommenda- tions (including, without limitation, any invest- ment recommendations), whether express or implied, in relation to any financial instruments, issuers, Sub-Funds or the Strategies and does not express any opinions in relation to the, present or future value or price of financial instruments. Inclusion of a financial instrument in a Strategy is not a recommendation by CROCI to buy, sell or hold such security, nor shall it be considered investment advice or a recommen- dation in any manner or form.
DWS CROCI provides no representation, guaran- tee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, complete- ness or fitness for a particular purpose of the Strategies, any data or information related thereto nor as to the results obtained by any of its users. DWS CROCI shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI Global Dividends
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | MSCI World Net Total Return Index, administered by MSCI Limited. |
| Reference portfolio (risk benchmark) | MSCI World Net Total Return Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt, that is also an exchange trading day on the New York Stock Exchange (NYSE) and London Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| GBP IC | GBP | 0% | up to 0.65% | 0% | 0.01% | August 30, 2018 |
| GBP ID | GBP | 0% | up to 0.65% | 0% | 0.01% | August 30, 2018 |
| GBP LC | GBP | up to 5% | up to 1.4% | 0% | 0.05% | August 30, 2018 |
| GBP TFC | GBP | 0% | up to 0.65% | 0% | 0.05% | August 30, 2018 |
| IC | EUR | 0% | up to 0.65% | 0% | 0.01% | August 30, 2018 |
| ID | EUR | 0% | up to 0.65% | 0% | 0.01% | August 30, 2018 |
| LC | EUR | up to 5% | up to 1.4% | 0% | 0.05% | August 30, 2018 |
| LD | EUR | up to 5% | up to 1.4% | 0% | 0.05% | August 30, 2018 |
| TFC | EUR | 0% | up to 0.65% | 0% | 0.05% | August 30, 2018 |
| USD IC | USD | 0% | up to 0.65% | 0% | 0.01% | August 30, 2018 |
| USD LC | USD | up to 5% | up to 1.4% | 0% | 0.05% | August 30, 2018 |
| USD LDQ | USD | up to 5% | up to 1.4% | 0% | 0.05% | August 30, 2018 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI Global Dividends, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest CROCI Global Dividends is to achieve long term capital appreciation by investing predomi- nantly in large cap developed market global equities that are considered undervalued and offer comparatively high and sustainable dividend yield according to the CROCI methodology and the CROCI Global Dividends investment strategy.
The investment strategy will generally select shares of approximately fifty issuers with the lowest positive CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”) from a universe comprising of the largest developed market global equities by market capitalisation for which CROCI Economic P/Es are calculated. Compa- nies in the Financial and Real Estate sectors are not eligible for selection. The investment strategy will also exclude from selection any stocks that do not pass a series of dividend sustainability screens based on cash returns (further described below under “CROCI Sustainable Dividends Process”), financial leverage and volatility, stocks paying zero dividends and stocks with a below median current dividend yield. In addition, stocks with low liquidity may be excluded from selec- tion. In the event that fewer than fifty shares have a positive CROCI Economic P/E, only those shares with a positive CROCI Economic P/E will be included in the investment strategy. The investment strategy may also utilise rules-based techniques which aim to reduce unnecessary portfolio turnover in order to reduce market impact and transaction costs. These techniques include, but are not limited to, limiting the replacement of an existing share from the invest- ment strategy during re-compositions to circum- stances when its CROCI Economic P/E is suffi- ciently higher or its dividend yield is sufficiently lower than that of the proposed replacement share. Consequently, in some cases, a share may not be added during a sub-fund re- composition despite having one of the fifty lowest CROCI Economic P/Es or above median dividend yield of shares eligible for selection.
Equally, a share may remain in the sub-fund despite no longer being amongst the fifty shares with the lowest CROCI Economic P/Es or having an above median dividend yield. These tech- niques have no impact on the investment strat- egy maintaining approximately fifty constituents. In addition, the investment strategy may con- sider other factors such as liquidity and transac- tion costs and, upon notification by the sub-fund to the CROCI Investment and Valuation Group, market events in respect of the eligible shares.
The sub-fund manager may consider risk limits when determining the implementation of the investment strategy into the sub-fund.
The sub-fund’s assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules (re-selecting the approximately fifty selected shares that the sub-fund will invest in) with the intention that each constituent share is equally weighted. However, in order to minimise impacts on performance when trading the
sub-fund’s assets, the sub-fund manager may take necessary steps to reduce the costs related to trading and market impact, including effecting the re-composition in stages over a period of time. Consequently, the sub-fund may at certain times hold more or less than fifty different shares and may not therefore be equally weighted at all times. The sub-fund operates on a total return basis, re-investing dividends received in the purchase of additional shares.
Further information on the investment strategy and the CROCI methodology can be found on the website of the CROCI Investment and Valuation Group www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not con- sidered eligible, the portfolio management is
prohibited to invest in that issuer, even if it is eligible according to other categories. For exclu- sion purposes, each letter score is considered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers
(excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub-fund. Infor- mation on the reference benchmark can be found on www.msci.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets
without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on
how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
CROCI Methodology
The CROCI (Cash Return On Capital Invested) methodology is based on the belief that the data used in traditional valuations (i.e. accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing standards which can make measuring the real asset value of compa- nies difficult. For example, it is difficult to com- pare the price-to-earnings or “P/E” Ratio of a car manufacturing stock to that of a technology stock and equally difficult to compare a Japanese Utility to a U.S. Utility. The CROCI methodology seeks to generate data that will enable valuation comparisons on a consistent basis, resulting in an effective and efficient stock selection process targeting investment in real value. The invest- ment strategy will primarily make use of the CROCI Economic P/E which is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).
However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:
- Instead of price (market capitalisation), the CROCI Enterprise Value is used as the eco- nomic measure of the market value of a company. It includes not only financial liabili- ties (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).
- Instead of book value, the CROCI Net Capital Invested is used as the economic measure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.
- Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all companies, regardless of their sector or geographic location.

CROCI Sustainable Dividends Process
The CROCI Investment and Valuation Group believe that the ability of a company to continue to pay dividends may be dependent upon both the financial strength and cash-generation capa- bilities of the company. This has led to the devel- opment of a “sustainable dividends” investment strategy that attempts to identify and exclude shares that may have a higher risk of a future dividend cut. Therefore, when attempting to identify companies that are attractive in the dividend investment strategy, shares with the highest financial leverage and lowest cash returns are filtered from the selection process. In
addition, shares with the highest price volatility and those with a below- median dividend yield are also excluded.
CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited (“CROCI”) and have been licensed for use by DWS Invest. CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV (the “Sub-Funds”) are not sponsored or sold by DWS CROCI and DWS CROCI has no obligation or liability in connection with the administration, marketing or trading of the Sub-Funds. No repre- sentation, warranty or condition, express or implied, is given or assumed by DWS CROCI with respect to any Sub-Fund and DWS CROCI shall have no liability or responsibility whatsoever to any party for any loss or charges arising in connection with any Sub-Fund. DWS CROCI has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
DWS CROCI does not undertake any discretion- ary or non-discretionary asset management and does not make any suggestions or recommenda- tions (including, without limitation, any invest- ment recommendations), whether express or implied, in relation to any financial instruments, issuers, Sub-Funds or the Strategies and does not express any opinions in relation to the pres- ent or future value or price of financial instru- ments. Inclusion of a financial instrument in a Strategy is not a recommendation by CROCI to buy, sell or hold such security, nor shall it be considered investment advice or a recommen- dation in any manner or form.
DWS CROCI provides no representation, guaran- tee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, complete- ness or fitness for a particular purpose of the Strategies, any data or information related thereto nor as to the results obtained by any of its users. DWS CROCI shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the
portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI Intellectual Capital ESG
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | MSCI World NR in EUR, administered by MSCI Limited. |
| Reference portfolio (risk benchmark) | MSCI World NR in EUR |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt that is also an exchange trading day on the New York Stock Exchange (NYSE) and London Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| IC EB | EUR | up to 0% | up to 0.3% | 0% | 0.01% | April 15, 2019 |
| LC | EUR | up to 2% | up to 0.9% | 0% | 0.05% | April 15, 2019 |
| TFC | EUR | up to 0% | up to 0.4% | 0% | 0.05% | April 15, 2019 |
| USD LC | USD | up to 2% | up to 0.9% | 0% | 0.05% | April 15, 2019 |
| USD TFC | USD | up to 0% | up to 0.4% | 0% | 0.05% | April 15, 2019 |
| USD XC | USD | up to 0% | up to 0.3% | 0% | 0.05% | April 15, 2019 |
| XC | EUR | up to 0% | up to 0.3% | 0% | 0.05% | April 15, 2019 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI Intellectual Capital ESG, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of
DWS Invest CROCI Intellectual Capital ESG is to achieve long term capital appreciation by invest- ing in large and mid-cap firms in any industry
(in those countries classified as developed or emerging markets by the CROCI Investment and Valuation Group) that have intellectual capital according to the CROCI methodology and the systematic CROCI Intellectual Capital investment strategy.
The investment strategy will generally select shares that are identified by the CROCI Invest- ment and Valuation Group as having intellectual capital, which is defined and calculated by the CROCI Investment and Valuation Group as research & development (R&D) and advertising (brand) assets. Company accounts generally do not treat intellectual capital as an asset because an asset is financed by a capital expenditure.
R&D and advertising are typically represented as
operating expenses, which appear as costs on the income statement but not as assets on the balance sheet. These expenses are traditionally assumed to have an expected economic benefit of only one year and are therefore categorized as operating expenditures rather than capital invest- ment. However, capital expenditures are invest- ment in buying or developing assets, which are expected to generate sales well beyond the current year, which is why the CROCI Investment and Valuation Group include them as assets on the balance sheet. The CROCI Investment and Valuation Group include R&D and Brands on the balance sheet because they believe that invest- ment into these intellectual property assets can continue to generate revenues in the years after they are spent. Therefore, R&D Investment for
product development and advertising investment to establish and grow brands should be treated as capital expenditures rather than annual expenses. Companies, which do not report either R&D expense or Advertising expense do not have intellectual capital and are therefore not eligible to be in the Strategy.
The investment strategy will generally select approximately one hundred shares out of the CROCI company coverage universe using the following rules-based approach:
- Identify companies with intellectual capital as determined by the CROCI Investment and Valuation Group;
- Exclude companies with low growth potential (lowest risk-adjusted cash returns) and high financial risk (high financial leverage) as determined by the CROCI Intellectual Capital investment strategy; and other risks including but not limited to ESG risks; and
- Utilise portfolio optimisation to further reduce the number of remaining eligible shares in order to select approximately one hundred shares whose portfolio weights will be based on each company’s CROCI Equity Earnings, having a risk profile that is similar to that of the entire list of remaining eligible shares while also accounting for residual ESG risks. In addition, the Strategy may consider other factors such as liquidity, transaction costs and, upon notification by the sub-fund to the CROCI Investment and Valuation Group, market events in respect of the eligible shares.

In the event that fewer than one hundred shares under CROCI coverage are identified as having intellectual capital, the Strategy and therefore the sub-fund may have fewer than one hundred different shares. The sub-fund operates on a net total return basis, re-investing dividends received in the purchase of additional shares with the appropriate local withholding taxes applied.
The sub-fund`s assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules (re-selecting the approximately one hundred shares that the sub-fund will invest in). In order to minimise impacts on performance when trading the sub-fund’s assets, the sub-fund manager may take necessary steps to reduce the costs related to trading and market impact, including effecting the re-composition in stages over a period of time.
The sub-fund manager may consider risk limits when determining the implementation of the Strategy into the sub-fund.
Further information on the investment strategy and the CROCI methodology can be found on the website www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the
investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter
score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.msci.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
CROCI Intellectual Capital Methodology
The CROCI (Cash Return on Capital Invested) methodology is based on the belief that the data used in traditional financial analysis (i.e.
accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing stand- ards which can make measuring the real asset value of companies difficult. CROCI Intellectual Capital is a proprietary measure of a company’s intangible assets which are capitalised by the CROCI Investment and Valuation Group for the purpose of providing a better economic under- standing of the company. The CROCI Intellectual Capital methodology considers operating expenses such as research and development expense (which create R&D intellectual capital) and advertising expenses (which creates brand intellectual property) as genuine assets if they are deemed by the CROCI Investment and Valuation Group to potentially contribute to revenue generation in the years after those expenses are reported. Therefore, for the pur- poses of the CROCI Intellectual Capital invest- ment strategy, the CROCI Investment and Valuation Group will systematically treat R&D and advertising expenses as capital expenditures rather than operating expenditures, which results in the addition of intellectual capital assets on the company’s balance sheet and an adjustment to depreciation of those assets.
Among others, this sub-fund will make use of CROCI Capitalised Intangibles, CROCI Equity Earnings and the CROCI Economic Earnings proprietary information which are determined by the CROCI Investment and Valuation Group. CROCI Capitalised Intangibles represent the treatment of company reported research and development expense and advertising expense
as depreciable fixed assets which are capitalised on the company’s balance sheet and impact the company’s depreciation accordingly. CROCI Equity Earnings is the share of CROCI Economic Earn- ings attributable to shareholders by taking into account the impact of financial leverage on a company’s total earnings. CROCI Economic Earnings are the earnings of a company as deter- mined by the CROCI Investment and Valuation Group based upon detailed assessment and adjustment of company financial statements according to the CROCI methodology.
CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited, and have been licensed for use by DWS Invest SICAV. CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV (the “Sub-Funds”) are not sponsored or sold by the CROCI Investment and Valuation Group and the CROCI Investment and Valuation Group has no obligation or liability in connection with the administration, marketing or trading of the
Sub-Funds. No representation, warranty or condition, express or implied, is given or assumed by the CROCI Investment and Valuation Group with respect to any Sub-Fund and the
CROCI Investment and Valuation Group shall have no liability or responsibility whatsoever to any party for any loss or charges arising in con- nection with any Sub-Fund. The CROCI Invest- ment and Valuation Group has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
The CROCI Investment and Valuation Group does not undertake any discretionary or non-discretion- ary asset management and does not make any suggestions or recommendations (including, without limitation, any investment recommenda- tions), whether express or implied, in relation to any financial instruments, Sub-Funds or the Strate- gies and their past, present or future value. Inclu- sion of a financial instrument in a Strategy is not a recommendation by the CROCI Investment and Valuation Group to buy, sell or hold such security, nor shall it be considered investment advice or a recommendation in any manner or form.
The CROCI Investment and Valuation Group provides no representation, guarantee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, completeness or fitness for a particular purpose of the Strategies, any data or information related thereto nor as to the results obtained by any of its users. The CROCI Invest- ment and Valuation Group shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Benchmark
The sub-fund is actively managed and is managed in reference to one or a combination of bench- marks as further detailed in the sub-fund specific table. All benchmarks respectively their adminis- trators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take
advantage of specific investment opportunities. In regard to its benchmark, the sub-fund posi- tioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweighting or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evaluation of the specific market situation, which may lead to a defensive and closer or a more active and wider position- ing compared to the benchmark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential
outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual posi- tioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk for the sub-fund assets.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI Japan
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | JPY |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | TOPIX 100, administered by Tokyo Stock Exchange. |
| Reference portfolio (risk benchmark) | TOPIX 100 |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt, that is also an exchange trading day on the Tokyo Stock Exchange and Osaka Securities Exchange and London Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| GBP TFC | GBP | 0% | up to 0.5% | 0% | 0.05% | August 30, 2018 |
| ICH | EUR | 0% | up to 0.5% | 0% | 0.01% | August 30, 2018 |
| JPY IC | JPY | 0% | up to 0.5% | 0% | 0.01% | August 30, 2018 |
| JPY LC | JPY | up to 2% | up to 1% | 0% | 0.05% | August 30, 2018 |
| LCH | EUR | up to 2% | up to 1.3% | 0% | 0.05% | August 30, 2018 |
| USD ICH | USD | 0% | up to 0.5% | 0% | 0.01% | August 30, 2018 |
| JPY IC7500 | JPY | 0% | up to 0.35% | 0% | 0.01% | February 28, 2019 |
| TFD | EUR | 0% | up to 0.5% | 0% | 0.05% | March 15, 2019 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI Japan, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest CROCI Japan is to achieve long term capital appreciation by investing predominantly in large cap Japanese equities that are considered under- valued according to the CROCI methodology and the CROCI Japan investment strategy.
The investment strategy will generally select the thirty shares with the lowest positive CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”) from a universe comprising the largest Japanese equities by market capitalisation for which CROCI Economic P/Es are calculated.
Companies in the Financial and Real Estate sectors are not eligible for selection. In addition, stocks with low liquidity may be excluded from selection. In the event that fewer than thirty shares have a positive CROCI Economic P/E, only those shares with a positive CROCI Economic P/E will be included in the sub-fund. The investment strategy may also utilise rules-based techniques which aim to reduce unnecessary portfolio turn- over in order to reduce market impact and trans- action costs. These techniques include, but are not limited to, limiting the replacement of an existing
share from the investment strategy during re- compositions to circumstances when its CROCI Economic P/E is sufficiently higher than the proposed replacement share. Consequently, in some cases, a share may not be added during a sub-fund re-composition despite having one of the thirty lowest CROCI Economic P/Es among shares eligible for selection. Equally, a share may remain in the sub-fund despite no longer being amongst the thirty shares with the lowest CROCI Economic P/Es. These techniques have no impact on the investment strategy maintaining approximately thirty constituents. In addition, the investment strategy may consider other factors such as liquidity, transaction costs and, upon notification by the sub-fund to the CROCI Investment and Valuation Group, market events in respect of the eligible shares. The sub-fund manager may
consider risk limits when determining the imple- mentation of the investment strategy into the sub-fund.
The sub-fund’s assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules (re-selecting the approximately thirty shares that the sub-fund will invest in) with the intention that each constituent share is equally weighted. However, in order to minimise impacts on performance when trading the sub-fund’s assets, the sub-fund manager may take necessary steps to reduce the costs related to trading and market impact, including effecting the re-composi- tion in stages over a period of time. Consequently, the sub-fund may at certain times hold more or less than thirty different shares and may not therefore be equally weighted at all times. The sub-fund operates on a total return basis, re- investing dividends received in the purchase of additional shares.
Further information on the investment strategy and the CROCI methodology can be found on the website of the CROCI Investment and Valuation Group www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not consid- ered eligible, the portfolio management is
prohibited to invest in that issuer, even if it is eligible according to other categories. For exclu- sion purposes, each letter score is considered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on https://www.jpx.co.jp/english/.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined
as being the value of the sub-fund´s assets with- out taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accord- ance with statutory provisions or their invest- ment conditions, if such corporations, associa- tions of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and the sub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
CROCI Methodology
The CROCI (Cash Return On Capital Invested) methodology is based on the belief that the data used in traditional valuations (i.e. accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing standards, which can make measuring the real asset value of compa- nies difficult. For example, it is difficult to com- pare the price-to-earnings or “P/E” Ratio of a car manufacturing stock to that of a technology stock and equally difficult to compare a Japanese Utility to a U.S. Utility. The CROCI methodology seeks to generate data that will enable valuation comparisons on a consistent basis, resulting in an effective and efficient stock selection process targeting investment in real value. The invest- ment strategy will primarily make use of the CROCI Economic P/E which is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).
However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:
- Instead of price (market capitalisation), the CROCI Enterprise Value is used as the eco- nomic measure of the market value of a company. It includes not only financial liabili- ties (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).
- Instead of book value, the CROCI Net Capital Invested is used as the economic measure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.
- Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all companies, regardless of their sector or geographic location.

CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited (“CROCI”), and have been licensed for use by DWS Invest. CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV (the “Sub-Funds”) are not sponsored or sold by DWS
CROCI and DWS CROCI has no obligation or liability in connection with the administration, marketing or trading of the Sub-Funds. No repre- sentation, warranty or condition, express or implied, is given or assumed by DWS CROCI with respect to any Sub-Fund and DWS CROCI shall have no liability or responsibility whatsoever to any party for any loss or charges arising in connection with any Sub-Fund. DWS CROCI has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
DWS CROCI does not undertake any discretion- ary or non-discretionary asset management and does not make any suggestions or recommenda- tions (including, without limitation, any invest- ment recommendations), whether express or implied, in relation to any financial instruments, issuers, Sub-Funds or the Strategies and does not express any opinions in relation to the pres- ent or future value or price of financial instru- ments. Inclusion of a financial instrument in a Strategy is not a recommendation by CROCI to buy, sell or hold such security, nor shall it be considered investment advice or a recommen- dation in any manner or form.
DWS CROCI provides no representation, guaran- tee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, complete- ness or fitness for a particular purpose of the Strategies, any data or information related thereto nor as to the results obtained by any of its users. DWS CROCI shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation
generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI Sectors Plus
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | MSCI World Net TR in EUR, administered by MSCI Limited. |
| Reference portfolio (risk benchmark) | MSCI World Net TR in EUR |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt that is also an exchange trading day on the New York Stock Exchange (NYSE) and London Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | November 18, 2015 |
| LC | EUR | up to 5% | up to 1.35% | 0% | 0.05% | November 18, 2015 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | November 18, 2015 |
| XC | EUR | 0% | up to 0.4% | 0% | 0.05% | November 18, 2015 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| FCH (P) | EUR | 0% | up to 0.75% | 0% | 0.05% | May 24, 2018 |
| ICH (P) | EUR | 0% | up to 0.6% | 0% | 0.01% | May 24, 2018 |
| LCH (P) | EUR | up to 5% | up to 1.35% | 0% | 0.05% | May 24, 2018 |
| LDH (P) | EUR | up to 5% | up to 1.35% | 0% | 0.05% | May 24, 2018 |
| AUD ID | AUD | 0% | up to 0.75% | 0% | 0.01% | September 14, 2021 |
| IC | EUR | 0% | up to 0.75% | 0% | 0.01% | September 14, 2021 |
| NOK LCH | NOK | up to 5% | up to 1.35% | 0% | 0.05% | September 14, 2021 |
| USD IC | USD | 0% | up to 0.75% | 0% | 0.01% | September 14, 2021 |
| USD LC | USD | up to 5% | up to 1.35% | 0% | 0.05% | September 14, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI Sectors Plus, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest CROCI Sectors Plus is to achieve long term capital appreciation by investing
predominantly in large cap global equities which are considered undervalued according to the CROCI methodology and the CROCI Sectors Plus investment strategy.
The investment strategy is designed to select shares with the lowest CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”)
from the three sectors with the lowest median CROCI Economic P/Es. The sectors eligible for selection are: Communication Services, Con- sumer Discretionary, Consumer Staples, Energy, Health Care, Industrials, Information Technology, Materials and Utilities. Within each sector the shares are selected from a universe comprising the largest developed market global equities by market capitalisation from the U.S., Europe and Japan and for which CROCI Economic P/Es are calculated.
The investment strategy will generally select approximately thirty shares using the following approach:
- the three global sectors (from nine) with the lowest median CROCI Economic P/E are determined; and
- the approximately ten shares with the lowest positive CROCI Economic P/E are selected from each of the sectors selected above in (1).

The investment strategy may exclude stocks with low liquidity from selection. In the event that fewer than ten shares in a selected sector have a positive CROCI Economic P/E, this sector will include only those shares that do have a positive CROCI Economic P/E and the sub-fund will have fewer than 30 different shares. The investment strategy may also utilise rules-based techniques which aim to reduce unnecessary portfolio turn- over in order to reduce market impact and transac- tion costs. These techniques include, but are not limited to limiting the replacement of an existing sector from the investment strategy during
re-compositions to circumstances when its median CROCI Economic P/E is sufficiently higher than the proposed replacement sector or limiting the replacement of an existing share from the investment strategy during re-compositions to circumstances when its CROCI Economic P/E is sufficiently higher than the proposed replacement share. Consequently, in some cases, a sector or a share may not be added during a sub-fund
re-composition despite having one of the three lowest median CROCI Economic P/Es or one of the ten lowest CROCI Economic P/Es among shares eligible for selection. Equally, a sector may remain as a selected sector even it if is no longer one of the three sectors with the lowest median CROCI Economic P/E and a share may remain in the sub-fund despite no longer being amongst the ten shares with the lowest CROCI Economic P/Es in a selected sector. These techniques have no impact on the investment strategy maintaining three sectors and approximately thirty constitu- ents. In addition, the investment strategy may consider other factors such as liquidity, transaction costs and, upon notification by the sub-fund to the CROCI Investment and Valuation Group, market events in respect of the eligible shares. The
sub-fund manager may consider risk limits when determining the implementation of the investment strategy into the sub-fund.
The sub-funds assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules (re-selecting the thirty selected shares that will make up the sub-fund) with the intention that each constituent share is equally weighted. However, in order to minimise impacts on per- formance from trading large quantities of single stocks at one point in time, this re-composition may take place in stages over a period. Conse- quently, the sub-fund may at certain times consist of more than thirty different shares and may not therefore be equally weighted at all times. The sub-fund operates on a total return basis, re- investing any dividends received in the purchase of additional shares.
Further information on the investment strategy and the CROCI methodology can be found on the website of the CROCI Investment and Valuation Group www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on
internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.msci.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets with- out taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accor- dance with statutory provisions or their invest- ment conditions, if such corporations, associa- tions of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and the sub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German
Investment Code (KAGB), an organized market is
a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustainabil- ity risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
CROCI methodology
The CROCI (Cash Return on Capital Invested) methodology is based on the belief that the data used in traditional valuations (i.e. accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing standards which can make measuring the real asset value of companies difficult. For example, it is difficult to compare the price-to-earnings or “P/E” Ratio of a car manu- facturing stock to that of a technology stock and equally difficult to compare a Japanese Utility to
a U.S. Utility. The CROCI methodology seeks to generate data that will enable valuation compari- sons on a consistent basis, resulting in an effec- tive and efficient stock selection process targeting investment in real value. The investment strategy will primarily make use of the CROCI Economic P/E which is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).
However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:
- Instead of price (market capitalisation), the CROCI Enterprise Value is used as the eco- nomic measure of the market value of a company. It includes not only financial liabili- ties (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).
- Instead of book value, the CROCI Net Capital Invested is used as the economic measure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.
- Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all companies, regardless of their sector or geographic location.

CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited (“CROCI”) and have been licensed for use by DWS Invest. CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV (the “Sub-Funds”) are not sponsored or sold by DWS CROCI and DWS CROCI has no obligation or liability in connection with the administration, marketing or trading of the Sub-Funds. No repre- sentation, warranty or condition, express or implied, is given or assumed by DWS CROCI with respect to any Sub-Fund and DWS CROCI shall have no liability or responsibility whatsoever to any party for any loss or charges arising in connec- tion with any Sub-Fund. DWS CROCI has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
DWS CROCI does not undertake any discretionary or non-discretionary asset management and does not make any suggestions or recommendations (including, without limitation, any investment recommendations), whether express or implied, in relation to any financial instruments, issuers,
Sub-Funds or the Strategies and does not express any opinions in relation to the present or future value or price of financial instruments. Inclusion of a financial instrument in a Strategy is not a recom- mendation by CROCI to buy, sell or hold such security, nor shall it be considered investment advice or a recommendation in any manner or form.
DWS CROCI provides no representation, guaran- tee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, completeness or fitness for a particular purpose of the Strate- gies, any data or information related thereto nor as to the results obtained by any of its users.
DWS CROCI shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Benchmark
The sub-fund is actively managed and is managed in reference to one or a combination of bench- marks as further detailed in the sub-fund specific table. All benchmarks respectively their adminis- trators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims
to outperform the return of the benchmark, the potential outperformance might be limited
depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk for the sub-fund assets.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives (“risk benchmark”). Leverage is not expected to exceed twice the value of the
investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI US
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | S&P 500 Net Total Return Index, administered by S&P Dow Jones Indices LLC. |
| Reference portfolio (risk benchmark) | S&P 500 Net Total Return Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt, that is also an exchange trading day on the New York Stock Exchange (NYSE), NASDAQ Stock Market, American Stock Exchange and London Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| GBP TFC | GBP | 0% | up to 0.5% | 0% | 0.05% | August 30, 2018 |
| ICH | EUR | 0% | up to 0.5% | 0% | 0.01% | August 30, 2018 |
| LC | EUR | up to 2% | up to 1.3% | 0% | 0.05% | August 30, 2018 |
| LCH | EUR | up to 2% | up to 1.3% | 0% | 0.05% | August 30, 2018 |
| USD IC | USD | 0% | up to 0.5% | 0% | 0.01% | August 30, 2018 |
| USD LC | USD | up to 2% | up to 1% | 0% | 0.05% | August 30, 2018 |
| USD TFC | USD | 0% | up to 0.5% | 0% | 0.05% | August 30, 2018 |
| IC | EUR | 0% | up to 0.5% | 0% | 0.01% | November 15, 2018 |
| TFC | EUR | 0% | up to 0.5% | 0% | 0.05% | November 30, 2018 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI US, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest CROCI US is to achieve long term capital appreciation by investing predominantly in large cap US equities that are considered undervalued
according to the CROCI methodology and the CROCI US investment strategy.
The investment strategy will generally select approximately forty shares with the lowest positive CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”) from a universe com- prising the largest US equities by market capital- isation for which CROCI Economic P/Es are calculated. Companies in the Financial and Real Estate sectors are not eligible for selection. In addition, stocks with low liquidity may be excluded from selection. In the event that fewer than forty shares have a positive CROCI Eco- nomic P/E, only those shares with a positive CROCI Economic P/E will be included in the
investment strategy. The investment strategy may also utilise rules-based techniques which aim to reduce unnecessary portfolio turnover in order to reduce market impact and transaction costs. These techniques include, but are not limited to, limiting the replacement of an existing share from the investment strategy during
re-compositions to circumstances when its CROCI Economic P/E is sufficiently higher than the proposed replacement share. Consequently, in some cases, a share may not be added during a sub-fund re-composition despite having one of the forty lowest CROCI Economic P/Es among shares eligible for selection. Equally, a share may remain in the sub-fund despite no longer being amongst the forty shares with the lowest
CROCI Economic P/Es. These techniques have no impact on the investment strategy maintain- ing approximately forty constituents. In addition, the investment strategy may consider other factors such as liquidity, transaction costs and, upon notification by the sub-fund to the CROCI Investment and Valuation Group, market events in respect of the eligible shares. The sub-fund manager may consider risk limits when deter- mining the implementation of the investment strategy into the sub-fund.
The sub-funds assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules (re-selecting the approximately forty selected shares that the sub-fund will invest in) with the intention that each constituent share is equally weighted. However, in order to minimise impacts on performance when trading the
sub-fund’s assets, the sub-fund manager may take necessary steps to reduce the costs related to trading and market impact, including effecting the re-composition in stages over a period of time. Consequently, the sub-fund may at certain times hold more or less than forty different shares and may not therefore be equally weighted at all times. The sub-fund operates on a total return basis, re-investing dividends received in the purchase of additional shares.
Further information on the investment strategy and the CROCI methodology can be found on the website of the CROCI Investment and Valuation Group www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG develop- ment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as rele- vant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial
business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.spdji.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
CROCI Methodology
The CROCI (Cash Return On Capital Invested) methodology is based on the belief that the data used in traditional valuations (i.e. accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing standards which can make meas- uring the real asset value of companies difficult. For example, it is difficult to compare the price-to- earnings or “P/E” Ratio of a car manufacturing stock to that of a technology stock and equally difficult to compare a Japanese Utility to a U.S. Utility. The CROCI methodology seeks to generate data that will enable valuation comparisons on a consistent basis, resulting in an effective and efficient stock selection process targeting invest- ment in real value. The investment strategy will primarily make use of the CROCI Economic P/E which is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).
However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:
- Instead of price (market capitalization), the CROCI Enterprise Value is used as the eco- nomic measure of the market value of a company. It includes not only financial liabili- ties (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).
- Instead of book value, the CROCI Net Capital Invested is used as the economic measure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.
- Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all companies, regardless of their sector or geographic location.

CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited (“CROCI”) and have been licensed for use by DWS Invest. CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV (the
“Sub-Funds”) are not sponsored or sold by DWS CROCI and DWS CROCI has no obligation or liability in connection with the administration, marketing or trading of the Sub-Funds. No repre- sentation, warranty or condition, express or implied, is given or assumed by DWS CROCI with respect to any Sub-Fund and DWS CROCI shall have no liability or responsibility whatsoever to any party for any loss or charges arising in connection with any Sub-Fund. DWS CROCI has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
DWS CROCI does not undertake any discretion- ary or non-discretionary asset management and does not make any suggestions or recommen- dations (including, without limitation, any invest- ment recommendations), whether express or implied, in relation to any financial instruments, issuers, Sub-Funds or the Strategies and does not express any opinions in relation to the pres- ent or future value or price of financial instru- ments. Inclusion of a financial instrument in a Strategy is not a recommendation by CROCI to buy, sell or hold such security, nor shall it be considered investment advice or a recommen- dation in any manner or form.
DWS CROCI provides no representation, guaran- tee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, complete- ness or fitness for a particular purpose of the Strategies, any data or information related thereto nor as to the results obtained by any of its users. DWS CROCI shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s
evaluation of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the benchmark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI US Dividends
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | S&P 500 Net Total Return Index, administered by S&P Dow Jones Indices LLC. |
| Reference portfolio (risk benchmark) | S&P 500 Net Total Return Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt, that is also an exchange trading day on the New York Stock Exchange (NYSE), NASDAQ Stock Market, American Stock Exchange and London Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| TFC | EUR | 0% | up to 0.5% | 0% | 0.05% | August 28, 2018 |
| USD IC | USD | 0% | up to 0.5% | 0% | 0.01% | August 28, 2018 |
| USD ID | USD | 0% | up to 0.5% | 0% | 0.01% | August 28, 2018 |
| USD LC | USD | up to 5% | up to 1% | 0% | 0.05% | August 28, 2018 |
| USD LD | USD | up to 5% | up to 1% | 0% | 0.05% | August 28, 2018 |
| USD IC50 | USD | 0% | up to 0.35% | 0% | 0.01% | February 28, 2019 |
| USD TFC | USD | 0% | up to 0.5% | 0% | 0.05% | March 31, 2021 |
| TFD | EUR | 0% | up to 0.5% | 0% | 0.05% | April 15, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI US Dividends, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest CROCI US Dividends is to achieve long term capital appreciation by investing predomi- nantly in large cap US equities that are consid- ered undervalued and offer comparatively high and sustainable dividend yield according to the
CROCI methodology and the CROCI US Dividends investment strategy.
The investment strategy will generally select approximately forty shares with the lowest positive CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”) from a universe com- prising the largest US equities by market capital- isation for which CROCI Economic P/Es are calculated. Companies in the Financial and Real Estate sectors are not eligible for selection. The investment strategy will also exclude from selection any stocks that do not pass a series of dividend sustainability screens based on cash returns (further described below under “CROCI Sustainable Dividends Process”), financial lever- age and volatility, stocks paying zero dividends and stocks with a below median current dividend
yield. In addition, stocks with low liquidity may be excluded from selection. In the event that fewer than forty shares have a positive CROCI Economic P/E, only those shares with a positive CROCI Economic P/E will be included in the sub-fund. The investment strategy may also utilise rules-based techniques which aim to reduce unnecessary portfolio turnover in order to reduce market impact and transaction costs.
These techniques include, but are not limited to, limiting the replacement of an existing share from the investment strategy during re-compo- sitions to circumstances when its CROCI Eco- nomic P/E is sufficiently higher or its dividend yield is sufficiently lower than that of the pro- posed replacement share. Consequently, in some cases, a share may not be added during a sub-fund re-composition despite having one of
the forty lowest CROCI Economic P/Es or above median dividend yield of shares eligible for selection. Equally, a share may remain in the sub-fund despite no longer being amongst the forty shares with the lowest CROCI Economic P/E or having an above median dividend yield. These techniques have no impact on the invest- ment strategy maintaining approximately forty
constituents. In addition, the investment strategy may consider other factors such as liquidity, transaction costs and, upon notification by the sub-fund to the CROCI Investment and Valuation Group, market events in respect of the eligible shares. The sub-fund manager may consider risk limits when determining the implementation of the investment strategy into the sub-fund.
The sub-fund‘s assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules (re-selecting the approximately forty shares that the sub-fund will invest in) with the intention that each constituent share is equally weighted. However, in order to minimise impacts on performance when trading the sub-fund’s assets, the sub-fund manager may take neces- sary steps to reduce the costs related to trading and market impact, including effecting the
re-composition in stages over a period of time. Consequently, the sub-fund may at certain times hold more or less than forty different shares and may not therefore be equally weighted at all times. The sub-fund operates on a total return basis, re-investing dividends received in the purchase of additional shares.
Further information on the investment strategy and the CROCI methodology can be found on the website of the CROCI Investment and Valuation Group www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures,
such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant.
Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub-fund. Infor- mation on the reference benchmark can be found on www.spdji.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also
meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
CROCI Methodology
The CROCI (Cash Return On Capital Invested) methodology is based on the belief that the data used in traditional valuations (i.e. accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing standards which can make measuring the real asset value of compa- nies difficult. For example, it is difficult to com- pare the price-to-earnings or “P/E” Ratio of a car manufacturing stock to that of a technology stock and equally difficult to compare a Japanese Utility to a U.S. Utility. The CROCI methodology seeks to generate data that will enable valuation comparisons on a consistent basis, resulting in an effective and efficient stock selection process targeting investment in real value. The invest- ment strategy will primarily make us of the CROCI Economic P/E, which is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).
However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:
- Instead of price (market capitalisation), the CROCI Enterprise Value is used as the eco- nomic measure of the market value of a company. It includes not only financial liabili- ties (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).
- Instead of book value, the CROCI Net Capital Invested is used as the economic measure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.
- Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all companies, regardless of their sector or geographic location.

CROCI Sustainable Dividends Process
The CROCI Investment and Valuation Group believe that the ability of a company to continue to pay dividends may be dependent upon both
the financial strength and cash-generation capa- bilities of the company. This has led to the devel- opment of a “sustainable dividends” investment strategy that attempts to identify and exclude shares that may have a higher risk of a future dividend cut. Therefore, when attempting to identify companies that are attractive in the dividend investment strategy, shares with the highest financial leverage and lowest cash returns are filtered from the selection process. In addition, shares with the highest price volatil- ity and those with a below-median dividend yield are also excluded.
CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited (“CROCI”) and have been licensed for use by DWS Invest. CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV (the “Sub-Funds”) are not sponsored or sold by DWS CROCI and DWS CROCI has no obligation or liability in connection with the administration, marketing or trading of the Sub-Funds. No repre- sentation, warranty or condition, express or implied, is given or assumed by DWS CROCI with respect to any Sub-Fund and DWS CROCI shall have no liability or responsibility whatsoever to any party for any loss or charges arising in connection with any Sub-Fund. DWS CROCI has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
DWS CROCI does not undertake any discretion- ary or non-discretionary asset management and does not make any suggestions or recommen- dations (including, without limitation, any invest- ment recommendations), whether express or implied, in relation to any financial instruments, issuers ,Sub-Funds or the Strategies and does not express any opinions in relation to the pres- ent or future value or price of financial instru- ments. Inclusion of a financial instrument in a Strategy is not a recommendation by CROCI to buy, sell or hold such security, nor shall it be considered investment advice or a recommen- dation in any manner or form.
DWS CROCI provides no representation, guaran- tee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, complete- ness or fitness for a particular purpose of the Strategies, any data or information related thereto nor as to the results obtained by any of its users. DWS CROCI shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims
to outperform the return of the benchmark, the potential outperformance might be limited
depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI World
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | MSCI Daily TR Net World, administered by MSCI Limited. |
| Reference portfolio (risk benchmark) | MSCI Daily TR Net World |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt, that is also an exchange trading day on the New York Stock Exchange (NYSE) and London Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| IC | EUR | 0% | up to 0.65% | 0% | 0.01% | August 28, 2018 |
| ID | EUR | 0% | up to 0.65% | 0% | 0.01% | August 28, 2018 |
| LC | EUR | up to 5% | up to 1.4% | 0% | 0.05% | August 28, 2018 |
| USD IC | USD | 0% | up to 0.65% | 0% | 0.01% | August 28, 2018 |
| USD LC | USD | up to 5% | up to 1.4% | 0% | 0.05% | August 28, 2018 |
| TFC | EUR | 0% | up to 0.65% | 0% | 0.05% | November 30, 2018 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI World, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest CROCI World is to achieve long term capital appreciation by investing predominantly in large cap developed market global equities that are considered undervalued according to the CROCI methodology and the CROCI World investment strategy.
The investment strategy will generally select approximately one hundred shares with the lowest positive CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”) from a universe comprising the largest developed market global equities by market capitalisation for which CROCI Economic P/Es are calculated. Companies in the Financial and Real Estate sectors are not eligible for selection. The investment strategy attempts to match specific regional weightings and also limits exposure to a single economic sector to no more than 25%. As a result of the regional and sector constraints, fewer than 100 shares may be included in the investment strategy. In addi- tion, shares with low liquidity may be excluded from selection. In the event that fewer than one hundred shares have a positive CROCI Economic P/E, only those shares with a positive CROCI Economic P/E will be included in the investment
strategy. The investment strategy may also utilise rules-based techniques which aim to reduce unnecessary portfolio turnover in order to reduce market impact and transaction costs. These techniques include, but are not limited to, limit- ing the replacement of an existing share from the investment strategy during re-compositions to circumstances when its CROCI Economic P/E is sufficiently higher than the proposed replace- ment share. Consequently, in some cases, a share may not be added during a sub-fund
re-composition despite having one of the one hundred lowest CROCI Economic P/Es among shares eligible for selection. Equally, a share may remain in the sub-fund despite no longer being amongst the one hundred shares with the lowest CROCI Economic P/Es. These techniques have no impact on the investment strategy maintaining approximately one hundred
constituents. In addition, the investment strategy may consider other factors such as liquidity, transaction costs and, upon notification by the sub-fund to the CROCI Investment and Valuation Group, market events in respect of the eligible shares. The sub-fund manager may consider risk limits when determining the implementation of the investment strategy into the sub-fund.
The sub-fund’s assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules (re-selecting the approximately one hundred shares that the sub-fund will invest in) with the intention that each constituent share is equally weighted. However, in order to mini- mise impacts on performance when trading the sub-fund’s assets, the sub-fund manager may take necessary steps to reduce the costs related to trading and market impact, including effecting the re-composition in stages over a period of time. Consequently, the sub-fund may at certain times hold more or less than one hundred different shares and may not therefore be equally weighted at all times. The sub-fund operates on a total return basis, re-investing dividends received in the purchase of additional shares.
Further information on the investment strategy and the CROCI methodology can be found on the website of the CROCI Investment and Valuation Group www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as rele- vant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial
business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.msci.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
CROCI Methodology
The CROCI (Cash Return On Capital Invested) methodology is based on the belief that the data used in traditional valuations (i.e. accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing standards which can make meas- uring the real asset value of companies difficult. For example, it is difficult to compare the price-
to-earnings or “P/E” Ratio of a car manufacturing stock to that of a technology stock and equally difficult to compare a Japanese Utility to a U.S. Utility. The CROCI methodology seeks to generate data that will enable valuation comparisons on a consistent basis, resulting in an effective and efficient stock selection process targeting invest- ment in real value. The investment strategy will primarily make use of the CROCI Economic P/E which is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).
However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:
- Instead of price (market capitalisation), the CROCI Enterprise Value is used as the eco- nomic measure of the market value of a company. It includes not only financial liabili- ties (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).
- Instead of book value, the CROCI Net Capital Invested is used as the economic measure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.
- Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all companies, regardless of their sector or geographic location.

CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited (“CROCI”) and have been licensed for use by DWS Invest. DWS CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV
(the “Sub-Funds”) are not sponsored or sold by DWS CROCI and DWS CROCI has no obligation or liability in connection with the administration, marketing or trading of the Sub-Funds. No repre- sentation, warranty or condition, express or implied, is given or assumed by DWS CROCI with respect to any Sub-Fund and CROCI shall have no liability or responsibility whatsoever to any party for any loss or charges arising in connection with any Sub-Fund. DWS CROCI has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
DWS CROCI does not undertake any discretion- ary or non-discretionary asset management and does not make any suggestions or recommenda- tions (including, without limitation, any invest- ment recommendations), whether express or implied, in relation to any financial instruments, issuers, Sub-Funds or the Strategies and does not express any opinions in relation to the pres- ent or future value or price of financial instru- ments. Inclusion of a financial instrument in a Strategy is not a recommendation by CROCI to buy, sell or hold such security, nor shall it be considered investment advice or a recommen- dation in any manner or form.
DWS CROCI provides no representation, guaran- tee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, complete- ness or fitness for a particular purpose of the Strategies, any data or information related thereto nor as to the results obtained by any of its users. DWS CROCI shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may
lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited
depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest CROCI World SDG
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments UK Limited, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI Daily TR Net World |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt, that is also an exchange trading day on the New York Stock Exchange (NYSE) and London Stock Exchange |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| ID | EUR | 0% | up to 0.50% | 0% | 0.01% | August 30, 2018 |
| LD | EUR | up to 5% | up to 1.4% | 0% | 0.05% | August 30, 2018 |
| TFC | EUR | 0% | up to 0.50% | 0% | 0.05% | August 30, 2018 |
| USD IC | USD | 0% | up to 0.50% | 0% | 0.01% | August 30, 2018 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest CROCI World SDG, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund has sustainable investment as its objective and qualifies as product in accordance with article 9 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest CROCI World SDGis to achieve long term capital appreciation by investing predominantly in large cap, global developed market equities that are considered undervalued according to the CROCI methodology and the CROCI World SDG investment strategy, and that are considered by the DWS Sustainability Office to be in a position to profit from present or future geopolitical, social
and economic trends and themes which help to achieve the sustainable development goals of the UN as part of the Agenda 2030.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The outcome of following the rules-based and systematic investment strategy will be a concen- trated portfolio derived by selecting shares based on CROCI metrics including, but not limited to, low positive CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”). Eligible shares are selected from a universe comprising the largest global developed market companies by market capitalisation for which CROCI Economic P/Es are calculated.
The sub-fund management invests at least 80% of the sub-fund’s assets in economic activities that contribute to environmental and/or social
objectives and to at least one of the UN Sustain- able development goals (‘SDG’).
The sub-fund management seeks to attain its sustainable objective by assessing potential investments via proprietary ESG investment methodology. This methodology incorporates investment standards according to an ESG data- base, which uses data from multiple leading ESG data providers as well as internal and public sources to derive proprietary combined scores for various environmental and social objectives. The methodology assigns one of six possible propri- etary scores to each possible issuer. These scores encompass assessments for (i) controversial sectors (which include coal, tobacco, defence industry, pornography, gambling and nuclear power), (ii) involvement in controversial weapons (nuclear weapons, depleted uranium, cluster munitions and anti-personnel mines) or (iii) viola- tion of internationally accepted norms, but also
allow for an active issuer selection based on categories such as climate and transition risk, norm compliance or best in class ESG evaluations in respect to the above-mentioned environmental and/or social objectives. The methodology assigns one of six possible proprietary scores to each possible issuer based on a letter scoring from A to F, whereby issuers with A and B scores are con- sidered as leading in their categories and issuers with C scores are considered as within the upper midfield of their category. These letter scores can originate from revenues generated from contro- versial sectors or the degree of involvement in controversial weapons, the degree of severity that an issuer may be involved in the violation of international norms, the assessment on climate and transition risk, which is based on for example carbon intensity or the risk of stranded assets, or from best in class ESG evaluations.
The SDG contribution of an issuer will be meas- ured by dedicated SDG scores, which are the result of a double-layered algorithm in the ESG investment methodology. In the first layer, issuers are identified and scored by the revenues they generate that can be linked to the SDGs (positive contribution) and where those revenues by comparison measures exceed the correspond- ing measures of other issuers. The second layer confirms the ESG quality of such issuers in respect to defined minimum standards in respect to environmental, social and corporate governance factors. Further, next to their SDG contribution issuers will be assessed to ensure that they do not obstruct the SDG objective
(with negative total net SDG contribution).
The sub-fund manager considers in its asset allocation the resulting scores from the ESG database. At least 80% of the sub-fund’s assets are invested in issuers that are classified in the highest three scores (scores A-C) of the propri- etary SDG score from the application of the ESG investment methodology.
The ESG and SDG performance of an issuer is evaluated independently from financial success based on a variety of factors. These factors include, for example, the following fields of interest:
Environment
- Conservation of flora and fauna;
- Protection of natural resources, atmosphere and inshore waters;
- Limitation of land degradation and climate change;
- Avoidance of encroachment on ecosystems and loss of biodiversity.

Social
- General human rights;
- Prohibition of child labour and forced labour;
- Imperative Non-discrimination;
- Workplace health and safety;
- Fair workplace and appropriate remuneration.

Corporate Governance
- Global Governance Principles by the Inter- national Corporate Governance Network;
- Global Compact Anti-Corruption Principles.

UN Sustainable Development Goals
- Climate Change
- Water Scarcity
- Waste Management
- Food Availability
- Health & Wellness
- Improving Lives and DemographicsAt least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.

More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
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. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
Portfolio optimization techniques may be utilized by the investment strategy in analysing the risk profile of eligible shares (in absolute terms or relative to a benchmark) and in determining the final investment strategy constituents and weights. The investment strategy may also utilize techniques and consider factors which aim to reduce unnecessary portfolio turnover in order to reduce market impact and transaction costs. These techniques include, but are not limited to, limiting the replacement of an exist- ing share from the sub-fund during re-composi- tions to circumstances when the CROCI Eco- nomic P/E is sufficiently higher than that of the proposed replacement share. In addition, the strategy may consider other factors such as liquidity, transaction costs and, upon notification by the sub-fund to the CROCI Investment and Valuation Group, market events in respect of the eligible shares. The sub-fund manager may consider risk limits when determining the implementation of the investment strategy into the sub-fund.
The sub-fund’s assets are periodically reconsti- tuted in accordance with the investment strate- gy’s rules. In order to minimise impacts on performance when trading the sub-fund’s assets, the sub-fund manager may take neces- sary steps to reduce the costs related to trading and market impact, including effecting the
re-composition in stages over a period of time.
The sub-fund operates on a total return basis, re-investing dividends received in the purchase of additional shares.
Further information on the investment strategy and the CROCI methodology can be found on the website of the CROCI Investment and Valuation Group www.dws.com/croci.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (deter- mined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accor- dance with statutory provisions or their invest- ment conditions, if such corporations, associa- tions of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and the sub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.
CROCI Methodology
The CROCI (Cash Return On Capital Invested) methodology is based on the belief that the data used in traditional valuations (i.e. accounting data) does not accurately appraise assets, reflect all liabilities or represent the real value of a company. This is because accounting rules are not always designed specifically for investors and often utilise widely differing standards which can make mea- suring the real asset value of companies difficult. For example, it is difficult to compare the price-
to-earnings or “P/E” Ratio of a car manufacturing stock to that of a technology stock and equally difficult to compare a Japanese Utility to a U.S. Utility. The CROCI methodology seeks to generate data that will enable valuation comparisons on a consistent basis, resulting in an effective and efficient stock selection process targeting invest- ment in real value. The investment strategy will primarily make use of the CROCI Economic P/E which is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e. price/book value divided by return on equity).
However, the CROCI Economic P/E substitutes alternative calculation inputs as follows:
- Instead of price (market capitalisation), the CROCI Enterprise Value is used as the eco- nomic measure of the market value of a company. It includes not only financial liabili- ties (e.g. debts) but also operational liabilities (e.g. warranties, pension underfunding, lease obligations and specific provisions).
- Instead of book value, the CROCI Net Capital Invested is used as the economic measure of the book value of a company. This is an assessment of the inflation-adjusted value of net assets.
- Instead of return on equity, the Cash Return on Capital Invested or ‘CROCI’ is used as the economic measure of return on equity. It is a measure of the cash earnings yield (or cash return) and is standardised for all companies, regardless of their sector or geographic location.

CROCI Strategies
The CROCI strategies (each a “Strategy” and together the “Strategies”) are devised by the CROCI Investment and Valuation Group, which is part of DWS Investments UK Limited (“CROCI”), and have been licensed for use by DWS Invest. CROCI is a registered trademark of DWS. The CROCI sub-funds in the DWS Invest SICAV (the “Sub-Funds”) are not sponsored or sold by DWS CROCI and DWS CROCI has no obligation or liability in connection with the administration, marketing or trading of the Sub-Funds. No repre- sentation, warranty or condition, express or implied, is given or assumed by DWS CROCI with respect to any Sub-Fund and DWS CROCI shall have no liability or responsibility whatsoever to any party for any loss or charges arising in connec- tion with any Sub-Fund. DWS CROCI has no obligation to take the needs of any of its licensees or the owners of the Sub-Funds into consideration in determining or composing the Strategies.
DWS CROCI does not undertake any discretion- ary or non-discretionary asset management and does not make any suggestions or recommen- dations (including, without limitation, any invest- ment recommendations), whether express or implied, in relation to any financial instruments, issuers, Sub-Funds or the Strategies and does not express any opinions in relation to the pres- ent or future value or price of financial instru- ments. Inclusion of a financial instrument in a Strategy is not a recommendation by CROCI to buy, sell or hold such security, nor shall it be considered investment advice or a recommen- dation in any manner or form.
DWS CROCI provides no representation, guaran- tee or warranty, whether express or implied, as to the accuracy, adequacy, timeliness, completeness or fitness for a particular purpose of the Strate- gies, any data or information related thereto nor as to the results obtained by any of its users.
DWS CROCI shall in no way be liable for any errors, inaccuracies, omissions or delays relating to the Strategies or any related data and shall have no obligation to update, modify or amend any Strategy or any related data in the event that it proves inaccurate.

#### Integration of sustainability risks
The sub-fund management integrates sustainabil- ity risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attribut- able to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Emerging Markets Corporates
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | JPM CEMBI Broad Diversified, administered by J. P. Morgan Securities LLC. |
| Reference portfolio (risk benchmark) | JPM CEMBI Broad Diversified |
| Leverage effect | 5 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| USD LD | USD | up to 3% | up to 1.1% | 0% | 0.05% | November 20, 2006 |
| USD LC | USD | up to 3% | up to 1.1% | 0% | 0.05% | November 20, 2006 |
| USD FC | USD | 0% | up to 0.6% | 0% | 0.05% | November 20, 2006 |
| NCH | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | November 16, 2010 |
| LCH | EUR | up to 3% | up to 1.1% | 0% | 0.05% | November 16, 2010 |
| LDH | EUR | up to 3% | up to 1.1% | 0% | 0.05% | November 16, 2010 |
| FCH | EUR | 0% | up to 0.6% | 0% | 0.05% | November 16, 2010 |
| NDH | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | November 16, 2010 |
| SGD LDMH | SGD | up to 3% | up to 1.1% | 0% | 0.05% | October 2, 2013 |
| USD LDM | USD | up to 3% | up to 1.1% | 0% | 0.05% | October 2, 2013 |
| PFCH | EUR | 0% | up to 0.8% | 0% | 0.05% | May 26, 2014 |
| PFDQH | EUR | 0% | up to 0.8% | 0% | 0.05% | May 26, 2014 |
| ND | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | November 3, 2014 |
| CHF FCH | CHF | 0% | up to 0.6% | 0% | 0.05% | January 15, 2015 |
| SEK LCH | SEK | up to 3% | up to 1.1% | 0% | 0.05% | December 1, 2015 |
| NDQH | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | April 28, 2017 |
| USD RC | USD | 0% | up to 0.15% | 0% | 0.01% | May 31, 2017 |
| TFCH | EUR | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| TFDH | EUR | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| USD TFC | USD | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| USD TFD | USD | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest Emerging Markets Corporates, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Emerging Markets Corporates is to gener- ate an above-average return for the sub-fund.
At least 70% of the sub-fund’s assets are invested in interest-bearing debt securities that are issued by companies based in an Emerging Market or those that conduct their principal business activity in such a country.
Emerging Markets are countries that are part of the index ‘JPM Corporate Emerging Market Bond Index Broad (CEMBI Broad)’ or that are classified as ‘emerging market and developing economies’ by the International Monetary Fund (World Economic Outlook). Countries listed as low or middle (both lower middle and higher
middle) income by the World Bank will determine if a country is an emerging market if such coun- try is not listed in the CEMBI Broad index and if it is not classified as ‘emerging market and developing economy’ by the International Mone- tary Fund.
Renminbi-denominated assets may be invested via the Chinese offshore as well as the Chinese onshore market.
Investments in domestic securities via the Chinese onshore market will be done in listed securities or via direct access to the interbank bond market (CIBM). Alternatively, investments may be made through the Renminbi Qualified Foreign Institutional (R-QFII) scheme, which requires the sub-fund manager to be granted a R-QFII license granted by the China Securities Regulatory Commission (CSRC). In addition, the sub-fund manager may need to be granted a
R-QFII investment quota by the State Administra- tion of Foreign Exchange (SAFE).
Credit derivatives such as credit default swaps on single issuers and indices as well as tranches on CDS indices may be acquired for investment and hedging purposes to the extent permitted by law.
The sub-fund’s assets are mainly denominated in USD.
A maximum of 30% of the sub-fund’s assets may be invested in interest-bearing debt securi- ties that do not meet the above-mentioned criteria, cash and money market instruments.
The sub-fund’s investments in contingent con- vertibles shall be limited to 10% of the sub- fund’s net asset value.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less
exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.jpmorgan.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In the due course of a re-structuring of fixed income instruments held by the sub-fund, the sub-fund manager may also invest up to a maxi- mum of 10% of the sub-fund’s assets into listed or non-listed equities. Furthermore, the sub-fund manager may also participate in capital increases or other corporate actions (e.g. for convertible bonds or warrant linked bonds) that are part of a re-structuring or take place after a re-structuring.
In addition, the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Specific Risk
Investments in or related to China carry specific risks. We refer in that context to the specific risk factors outlined in the general section of the Sales Prospectus.
Additional information
When using total return swaps to implement the investment strategy as described above, the following shall be noted:
The proportion of the sub-fund’s net assets subject to total return swaps, expressed as the sum of notionals of the total return swaps divided by the sub-fund’s net asset value, is expected to reach up to 50%, but depending on the respective market conditions, with the
objective of efficient portfolio management and in the interest of the investors, it may reach up to 100%. The calculation is performed in line with the guidelines CESR/10-788. However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.
Additional information on total return swaps may be found in the general section of the Sales Prospectus, amongst others, in the section “Efficient portfolio management tech- niques”. The selection of counterparties to any total return swap is subject to the principles as described in the section “Choice of counter- party” of the Sales Prospectus. Further infor- mation on the counterparties is disclosed in the annual report. For special risk considerations linked to total return swaps, investors should refer to the section “General Risk Warnings”, and in particular the section “Risks connected to derivative transactions” of the Sales Prospectus.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Contrary to the provision of the general section of the Sales Prospectus, because of the invest- ment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub- fund assets.
The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Emerging Markets Opportunities
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | JPMorgan Emerging Markets Bond Index Global Diversified High Yield |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 3% | up to 1.1% | 0% | 0.05% | January 15, 2018 |
| FC | EUR | 0% | up to 0.6% | 0% | 0.05% | January 15, 2018 |
| IC** | EUR | 0% | up to 0.4% | 0% | 0.01% | January 15, 2018 |
| IC100 | EUR | 0% | up to 0.2% | 0% | 0.01% | January 15, 2018 |
| XC | EUR | 0% | up to 0.2% | 0% | 0.05% | January 15, 2018 |
| ID50 | EUR | 0% | up to 0.25% | 0% | 0.01% | August 31, 2018 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** In contrast with Article 1 of the general section the IC share class is not exclusively offered in the form of registered shares.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest Emerging Markets Opportunities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
The objective of the investment policy of DWS Invest Emerging Markets Opportunities is to generate an above-average return for the
sub-fund.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 70% of the sub-fund’s assets are invested in interest-bearing debt securities of issuers based in an Emerging Market or those that conduct their principal business activity in such a country.
Emerging Markets are defined as non-G7 and non-Western European countries.
Up to 30% of the sub-fund’s assets may be invested in interest-bearing debt securities that do not meet the above mentioned criteria.
The sub-fund’s investments in asset-backed securities and mortgage backed securities shall be limited to 10% of the sub-fund’s net asset value.
Asset-backed securities and mortgage backed securities may only be invested into if (i) the debtor or issuing company of such investments is domiciled in the EEA or in a full member state of the OECD or (ii) if listed at a regulated market inside the EEA or admitted to the official market on an exchange in a state outside the EEA, or being included into a regulated market in such state. Such investments must be rated invest- ment grade by the relevant recognised rating
agencies (Moody’s and S&P) or, if only one of these recognised rating agencies has rated the relevant investment, this rating shall be decisive, or, if no such external rating is available, there must be a positive assessment by the fund manager of the credit quality of the receivables portfolio and of the security and profitability of the investment as a whole that is documented transparently.
The sub-fund will not invest in any securities that are rated below B- by S&P or an equivalent rating from another rating agency as at the date of investment. In the event that any securities held by the sub-fund are subsequently down- graded to a rating below B-, the fund manager may maintain a maximum total exposure of 3% of the sub-fund’s NAV to such downgraded securities but will divest any such security that has not been upgraded to a rating of at least
B- within six months of its downgrade.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments.
These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, inflation swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
The sub-fund management considers ESG crite- ria in its investment decisions (“ESG-Criteria” for the corresponding terms Environmental, Social and Governance). In order to determine whether and to what extent the sub-fund’s assets meet the ESG-Criteria, a proprietary ESG database evaluates assets according to ESG-Criteria.
The ESG database processes data from multi- ple ESG data providers, public sources and considers internal assessments based on a defined assessment and classification method- ology. The ESG database is therefore based on the one hand on data and figures and, on the other hand on assessments, that take into account factors beyond the processed data and figures, such as future expected ESG develop- ments, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters and corpo- rate decisions of the issuer. The ESG database uses a variety of assessment categories to assess whether investments meet ESG-Criteria, including amongst others, DWS Norm Assess- ment, DWS Climate Risk Assessment, DWS ESG Quality Assessment, Exposure in contro- versial sectors. According to the ESG database analysis, the target investments receive one of six possible scores, with “A” being the highest score and “F” being the lowest score.
The sub-fund management only considers the Climate Risk Assessment and Norm Assessment.
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
DWS Norm Assessment:
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
The sub-fund does not promote any Environmen- tal or Social characteristics or any combination of these characteristics. The consideration of ESG criteria in investment decisions in the form of exclusions as described above does not pursue an ESG and/or sustainable investment policy.
The following is the disclosure in accordance with Article 7 of Regulation (EU) 2020/852 of June 18, 2020, on the establishment of a frame- work to facilitate sustainable investment:
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The sub-fund’s investments in contingent convertibles shall be limited to 10% of the sub-fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets.
In extreme market situations, the Portfolio Manager may diverge from the above investment strategy to avoid a liquidity squeeze. Up to 100% of the sub-fund’s assets may temporarily be invested in interest-bearing debt securities and money market instruments permissible under Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009, on the coordination of laws, regulations and administra- tive provisions relating to undertakings for collec- tive investment in transferable securities (UCITS).
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio).
However, the disclosed expected level of lever- age is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Enhanced Commodity Strategy
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investment Management Americas Inc., 345 Park Avenue, New York, NY 10154, United States of America. |
| Performance benchmark | Bloomberg Commodity Index Total Return, administered by Bloomberg Index Services Limited. |
| Reference portfolio (risk benchmark) | Bloomberg Commodity Index Total Return |
| Leverage effect | 5 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each day that is a bank business day in Luxembourg and a day on which the New York Stock Exchange is open for regular trading |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee. The applied expense cap of a share class will not exceed 0.10% p.a. based on the net asset value of the relevant share class. |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| JPY JC | JPY | 0% | up to 0.75% | 0% | 0.01% | October 15, 2018 |
| JPY JCH (P) | JPY | 0% | up to 0.75% | 0% | 0.01% | October 15, 2018 |
| USD IC | USD | 0% | up to 0.65% | 0% | 0.01% | October 15, 2018 |
| USD TFC | USD | 0% | up to 0.75% | 0% | 0.05% | October 15, 2018 |
| LCH | EUR | up to 5% | up to 1.2% | 0% | 0.05% | March 15, 2019 |
| TFCH | EUR | 0% | up to 0.75% | 0% | 0.05% | March 15, 2019 |
| CHF IC | CHF | 0% | up to 0.75% | 0% | 0.01% | May 7, 2019 |
| CHF LC | CHF | up to 5% | up to 1.2% | 0% | 0.05% | May 7, 2019 |
| IC | EUR | 0% | up to 0.75% | 0% | 0.01% | May 7, 2019 |
| LC | EUR | up to 5% | up to 1.2% | 0% | 0.05% | May 7, 2019 |
| SDG LC | SGD | up to 5% | up to 1.2% | 0% | 0.05% | May 7, 2019 |
| USD LC | USD | up to 5% | up to 1.2% | 0% | 0.05% | May 7, 2019 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest Enhanced Commodity Strategy the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy of DWS Invest Enhanced Commodity Strategy is to achieve a long-term capital appreciation that exceeds the benchmark Bloomberg Commodity
Index Total Return by investing primarily in the commodity markets. The sub-fund will gain exposure to a broad range of commodity sectors including, but not limited to agriculture, industrial and precious metals and energy.
The fund manager will generally allocate the
sub-fund’s commodity-linked investments among a variety of different commodity sectors. Portfolio management employs three main strategies
with respect to its commodity-linked investments:
a relative value strategy, a tactical strategy, and a “roll enhancement” strategy. In implementing the relative value strategy, the fund manager will use a proprietary, quantitative, rules- based metho- dology in determining the sub-fund’s commodity sector weightings relative to the benchmark index. The fund manager normally will rebalance com- modity sector positions when a sector undergoes a “trigger event” (meaning a commodity price increase or decline relative to historical trend prices or relative to the change in prices in other
commodities), reducing the sub-fund’s exposure to commodity sectors that are believed to be “expensive” and increasing its exposure to sec- tors that are believed to be “cheap.” The tactical strategy focuses on the direction of commodity markets as a whole. The fund manager will use a proprietary quantitative formula to adjust com- modity exposure by using the returns from the most recent 12 months to create indicators based on whether the returns for the last up to 12 months were positive or negative. These indicators are then combined to determine the sub-fund`s effective exposure in relation to Bloomberg commodity index. The exposure will
be scaled from at least 50% of the sub-fund´s net asset value to a maximum of 130% of its net asset value, depending on the sum of the positive indicators. The formula will exclude agriculture and livestock sectors, so far as any momentum-based strategies are concerned. In implementing the “roll enhancement” strategy, portfolio manage- ment seeks to invest in commodity contracts whose expiration is further out on the “commod- ity curve” than the subsequent month so as to avoid continually paying premiums to replace expiring contracts. “Commodity contracts” are commodity futures contracts which comprise the commodity indices in which the sub-fund may be invested. A commodity futures contract is a standardised agreement to buy or sell a set amount of a commodity, such as oil or gold, at
pre-determined price and date. The fund manager may reduce the sub-fund’s exposure to all com- modity sectors when commodities in general appear overvalued.
The sub-fund may invest in financial derivatives whose underlying include commodity indices. Such commodity indices will qualify as financial indices comprised of various non-correlated, and sufficiently diversified commodities in accordance with ESMA guidelines (ESMA/2012/832). The
sub-fund may not enter into any obligations regarding the transfer of physical commodities.
The sub-fund may also invest in listed bond futures.
The sub-fund may also invest in currency forward contracts whose maturities are within 120 days or less except NDF.
The sub-fund may also invest up to 100% of its assets in fixed Income investments of varying types and maturities including (i) government bonds, T-Bills, covered bonds, corporate bonds and bonds issued by financial institutions and inflation- linked bonds, ABS and MBS (ii) money market instruments excluding CPs and (iii) deposits and CPs whose maturities are within 120 days and
- cash and cash equivalents. The exposure to single issuer of fixed income investments includ- ing above (i) (ii) (iii) except a) deposits and CPs whose maturities are within 120 days, b) bonds issued or guaranteed by central/local government, central bank or quasi-government organizations in USA and c) bonds issued or guaranteed byinternational organizations (i.e. IBRD, ADB, IFC, ESM, EFSF) is up to 10%.

With respect to the sub-fund’s fixed income investments, the fund manager uses a relative value style to seek to construct a diversified portfolio of fixed income securities. With respect to these investments, the fund manager nor- mally targets a dollar-weighted average portfolio duration of three years or less, and primarily invests in fixed income securities that are at least rated BBB (rated by S&P and Fitch) or Baa (rated by Moody‘s), at the time of purchase. In the case of no rating, an Advisor rating of similar quality or an internal rating is applied.
A maximum of 10% of the sub-fund’s assets may be invested into interest-bearing debt securities with a non-investment grade status at time of acquisition. Non-investment grade encompasses BB+ and below rated bonds, including bonds with D rating and non-rated bonds.
The sub-fund will not invest in the instruments other than listed above.
The sub-fund management considers ESG criteria in its investment decisions (“ESG-Criteria” for the corresponding terms Environmental, Social and Governance). In order to determine whether and to what extent the sub-fund’s assets meet the ESG-Criteria, a proprietary ESG database evalu- ates assets according to ESG-Criteria.
The ESG database processes data from multiple ESG data providers, public sources and considers internal assessments based on a defined assess- ment and classification methodology. The ESG database is therefore based on the one hand on data and figures and, on the other hand on assessments, that take into account factors beyond the processed data and figures, such as future expected ESG developments, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters and corporate decisions of the issuer. The ESG database uses a variety of assess- ment categories to assess whether investments meet ESG-Criteria, including amongst others, DWS Norm Assessment, DWS Climate Risk Assessment, DWS ESG Quality Assessment, Exposure in controversial sectors. According to the ESG database analysis, the target investments receive one of six possible scores, with “A” being the highest score and “F” being the lowest score.
The sub-fund management only considers the Climate Risk Assessment and Norm Assessment.
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a
letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment and are not suitable for the sub-fund.
The sub-fund does not promote any Environmen- tal or Social characteristics or any combination of these characteristics. The consideration of ESG criteria in investment decisions in the form of exclusions as described above does not pursue an ESG and/or sustainable investment policy.
The following is the disclosure in accordance with Article 7 of Regulation (EU) 2020/852 of June 18, 2020, on the establishment of a framework to facilitate sustainable investment: The investments underlying this financial product do not take into account EU criteria for environmentally sustain- able economic activities.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets as specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.
Additional information
When using total return swaps to implement the investment strategy as described above, the following shall be noted:
The proportion of the sub-fund’s net assets subject to total return swaps, expressed as the sum of notionals of the total return swaps divided by the sub-fund’s net asset value, is expected to reach up to 400%, but depending on the respective market conditions, with the objective of efficient portfolio management and in the interest of the investors, it may reach up to 500%. The calculation is performed in line with the guidelines CESR/10-788. However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.
Additional information on total return swaps may be found in the general section of the Sales
Prospectus, amongst others, in the section “Efficient portfolio management techniques”. The selection of counterparties to any total return swap is subject to the principles as described in the section “Choice of counter- party” of the Sales Prospectus. Further informa- tion on the counterparties is disclosed in the annual report. For special risk considerations linked to total return swaps, investors should refer to the section “General Risk Warnings”, and in particular the section “Risks connected to derivative transactions” of the Sales Prospectus.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are expected to be components of the benchmark and the portfolio is expected to have a similar weighting to the benchmark. The sub- fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate to a limited extent (e.g., by a positioning outside of the benchmark as well as underweighting or overweighting) and the actual degree of freedom is typically relatively low. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed five times the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum
of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Asian Bonds
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong |
| Performance benchmark | J.P. Morgan JACI Investment Grade Total Return, administered by J. P. Morgan Securities LLC |
| Reference portfolio (risk benchmark) | J.P. Morgan JACI Investment Grade Total Return |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg that is also an exchange trading day on the Hong Kong Stock Exchange |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class* | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| ICH | EUR | 0% | up to 0.4% | 0% | 0.01% | October 31, 2018 |
| TFCH | EUR | 0% | up to 0.6% | 0% | 0.05% | October 31, 2018 |
| USD IC | USD | 0% | up to 0.4% | 0% | 0.01% | October 31, 2018 |
| USD LC | USD | up to 5% | up to 1.1% | 0% | 0.05% | October 31, 2018 |
| USD TFC | USD | 0% | up to 0.6% | 0% | 0.05% | October 31, 2018 |
| USD FC100 | USD | 0% | up to 0.2% | 0% | 0.05% | February 28, 2019 |
| USD IC500 | USD | 0% | up to 0.15% | 0% | 0.01% | August 16, 2019 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest ESG Asian Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of
DWS Invest ESG Asian Bonds is to generate an above benchmark return for the sub-fund.
The sub-fund will predominantly invest in interest- bearing debt securities denominated in USD that are issued by companies based in Asia or those that conduct their principal business activity in an Asian jurisdiction. U.S. dollar bonds refer to APAC government related bonds (Agency, Local Author- ity, Supranationals and Sovereign) and corporate bonds (for e.g., Industrial, Utility, Financial Institutions).
A maximum of 49% of the sub-fund’s assets may be invested in interest-bearing securities that do not meet the above-mentioned criteria, cash and money market instruments.
The sub-fund’s assets are predominately invested into interest-bearing debt securities that have an investment grade status at the time of the acquisition.
Essentially, an instrument would be classified as investment grade if the second best rating of the three agencies (S&P, Moody’s Fitch) is classified as investment grade.
If a security is rated by only two agencies instead of three, the lower of the two ratings will be used for the rating classification. If a security only has one rating, the single rating will be used. If there is no official rating, an internal
rating will be applied in accordance with DWS internal guidelines.
A maximum of 10% of the sub-fund’s assets may be invested into interest-bearing debt securities with a non-investment grade status with a minimum credit rating of B3 (Moody’s) or B- (S&P/Fitch) at time of acquisition. In case of a split rating involving three rating agencies, the second best will prevail. If a security is rated by only two agencies, the lower of the two ratings will be used for the rating classification. If a security only has one rating, the single rating will be used. If there is no official rating, an internal rating will be applied in accordance with DWS internal guidelines.
When a holding asset is downgraded to lower than B3/B-, such asset will be sold within 6 months.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con- tracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward- starting swaps, infla- tion swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps. At present, the sub-fund will not make use of total return swaps within the meaning of the SFTR.
The sub-fund will not invest in ABS or MBS securities.
The sub-fund’s investments in contingent convert- ibles shall be limited to 10% of the sub-fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources
and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact and the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG
assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.jpmorgan.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are expected to be components of the benchmark and the portfolio is expected to have a similar weighting to the benchmark. The sub- fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate to a limited extent (e.g., by a positioning outside of the benchmark as well as underweighting or overweighting) and the actual degree of freedom is typically relatively low. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the Sales Prospec- tus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Climate Tech
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI World AC Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | October 1, 2018 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | October 1, 2018 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | October 1, 2018 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | October 1, 2018 |
| XC | EUR | 0% | up to 0.35% | 0% | 0.05% | October 1, 2018 |
| NC | EUR | up to 3% | up to 2% | 0% | 0.05% | December 14, 2018 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | April 9, 2019 |
| USD FC | USD | 0% | up to 0.75% | 0% | 0.05% | April 9, 2019 |
| USD LC | USD | up to 5% | up to 1.5% | 0% | 0.05% | April 9, 2019 |
| USD TFC | USD | 0% | up to 0.75% | 0% | 0.05% | April 9, 2019 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | February 7, 2020 |
| JPY FC | JPY | 0% | up to 0.75 | 0% | 0.05% | April 15, 2021 |
| USD LCH (P) | USD | up to 5% | up to 1.5% | 0% | 0.05% | April 15, 2021 |
| USD TFCH (P) | USD | 0% | up to 0.75% | 0% | 0.05% | April 15, 2021 |
| GBP D RD | GBP | 0% | up to 0.75% | 0% | 0.05% | September 15, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG Climate Tech, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accord- ance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Climate Tech is to achieve an above average appreciation of capital in Euros.
The sub-fund may acquire equities, stock certifi- cates, participation and dividend right certificates, convertible bonds and equity warrants issued by foreign and domestic companies that are primarily active in business areas suited to restricting or reducing climate change and its effects or help to adapt to it, specifically companies offering prod- ucts, services and solutions helping to lower
emissions by generating clean energy, transmit energy efficiently or increase energy efficiency, but also companies that are active in climate change impact management across areas like health, water, agriculture or disaster prevention/ recovery.
At least 75% of the sub-fund’s assets are invested in equities of all market capitalizations, stock certificates, participation and dividend right certificates, convertible bonds and equity war- rants issued by foreign and domestic companies.
Up to 25% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of deriva- tives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries:
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub- fund may be invested in derivatives that consti- tute long positions and do not have correspond- ing coverage.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio
management is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is considered individually and may result in exclu- sion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other nega- tive environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest- ments in shares of other UCITS and/or other UCIs as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 60% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and the sub- fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly
specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Dynamic Opportunities
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | 80% MSCI WORLD ALL COUNTRY and 20% IBOXX EUR Overall |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | October 15, 2018 |
| IC | EUR | 0% | up to 0.4% | 0% | 0.01% | October 15, 2018 |
| LC | EUR | up to 4% | up to 1.3% | 0% | 0.05% | October 15, 2018 |
| NC | EUR | up to 2% | up to 1.8% | 0% | 0.05% | October 15, 2018 |
| PFC | EUR | 0% | up to 1.4% | 0% | 0.05% | October 15, 2018 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | October 15, 2018 |
| USD FCH | USD | 0% | up to 0.75% | 0% | 0.05% | October 15, 2018 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | November 30, 2018 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG Dynamic Opportunities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment Policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (‘SFDR’).
- Investment objective and policy ofDWS Invest ESG Dynamic Opportunities DWS Invest ESG Dynamic Opportunities is a directive-compliant feeder fund (the “feeder fund”) of the UCITS master fund DWS ESG Dynamic Opportunities (the “master fund”).

As such, the feeder fund permanently invests at least 85% of the sub-fund assets in units of the master fund. The master fund qualifies as prod- uct in accordance with article 8(1) SFDR. Due to its substantial investment in the master fund, the feeder fund shares this qualification as product in
accordance with article 8(1) SFDR. The ESG methodology is further described in section 2.B. At least 60% of the master fund’s assets are invested in equities.
The objective of the investment policy of the feeder fund is to enable investors to participate in the performance of the master fund. For this reason, the fund management actually strives to invest the full value of the feeder in the master fund, so that share certificate holders are able to participate in the performance of the master fund almost in full.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The feeder fund may hold up to 15% of its assets in ancillary liquid assets, including cash, cash equivalents and short term bank deposits in accordance with the provisions of article 41 (2) of the Law of 2010 and financial derivative instru- ments, which may be used for hedging and investment purposes only in accordance with article 41 (1) g) and article 42 (2) and (3) of the
Law of 2010.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus at least 85% of the feeder fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in units of the master fund (equity fund).
The respective risks connected with investments in this sub- fund are disclosed in the general section of the Sales Prospectus.
Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
- The master fund
	- General informationThe master fund, a collective investment under- taking with variable capital, was incorporated pursuant to Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009, on the coordination of laws, regulations and adminis- trative provisions relating to Undertakings for Collective Investment in Transferable Securities, which was most recently amended by Directive 2014/91/EU of the European Parliament and of the Council of July 23, 2014, amending Directive 2009/65/EC on the coordination of laws, regula- tions and administrative provisions relating to Undertakings for Collective Investment in Transfer- able Securities as regards depositary functions, remuneration policies and sanctions, as defined by the German Investment Code (KAGB). The regis- tered office of the master fund is Mainzer Land- straße 17-19, 60329 Frankfurt/Main, Germany.


The management company of the master fund is DWS Investment GmbH, Mainzer Landstr. 11-17, in 60329 Frankfurt/Main, Germany.
The Depositary of the master fund is State Street Bank International GmbH,
Brienner Straße 59, 80333 Munich, Germany.
The Sales Prospectus, Key Investor Information Document, the annual and semiannual reports and further information about the master fund are available on request from the Management Company, as is the master feeder agreement between this feeder fund and the master fund.
- Investment objective and policy of the master fundThe objective of the investment policy of DWS ESG Dynamic Opportunities is to achieve an above average appreciation of capital in Euros taking in account the opportunities and risks of the international capital markets.

The master fund acquires and sells the assets permitted under the German Investment Code (KAGB) and the Terms and Conditions of Invest- ment in accordance with its assessment of economic and capital-market conditions and of future prospects on the exchanges.
At least 60% of the master fund’s asset are invested in equities.
Up to 40% of the master fund’s assets may be invested in interest-bearing securities. Convertible bonds and warrant-linked bonds do not constitute interest-bearing securities. Derivatives relating to interest-bearing securities and not intended for hedging shall be attributed to this limit accordingly.
Up to 40% of the master fund`s assets may be invested in money market instruments, term deposits and bank balances respectively.
Between 5% and 10% of the master fund`s assets may be invested in securities and money market instruments of the same issuer if the total value of the securities and money market instruments of these issuers does not exceed 40% of the master fund`s assets.
The master fund may invest up to 10% of its assets in units of other funds (“investment fund units”).
Within the framework of the securities selection process, the environmental and social performance of a company as well as its corporate governance (ESG criteria) are taken into consideration along- side the financial performance.
They are evaluated independently of the financial success of a company using a compendium of ESG criteria. The criteria relate to the following topics, among others:
Environmental
- Avoidance of climate transition risks
- Conservation of flora and fauna,
- Protection of natural resources, the atmosphere and inland waters,
- Limitation of soil degradation and climate change,
- Avoidance of interference with ecosystems and losses of biological diversity.

Social
- General human rights,
- Ban on child labor and forced labor,
- Mandatory non-discrimination,
- Health and safety in the workplace,
- Fair working conditions and appropriate remuneration.

Governance
- Corporate principles in accordance with the ICGN (International Corporate Governance Network),
- Compliance with business ethics and principles of combating corruption in accordance with the UN Global Compact.

The ESG criteria are combined in a proprietary ESG rating calculated on the basis of various ESG data providers. The rating is used to assess the perfor- mance of a company based on recognized environ- mental and social standards as well as on good corporate governance principles.
The master fund applies accepted strategies for the implementation of the ESG approach. Exclu- sion criteria are therefore worked with (“negative screening strategy”) and investments are made in companies, government bonds and supranational issuers that provide the best services in terms of the aforementioned ESG criteria (“best-in-class strategy”). In addition, dialog with companies regarding better corporate governance and a more sustainable or more socially-oriented way of doing business is sought after. This dialog can also be exercised by means of proxy voting (“engagement strategy”).
Through the fund, the master fund promotes environmental and social characteristics as defined by article 8 of the Regulation (EU) 2019/2088 on sustainability-related disclosure obligations in the financial services sector. Besides the usual finan- cial data, the master fund takes sustainability risks into account when making investment decisions. This consideration applies to the entire investment process, i.e., for both the fundamental analysis of investments and for the decision itself.
In the fundamental analysis, ESG criteria are taken into account in particular in the proprietary market analysis.
In addition, ESG criteria are integrated into the entire investment research process. This includes identifying global sustainability trends, financially relevant ESG topics and challenges.
Furthermore, risks that could arise from the effects of climate change or risks arising from the violation of internationally accepted guidelines are subjected to a special review. The internationally recognized guidelines include, in particular, the ten principles of the United Nations Global Compact, the ILO Core Labor Standards, the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises.
In order to take ESG criteria into consideration, the master fund primarily uses a special data- base which collates ESG data from other research companies as well as its own research results. After analyzing the data, this database allocates the investments one of six possible ratings. The master fund focuses on investments that have received one of the top three ratings or that would receive similar ratings on the basis of the research results.
If an investment is made in a company following the ESG-integrated fundamental analysis, these investments continue to be monitored taking into account ESG aspects. In addition, a dialog is sought with the companies regarding improving corporate governance and stronger consideration of ESG criteria. This occurs, e.g., through involve- ment as a shareholder in the company, in particu- lar through the exercise of voting rights and other shareholder rights. More information about the functioning of the ESG investment methodology, its integration in the investment process, the selection criteria as well as our ESG related policies can be found on our website www.dws.com/solutions/esg.
The master -fund will not invest in contingent convertibles.
In addition to the investment limits of the master fund described above and for the purpose of inducing a partial tax exemption within the meaning of the German Investment Tax Act at least 60% of the master fund´s gross assets (determined as being the value of the fund´s assets without taking into account liabilities) are invested in such equity capital investments as defined in article 2 (8) of the German Investment Tax Act admitted to official trading on a stock exchange or admitted to, or included in, another organized market (equity fund).
No assurance can be given that the objectives of the investment strategy will actually be achieved.

#### Use of total return swaps
Total return swaps are entered into for the master fund for efficient portfolio management. In principle, all of the assets of the master fund may be the object of total return swaps. Up to 200% of the master fund’s assets may be the object of such transactions. The management company of the master fund expects that not more than 100% of the master fund’s assets
will be the object of total return swaps in general cases. This, however, is only an estimated value, which can be exceeded in specific cases. The income from total return swaps – after deduction of transaction costs – accrues to the master fund in its entirety. The stated share of the master fund’s net assets is not to be considered an additional investment limit for the master fund.
- Special agreementsThe Management Company of the feeder fund and the management company of the master fund have entered into an information sharingagreement in accordance with the Law of 2010. It specifies, inter alia, the documents and cate- gories of information to be routinely shared between the Management Company and the management company of the master fund, the information to be transmitted by the manage- ment company of the master fund to the Man- agement Company in case the master fund breaches any of its legal or contractual obliga- tions, the transmission of subscription and redemption orders and the suspension of subscriptions and redemptions.

The Shareholders may obtain further information on the master fund and the information sharing agreement on request and free of charge at the registered office of the Management Company.
The Depositary of the feeder fund and the depositary of the master fund have entered into an information sharing agreement in accordance with the Law of 2010. It specifies, inter alia, the documents and categories of information to be routinely shared between both depositary and those which must be made available upon request, the manner and timing of transmission, the coordination of involvement of each deposi- tary in operational matters in view of their duties under their respective national law, the coordina- tion of accounting year-end procedures, report- able breaches committed by the master fund, the procedure for hedging purposes and in order to achieve the investment objective, ad hoc requests for assistance and particular contingent events reportable on an ad hoc basis.
The auditors of the feeder fund and the master fund have entered into an information sharing agreement in accordance with the Law of 2010. It specifies, inter alia, the documents and cate- gories of information to be routinely shared between the auditors and those which must be made available upon request, the manner and timing of transmission of information, the coordi- nation of involvement of each auditor in account- ing year-end procedures of the feeder fund and the master fund, reportable irregularities identi- fied in the master fund and standard arrange- ments for ad hoc requests for assistance.
- Risk profile of the master fundThe performance of the master fund is influenced in particular by the following factors, which give rise to both opportunities and risks:
- Risk of price changes in equities;
- Increased volatility.

In addition, the master fund may temporarily concentrate more or less intensively on particular sectors, countries or market segments. This, too, may give rise to opportunities and risks.
Please consult the master fund´s prospectus for further detailed description of such risks and the general risks described in section “Risk Factors” of the master fund prospectus.
- Costs and expenses to be borne by the feeder fund when investing in the master fundThe fees and expenses for the units of the master fund held in the feeder fund shall also be charged in the feeder fund. The fees charged by the management company of the master fund to the feeder fund include:
- The all-in fee of the master fund of 0.40%. The following additional fees may also apply:In addition to the all-in fee payable to the master fund`s management company, the following additional expenses may also be charged to the feeder fund:
- Costs incurred in connection with the acquisition and sale of assets.
- Taxes imposed in connection with the fees payable to the master fund`s management company, the Depositary and third parties, as well as with the expenses mentioned herein- after, including taxes arising in connection with administration and custody.
- The costs incurred by the master fund`s man- agement company for asserting and enforcing legal claims for the account of the master fund, and for defending any claims asserted against the master fund`s management company to the detriment of the master fund.
- The cost of informing investors by durable medium, not including the cost of informing investors by durable medium in cases of
	- fund mergers and
	- measures taken in connection with computation errors in the determination of the net asset value per unit, or in cases of investment limit violations.


Further costs can be incurred in connection with securities lending and repurchase agreements, such as:
The master fund is entitled to any net income from securities lending transactions and securi- ties repurchase agreements. The master fund`s management company shall receive a flat fee for initiating, preparing and implementing securities lending transactions (including synthetic securi- ties lending transactions) and (reverse) repur- chase agreement transactions for the account of the sub-fund amounting to up to one third of the income from these transactions. This fee is up to 50% of the income from these transactions.
Additional costs may be incurred in connection with securities lending transactions and securi- ties repurchase agreements, such as:
- Depositary fees;
- account fees in line with normal banking practice (including, where applicable, normal costs for holding foreign securities in custody abroad); and
- fees payable to external service providers engaged by the master fund`s management company to conduct the transactions (see also the section on securities lending transactions and repurchase agreements earlier in this sales prospectus).

These additional transaction costs are borne by the master fund`s management company.
Further fees and expenses to be paid at the level of the master fund are described in the prospec- tus and in the terms and conditions of invest- ment of the master fund.
The master fund`s management company is not permitted to impose initial sales charges or redemption fees upon acquisition or redemption of units of the master fund. The annual and semi- annual reports will disclose the remuneration charged to the feeder fund as the all-in fee for the units in the master fund by the relevant manage- ment company. In addition, the annual report contains an explanation of the combined fee deducted from the feeder fund and master fund.
Additionally, to the costs in consequence of the feeder fund investing in the master fund, the shareholder will be charged with the fees of the feeder fund as stated in the chart above.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Performance of feeder and master
The performance of the feeder fund and the master fund will be similar but not identical due to costs and expenses incurred and cash held by the feeder fund.

#### Tax implications
Tax effects of an investment in a master fund at the level of the feeder fund.
At the level of a Luxembourg fund serving as a feeder fund that acquires units/shares of a German fund serving as the master fund, the following applies:
No withholding tax is levied on the investment income within the meaning of article 16 of the German Investment Tax Act – distributions,
advance lump-sum amount (“Vorabpauschale”), gains on the redemption/sale of units/shares in the master fund – that flows into the feeder fund from the master fund or that is attributable to the feeder fund.
A refund at the level of the master fund of any corporate income tax on domestic participation income (“inländische Beteiligungseinnahmen”) and on other domestic income in the sense of the limited income tax liability, with the excep- tion of gains from the sale of shares of corpora- tions, is not possible for investors in the feeder fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Emerging Markets Equities
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI EM (Emerging Markets) |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg that is also an exchange trading day on the Hong Kong Stock Exchange |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | March 29, 2005 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | March 29, 2005 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | March 29, 2005 |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | March 29, 2005 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | May 26, 2014 |
| USD LC | USD | up to 5% | up to 1.5% | 0% | 0.05% | November 20, 2006 |
| USD FC | USD | 0% | up to 0.75% | 0% | 0.05% | November 20, 2006 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| USD TFC | USD | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| USD LD | USD | up to 5% | up to 1.5% | 0% | 0.05% | August 31, 2018 |
| LCH (P) | EUR | up to 5% | up to 1.5% | 0% | 0.05% | October 1, 2018 |
| TFCH (P) | EUR | 0% | up to 0.75% | 0% | 0.05% | October 1, 2018 |
| GBP FD50 | GBP | 0% | up to 0.5% | 0% | 0.05% | August 30, 2019 |
| USD FD50 | USD | 0% | up to 0.5% | 0% | 0.05% | August 30, 2019 |
| GBP TFD | GBP | 0% | up to 0.75% | 0% | 0.05% | March 13, 2020 |

| Dilution adjustment (payable by the shareholder)** | PFC: A dilution adjustment of up to 3% based on the gross redemption amount may be charged. Please see the general section for further explanation. |
| --- | --- |
| Placement fee (payable from the sub-fund’s assets) | PFC: Up to 3% for the benefit of the distributor. Please see the general section for further explanation. |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest ESG Emerging Markets Equities, the following provi- sions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of
DWS Invest ESG Emerging Markets Equities is to achieve an above average return.
At least 70% of the sub-fund’s assets are invested in equities of companies registered in Emerging Markets countries or companies that conduct their principal business activity in Emerging Markets countries or which, as holding companies, hold primarily interest in companies registered in Emerging Markets countries. The securities issued by these companies may be listed on Chinese (including the Shenzhen-Hong Kong and Shanghai- Hong Kong Stock Connect) or other foreign securi- ties exchanges or traded on other regulated markets in a member country of the Organisation for Economic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.
A company is viewed as having its principal business activity in emerging-market countries if a significant part of its earnings or revenues is generated there.
Emerging markets are countries listed in the MSCI Emerging Markets Index or listed in the Standard & Poor’s Emerging Markets Database (EMDB). Further, countries which are listed as low or middle income (including both lower middle and higher middle income) by the World Bank will be considered as Emerging Markets even if such countries are neither listed in the MSCI Emerging Markets Index nor in the EMDB but must not be included in the MSCI World Index.
At present, the emerging countries most signi- ficant for the sub-fund are mostly, but not exclu- sively, located in Asia, Eastern Europe and South America and include, among others, Brazil, China, India, Indonesia, Korea, Malaysia, Mexico, Russia, South Africa, Taiwan, Thailand and Turkey.
If investments are effected in countries that do not yet possess a regulated market, these
securities shall be considered as unlisted finan- cial instruments.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to achieve the investment objective and implement the invest- ment strategy, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges and markets issued by international financial institutions.
The fund may invest more than 10% of the
sub-fund’s assets in securities that are traded on the Moscow Exchange (MICEX-RTS).
A maximum of 30% of the sub-fund’s assets may be invested in equities, stock certificates, participation and dividend right certificates, convertible bonds and equity warrants of issu- ers that do not fulfill the requirements of the preceding paragraphs.
Up to 30% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances. Notwithstand- ing the investment limit of 10% specified in Article 2 B. (i) concerning investments in shares of other Undertakings for Collective Investment in Securities and/or other collective investment undertakings as defined in A. (e), an investment limit of 5% shall apply to this sub-fund.
A maximum of 20% of the sub-fund´s assets may be invested in securities such as A-Shares, B-Shares, bonds and other securities listed and traded in Mainland China.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if
it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
The following investment restriction applies to the sub-fund due to a possible registration in Korea:
The sub-fund must invest more than 70% of the net assets in non-Korean Won-denominated assets.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a memberstate of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims
to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Specific risks
The exchanges and markets of emerging-market countries are subject to substantial fluctuations. The opportunities afforded by an investment are therefore countered by substantial risks. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limitations on foreign capital investments and capital repatria- tion etc. can also affect investment performance.
Detailed information concerning custody and registration risks in Russia is provided in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Emerging Markets Top Dividend
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI EM (Emerging Markets) in EUR |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | January 14, 2008 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | January 14, 2008 |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | January 14, 2008 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | July 1, 2008 |
| USD FC | USD | 0% | up to 0.75% | 0% | 0.05% | September 15, 2008 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | May 26, 2014 |
| PFD | EUR | 0% | up to 1.6% | 0% | 0.05% | May 26, 2014 |
| ND | EUR | up to 3% | up to 2% | 0.2% | 0.05% | April 28, 2017 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| USD TFC | USD | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| USD TFD | USD | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest ESG Emerging Markets Top Dividend, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability - related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Emerging Markets Top Dividend is to achieve an above average appreciation of capital in Euros.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The sub-fund may acquire equities, interest- bearing securities, convertible bonds, warrant- linked bonds, warrants, dividend-right certificates, index certificates and financial instruments certif- icated in securities of well-established issuers based in Emerging Markets.
At least 70% (after deduction of liquid assets) of the sub-fund’s asset must be invested in equities of companies registered in Emerging Markets countries or in companies that conduct their principal business activity in Emerging Markets countries or which, as holding companies, hold primarily interest in companies registered in Emerging Markets countries, that can be expected to deliver an above-average dividend yield. Emerging markets are countries listed in the MSCI Emerging Markets Index or listed in the Standard & Poor’s Emerging Markets Data- base (EMDB). Further, countries which are listed as low or middle income (including both lower middle and higher middle income) by the World Bank will be considered as Emerging Markets even if such countries are neither listed in the MSCI Emerging Markets Index nor in the EMDB but must not be included in the MSCI World Index.
When selecting equities, the following criteria shall be of decisive importance: dividend yield above the market average; sustainability of dividend yield and growth; historical and forecast profit growth; attractive price/earnings ratio. In addition to these criteria, the proven stock- picking process of the fund manager will be applied. This means that a company’s fundamen- tal data, such as asset quality, management skills, profitability, competitive position and valuation, are analysed and applied in decision making. These criteria and fundamental data may be weighted differently and do not always have to be present at the same time.
A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in equities, other equity securities and uncertifi- cated equity instruments that do not fulfil the
requirements of the preceding paragraph, as well as in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.
A maximum of 20% of the sub-fund´s assets may be invested in securities such as A-Shares,
B-Shares, bonds and other securities listed and traded in Mainland China.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business
activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESGIntegration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Equity Income
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI World High Dividend Yield TR net |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | August 7, 2017 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | August 7, 2017 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | August 7, 2017 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | August 7, 2017 |
| XC | EUR | 0% | up to 0.35% | 0% | 0.05% | August 7, 2017 |
| XD | EUR | 0% | up to 0.35% | 0% | 0.05% | August 7, 2017 |
| LCH (P) | EUR | up to 5% | up to 1.5% | 0% | 0.05% | January 29, 2018 |
| NC | EUR | up to 3% | up to 2% | 0% | 0.05% | January 29, 2018 |
| NCH (P) | EUR | up to 3% | up to 2% | 0% | 0.05% | February 15, 2018 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | February 15, 2018 |
| PFCH (P) | EUR | 0% | up to 1.6% | 0% | 0.05% | February 15, 2018 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | February 15, 2018 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | February 15, 2018 |
| WFD | EUR | 0% | up to 0.75% | 0% | 0.05% | May 30, 2018 |
| GBP D RD | GBP | 0% | up to 0.75% | 0% | 0.05% | June, 15, 2018 |
| USD FCH (P) | USD | 0% | up to 0.75% | 0% | 0.05% | February 15, 2019 |
| USD LCH (P) | USD | up to 5% | up to 1.5% | 0% | 0.05% | February 15, 2019 |
| TFCH (P) | EUR | 0% | up to 0.75% | 0% | 0.05% | May 15, 2019 |
| USD IC | USD | 0% | up to 0.5% | 0% | 0.01% | July 31, 2019 |
| IC | EUR | 0% | up to 0.5% | 0% | 0.01% | September 30, 2019 |
| ID | EUR | 0% | up to 0.5% | 0% | 0.01% | September 30, 2019 |
| ND | EUR | up to 3% | up to 2% | 0% | 0.05% | February 7, 2020 |
| PFD | EUR | 0% | up to 1.6% | 0% | 0.05% | February 7, 2020 |
| CHF LCH (P) | CHF | up to 5% | up to 1.5% | 0% | 0.05% | September 30, 2020 |
| CHF LDH (P) | CHF | up to 5% | up to 1.5% | 0% | 0.05% | September 30, 2020 |
| ID100 | EUR | 0% | up to 0.25% | 0% | 0.01% | October 30, 2020 |
| CHF TFCH (P) | CHF | 0% | up to 0.75% | 0% | 0.05% | August 16, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG Equity Income, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Equity Income is to achieve an above average return.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 70% of the sub-fund’s assets are invested in equities from international issuers that are expected to deliver an above-average dividend yield.
When selecting equities, the following criteria shall be of decisive importance: dividend yield above the market average; sustainability of dividend yield and growth; historical and future earnings growth; price/earnings ratio. In addition to these criteria, the proven stock-picking pro- cess of the Fund Manager will be applied. This means that a company’s fundamental data, such as asset quality, management skills, profitability, competitive position and valuation, are analysed.
These criteria may be weighted differently and do not always have to be present at the same time.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
Against this background, positions could be built up that anticipate declining stock prices and index levels.
According to the prohibition stipulated in Article 2 F. of the general section of the Sales Prospectus, no short sales of securities will be undertaken.
Short positions are achieved by using securitized and non-securitized derivative instruments.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) listed on recognized exchanges and markets, or through American Depository Receipts (ADRs) issued by international financial institutions.
Up to 30% of the sub-fund’s assets may be invested in instruments that do not meet the above-mentioned criteria.
Up to 30% of the sub-fund’s assets may be invested in money market instruments and bank balances.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets as specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG develop- ment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers
that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities
that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.msci.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets with- out taking into account liabilities) are invested in equities admitted to official trading on a stock
exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and the sub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German
Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Euro Bonds (Short)
| Investor profile | Income-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | iBoxx Euro overall 1-3Y, administered by IHS Markit Benchmark Administration Limited. |
| Reference portfolio (risk benchmark) | (absolute VaR) |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order Acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 7.5% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 3% | up to 0.6% | 0% | 0.05% | June 3, 2002 |
| LD | EUR | up to 3% | up to 0.6% | 0% | 0.05% | June 3, 2002 |
| NC | EUR | up to 1.5% | up to 1.1% | 0.1% | 0.05% | June 3, 2002 |
| FC | EUR | 0% | up to 0.2% | 0% | 0.05% | June 3, 2002 |
| PFC | EUR | 0% | up to 0.3% | 0% | 0.05% | May 26, 2014 |
| PFDQ | EUR | 0% | up to 0.3% | 0% | 0.05% | May 26, 2014 |
| SEK LCH | SEK | up to 3% | up to 0.6% | 0% | 0.05% | January 14, 2016 |
| NDQ | EUR | up to 1.5% | up to 0.6% | 0.1% | 0.05% | April 28, 2017 |
| TFC | EUR | 0% | up to 0.2% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.2% | 0% | 0.05% | December 5, 2017 |
| IC100 | EUR | 0%*** | up to 0.15% | 0% | 0.01% | May 15, 2018 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
*** In contrast with Article 1 of the general section the IC100 share class is not exclusively offered in the form of registered shares.
For the sub-fund with the name DWS Invest ESG Euro Bonds (Short), the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Euro Bonds (Short) is to generate an above-average return for the sub-fund. The
sub-fund may acquire interest-bearing securities, convertible bonds and warrant-linked bonds, participation and dividend-right certificates, equities and equity warrants.
At least 70% of the sub-fund’s assets are invested in interest-bearing securities denominated in Euros. At least 70% of the sub-fund’s assets are traded on exchanges or on other regulated mar- kets in a member country of the Organisation for
Economic Co-operation and Development (OECD) that operates regularly and is recognized and open to the public. Furthermore, at least 70% of the sub-fund’s assets with the securities having maturities classified as short-term. “Short term” relates to a term to maturity of investments ranging between zero and three years.
No more than 25% of the sub-fund’s assets may be invested in convertible bonds and warrant- linked bonds; no more than 10% may be invested in participation and dividend-right certificates, equities and equity warrants.
A maximum of 30% of the sub-fund’s total assets may be invested in debt instruments or other securities of other countries that do not meet the above criteria.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less
exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization, and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e.
a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant.
Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub-fund. Infor- mation on the reference benchmark can be found on www.ihsmarkit.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims
to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The absolute value-at-risk (VaR) approach is used to limit market risk for the sub-fund assets.
Due to the limitation of the Global Exposure of the sub-fund with the absolute VaR approach, it may occur that the risk profile of the sub-fund differs significantly from the risk profile of the performance benchmark.
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Euro Corporate Bonds
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | iBoxx EUR Corporates, administered by IHS Markit Benchmark Administration Limited |
| Reference portfolio (risk benchmark) | iBoxx EUR Corporates |
| Leverage effect | 5 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.6% | 0% | 0.05% | July 15, 2019 |
| LC | EUR | up to 3% | up to 0.9% | 0% | 0.05% | July 15, 2019 |
| TFC | EUR | 0% | up to 0.6% | 0% | 0.05% | July 15, 2019 |
| XC | EUR | 0% | up to 0.2% | 0% | 0.05% | July 15, 2019 |
| IC100 | EUR | 0% | up to 0.2% | 0% | 0.01% | October 15, 2020 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG Euro Corporate Bonds, the following pro- visions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Euro Corporate Bonds is to generate an above-average return for the sub-fund.
The sub-fund may acquire euro-denominated fixed and/or variable interest-bearing securities, convertible bonds and warrant-linked bonds, participation and dividend-right certificates, equities and equity warrants. At least 70% of
the sub-fund’s assets are invested in corporate bonds denominated in Euros that offer returns higher than those of comparable government bonds; investments are deliberately focused almost exclusively on issuers whose credit standing is considered by the market to be relatively good but not first-rate (investment- grade bonds). The Investment Company will only purchase those securities for the sub-fund for which, after appropriate analysis, it can assume that the interest and repayment obligations will be fulfilled. Nevertheless, the risk of a total loss of the value of individual securities purchased for the sub-fund cannot be ruled out completely. In order to take account of the remaining risks, care shall be taken to spread investments among issuers.
If a potential increase in value is expected on the basis of rating changes, the sub-fund’s assets may also include high-yield bonds, but only to a very limited extent.
The sub-fund may also conclude credit default swaps. Their use need not be limited to hedging the sub-fund’s assets; they may also be part of the investment strategy.
No more than 25% of the sub-fund’s assets may be invested in convertible bonds and warrant-linked bonds; no more than 10% may be invested in participation and dividend-right certificates, equities and equity warrants.
The sub-fund’s investments in asset backed securities and mortgage backed securities shall be limited to 20% of the sub-fund’s net asset value.
In compliance with the investment limits specified in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options,
forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward- starting swaps, inflation swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
The sub-fund may use, particularly in accordance with the investment limits stated in Article 2 B. of the Sales Prospectus – general section, deriva- tives to optimize the investment objective.
The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest ESG Euro Corporate Bonds. The performance of the sub-fund is therefore besides other factors depending on the respective proportion of derivatives, e.g. swaps in the sub-fund’s total assets.
To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as swaps, will be entered with at least BBB3 (Moody’s) /BBB- (S&P, Fitch) rated financial institutions specializing in such transac- tions. Such OTC-agreements are standardized agreements.
In conjunction with the OTC transactions, it is important to note the associated counterparty risk. The sub-fund’s counterparty risk resulting from the use of portfolio total return swaps will be fully collateralized. The use of swaps may further- more entail specific risks that are explained in the general risk warnings.
The sub-fund can be invested in total or in parts in one or several OTC-transactions negotiated with a counterparty under customary market conditions. Therefore, the sub-fund can be invested in total or in parts in one or several transactions.
The sub-fund’s investments in contingent convertibles shall be limited to 10% of the sub-fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources
and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG develop- ment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e.
a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG
assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as rele- vant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and
social characteristics promoted by this sub-fund. Information on the reference benchmark can be found on www.ihsmarkit.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories selection criteria as well as our
ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
Furthermore, the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus, includ- ing the assets mentioned in Article 2 A. (j).
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active
and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Specific risks
The sub-fund deliberately purchases the securi- ties of issuers whose credit standing is consid- ered by the market to be relatively good but not first rate (investment grade bonds). The opportu- nities resulting from the higher rates of interest in comparison to government bonds are thus countered by corresponding risks. Despite careful examination of the economic conditions and the financial condition and earnings capacity of issuers, the risk of a total loss of the value of individual securities purchased for the sub-fund cannot be ruled out completely.
The opportunities afforded by an investment of this type are therefore countered by significant risks.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Contrary to the provision of the general section of the Sales Prospectus, because of the invest- ment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub- fund assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Euro High Yield
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | Bank of Amercia Merrill Lynch Euro High Yield BB-B Constrained Index, administered by Merrill Lynch International |
| Reference portfolio (risk benchmark) | Bank of Amercia Merrill Lynch Euro High Yield BB-B Constrained Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.65% | 0% | 0.05% | February 14, 2020 |
| FD | EUR | 0% | up to 0.65% | 0% | 0.05% | February 14, 2020 |
| LC | EUR | up to 3% | up to 1.1% | 0% | 0.05% | February 14, 2020 |
| LD | EUR | up to 3% | up to 1.1% | 0% | 0.05% | February 14, 2020 |
| TFC | EUR | 0% | up to 0.65% | 0% | 0.05% | February 14, 2020 |
| TFD | EUR | 0% | up to 0.65% | 0% | 0.05% | February 14, 2020 |
| XC | EUR | 0% | up to 0.2% | 0% | 0.05% | February 14, 2020 |
| XD | EUR | 0% | up to 0.2% | 0% | 0.05% | February 14, 2020 |
| IC | EUR | 0% | up to 0.45% | 0% | 0.01% | November 15, 2021 |
| IC50 | EUR | 0% | up to 0.35% | 0% | 0.01% | November 15, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest
ESG Euro High Yield, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures
in the financial services sector.
The objective of the investment policy of
DWS Invest ESG Euro High Yield is to generate an above-average return for the sub-fund.
At least 70% of the sub-fund’s assets are invested globally in corporate bonds (including Financials)
that offer a non-investment grade status at the time of acquisition. Non-investment grade encom- passes BB+ and below rated bonds, including bonds with D rating and non-rated bonds. In case of a split rating involving three rating agencies, the second best will prevail. If a security is rated by only two agencies, the lower of the two ratings will be used for the rating classification. If a security only has one rating, the single rating will be used. If there is no official rating, an internal rating will be applied in accordance with DWS internal guidelines.
Up to 30% of the sub-fund’s assets may be invested in corporate bonds that do not meet the above-mentioned criteria.
The sub-fund manager aims to hedge any currency risk versus the euro in the portfolio.
In the due course of a re-structuring of fixed income instruments held by the sub-fund, the sub-fund manager may also invest up to a maxi- mum of 10% of the sub-fund’s assets into listed or non-listed equities. Furthermore, the sub-fund manager may also participate in capital increases or other corporate actions (e.g. for convertible bonds or warrant linked bonds) that are part of a re-structuring or take place after a re-structuring.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments.
These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, inflation swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
The sub-fund’s investments in contingent convert- ibles shall be limited to 10% of the sub-fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets.
In extreme market situations, the Portfolio Manager may diverge from the above investment strategy to avoid a liquidity squeeze. Up to 100% of the sub-fund’s assets may temporarily be invested in interest-bearing debt securities and money market instruments permissible under Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coor- dination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG develop- ment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not con- sidered eligible, the portfolio management is
prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is considered individu- ally and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e.
a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 25% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub-fund. Infor- mation on the reference benchmark can be found on www.theice.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social
and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the port-
folio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of
each derivative position divided by the net pres- ent value of the portfolio).
However, the disclosed expected level of lever- age is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG European Small/Mid Cap
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Nature of shares | Registered or bearer shares represented by a global certificate |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | 50% STOXX Europe Mid 200 Net and 50% STOXX Europe Small 200 Net |
| Leverage effect | Up to 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Expense cap | 15% of the Management Company Fee |
| Fractional shares | Up to three decimal places |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | October 1, 2018 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | October 1, 2018 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | October 1, 2018 |
| XC | EUR | 0% | up to 0.35% | 0% | 0.05% | October 1, 2018 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | February 15, 2019 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | February 15, 2019 |
| NC | EUR | up to 3% | up to 2% | 0% | 0.05% | July 15, 2021 |
| ID | EUR | 0% | up to 0.65% | 0% | 0.01% | August 24, 2021 |
| USD LCH | USD | up to 5% | up to 1.5% | 0% | 0.05% | August 24, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG European Small/Mid Cap, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures
in the financial services sector.
The sub-fund’s investment objective is to achieve the highest possible appreciation of capital in euro, in combination with a reasonable annual distribution of income.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 80% of the sub-fund`s assets are invested in equities.
At least 51% of the sub-fund’s assets will be invested in equities of medium and small Euro- pean issuers (mid caps and small caps).
European issuers are defined as companies that have either their registered offices in a member state of the European Union, the United King- dom or in another state, which is a signatory to the agreement on the European economic area or are traded on another regulated market in one of these previous mentioned states. Small and
medium-sized companies as defined above are companies included in a market index for small and medium-sized companies (e.g. 50% STOXX Europe Mid 200 Net and 50% STOXX Europe Small 200 Net) or companies that have a com- parable market capitalization.
Up to 20% of the sub-fund’s assets may be invested in equities that do not meet the above-mentioned criteria.
All securities following the description in the previous paragraphs that are purchased under repurchase agreements shall be attributed to the investment limits stated in Article 2 B. of the general section of the Sales Prospectus.
Up to 20% of the sub-fund’s assets may be invested in interest-bearing securities. Convertible bonds and warrant-linked bonds do not constitute interest-bearing securities as defined in sentence 1.
Derivatives relating to interest-bearing securities and not intended for hedging shall be attributed to the investment limit applicable to interest- bearing securities.
Up to 20% of the sub-fund’s assets may be invested in money market instruments. Money market instruments purchased under repurchase agreements shall be attributed to the investment limits of stated in Article 2 B. of the general section of the Sales Prospectus.
Up to 20% of the sub-fund’s assets may be held in bank balances.
Up to 10% of the sub-fund’s assets may be invested in all permissible investment fund units in accordance with Article 2 B. (i). The portion in excess of 5% of the value of the sub-fund’s assets may consist only of money market fund units.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category
is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e.
a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance
(i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Business areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment. Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and
coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non- financial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like dis- closure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 80% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Floating Rate Notes
| Investor profile | Risk-avers |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | (absolute VaR) |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt/Main |
| Order Acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited two bank business days after issue of the shares. The equivalent value is credited two bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 7.5% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.105% | 0% | 0.05% | April 5, 2019 |
| GBP ICH | GBP | 0% | up to 0.087% | 0% | 0.01% | April 5, 2019 |
| IC | EUR | 0% | up to 0.087% | 0% | 0.01% | April 5, 2019 |
| LC | EUR | up to 1% | up to 0.175% | 0% | 0.05% | April 5, 2019 |
| TFC | EUR | 0% | up to 0.105% | 0% | 0.05% | April 5, 2019 |
| USD ICH | USD | 0% | up to 0.087% | 0% | 0.01% | April 5, 2019 |
| USD TFCH | USD | 0% | up to 0.105% | 0% | 0.05% | April 5, 2019 |
| CHF TFCH | CHF | 0% | up to 0.105% | 0% | 0.05% | June 28, 2019 |
| CHF RCH | CHF | 0% | up to 0.07% | 0% | 0.05% | October 31, 2019 |
| GBP CH RD | GBP | 0% | up to 0.105% | 0% | 0.05% | November 15, 2019 |
| GBP LCH | GBP | up to 1% | up to 0.175% | 0% | 0.05% | November 15, 2019 |
| USD LCH | USD | up to 1% | up to 0.175% | 0% | 0.05% | November 15, 2019 |
| CHF ICH | CHF | 0% | up to 0.087% | 0% | 0.01% | January 20, 2020 |
| LD | EUR | up to 1% | up to 0.175% | 0% | 0.05% | June 30, 2020 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
For the sub-fund with the name DWS Invest
ESG Floating Rate Notes, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accord- ance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of the DWS Invest ESG Floating Rate Notes sub-fund is to generate a return in euro. At least 70% of the sub-fund’s assets shall be invested in floating rate bonds. Furthermore, the sub-fund’s assets may be invested in convertible bonds or fixed rate bonds that are traded on exchanges or an 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 Eco- nomic Co-operation and Development (OECD), in the G20, the EU, Singapore, as well as in invest- ment funds and money market instruments.
Money market instruments, such as commercial paper, certificates of deposit and time deposits, do not have to be admitted for trading on an exchange or included in an organized market.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 10% of the sub-fund’s assets shall be invested in assets that have a residual term to maturity that exceeds 24 months.
Up to 10% of the sub-fund’s assets may be invested in ABS/MBS and asset-backed bonds. These must have an investment-grade rating. An investment instrument is categorized as invest- ment grade if the lowest rating assigned by the three rating agencies (S&P, Moody’s and Fitch) is investment grade. If the investment is down- graded to a rating lower than Baa3 (by Moody’s) or BBB- (by S&P and FITCH), it must be sold within six months.
Up to 5% of the sub-fund’s assets may
be invested in securities that do not have an investment-grade rating at the time of acquisition.
If the three rating agencies assign different ratings, the lowest rating shall be used as a basis. If there is no official rating, an internal
rating in line with the DWS internal guidelines shall be applied.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not consid- ered eligible, the portfolio management is prohib- ited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is considered individu- ally and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business
activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The absolute value-at-risk (VaR) approach is used to limit market risk for the net assets.
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets.
However, the expected leverage should not be viewed as an additional risk limit for the fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Global Corporate Bonds
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | Barclays Global Aggregate Corporate TR (EUR hedged) Index, administered by Barclays Bank Plc. |
| Reference portfolio (risk benchmark) | Barclays Global Aggregate Corporate TR (EUR hedged) Index |
| Leverage effect | 5 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to four places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| ID** | EUR | 0% | up to 0.4% | 0% | 0.01% | March 31, 2015 |
| FC | EUR | 0% | up to 0.6% | 0% | 0.05% | March 31, 2015 |
| TFC | EUR | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| FD10 | EUR | 0% | up to 0.4% | 0% | 0.05% | January 15, 2018 |
| XC | EUR | 0% | up to 0.2% | 0% | 0.05% | November 15, 2018 |
| LC | EUR | up to 3% | up to 0.9% | 0% | 0.05% | May 15, 2019 |
| XD | EUR | 0% | up to 0.2% | 0% | 0.05% | May 29, 2019 |
| CHF FCH10 | CHF | 0% | up to 0.4% | 0% | 0.05% | February 26, 2021 |
| USD FDH10 | USD | 0% | up to 0.4% | 0% | 0.05% | February 26, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** In contrast with Article 1 of the general section the ID share class is not exclusively offered in the form of registered shares.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest ESG Global Corporate Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accord- ance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Global Corporate Bonds is to achieve a return above that of the benchmark, Barclays
Capital Global Aggregate Credit hedged (EUR), for the sub-fund.
At least 80% of the sub-fund’s assets shall be invested globally in interest-bearing debt securi- ties denominated in euro or hedged against the euro that have an investment grade status at the time of the acquisition.
Up to 20% of the sub-fund’s assets may be invested in interest-bearing debt securities denominated in euro or hedged against the euro that do not meet the above-mentioned criteria as well as money market instruments and cash.
The sub-fund’s investments in covered bonds shall be limited to 40% of the sub-fund’s net asset value, asset-backed securities shall be limited to 20% of the sub-fund’s net asset value. At least 50% of the sub-fund’s assets shall be invested globally in corporate bonds.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may, amongst others, also be implemented through the use of the following derivative financial instruments: Bond index future contracts, FX- forwards, currency option futures, interest rate swaps, total return swaps, forward starting
interest rate swaps, interest rate options, single name and index credit default swaps.
The sub-fund’s investments in contingent convert- ibles shall be limited to 10% of the sub-fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e.
a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Business areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment. Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and
coal-based power generation.
Issuers are evaluated according to the share
of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.bloomberg.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
In addition, the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus, includ- ing the assets mentioned in Article 2 A. (j).
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on
how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are expected to be components of the benchmark and the portfolio is expected to have a similar weighting to the benchmark. The sub- fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate to a limited extent (e.g., by a positioning outside of the benchmark as well as underweighting or overweighting) and the actual degree of freedom is typically relatively low. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Specific risks
The sub-fund deliberately purchases the securi- ties of issuers whose credit standing is consid- ered by the market to be relatively good but not first rate (investment grade bonds). The opportu- nities resulting from the higher rates of interest in comparison to government bonds are thus countered by corresponding risks. Despite careful examination of the economic conditions and the financial condition and earnings capacity of issuers, the risk of a total loss of the value of individual securities purchased for the sub-fund cannot be ruled out completely.
The opportunities afforded by an investment of this type are therefore countered by significant risks.
Additional information
When using total return swaps to implement the investment strategy as described above, the following shall be noted:
The proportion of the sub-fund’s net assets subject to total return swaps, expressed as the sum of notionals of the total return swaps divided by the sub-fund’s net asset value, is expected to reach up to 50%, but depending on the respective market conditions, with the objective of efficient portfolio management and in the interest of the investors, it may reach up to 100%. The calculation is performed in line with the guidelines CESR/10- 788. However, the disclosed expected level of leverage is not intended to be an additional expo- sure limit for the sub-fund.
Additional information on total return swaps may be found in the general section of the Sales Prospectus, amongst others, in the section “Efficient portfolio management tech- niques”. The selection of counterparties to any total return swap is subject to the principles as described in the section “Choice of counter- party” of the Sales Prospectus. Further infor- mation on the counterparties is disclosed in the annual report. For special risk consider- ations linked to total return swaps, investors should refer to the section “General Risk Warn- ings”, and in particular the section “Risks con- nected to derivative transactions” of the Sales Prospectus.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Contrary to the provision of the general section of the Sales Prospectus, because of the invest- ment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub- fund assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Global Emerging Markets Equities
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI EM (Emerging Markets) |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg that is also an exchange trading day on the Hong Kong Stock Exchange. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | May 29, 2019 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | May 29, 2019 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | May 29, 2019 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | May 29, 2019 |
| MFC | EUR | 0% | up to 0.4% | 0% | 0.01% | August 17, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest ESG Global Emerging Markets Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accord- ance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Global Emerging Markets Equities is to achieve an above average return.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 70% of the sub-fund’s assets are invested in equities of companies registered in
Emerging Markets countries or companies that conduct their principal business activity in Emerging Markets countries or which, as holding companies, hold primarily interest in companies registered in Emerging Markets countries. The securities issued by these companies may be listed on Chinese (including the Shenzhen-Hong Kong and Shanghai-Hong Kong Stock Connect) or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Economic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.
At least 60% of the sub-fund`s assets are invested in equities.
A company is viewed as having its principal business activity in emerging-market coun- tries if a significant part of its earnings or revenues is generated there.
Emerging markets are countries listed in the MSCI Emerging Markets Index or listed in the Standard & Poor’s Emerging Markets Database (EMDB). Further, countries, which are listed as low or middle income (including both lower middle and higher middle income) by the World Bank, will be considered as Emerging Markets even if such countries are neither listed in the MSCI Emerging Markets Index nor in the EMDB but must not be included in the MSCI World Index.
At present, the emerging countries most significant for the sub-fund are mostly, but not exclusively, located in Asia, Eastern Europe and South America and include, among oth- ers, Brazil, China, India, Indonesia, Korea, Malaysia, Mexico, Russia, South Africa, Taiwan, Thailand and Turkey.
If investments are effected in countries that do not yet possess a regulated market, these
securities shall be considered as unlisted financial instruments.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may use derivative techniques to achieve the investment objective and implement the investment strat- egy, including in particular – but not limited
to – forwards, futures, single-stock futures, options or equity swaps.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges and markets issued by international financial institutions or to the extent permitted by the Grand-Ducal Regulation of February 8, 2008 and Article 41 (1) of the Law of 2010. In case that a derivative is embedded into the depository receipt, such derivative complies with the provi- sions as set out in Article 41 (1) of the Law of 2010 and Articles 2 and 10 of the Grand-Ducal
Regulation of February 8, 2008.
The sub-fund may invest more than 10% of the sub-fund’s assets in securities that are traded on the Moscow Exchange (MICEX-RTS).
A maximum of 30% of the sub-fund’s assets may be invested in equities, stock certificates, participation and dividend right certificates, convertible bonds and equity warrants of issuers that do not fulfill the requirements of the preced- ing paragraphs.
Up to 30% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances. Notwithstanding the investment limit of 10% specified in Article 2
B. (i) concerning investments in shares of UCITS and/or other UCI as defined in A. (e), an invest- ment limit of 5% shall apply to this sub-fund.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
The following investment restriction applies to the sub-fund due to a possible registration in Korea:
The sub-fund must invest more than 70% of the net assets in non-Korean Won-denominated assets.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e.
a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 60% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Specific risks
The exchanges and markets of emerging-market countries are subject to substantial fluctuations. The opportunities afforded by an investment are therefore countered by substantial risks. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limitations on foreign capital investments and capital repatria- tion etc. can also affect investment performance.
Detailed information concerning custody and registration risks in Russia is provided in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Healthy Living
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI World Healthcare |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | September 30, 2021 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | September 30, 2021 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | September 30, 2021 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | September 30, 2021 |
| XC | EUR | 0% | up to 0.35% | 0% | 0.05% | September 30, 2021 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | October 15, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG Healthy Living, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Healthy Living is to achieve long term capital appreciation by investing at least 80% of net assets in equity securities of companies in the health care and consumer health sectors.
The sub-fund’s objective is to invest in the whole healthcare continuum ranging widely from prevention through promotion of physical and mental well-being to treatment of chronic diseases. To be considered part of the health care or consumer health sector, companies
must generate a part of their revenues from that sector. Industries in the health care sector include pharmaceuticals, biotechnology, medical technology, medical equipment and supplies, health care services and technology as well as managed care and life sciences tools. Life Science Tools companies are suppliers of prod- ucts and solutions for biopharma research and manufacturing applications, e.g. cell analysis, sample preparation and separation instrumenta- tions, reagents, cell culture media, bioreactors, next generation DNA sequencing applications etc. Portfolio management considers consumer health care sector companies to include com- panies that provide products or services that promote or aid in achieving a healthy lifestyle (for example, healthy food and nutrition com- panies, athletic apparel and gym operators).
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 70% of the sub-fund’s assets are invested in equities of all market capitalizations, stock
certificates, participation and dividend right certi- ficates, convertible bonds and equity warrants issued by international companies.
Up to 30% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets speci- fied in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.
At least 60% of the sub-fund’s net assets are invested in assets from issuers that comply with
defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international stand- ards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and
business ethics. Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure
(i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of derivatives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries.
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net asset value of the sub-fund may be invested in derivatives that constitute long posi- tions and do not have corresponding coverage.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest- ments in shares of other UCITS and/or other UCIs as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 60% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly speci- fied otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG NextGen Consumer
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (Risk benchmark) | MSCI All Countries World TR net Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | November 30, 2021 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | November 30, 2021 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | November 30, 2021 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | November 30, 2021 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | November 30, 2021 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | November 30, 2021 |
| XC | EUR | 0% | up to 0.35% | 0% | 0.05% | November 30, 2021 |
| XD | EUR | 0% | up to 0.35% | 0% | 0.05% | November 30, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG NextGen Consumer, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.
Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation
(EU) 2019/2088 on sustainability-related disclo- sures in the financial services sector.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The main investment objective of the sub-fund DWS Invest ESG NextGen Consumer is to achieve a long-term sustained capital apprecia- tion in Euros.
The sub-fund may acquire equities, interest- bearing securities, convertible bonds, war-
rant-linked bonds whose underlying warrants are for securities, equity warrants and participation certificates. In addition, the sub-fund’s assets may be invested in index certificates on recog- nized equity indices. When using financial indi- ces, legal provisions apply as set out in Arti-
cle 44 (1) of the Law of 2010, and Article 9 of the
Grand-Ducal Regulation of February 8, 2008.
At least 70% of the sub-fund’s total assets are invested in equities of companies, which benefit from a shift in consumption patterns driven by millennials and subsequent (next) generations. Generation shifts are occurring at a fast pace and the world will soon experience the rise of Gener- ation Z (born between 1995 and 2009), which represents the largest consumer base through to
2030. Generation Z will shape the ways busi- nesses create and market their products tomor- row. Brands that can accomplish Gen Z’s expec- tations for authenticity, technology and social equality will capitalize on this growingly influen- tial consumer segment. The sub-fund focuses on affected sectors like food, luxury, consumer goods, financials & financial services, IT, Commu- nication services, mobility, energy, healthcare, education.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges and markets issued by international financial institutions or, to the extent permitted by the Grand Ducal Regulation of February 8, 2008 and Article 41 (1) of the Law of 2010. In case that a
derivative is embedded into the depository receipt, such derivative complies with the provi- sions as set out in Article 41 (1) of the Law of 2010 and Articles 2 and 10 of the Grand-Ducal
Regulation of February 8, 2008.
A total of up to 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in
- equities and/or securities similar to equities issued by companies worldwide that do not meet the requirements as mentioned above.
- interest-bearing securities, as well as con- vertible bonds and warrant-linked bonds issued by companies in the global infrastruc- ture sector or by issuers in accordance with
	- above and which are denominated in any freely convertible currency.


The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
The sub-fund will not invest in ABS or MBS securities.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one cate- gory is not considered eligible, the portfolio management is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter
score is considered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e.
a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
In addition, the sub-fund may invest in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.
In compliance with Article 2 of the general section of the Sales Prospectus, the investment policy can also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forward contracts, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument.
In particular, derivatives based on equities, bonds, currencies or recognized financial indices may also be acquired.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or
- are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporateincome tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly speci- fied otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Next Generation Infrastructure
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager RREEF America LLC, 222 S. Riverside Plaza, Floor 24, Chicago, IL 60606, United States of America |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | 70% MSCI World Infrastructure Index; 30% FTSE EPRA/NAREIT Developed Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | May 15, 2020 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | May 15, 2020 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | May 15, 2020 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | May 15, 2020 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | May 15, 2020 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | May 15, 2020 |
| USD XC | USD | 0% | up to 0.375% | 0% | 0.05% | May 15, 2020 |
| USD XD | USD | 0% | up to 0.375% | 0% | 0.05% | May 15, 2020 |
| XC | EUR | 0% | up to 0.375% | 0% | 0.05% | May 15, 2020 |
| XD | EUR | 0% | up to 0.375% | 0% | 0.05% | May 15, 2020 |
| NC | EUR | up to 3% | up to 2% | 0% | 0.05% | January 29, 2021 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | January 29, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG Next Generation Infrastructure, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accord- ance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The main investment objective of the sub-fund DWS Invest ESG Next Generation Infrastructure is
to achieve a long-term sustained capital apprecia- tion in Euros. Next Generation Infrastructure is a body of key architectural changes in infrastructure
e.g. in telecommunication, IT and utility. It´s more focused on changing consumption patterns and demand from new consumers and it takes care on the evolution in infrastructure towards “smart” solutions based on technological progress (smart cities, smart homes, smart buildings etc.).
The sub-fund is actively managed and is not managed in reference to a benchmark.
The sub-fund invests primarily in the equities of listed companies that own, develop or manage
real estate, provided that these equities are considered to be transferable securities as defined by Article 41 (1) of the Law of 2010, as well as in equities and other instruments of issuers of the “Global Infrastructure” sector.
The sub-fund may acquire equities, interest- bearing securities, convertible bonds, warrant- linked bonds whose underlying warrants are for securities, equity warrants and participation certificates. In addition, the sub-fund’s assets may be invested in index certificates on recog- nized equity indices. When using financial indices, legal provisions apply as set out in Article 44 (1) of the Law of 2010, and Article 9
of the Grand-Ducal Regulation of February 8, 2008.
At least 70% of the sub-fund’s total assets are invested in:
- equities of real estate companies, real estate investment companies including closed ended real estate investment trusts (REITs) of any legal form,
- securities similar to equities, such as partici- pation and dividend-right certificates of companies according to (a) above,
- derivative financial instruments whose under- lying instruments directly or indirectly (i.e., via equity indices) constitute investments according to (a), and
- equities, other equity securities and uncertifi- cated equity instruments of issuers of the “Global Infrastructure” sector.

Global infrastructure includes
- Transport (roads, airports, seaports, rail)
- Energy (gas and electricity transmission, distribution and generation)
- Water (irrigation, potable water, waste treatment)
- Communications (broadcast/mobile towers, satellites, fiber and copper cables)Where liquid assets cover obligations arising from derivative financial instruments according to
- above, such liquid assets are attributed to the relevant 70%. Investments according to (a) and(b) herein must not include open-ended real estate investment funds deemed to be collective investment undertakings under Luxembourg law.

Infrastructure companies according to (d) provide an essential product or service to a segment of the population at a given time and cost, and often retain these characteristics for an extended period of time. The strategic competitive advantage of infrastructure assets is often protected by high barriers to entry of alternative suppliers. These high barriers to entry can take various forms, including:
- requirements imposed by legislation and/or regulation;
- natural barriers like planning or environmental restrictions, or availability of land;
- high costs of new development, such as the cost to build roads;
- long-term exclusive concessions and cus- tomer contracts;
- efficiencies provided by economies of scale such as reductions in marketing or other services.

These high barriers to entry have the effect of protecting the cash flows generated by these infrastructure assets, because services provided such as parking, roads, and communications towers can generally only be delivered by rela- tively large and costly physical assets in close proximity to customers. This is a critical distinc- tion between infrastructure and other industries.
A total of up to 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in
- equities and/or securities similar to equities issued by companies worldwide that do not meet the requirements of (a), (b) and (d) above;
- interest-bearing securities, as well as con- vertible bonds and warrant-linked bonds issued by companies in the global infrastruc- ture sector or by issuers in accordance with(a) above and which are denominated in any freely convertible currency.

The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
The sub-fund will not invest in ABS or MBS securities.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or
distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
In addition, the sub-fund may invest in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.
In compliance with Article 2 of the general section of the Sales Prospectus, the investment policy can also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forward contracts,
futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of finan- cial instrument.
In particular, derivatives based on equities, bonds, currencies or recognized financial indices may also be acquired.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German
Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Specific risks
The sub-fund’s performance will largely be determined by the following factors, which give rise to both upside and downside potential:
- the performance of international equity markets;
- company and sector specific developments;
- exchange-rate movements of non-euro currencies against the euro.

The sub-fund may focus its investments on different sub-sectors, countries and market segments for a certain time period on a variable basis. In addition, the sub-fund could use deriva- tives. These investments could also lead to further performance and risks.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Qi LowVol World
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS International GmbH, Mainzer Landstr. 11–17, 60329 Frankfurt/Main, Germany |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI World TR Net (MSDEWIN Index) |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg, Frankfurt/Main and Cologne |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | July 31, 2015 |
| FC EB | EUR | 0% | up to 0.375% | 0% | 0.05% | July 31, 2015 |
| FCH (P) EB | EUR | 0% | up to 0.375% | 0% | 0.05% | July 31, 2015 |
| LC | EUR | up to 5% | up to 1.25% | 0% | 0.05% | July 31, 2015 |
| LD | EUR | up to 5% | up to 1.25% | 0% | 0.05% | July 31, 2015 |
| ND | EUR | up to 3% | up to 1.75% | 0.2% | 0.05% | July 31, 2015 |
| USD LC | USD | up to 5% | up to 1.25% | 0% | 0.05% | July 31, 2015 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | January 29, 2016 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG Qi LowVol World, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Qi LowVol World is to achieve a sustainable capital appreciation.
The sub-fund is actively managed and is not managed in reference to a benchmark.
“Qi” relates to the stock selection, which is based on a proprietary quantitative investment approach managed by the quantitative invest- ments (Qi) group. Investment decisions are the result of a trade-off between investment oppor- tunities that are identified by analysing funda- mental and technical data and risk as well as cost considerations.
At least 60% of the sub-fund’s assets are invested globally in equities. In the portfolio construction the sub-fund management is focus- ing on constructing an equity portfolio that is expected to have lower volatility in comparison to the broad equity market.
Convertible bonds and warrant-linked bonds do not constitute interest-bearing securities in this respect.
Up to 40% of the assets of the sub-fund may be invested in money market instruments, term deposits and cash respectively.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified
in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the
International Labour Organization, and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of
“D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies
can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this paragraph, “member state of the European Union” shall include the United Kingdom until December 31, 2020.
For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the
disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Top Euroland
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | Euro Stoxx 50, administered by STOXX Ldt. |
| Reference portfolio (risk benchmark) | Euro Stoxx 50 |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance Value date Fractional shares | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date. In a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | June 3, 2002 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | June 3, 2002 |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | June 3, 2002 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | June 3, 2002 |
| USD LCH | USD | up to 5% | up to 1.5% | 0% | 0.05% | November 29, 2013 |
| GBP D RD | GBP | 0% | up to 0.75% | 0% | 0.05% | December 6, 2013 |
| IC | EUR | 0% | up to 0.5% | 0% | 0.01% | April 25, 2014 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | May 26, 2014 |
| SGD LCH (P) | SGD | up to 5% | up to 1.5% | 0% | 0.05% | June 16, 2014 |
| USD FCH | USD | 0% | up to 0.75% | 0% | 0.05% | August 14, 2014 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | September 1, 2014 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG Top Euroland, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accord- ance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Top Euroland is to achieve an above average return. At least 75% of the sub-fund’s assets are invested in equities of issuers having their headquarters in a member state of the European Economic and Monetary Union (EMU).
The sub-fund focuses on companies with a higher market capitalization. Additionally, the fund-manager aims to run a concentrated port- folio, e.g. 40–60 different stocks. Depending on the market situation it is possible to deviate from the mentioned diversification target.
A maximum of 25% of the sub-fund’s assets may be invested in equities of issuers that do not meet the above-mentioned criteria.
Up to 25% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of derivatives, the following investment restrictions shall apply with regard to the investment restrictions cur- rently applicable in individual distribution countries:
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub- fund may be invested in derivatives that consti- tute long positions and do not have correspond- ing coverage.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets as speci- fied in Article 2 of the general section of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to
environmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not consid- ered eligible, the portfolio management is prohib- ited to invest in that issuer, even if it is eligible according to other categories. For exclusion pur- poses, each letter score is considered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization, and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.qontigo.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies
can be found on our website www.dws.com/ solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (deter- mined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are sub- ject to corporate income tax of at least 15% and are not exempt from it or if their distribu- tions are subject to tax of at least 15% and the sub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distribu- tions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corpora- tions, that are (i) real estate companies or(ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are(i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with invest- ments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its
benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims
to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### PEA-compatibility
The sub-fund is eligible to the PEA (Plan d’Epargne en Actions), a fiscal advantage for French subscribers.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest ESG Women for Women
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI AC World Index (Total return net) |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

The Board of Directors of the Investment Company may at any time elect to launch new share classes in accordance with the share class features as specified in the general section of the Sales Prospectus. The Sales Prospectus will be updated accordingly.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest ESG Women for Women, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest ESG Women for Women is to achieve an above average appreciation of capital in Euros.
The sub-fund may acquire equities, stock certifi- cates, participation and dividend right certifi- cates, convertible bonds and equity warrants.
The sub-fund has as its objective to create a positive social impact by investing in companies with a strong focus on diversity and equality combined with sustainable business practices, while at the same time aiming to provide long term capital growth. The sub-fund is managed by female portfolio managers who will analyze the market from their female perspective. Gender is a substantial part of the diversity evaluation as women account for the half of the world popula- tion, but e.g. women are still under-represented in executive roles and in boards of the most listed companies. The sub-fund management seeks to attain its sustainable objective by focusing on the social score of a company. The social score
considers percentage of women in executive roles, flexible workplace environment, dependent care, the existence of a non-discrimination policy and compliancy with SDG 05 UN (Sustainable Development Goals 5 United Nations). SDG 5 UN aim to achieve gender equality and empower all women and girls. Metrics incorporated into the factor along others are programs for workforce diversity, percentage of women on board of directors, controversies in labour or customer relation towards gender discrimination or harass- ment, child or forced labour or labour discrimina- tion including supply chain, customer discrimina- tion on the basis of disabilities.
The sub-fund does not only cover (gender) diversity topics but is building a scoring model that also covers general social topics. The
sub-fund is investing into companies with a strong momentum and improvement in driving the general diversity within the company (Rate of Change) and companies which are already diversity leaders within their industries (Best in Class). The companies should furthermore provide a sustainable business model, strong fundamentals and long-term structural growth.
Diversity leaders (Best In Class and Rate of Change) are companies that consciously recog- nize and promote diversity across all employee levels by providing equal opportunities for all employees regardless their age, culture, ethical background, religion, sex/gender and color.
The sub-fund integrates ESG (i.e. Environmental, Social and corporate Governance) characteristics in the investment process strategy. The sub-fund will take exposure of at least two-thirds of its total assets to equities of companies all over the world, which includes companies incorporated or having the major part of their business activities in mature economies (developed markets) as well as in developing economies (emerging markets) and exhibiting a high degree of diversity and equality based on Best in Class or Rate of Change.
At least 75% of the sub-fund’s assets are invested in equities of all market capitalizations, stock certificates, participation and dividend right certificates, convertible bonds and equity war- rants issued by foreign and domestic companies.
Up to 25% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges and markets issued by international financial institutions or, to the extent permitted by the Grand Ducal Regulation of February 8, 2008 and Article 41 (1) of the Law of 2010. In case that a derivative is embedded into the depository receipt, such derivative complies with the provi- sions as set out in Article 41 (1) of the Law of 2010 and Articles 2 and 10 of the Grand-Ducal
Regulation of February 8, 2008.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of derivatives, the following investment restrictions shall apply with regard to the investment restrictions cur- rently applicable in individual distribution countries:
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub- fund may be invested in derivatives that consti- tute long positions and do not have correspond- ing coverage.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures,
such as an issuer’s future expected ESG devel
- 
opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not consid- ered eligible, the portfolio management is prohib- ited to invest in that issuer, even if it is eligible according to other categories. For exclusion
purposes, each letter score is considered individu- ally and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment. As regards the involvement in coal mining and
coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest- ments in shares of other UCITS and/or other UCIs as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 60% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and the sub- fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Euro Corporate Bonds
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | iBoxx EUR Corporates, administered by IHS Markit Benchmark Administration Limited |
| Reference portfolio (risk benchmark) | iBoxx EUR Corporates |
| Leverage effect | 5 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 3% | up to 0.9% | 0% | 0.05% | May 21, 2007 |
| NC | EUR | up to 1.5% | up to 1.2% | 0.1% | 0.05% | May 21, 2007 |
| FC | EUR | 0% | up to 0.6% | 0% | 0.05% | May 21, 2007 |
| LD | EUR | up to 3% | up to 0.9% | 0% | 0.05% | October 30, 2009 |
| PFC | EUR | 0% | up to 0.6% | 0% | 0.05% | May 26, 2014 |
| PFDQ | EUR | 0% | up to 0.6% | 0% | 0.05% | May 26, 2014 |
| IC | EUR | 0% | up to 0.4% | 0% | 0.01% | July 1, 2014 |
| GBP CH RD | GBP | 0% | up to 0.6% | 0% | 0.05% | December 1, 2015 |
| SEK LCH | SEK | up to 3% | up to 0.9% | 0% | 0.05% | December 1, 2015 |
| IC100 | EUR | 0% | up to 0.2% | 0% | 0.01% | September 30, 2016 |
| CHF FCH | CHF | 0% | up to 0.6% | 0% | 0.05% | October 31, 2016 |
| USD FCH | USD | 0% | up to 0.6% | 0% | 0.05% | October 31, 2016 |
| NDQ | EUR | up to 1.5% | up to 1.2% | 0.1% | 0.05% | April 28, 2017 |
| ID100 | EUR | 0% | up to 0.2% | 0% | 0.01% | July 14, 2017 |
| TFC | EUR | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.6% | 0% | 0.05% | December 5, 2017 |
| FC10 | EUR | 0% | up to 0.4% | 0% | 0.05% | July 16, 2018 |

| Dilution adjustment (payable by the shareholder)** | PFC and PFDQ: A dilution adjustment of up to 3% based on the gross redemption amount may be charged. Please see the general section for further explanation. |
| --- | --- |
| Placement fee (payable from the sub-fund’s assets) | PFC and PFDQ: Up to 3% for the benefit of the distributor. Please see the general section for further explanation. |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest Euro Corporate Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Euro Corporate Bonds is to generate an above-average return for the sub-fund.
The majority of the sub-fund’s securities or their issuers are expected to be components of the benchmark. The sub-fund management will use its discretion to invest in e.g. securities, sectors, ratings that are not included in the benchmark in order to take advantage of specific investment opportunities. The strategy offers investors access to the EUR Corporate Bond market. In regard to the benchmark the sub-fund positioning can deviate substantially (e.g. by off-benchmark positioning or significant under- and overweights). Due to the before mentioned characteristic of the sub-fund strategy the deviation of the portfolio from the benchmark is typically relatively high.
Despite the fact that the sub-fund aims to outper- form the benchmark, the potential outperform- ance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.
The sub-fund may acquire euro-denominated fixed and/or variable interest-bearing securities, convert- ible bonds and warrant-linked bonds, participation and dividend-right certificates, equities and equity warrants. At least 70% of the sub-fund’s assets are invested in corporate bonds denominated in Euros that offer returns higher than those of comparable government bonds; investments are deliberately focused almost exclusively on issuers whose credit standing is considered by the market to be relatively good but not first-rate (investment- grade bonds). The Investment Company will only purchase those securities for the sub-fund for which, after appropriate analysis, it can assume that the interest and repayment obligations will be fulfilled. Nevertheless, the risk of a total loss of the value of individual securities purchased for the sub-fund cannot be ruled out completely. In order to take account of the remaining risks, care shall be taken to spread investments among issuers.
If a potential increase in value is expected on the basis of rating changes, the fund’s assets may also include high-yield bonds, but only to a very limited extent.
The sub-fund may also conclude credit default swaps. Their use need not be limited to hedging the fund’s assets; they may also be part of the investment strategy.
No more than 25% of the sub-fund’s assets may be invested in convertible bonds and warrant-linked bonds; no more than 10% may be invested in participation and dividend-right certificates, equities and equity warrants.
The sub-fund’s investments in asset backed securities and mortgage backed securities shall be limited to 20% of the sub-fund’s net asset value.
In compliance with the investment limits specified in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable deriva- tive financial instruments. These derivative finan- cial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con- tracts, as well as privately negotiated OTC con- tracts on any type of financial instrument, includ- ing swaps, forward-starting swaps, inflation swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
The sub-fund may use, particularly in accordance with the investment limits stated in Article 2 B. of the Sales Prospectus – general section, deriva- tives to optimize the investment objective.
The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Euro Corporate Bonds. The performance of the sub-fund is therefore besides other factors depending on the respec- tive proportion of derivatives, e.g. swaps in the sub-fund’s total assets.
To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as swaps, will be entered with at least BBB3 (Moody’s) /BBB- (S&P, Fitch) rated financial institutions specializing in such trans- actions. Such OTC-agreements are standardized agreements.
In conjunction with the OTC transactions, it is important to note the associated counterparty risk. The sub-fund’s counterparty risk resulting from the use of portfolio total return swaps will be fully collateralized. The use of swaps may furthermore entail specific risks that are explained in the general risk warnings.
The sub-fund can be invested in total or in parts in one or several OTC-transactions negotiated with a counterparty under customary market conditions. Therefore, the sub-fund can be invested in total or in parts in one or several transactions.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies
regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.ihsmarkit.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG
related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund’s investments in contingent convertibles shall be limited to 10% of the sub-fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
Furthermore, the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus, includ- ing the assets mentioned in Article 2 A. (j).
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to
outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Specific risks
The sub-fund deliberately purchases the securi- ties of issuers whose credit standing is consid- ered by the market to be relatively good but not first rate (investment grade bonds). The opportu- nities resulting from the higher rates of interest in comparison to government bonds are thus countered by corresponding risks. Despite careful examination of the economic conditions and the financial condition and earnings capacity of issuers, the risk of a total loss of the value of individual securities purchased for the sub-fund cannot be ruled out completely.
The opportunities afforded by an investment of this type are therefore countered by significant risks.
Additional information
When using total return swaps to implement the investment strategy as described above, the following shall be noted:
The proportion of the sub-fund’s net assets subject to total return swaps, expressed as the sum of notionals of the total return swaps divided by the sub-fund’s net asset value, is expected to reach up to 50%, but depending on the respective market conditions, with the objective of efficient portfolio management and in the interest of the investors, it may reach up to 100%. The calculation is performed in line with the guidelines CESR/10-788. However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.
Additional information on total return swaps may be found in the general section of the Sales Prospectus, amongst others, in the section “Efficient portfolio management techniques”.
The selection of counterparties to any total return swap is subject to the principles as described in the section “Choice of counter- party” of the Sales Prospectus. Further informa- tion on the counterparties is disclosed in the annual report. For special risk considerations linked to total return swaps, investors should refer to the section “General Risk Warnings”, and in particular the section “Risks connected to derivative transactions” of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Contrary to the provision of the general section of the Sales Prospectus, because of the invest- ment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub- fund assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Euro High Yield Corporates
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | Bank of America Merrill Lynch Euro BB-B Non-Financial Fixed & FRN HY Constrained, administered by Merrill Lynch International. |
| Reference portfolio (risk benchmark) | Bank of America Merrill Lynch Euro BB-B Non-Financial Fixed & FRN HY Constrained |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.65% | 0% | 0.05% | July 30, 2012 |
| LC | EUR | up to 3% | up to 1.1% | 0% | 0.05% | July 30, 2012 |
| LD | EUR | up to 3% | up to 1.1% | 0% | 0.05% | July 30, 2012 |
| NC | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | December 3, 2012 |
| FD | EUR | 0% | up to 0.65% | 0% | 0.05% | April 8, 2013 |
| ND | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | January 31, 2014 |
| PFC | EUR | 0% | up to 0.8% | 0% | 0.05% | May 26, 2014 |
| PFDQ | EUR | 0% | up to 0.8% | 0% | 0.05% | May 26, 2014 |
| USD LCH | USD | up to 3% | up to 1.1% | 0% | 0.05% | July 21, 2014 |
| USD FCH | USD | 0% | up to 0.65% | 0% | 0.05% | July 21, 2014 |
| SEK LCH | SEK | up to 3% | up to 1.1% | 0% | 0.05% | December 1, 2015 |
| USD LDMH | USD | up to 3% | up to 1.1% | 0% | 0.05% | February 16, 2015 |
| CHF FCH | CHF | 0% | up to 0.65% | 0% | 0.05% | June 15, 2016 |
| ID50 | EUR | 0% | up to 0.35% | 0% | 0.01% | July 15, 2016 |
| IC50 | EUR | 0% | up to 0.35% | 0% | 0.01% | October 31, 2016 |
| NDQ | EUR | up to 1.5% | up to 1.4% | 0.1% | 0.05% | April 28, 2017 |
| IC | EUR | 0% | up to 0.45% | 0% | 0.01% | April 28, 2017 |
| TFC | EUR | 0% | up to 0.65% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.65% | 0% | 0.05% | December 5, 2017 |
| USD TFCH | USD | 0% | up to 0.65% | 0% | 0.05% | December 5, 2017 |
| RDQ | EUR | 0% | up to 0.2% | 0% | 0.01% | April 30, 2018 |
| ID | EUR | 0% | up to 0.45% | 0% | 0.01% | October 15, 2019 |
| CHF ICH50 | CHF | 0% | up to 0.35% | 0% | 0.01% | July 31, 2020 |
| PFD | EUR | 0% | up to 0.8% | 0% | 0.05% | February 15, 2021 |
| CHF TFCH | CHF | 0% | up to 0.65% | 0% | 0.05% | July 30, 2021 |

| Dilution adjustment (payable by the shareholder)** | PFC and PFDQ: A dilution adjustment of up to 3% based on the gross redemption amount may be charged. Please see the general section for further explanation. |
| --- | --- |
| Placement fee (payable from the sub-fund’s assets) | PFC and PFDQ: Up to 3% for the benefit of the distributor. Please see the general section for further explanation. |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest Euro High Yield Corporates, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Euro High Yield Corporates is to generate an above-average return for the sub-fund.
At least 70% of the sub-fund’s assets are invested globally in corporate bonds that offer a non-investment grade status at the time of acquisition. Non-investment grade encompasses BB+ and below rated bonds, including bonds with D rating and non-rated bonds. In case of a split rating involving three rating agencies, the second best will prevail. If a security is rated by only two agencies, the lower of the two ratings will be used for the rating classification. If a security only has one rating, the single rating will be used. If there is no official rating, an internal rating will be applied in accordance with DWS internal guidelines.
Up to 30% of the sub-fund’s assets may be invested in corporate bonds that do not meet the above-mentioned criteria.
The sub-fund manager aims to hedge any currency risk versus the euro in the portfolio.
In the due course of a re-structuring of fixed income instruments held by the sub-fund, the sub-fund manager may also invest up to a maxi- mum of 10% of the sub-fund’s assets into listed or non-listed equities. Furthermore, the sub-fund manager may also participate in capital increases or other corporate actions (e.g. for convertible bonds or warrant linked bonds) that are part of a re-structuring or take place after a re-structuring.
In compliance with the investment limits specified in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable
derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, infla- tion swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
A maximum of 20% of the sub-fund´s assets may be invested in securities such as A-Shares, B-Shares, bonds and other securities listed and traded in Mainland China.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one cate- gory is not considered eligible, the portfolio management is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter
score is considered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear
energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.theice.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets.
In extreme market situations, the Portfolio Manager may diverge from the above investment strategy to avoid a liquidity squeeze. Up to 100% of the sub-fund’s assets may temporarily be invested in interest-bearing debt securities and money market instruments permissible under Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009, on the coordination of laws, regulations and administra- tive provisions relating to undertakings for collec- tive investment in transferable securities (UCITS).
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.
Additional information
When using total return swaps to implement the investment strategy as described above, the following shall be noted:
The proportion of the sub-fund’s net assets subject to total return swaps, expressed as the sum of notionals of the total return swaps divided by the sub-fund’s net asset value, is expected to reach up to 50%, but depending on the respective market conditions, with the objective of efficient portfolio management and in the interest of the investors, it may reach up to 100%. The calculation is performed in line with the guidelines CESR/10-788. However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.
Additional information on total return swaps may be found in the general section of the Sales Prospectus, amongst others, in the section “Efficient portfolio management techniques”.
The selection of counterparties to any total return swap is subject to the principles as described in the section “Choice of counter- party” of the Sales Prospectus. Further infor- mation on the counterparties is disclosed in the annual report. For special risk considerations linked to total return swaps, investors should refer to the section “General Risk Warnings”, and in particular the section “Risks connected to derivative transactions” of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims
to outperform the return of the benchmark, the potential outperformance might be limited
depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest European Equity High Conviction
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | MSCI EUROPE in EUR, administered by MSCI Limited |
| Reference portfolio (risk benchmark) | MSCI EUROPE in EUR |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | June 3, 2002 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | June 3, 2002 |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | June 3, 2002 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | June 3, 2002 |
| USD LC | USD | up to 5% | up to 1.5% | 0% | 0.05% | November 20, 2006 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest European Equity High Conviction, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest European Equity High Conviction is to achieve an appreciation as high as possible of capital invested in Euros. The sub-fund may acquire equities, interest-bearing securities, convertible bonds and warrant-linked bonds, participation and dividend-right certificates, equity warrants and index certificates. At least
75% of the sub-fund’s assets are invested in equities of issuers having their headquarters in a member state of the EU, the United Kingdom, in Norway and/or in Iceland.
The term „High Conviction” refers to the sub- fund concept. High Conviction implies that – based on the investment decision of the portfolio management – single stocks are implemented with greater weightings and less diversification than a benchmark oriented product. “Conviction” means that single equity positions might have significant weightings, exceeding 5%. The conviction should be expressed by clearly deviating from the benchmark with single stock weightings, if a stock is regarded as attractive.
As a consequence, the portfolio will have less positions and diversification. Although there are no limitations regarding country or sector weight- ings, it can be expected that due to the convic- tion approach certain sectors or regions might
have no or low weightings, if more attractive stocks from other sectors/regions have been identified.
Company-specific characteristics are emphasized in the selection of stocks (bottom-up approach). The focus is on companies that have a good market position, future-oriented products and competent management. Furthermore, the com- panies should concentrate on their strengths, aim for a yield-oriented use of resources and sustain- able, above-average profit growth. In addition to these criteria, the companies should have share- holder-centered information policies, including detailed accounting and regular communication with investors. Accordingly, equities of companies shall be acquired that are expected to achieve results and/or share prices that are above average compared to the broad market.
Up to 25% of the sub fund’s assets may be invested in interest-bearing securities. Convert- ible bonds and warrant-linked bonds do not constitute interest-bearing securities for the purposes of this sub-fund’s investment policy.
Up to 25% of the sub fund’s assets may be invested in money market instruments and bank balances.
Up to 10% of the sub fund’s assets may be invested in units of other funds (investment fund units). The proportion of fund units exceeding 5% of the sub fund’s assets may consist only of money market fund units.
A maximum of 20% of the sub-fund´s assets may be invested in securities such as A-Shares, B-Shares, bonds and other securities listed and traded in Mainland China.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.msci.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or theirinvestment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of
benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest German Equities
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | CDAX (RI), administered by STOXX Ltd. |
| Reference portfolio (risk benchmark) | CDAX (RI) |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt/Main |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | August 20, 2012 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | August 20, 2012 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | August 20, 2012 |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | August 20, 2012 |
| USD LC | USD | up to 5% | up to 1.5% | 0% | 0.05% | February 11, 2013 |
| USD LCH | USD | up to 5% | up to 1.5% | 0% | 0.05% | August 5, 2013 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | May 26, 2014 |
| USD FCH | USD | 0% | up to 0.75% | 0% | 0.05% | April 30, 2015 |
| GBP CH RD | GBP | 0% | up to 0.75% | 0% | 0.05% | December 1, 2015 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest German Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest German Equities is to achieve an above average return.
At least 75% of the sub-fund’s assets are invested in equities, investment certificates, equity warrants, equity-linked warrants and subscription rights of German issuers. German issuers are defined as companies headquartered in Germany.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and techniques for hedging purposes and in order to achieve the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.
A maximum of 25% of the sub-fund’s assets may be invested in instruments that do not fulfill the requirements of the preceding paragraph and in all other permissible assets specified in Arti- cle 2, including the assets mentioned in Article 2
A. (j) of the general section of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as
further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from
the controversial business areas and controversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub- fund. Information on the reference benchmark can be found on www.qontigo.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
There can be no assurance that the sub-fund will achieve its investment objective.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German
Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### PEA-compatibility
The sub-fund is eligible to the PEA (Plan d’Epargne en Actions), a fiscal advantage for French subscribers.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of
notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Global Agribusiness
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | S&P Global Agribusiness Equity Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg that is also an exchange trading day on the New York Stock Exchange (NYSE) |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | November 20, 2006 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | November 20, 2006 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | November 20, 2006 |
| USD FC | USD | 0% | up to 0.75% | 0% | 0.05% | November 20, 2006 |
| USD LC | USD | up to 5% | up to 1.5% | 0% | 0.05% | November 20, 2006 |
| GBP LD DS | GBP | up to 5% | up to 1.5% | 0% | 0.05% | December 21, 2007 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | July 1, 2008 |
| GBP D RD | GBP | 0% | up to 0.75% | 0% | 0.05% | September 1, 2009 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | May 26, 2014 |
| USD IC | USD | 0% | up to 0.5% | 0% | 0.01% | March 31, 2015 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| USD TFC | USD | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| SGD LC | SGD | up to 5% | up to 1.5% | 0% | 0.05% | September 30, 2019 |
| IC | EUR | 0% | up to 0.5% | 0% | 0.01% | October 15, 2019 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest Global Agribusiness, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Global Agribusiness is to achieve an appreciation as high as possible of capital invested.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 70% of the sub-fund’s assets are invested in shares, stock certificates, convertible bonds and warrant-linked bonds whose underlying warrants are for securities, participation and dividend-right certificates, and equity warrants of foreign and domestic issuers having their principal business activity in or profiting from the agricultural industry. The relevant companies operate within the multi-layered food value chain. This includes companies involved in the cultivation, harvesting, planning, production, processing, service and distribution of agricultural products (forestry and agriculture companies, tool and agricultural machine manufacturers, companies in the food industry such as wine, cattle and meat producers and processors, supermarkets and chemical companies).
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges and markets issued by international financial institutions.
A maximum of 30% of the sub-fund’s total assets may be invested in shares, stock certificates, convertible bonds and warrant-linked bonds whose underlying warrants are for securities, participation and dividend-right certificates of foreign and domestic issuers that do not satisfy the requirements of the preceding paragraph.
Up to 30% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of derivatives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries.
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument
covering the derivative. Conversely, no more than 35% of the net value of the assets of the
sub-fund may be invested in derivatives that constitute long positions and do not have corresponding coverage.
A maximum of 20% of the sub-fund´s assets may be invested in securities such as A-Shares, B-Shares, bonds and other securities listed and traded in Mainland China.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest- ments in shares of other Undertakings for Collective Investment in Securities and/or other collective investment undertakings as defined
in A. (e), an investment limit of 5% shall apply to this sub-fund.
The sub-fund will not invest in contingent convertibles.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to environmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment methodology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification metho- dology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG development, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is considered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environmental changes, e.g. in respect to greenhouse gas reduction and water conserva- tion. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties.
Sovereign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant.
Business areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
As regards the involvement in tobacco, controversial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemption within the meaning of the German Investment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% andare not exempt from it or if their distributions are subject to tax of at least 15% and the sub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciledin member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area andare not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Global Bonds
| Investor profile | Income-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | (absolute VaR) |
| Leverage effect | 5 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.5% | 0% | 0.05% | December 22, 2011 |
| LD | EUR | up to 3% | up to 0.9% | 0% | 0.05% | February 17, 2014 |
| PFC | EUR | 0% | up to 0.6% | 0% | 0.05% | May 26, 2014 |
| PFDQ | EUR | 0% | up to 0.6% | 0% | 0.05% | May 26, 2014 |
| LC | EUR | up to 3% | up to 0.9% | 0% | 0.05% | June 4, 2014 |
| NC | EUR | up to 1.5% | up to 1.3% | 0.1% | 0.05% | June 4, 2014 |
| GBP IDH | GBP | 0% | up to 0.35% | 0% | 0.01% | June 16, 2014 |
| GBP DH RD | GBP | 0% | up to 0.5% | 0% | 0.05% | July 21, 2014 |
| USD LCH | USD | up to 3% | up to 0.9% | 0% | 0.05% | September 8, 2014 |
| USD FCH | USD | 0% | up to 0.5% | 0% | 0.05% | December 1, 2014 |
| IC | EUR | 0% | up to 0.35% | 0% | 0.01% | January 30, 2015 |
| FD | EUR | 0% | up to 0.5% | 0% | 0.05% | March 16, 2015 |
| CHF FCH | CHF | 0% | up to 0.5% | 0% | 0.05% | April 30, 2015 |
| CHF LCH | CHF | up to 3% | up to 0.9% | 0% | 0.05% | April 30, 2015 |
| GBP CH RD | GBP | 0% | up to 0.5% | 0% | 0.05% | August 17, 2015 |
| SEK LCH | SEK | up to 3% | up to 0.9% | 0% | 0.05% | September 30, 2015 |
| NDQ | EUR | up to 1.5% | up to 1.3% | 0.1% | 0.05% | April 28, 2017 |
| TFC | EUR | 0% | up to 0.5% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.5% | 0% | 0.05% | December 5, 2017 |
| USD TFCH | USD | 0% | up to 0.5% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
For the sub-fund with the name DWS Invest Global Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accordance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Global Bonds is to generate an above-average return for the sub-fund.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The sub-fund’s assets may be invested globally in the following instruments:
- interest-bearing debt securities issued by sovereign institutions (central banks, govern- ment agencies, government authorities and supra-national institutions) from developed countries or Emerging Markets;
- corporate bonds issued by companies from developed countries or Emerging Markets that may or may not offer an investment-grade status at the time of acquisition;
- covered bonds;
- convertible bonds;
- subordinated bonds;
- asset-backed securities.

The sub-fund’s investments in the above- mentioned assets may account for up to 100% of the sub-fund’s assets each. Furthermore, equity-linked derivatives may be used to achieve the sub-fund’s objective. Derivatives may be used for hedging and investment purposes.
At least 95% of the sub-fund’s assets will be in EUR or hedged into EUR.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con- tracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, infla- tion swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies
regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribution of products in a controversial area (“controversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate
governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets.
Asset-backed securities are interest-bearing debt securities backed by a range of receivables and/ or securities, including in particular securitized credit card receivables, private and commercial mortgage receivables, consumer loans, vehicle leasing receivables, small business loans, mort- gage bonds, collateralized loan obligations and collateralized bond obligations.
The term “asset-backed securities” is always used in the extended sense, i.e., including mortgage backed securities and collateralized debt obligations.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Disclaimer
The sub-fund may invest in different types of asset-backed securities. Among others, invest- ments may also include securities that may become subject to strong market volatility, such as collateralized debt obligations and collateral- ized loan obligations. In some cases, these securities may be very illiquid during periods of market uncertainty and may be sold only at a discount. Individual securities may, in such extreme market phases, suffer a total loss or a significant decrease in value. High losses of value at the level of the sub-fund can therefore not be excluded.

#### Risk Management
The absolute Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
Contrary to the provision of the general section of the Sales Prospectus, because of the invest- ment strategy of the sub-fund, it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub- fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute
(notional) amount of each derivative position divided by the net present value of the portfolio). The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Global High Yield Corporates
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS Investment Management Americas Inc., 345 Park Avenue, New York, NY 10154, United States of America |
| Performance benchmark | ICE BoA ML Global High Yield Developed Markets Non-Fin Constrained hedged to USD administrated by ICE Data Indices, LLC. |
| Reference portfolio (risk benchmark) | ICE BoA ML Global High Yield Developed Markets Non-Fin Constrained hedged to USD |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| CHF XCH | CHF | 0% | up to 0.2% | 0% | 0.05% | December 15, 2016 |
| FCH | EUR | 0% | up to 0.65% | 0% | 0.05% | December 15, 2016 |
| USD FC | USD | 0% | up to 0.65% | 0% | 0.05% | December 15, 2016 |
| USD LD | USD | up to 3% | up to 1.1% | 0% | 0.05% | December 15, 2016 |
| USD XC | USD | 0% | up to 0.2% | 0% | 0.05% | December 15, 2016 |
| XCH | EUR | 0% | up to 0.2% | 0% | 0.05% | December 15, 2016 |
| TFCH | EUR | 0% | up to 0.65% | 0% | 0.05% | December 5, 2017 |
| USD TFC | USD | 0% | up to 0.65% | 0% | 0.05% | December 5, 2017 |
| CHF ICH 50 | CHF | 0% | up to 0.35% | 0% | 0.01% | July 31, 2019 |
| ICH | EUR | 0% | up to 0.45% | 0% | 0.01% | July 31, 2019 |
| USD IC | USD | 0% | up to 0.45% | 0% | 0.01% | July 31, 2019 |
| USD IC50 | USD | 0% | up to 0.35% | 0% | 0.01% | July 31,2019 |
| GBP TFDQH | GBP | 0% | up to 0.65% | 0% | 0.05% | February 14, 2020 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest Global High Yield Corporates, the following provi- sions shall apply in addition to the terms con- tained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Global High Yield Corporates is to gener- ate an above-average return for the sub-fund.
At least 70% of the sub-fund’s assets are invested globally in corporate bonds that offer a non-investment grade status at the time of acquisition.
Up to 30% of the sub-fund’s assets may be invested in corporate bonds that do not meet the above-mentioned criteria, money market instruments and liquid assets.
Up to 20% of the sub-fund’s assets may be invested in equities, equity certificates and dividend-rights.
The sub-fund’s investments in asset backed securities and mortgage backed securities shall be limited to 20% of the sub-fund’s net asset value.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable
derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con- tracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, infla- tion swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of
an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub-fund. Infor- mation on the reference benchmark can be found on www.theice.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies
can be found on our website www.dws.com/ solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In the due course of a re-structuring of fixed income instruments held by the sub-fund, the sub-fund manager may also invest up to a maxi- mum of 10% of the sub-fund’s assets into listed or non-listed equities. Furthermore, the sub-fund manager may also participate in capital increases or other corporate actions (e.g. for convertible bonds or warrant linked bonds) that are part of a re-structuring or take place after a re-structuring.
In addition, the sub-fund’s assets may be invested in all other permissible assets.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund
specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Global Infrastructure
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager RREEF America LLC, 222 S. Riverside Plaza, Floor 24, Chicago, IL 60606, United States of America |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | Dow Jones Brookfield Global Infrastructure Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 Fractional shares | In a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | January 14, 2008 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | January 14, 2008 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | January 14, 2008 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | July 1, 2008 |
| USD LC | USD | up to 5% | up to 1.5% | 0% | 0.05% | July 1, 2008 |
| CHF LCH | CHF | up to 5% | up to 1.5 % | 0% | 0.05% | November 29, 2013 |
| USD FC | USD | 0% | up to 0.75% | 0% | 0.05% | March 24, 2014 |
| GBP D RD | GBP | 0% | up to 0.75% | 0% | 0.05% | June 4, 2014 |
| FCH (P) | EUR | 0% | up to 0.75% | 0% | 0.05% | November 14, 2014 |
| SGD LDMH (P) | SGD | up to 5% | up to 1.5% | 0% | 0.05% | February 16, 2015 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | May 15, 2015 |
| FDH (P) | EUR | 0% | up to 0.75% | 0% | 0.05% | May 15, 2015 |
| GBP DH (P) RD | GBP | 0% | up to 0.75% | 0% | 0.05% | May 15, 2015 |
| IDH (P) | EUR | 0% | up to 0.6% | 0% | 0.01% | May 15, 2015 |
| USD LCH (P) | USD | up to 5% | up to 1.5% | 0% | 0.05% | May 15, 2015 |
| CHF FDH (P) | CHF | 0% | up to 0.75% | 0% | 0.05% | September 14, 2015 |
| LDH (P) | EUR | up to 5% | up to 1.5% | 0% | 0.05% | September 14, 2015 |
| SEK FCH (P) | SEK | 0% | up to 0.75% | 0% | 0.05% | September 14, 2015 |
| SEK LCH (P) | SEK | up to 5% | up to 1.5% | 0% | 0.05% | September 14, 2015 |
| USD FDM | USD | 0% | up to 0.75% | 0% | 0.05% | September 14, 2015 |
| USD ID | USD | 0% | up to 0.6% | 0% | 0.01% | September 14, 2015 |
| USD LD | USD | up to 5% | up to 1.5% | 0% | 0.05% | September 14, 2015 |
| USD LDMH (P) | USD | up to 5% | up to 1.5% | 0% | 0.05% | September 14, 2015 |
| IC | EUR | 0% | up to 0.6% | 0% | 0.01% | August 16, 2016 |
| ID | EUR | 0% | up to 0.6% | 0% | 0.01% | August 16, 2016 |
| LCH (P) | EUR | up to 5% | up to 1.5% | 0% | 0.05% | February 15, 2017 |
| SEK FDH (P) | SEK | 0% | up to 0.75% | 0% | 0.05% | February 15, 2017 |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | July 31, 2017 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFCH (P) | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| ND | EUR | up to 3% | up to 2% | 0% | 0.05% | May 7, 2019 |
| USD IDQ | USD | 0% | up to 0.6% | 0% | 0.01% | May 7, 2019 |
| USD IC250 | USD | 0% | up to 0.35% | 0% | 0.01% | September 16, 2019 |
| USD ID250 | USD | 0% | up to 0.35% | 0% | 0.01% | September 16, 2019 |
| USD ICH (P)100 | USD | 0% | up to 0.45% | 0% | 0.01% | April 15, 2020 |
| PFD | EUR | 0% | up to 1.6% | 0% | 0.05% | August 31, 2020 |
| USD TFCH (P) | USD | 0% | up to 0.75% | 0% | 0.05% | February 15, 2021 |
| SEK FC1000 | SEK | 0% | up to 0.45% | 0% | 0.05% | April 15, 2021 |
| USD IC | USD | 0% | up to 0.6% | 0% | 0.01% | July 15, 2021 |

| Dilution adjustment (payable by the shareholder)** | PFC: A dilution adjustment of up to 3% based on the gross redemption amount may be charged. Please see the general section for further explanation. |
| --- | --- |
| Placement fee (payable from the sub-fund’s assets) | PFC: Up to 3% for the benefit of the distributor. Please see the general section for further explanation. |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest Global Infrastructure, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The main investment objective of the sub-fund DWS Invest Global Infrastructure is to achieve a long-term sustained capital appreciation in Euros through investments in promising companies of the “Global Infrastructure” sector.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 70% of the sub-fund’s assets (after deduction of liquid assets) are invested in equi- ties, other equity securities and uncertificated equity instruments of issuers of the “Global Infrastructure” sector.
Infrastructure companies provide an essential product or service to a segment of the population at a given time and cost, and often retain these characteristics for an extended period of time.
The strategic competitive advantage of infra- structure assets is often protected by high barriers to entry of alternative suppliers. These
high barriers to entry can take various forms, including:
- requirements imposed by legislation and/or regulation;
- natural barriers like planning or environmental restrictions, or availability of land;
- high costs of new development, such as the cost to build roads;
- long-term exclusive concessions and cus- tomer contracts;
- efficiencies provided by economies of scale such as reductions in marketing or other services.

These high barriers to entry have the effect of protecting the cash flows generated by these infrastructure assets, because services provided such as parking, roads, and communications towers can generally only be delivered by rela- tively large and costly physical assets in close proximity to customers. This is a critical distinc- tion between infrastructure and other industries.
The sub-fund manager distinguishes between social infrastructure and economic infrastructure. The sub-fund will be more focused on the latter one. The sub-fund manager understands under “economic infrastructure” the services for which the user is prepared to pay such as transport, gas, electricity, water and communications. Due to the large size and cost and often monopoly characteristics of these assets, Infrastructure has historically been financed, built, owned and operated by the state. Infrastructure includes:
- Transport (roads, airports, seaports, rail).
- Energy (gas and electricity transmission, distribution and generation).
- Water (irrigation, potable water, waste treatment).
- Communications (broadcast/mobile towers, satellites, fiber and copper cables).

The potential investment universe comprises more than 400 stocks, broadly representing all the listed infrastructure assets in the world.
The social infrastructure comprises companies for instance in the health sector (hospitals, nursing homes).
A total of up to 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in
- equity, other equity securities and uncertifi- cated equity instruments of international issuers that do not operate predominantly in the Global Infrastructure sector;
- interest-bearing securities, as well as con- vertible bonds and warrant-linked bonds issued by companies in the global infrastruc- ture sector or by issuers in accordance with(a) above and which are denominated in any freely convertible currency.

A maximum of 20% of the sub-fund´s assets may be invested in securities such as A-Shares, B-Shares, bonds and other securities listed and traded in Mainland China.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international stan- dards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics. Issuers with highest severity
of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“con- troversial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the
A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund may invest in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of deriva- tives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries:
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub- fund may be invested in derivatives that consti- tute long positions and do not have correspond- ing coverage.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Specific risks
The sub-fund’s performance will largely be determined by the following factors, which give rise to both upside and downside potential:
- the performance of international equity markets;
- company and sector specific developments;
- exchange-rate movements of non-euro curren- cies against the euro.

The sub-fund may focus its investments on different sub-sectors, countries and market segments for a certain time period on a variable
basis. In addition, the sub-fund could use deri- vatives. These investments could also lead to further performance and risks.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Global Real Estate Securities
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | USD |
| Sub-fund manager | RREEF America LLC, 222 S. Riverside Plaza, Floor 24, Chicago, IL 60606, United States of America. RREEF America LLC has partially delegated its fund management services to the sub-managers DWS Alternatives Global Limited and DWS Investments Australia Limited. |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | FTSE EPRA/NAREIT Developed Index |
| Leverage effect | 5 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | November 15, 2010 |
| USD FC | USD | 0% | up to 0.75% | 0% | 0.05% | November 15, 2010 |
| USD LC | USD | up to 5% | up to 1.5% | 0% | 0.05% | July 1, 2013 |
| CHF LDH (P) | CHF | up to 5% | up to 1.5% | 0% | 0.05% | April 20, 2015 |
| FDH (P) | EUR | 0% | up to 0.75% | 0% | 0.05% | November 18, 2015 |
| GBP DH (P) RD | GBP | 0% | up to 0.75% | 0% | 0.05% | November 18, 2015 |
| USD LDMH (P) | USD | up to 5% | up to 1.5% | 0% | 0.05% | November 18, 2015 |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | August 1, 2016 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | August 1, 2016 |
| USD ID | USD | 0% | up to 0.6% | 0% | 0.01% | August 1, 2016 |
| USD TFC | USD | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| CHF ICH (P)100 | CHF | 0% | up to 0.4% | 0% | 0.01% | April 15, 2020 |
| USD FC100 | USD | 0% | up to 0.4% | 0% | 0.05% | December 1, 2020 |
| CHF TFCH (P) | CHF | 0% | up to 0.75% | 0% | 0.05% | December 14, 2020 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest Global Real Estate Securities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Global Real Estate Securities is to gener- ate an above average return for the sub-fund.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The sub-fund invests primarily in the equities of listed companies that own, develop or manage real estate, provided that these equities are considered to be transferable securities as defined by Article 41 (1) of the Law of 2010, on Undertakings for Collective Investment.
In particular, the sub-fund may acquire equities, interest-bearing securities, convertible bonds, warrant-linked bonds whose underlying warrants are for securities, equity warrants and participa- tion certificates. In addition, the sub-fund’s assets may be invested in index certificates on recognized equity indices.
At least 70% of the fund’s total assets are invested in
- equities of real estate companies, real estate investment companies including closed real estate investment trusts (REITs) of any legal form, as well as
- securities similar to equities, such as partici- pation and dividend-right certificates of companies according to (a) above, and
- derivative financial instruments whose under lying instruments directly or indirectly (i.e., via equity indices) constitute investments according to (a).

Where liquid assets cover obligations arising from derivative financial instruments according to
(c) above, such liquid assets are attributed to the relevant 70%. Investments according to (a) and
(b) herein must not include open-ended real estate investment funds deemed to be collective investment undertakings under Luxembourg law.
In compliance with Article 2 of the general section of the Sales Prospectus, the investment policy can also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forward contracts, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of finan- cial instrument.
In particular, derivatives based on equities, bonds, currencies or recognized financial indices may also be acquired.
Up to 30% of the sub-fund’s assets may be invested in equities and/or securities similar to equities issued by companies worldwide that do not meet the requirements of (a) and (b) above.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must
meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies
can be found on our website www.dws.com/ solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund may invest in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Contrary to the provision of the general section of the Sales Prospectus, because of the invest- ment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub- fund assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio).
The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Green Bonds
| Investor profile | Income-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | 70% ICE BofA Merrill Lynch Green Bond Index Euro hedged; 20% ICE BofA Merrill Lynch Global Corporate Index Euro hedged; 10% ICE BofA Merrill Lynch Global High Yield Index Euro hedged. |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt/Main |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FD | EUR | 0% | up to 0.5% | 0% | 0.05% | October 15, 2018 |
| LD | EUR | up to 3% | up to 0.7% | 0% | 0.05% | October 15, 2018 |
| XD | EUR | 0% | up to 0.2% | 0% | 0.05% | October 15, 2018 |
| ND | EUR | up to 1.5% | up to 1.1% | 0% | 0.05% | December 14, 2018 |
| TFC | EUR | 0% | up to 0.5% | 0% | 0.05% | March 15, 2019 |
| LC | EUR | up to 3% | up to 0.7% | 0% | 0.05% | May 15, 2019 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
For the sub-fund with the name DWS Invest Green Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund has sustainable investment as its objective and qualifies as product in accordance with article 9 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Green Bonds is to generate an above- average return for the sub-fund.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The sub-fund’s assets are predominantly invested in interest-bearing debt securities issued by public, private and semi-private issuers worldwide that finance special ESG
(Environmental, Social and Corporate Govern- ance) related/themed projects. Mainly that covers Green Bonds, which are debt instruments where the use of proceeds is limited to projects with environmental and/or climate benefits.
The sub-fund management invests at least 80% of the sub-fund’s assets in economic activities that contribute to environmental and/or social objectives.
The sub-fund management seeks to attain its sustainable objective by assessing potential investments via proprietary ESG investment methodology. This methodology incorporates investment standards according to an ESG data- base, which uses data from multiple leading ESG data providers as well as internal and public sources to derive proprietary combined scores for various environmental and social objectives. The methodology assigns one of six possible propri- etary scores to each possible issuer. These scores encompass assessments for (i) controversial
sectors (which include coal, tobacco, defence industry, pornography, gambling and nuclear power), (ii) involvement in controversial weapons (nuclear weapons, depleted uranium, cluster munitions and anti-personnel mines) or (iii) viola- tion of internationally accepted norms, but also allow for an active issuer selection based on categories such as climate and transition risk, norm compliance or best in class ESG evaluations in respect to the above-mentioned environmental and/or social objectives. The methodology assigns one of six possible proprietary scores to each possible issuer based on a letter scoring from A to F, whereby issuers with A and B scores are con- sidered as leading in their categories and issuers with C scores are considered as within the upper midfield of their category. These letter scores can originate from revenues generated from contro- versial sectors or the degree of involvement in controversial weapons, the degree of severity that an issuer may be involved in the violation of international norms, the assessment on climate
and transition risk, which is based on for example carbon intensity or the risk of stranded assets, or from best in class ESG evaluations.
The sub-fund manager considers in its asset allocation the resulting scores from the ESG database. At least 80% of the sub-fund’s assets are invested in issuers that are classified in the highest three scores (scores A-C) of the propri- etary ESG score from the application of the ESG investment methodology.
The ESG performance of an issuer is evaluated independently from financial success based on a variety of factors. These factors include, for exam- ple, the following fields of interest:
Environment
- Conservation of flora and fauna;
- Protection of natural resources, atmosphere and inshore waters;
- Limitation of land degradation and climate change;
- Avoidance of encroachment on ecosystems and loss of biodiversity.

Social
- General human rights;
- Prohibition of child labour and forced labour;
- Imperative Non-discrimination;
- Workplace health and safety;
- Fair workplace and appropriate remuneration.

Corporate Governance
- Global Governance Principles by the Inter- national Corporate Governance Network;
- Global Compact Anti-Corruption Principles.

At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies
can be found on our website www.dws.com/ solutions/esg/esg-engine.
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. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
At least 80% of the sub-fund’s assets shall be invested globally in interest-bearing debt securi- ties denominated in euro or hedged against the euro that have an investment grade status at the time of the acquisition. A maximum of 20% of the sub-fund’s assets may be invested into
interest-bearing debt securities denominated in euro or hedged against the euro with a non-invest- ment grade status with a minimum credit rating of B3 (rated by Moody’s) or B- (rated by S&P and Fitch) at time of acquisition. In case of split rating between three agencies, the lower rating of the two best ratings should be applicable. In case of split rating between two agencies, the lower rating should be applicable. In the case of no rating, an internal rating may be applied. When a holding asset is downgraded to lower than B3/B-, such asset will be sold within 6 months.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund. In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives
(“risk benchmark”).
The leverage is not expected to exceed twice the value of the net assets of the fund. However, the expected leverage should not be viewed as an additional risk limit for the fund.

#### Investment in shares of target funds
In addition to the information provided in the general section of the sales prospectus, the following applies to this fund:
When investments are made in affiliated target funds, the all-in fee attributable to units of affili- ated target funds is reduced by the all-in fee/ management fee charged by the acquired target funds, if necessary up to the full amount (differ- ence method).

## DWS Invest Latin American Equities
| Investor profile | Risk-tolerant |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager Itau USA Asset Management Inc., 540 Madison Avenue - 24th Floor, New York, 10022, United States of America |
| Performance benchmark | MSCI EM Latin America 10/40 Index in EUR, administered by MSCI Limited |
| Reference portfolio (risk benchmark) | MSCI EM Latin America 10/40 Index in EUR |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg and Frankfurt/Main that is also an exchange trading day on the Sao Paolo Stock Exchange |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.75% | 0% | 0.05% | October 1, 2012 |
| FC | EUR | 0% | up to 0.85% | 0% | 0.05% | October 1, 2012 |
| NC | EUR | up to 3% | up to 2.2% | 0.2% | 0.05% | October 1, 2012 |
| USD LC | USD | up to 5% | up to 1.75% | 0% | 0.05% | January 14, 2013 |
| IC | EUR | 0% | up to 0.50% | 0% | 0.01% | February 28, 2017 |
| FC50 | EUR | 0% | up to 0.30% | 0% | 0.05% | April 16, 2018 |
| TFC | EUR | 0% | up to 0.85% | 0% | 0.05% | May 15, 2019 |
| USD TFC | USD | 0% | up to 0.75% | 0% | 0.05% | August 16, 2019 |
| USD IC | USD | 0% | up to 0.5% | 0% | 0.01% | September 15, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
For the sub-fund with the name DWS Invest Latin American Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
The objective of the investment policy for the DWS Invest Latin American Equities is to achieve an above-average return. At least 70% of the
sub-fund’s assets are invested in equities, stock certificates, participation and dividend right certificates, convertible bonds and equity war- rants issued by companies registered in a Latin- American country (or having their principal business activity in a Latin-American country or
which, as holding companies, hold primarily interest in companies registered in a Latin- American country such as e.g. Argentina, Brazil, Chile, Colombia, Mexico, Peru or Venezuela.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges and markets issued by international financial institutions or, to the extent permitted by the Grand Ducal Regulation of February 8, 2008, relating to certain definitions of the Law of 2010 (the 2008 Regulation) and Article 41 (1) or (2) of the Law of 2010 through Participatory Notes (P-Notes).
The still-developing exchanges in some of the Latin-American countries present increased opportunities and risks, and are not currently deemed to be regulated markets as defined by Article 41 of the Law of 2010; investment in those countries is therefore limited to 10% of the fund’s assets and counted towards the investment limit stated in Article 2 B. (h) of the general section of the Sales Prospectus.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and techniques in order to implement the investment policy and achieve the investment objective,
including in particular – but not limited to – for- wards, futures, single-stock-futures, options or equity swaps. Where liquid assets cover obliga- tions arising from derivative financial instruments such liquid assets are attributed to the relevant 70%.
A maximum of 30% of the sub-fund’s assets may be invested in equities, stock certificates, participation and dividend right certificates, convertible bonds and equity warrants of issu- ers that do not fulfil the requirements of the preceding paragraphs.
Up to 30% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
The following is the disclosure in accordance with Article 7 of Regulation (EU) 2020/852 of June 18, 2020, on the establishment of a frame- work to facilitate sustainable investment:
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The sub-fund’s investments in contingent convertibles shall be limited to 10% of the sub-fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j).
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributionsare subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management makes all manage- ment decisions for the sub-fund taking into account the legal and contractual investment restrictions considering the sustainability risks.
The following applies to the consideration of sustainability risks in investment decisions: The sub-fund management also considers sustain- ability risks in its investment decisions besides the common financial data. This consideration applies to the entire investment process, both for the fundamental analysis of investments and for the investment decisions.
The sub-fund management’s responsible invest- ment approach is centred in ESG-integrated fundamental analysis, proxy voting activities and engagement with investee companies. The ESG integration approach is centred in the investment research process, with a focus on fundamental equity research. The sub-fund manager’s propri- etary method projects ESG issues into the DCF models focusing on the cash flow lines, thus influencing target prices of analysed companies.
The objective is to estimate the NPV of material ESG issues to anticipate events that may result in value creation or destruction.
Itaú Asset Management exercises active owner- ship through voting on investee companies’ AGMs and through engagements with investee companies. The objective is to have a positive dialogue with companies regarding the promo- tion of best ESG practices.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Low Carbon Bonds
| Investor profile | Income-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | Solactive ISS Paris Aligned Select Euro Corporate IG Index, administered by Solactive AG |
| Reference portfolio (risk benchmark) | Solactive ISS Paris Aligned Select Euro Corporate IG Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FD | EUR | 0% | up to 0.6% | 0% | 0.05% | June 1, 2021 |
| LD | EUR | up to 3% | up to 0.9% | 0% | 0.05% | June 1, 2021 |
| XD | EUR | 0% | up to 0.2% | 0% | 0.05% | June 1, 2021 |
| FC | EUR | 0% | up to 0.6% | 0% | 0.05% | September 8, 2021 |
| TFD | EUR | 0% | up to 0.6% | 0% | 0.05% | September 8, 2021 |
| USD LDH | USD | up to 3% | up to 0.9% | 0% | 0.05% | September 8, 2021 |
| USD XCH | USD | 0% | up to 0.2% | 0% | 0.05% | September 8, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
For the sub-fund with the name DWS Invest
Low Carbon Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund has sustainable investment as its objective and qualifies as product in accordance with article 9 (3) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector, whereby Solactive ISS Paris Aligned Select Euro Corporate IG Index has been designated as reference benchmark of the
sub-fund. DWS Invest Low Carbon Bonds fund will predominantly invested in interest-bearing debt securities issued by corporates worldwide that are low CO2 emitters, as well as issuers that are in the process of transition to low emissions. The objective of reducing carbon emissions in view of achieving the long-term global warming objectives of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change (the ‘Paris agreement’) is hence an integral part of the sub-fund concept.
The objective of the investment policy of DWS Invest Low Carbon Bonds is to generate an above-average return for the sub-fund.
The sub-fund’s assets are predominantly invested in interest-bearing debt securities issued by corporates worldwide that are very low CO2 emitters, as well as issuers that are in the process of transition to low emissions.
At least 70% of the sub-fund’s assets shall be invested globally in interest-bearing debt securi- ties that have an investment grade status at the time of the acquisition. A maximum of 30% of the sub-fund’s assets may be invested into interest-bearing debt securities with a non-in- vestment grade status with a minimum credit rating of B3 (rated by Moody’s) or B- (rated by S&P and Fitch) at time of acquisition. In case of split rating between three agencies, the lower rating of the two best ratings should be applica- ble. In case of split rating between two agencies, the lower rating should be applicable. In the case of no rating, an internal rating may be applied.
When a holding asset is downgraded to lower than B3/B-, such asset will be sold within
6 months.
At least 70% of the sub-fund’s assets will be in EUR or hedged into EUR.
The sub-fund management seeks to attain its sustainable objective by a two-step approach.
In a first step, the portfolio management of this sub-fund seeks to attain the promoted environ- mental and social characteristics by assessing potential investments via a proprietary ESG assessment methodology irrespective of eco- nomic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodol- ogy) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG develop- ment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization, and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
In a second step and to achieve the Paris-aligned investment objective, the sub-fund management builds a corporate debt portfolio in reference to the Solactive ISS Paris Aligned Select Euro Corporate IG Index (the ‘index’). The index is a rules-based index, engineered to measure the performance of liquid, euro denominated, invest- ment grade corporate debt. It qualifies as EU
Paris-aligned Benchmark under Chapter 3a of Title III of Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the perfor- mance of investment funds and provides expo- sure to a IG corporate debt portfolio, which bases upon the ISS ESG climate analysis and is aligned with the 1.5°C scenario through 2050 compared to the underlying investible universe (i.e. the Solactive Euro IG Corporate Index) as defined in the Paris agreement. Detailed informa- tion on the index’ alignment with the objectives of the Paris agreement, the underlying calcula- tion methodology as well as further details can be found at https://www.solactive.com/indices/.
To reach the sub-funds’ low carbon objective, the portfolio manager takes the carbon intensity on asset level into account based on certain mini- mum technical standards, whereby the carbon intensity is calculated based on data derived from the ESG database. Theses minimum stand- ards are inter alia:
- Reduction of the carbon intensity of the portfolioThe carbon intensity of the portfolio shall not exceed 50% of the carbon intensity (Scope 1, 2 and 3 greenhouse gas (GHG) emissions andavoided emissions) of the investible universe and stay below 500 tonnes of carbon emissions per million USD revenues (500t/$m).
- Exposure to coalThe exposure to any coal (i.e. issuers who gener- ate more than 1% of their revenues from coal) is reduced to zero.
- Significant exposure to fossil fuelThe significant exposure to power generated from fossil fuels (i.e. issuers who generate more than 50% of their revenues from fossil power) is reduced to zero.
- Yearly decarbonization rate of 7%The portfolio manager reduces the upper limit for the overall portfolio carbon intensity year over year by 7%. The reduction starts at the launch date of the first share class of the sub-fund.

Starting point is the fixed reference value of 500t/$m and will end with a value of zero for the carbon intensity. The target reduction of 7% year over year shall be calculated geometrically.
Taking carbon intensity and climate transition risks into account, the sub-fund management targets to mitigate climate related risks and focuses on supporting potential opportunities arising from a transition into lower carbon world.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment
categories as well as our ESG related policies can be found on our website www.dws.com/ solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con- tracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, infla- tion swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
The sub-fund’s investments in contingent con- vertibles shall be limited to 10% of the sub- fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
The sub-fund’s investments in asset-backed securities shall be limited to 20% of the sub- fund’s net asset value. The term “asset backed securities” is always used in the extended sense, i.e., including mortgage backed securities and collateralized debt obligations. Asset-backed securities are interest-bearing debt securities backed by a range of receivables and/or securi- ties, including in particular securitized credit card receivables, private and commercial mortgage receivables, consumer loans, vehicle leasing receivables, small business loans, mortgage bonds, collateralized loan obligations and collater- alized bond obligations.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Transparency in relation to art. 5 of Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation)
The sub-fund contributes to the objective of reducing carbon emissions in view of achieving the long-term global warming objectives of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change.
In order to achieve its objective of reducing carbon emissions the sub-fund management defines a portfolio that has a 50% reduced carbon intensity in comparison to the investable universe and further reduces the upper limit for the overall portfolio carbon intensity year over year, as further described in the investment policy above.
The EU Technical Screening Criteria for environ- mentally sustainable economic activities in respect of the Taxonomy environmental objec- tives of climate change mitigation and climate change adaptation will require the availability of multiple, specific data points regarding each investment. As at the publication date of the Sales Prospectus, there is insufficient reliable, available, consistent and verifiable data available for the sub-fund management to be able to assess investments based on the EU Technical Screening Criteria.
While there may be investments in the sub-fund that are considered to be economic activities that contribute to the environmental objective of climate change mitigation and/or climate change adaption and may be eligible to be assessed against the EU Technical Screening Criteria, the sub-fund management is currently, due to the data situation as indicated above, not in a posi- tion to describe:
- the extent to which the investments of the sub-fund are in economic activities that qualify as environmentally sustainable and are aligned with the Taxonomy Regulation;
- the proportion, as a percentage of the sub- fund’s portfolio, of investments in environ- mentally sustainable economic activities which are aligned with the Taxonomy Regu- lation; or
- the proportion, as a percentage of the sub- fund’s portfolio, of enabling and transitional activities (as described in the Taxonomy Regulation).


#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.
Additional information
When using total return swaps to implement the investment strategy as described above, the following shall be noted:
The proportion of the sub-fund’s net assets subject to total return swaps, expressed as the sum of notionals of the total return swaps divided by the sub-fund’s net asset value, is expected to reach up to 100%, but depending on the respective market conditions, with the
objective of efficient portfolio management and in the interest of the investors, it may reach up to 200%. The calculation is performed in line with the guidelines CESR/10-788. However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.
Additional information on total return swaps may be found in the general section of the Sales Prospectus, amongst others, in the section “Efficient portfolio management techniques”.
The selection of counterparties to any total return swap is subject to the principles as described in the section “Choice of counter- party” of the Sales Prospectus. Further informa- tion on the counterparties is disclosed in the annual report. For special risk considerations linked to total return swaps, investors should refer to the section “General Risk Warnings”, and in particular the section “Risks connected to derivative transactions” of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims
to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Disclaimer
The sub-fund may invest in different types of asset-backed securities. Among others, invest- ments may also include securities that may become subject to strong market volatility, such as collateralized debt obligations and collateral- ized loan obligations. In some cases, these securities may be very illiquid during periods of market uncertainty and may be sold only at a discount. Individual securities may, in such extreme market phases, suffer a total loss or a significant decrease in value. High losses of value at the level of the sub-fund can therefore not be excluded.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund. In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the
sub-fund is measured using a reference portfolio that does not contain derivatives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets.
However, the expected leverage should not be viewed as an additional risk limit for the fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Multi Opportunities
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | 60% MSCI All Country World Index, in EUR and 40% iBoxx Euro Overall Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |
| Maximum management fee charged in respect of investments in shares of target funds (payable by the sub-fund) | 3.25% |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 4% | up to 1.3% | 0% | 0.05% | June 4, 2014 |
| LDQ | EUR | up to 4% | up to 1.3% | 0% | 0.05% | June 4, 2014 |
| NC | EUR | up to 2% | up to 1.7% | 0.1% | 0.05% | June 4, 2014 |
| NDQ | EUR | up to 2% | up to 1.7% | 0.1% | 0.05% | June 4, 2014 |
| PFC | EUR | 0% | up to 1.2% | 0% | 0.05% | June 4, 2014 |
| PFDQ | EUR | 0% | up to 1.2% | 0% | 0.05% | June 4, 2014 |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | October 1, 2014 |
| SGD LDMH | SGD | up to 4% | up to 1.3% | 0% | 0.05% | March 16, 2015 |
| USD FCH | USD | 0% | up to 0.75% | 0% | 0.05% | May 5, 2015 |
| AUD LCH | AUD | up to 4% | up to 1.3% | 0% | 0.05% | May 15, 2015 |
| GBP CH RD | GBP | 0% | up to 0.75% | 0% | 0.05% | May 15, 2015 |
| USD LCH | USD | up to 4% | up to 1.3% | 0% | 0.05% | May 15, 2015 |
| HKD LDMH | HKD | up to 4% | up to 1.3% | 0% | 0.05% | May 22, 2015 |
| AUD LDMH | AUD | up to 4% | up to 1.3% | 0% | 0.05% | August 17, 2015 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | August 17, 2015 |
| LD | EUR | up to 4% | up to 1.3% | 0% | 0.05% | August 17, 2015 |
| USD LDMH | USD | up to 4% | up to 1.3% | 0% | 0.05% | August 17, 2015 |
| RMB LDMH | CNY | up to 4% | up to 1.3% | 0% | 0.05% | October 15, 2015 |
| SEK LCH | SEK | up to 4% | up to 1.3% | 0% | 0.05% | October 15, 2015 |
| USD RDMH | USD | 0% | up to 0.6% | 0% | 0.01% | June 30, 2016 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| USD TFCH | USD | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |

| Dilution adjustment (payable by the shareholder)** | PFC and PFDQ: A dilution adjustment of up to 3% based on the gross redemption amount may be charged. Please see the general section for further explanation. |
| --- | --- |
| Placement fee (payable from the sub-fund’s assets) | PFC and PFDQ: Up to 3% for the benefit of the distributor. Please see the general section for further explanation. |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest Multi Opportunities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of the sub-fund DWS Invest Multi Opportunities is to achieve an above-average return.
The sub-fund is actively managed and is not managed in reference to a benchmark.
The sub-fund may invest in equities, in interest- bearing securities, in certificates on, for example, equities, bonds and indices, in investment funds, in derivatives, in convertible and warrant-linked bonds whose warrants relate to securities, in warrants on securities, in participation and divi- dend-right certificates, in money market instru- ments and cash.
Depending on the evaluation of the market situa- tion, the portfolio manager will weight such asset classes in the portfolio of the sub-fund and, if necessary, may fully invest the sub-fund’s assets in one of these categories.
At least 25% of the sub-fund‘s assets will be invested in investment funds such as equity, balanced, bond and money market funds.
Notwithstanding Article 2 B. (i), the following applies:
The sub-fund’s assets may be used to acquire shares of other Undertakings for Collective Investment in Transferable Securities and/or collective investment undertakings as defined in Article 2 A. (e), provided that no more than 20% of the sub-fund’s assets are invested in one and the same UCITS and/or UCIs.
Every sub-fund of an umbrella fund is to be regarded as an independent issuer, provided that the principle of individual liability per sub-fund is applicable in terms of liability to third parties.
Investments in shares of other collective invest- ment undertakings other than Undertakings for Collective Investment in Transferable Securities must not exceed 30% of the sub-fund’s net assets in total.
In the case of investments in shares of another UCITS and/or other UCIs, the investments held by that UCITS and/or by other UCIs are not taken into consideration for the purposes of the limits specified in Article 2 B. (a), (b), (c), (d), (e) and (f).
The sub-fund’s investments in asset-backed securities and mortgage backed securities shall be limited to 20% of the sub-fund’s net asset value.
When using financial indices, legal provisions apply as set out in Article 44 (1) of the Law of 2010, and Article 9 of the Grand-Ducal Regulation of February 8, 2008.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con- tracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, infla- tion swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
The described investment policy may also be implemented by using Synthetic Dynamic Underlyings (SDU).
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG
database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations
of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
The sub-fund also intends from time to time to utilize the developments on the international natural resources and commodity markets up to 10% of the sub-fund‘s assets. For this purpose and within this 10% limit, the sub-fund may acquire derivative financial instruments whose underlying instruments are commodity indices and sub-indices in accordance with the 2008 Regulation, equities, interest-bearing securities, convertible bonds, convertible debentures and warrant-linked bonds, index certificates, partici- pation and dividend-right certificates and equity warrants, as well as 1:1 certificates (including Exchange Traded Commodities (ETCs)) the underlying of which are single commodities/ precious metals and that meet the requirements of transferable securities as determined in 2 A. a. of the general section of the Sales Prospectus. The sub-fund does not invest into futures on soft commodities, e.g. cotton, sugar, rice and wheat as well as all manner of livestock.
In addition the sub-fund‘s assets may be invested in all other permissible assets as speci- fied in Article 2 of the general section of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus at least 25% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in such equity capital investments as defined in article 2 (8) of the German Investment Tax Act that may be acquired for the sub-fund in accordance with the Articles of Incorporation and this Sales Prospec- tus (mixed fund).
Equity capital investments in this respect are
- equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
	- units of investment funds;
	- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immov- able property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corpo- rate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and the sub-/fund is not exempt from said taxation;
	- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub- fund is not exempt from said taxation;
	- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domi- cile to corporate income tax of at least 15% or are exempt from it;
	- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domi- ciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

- units of investment funds, which in accordance with their terms and conditions of investment invest more than 50% of their value or more than 50% of their gross assets (determined as being the value of the investment fund´s assets without taking into account liabilities) them- selves or as a fund of fund indirectly in units of corporations in the amount of 51% of their value; if the terms and conditions of an equity fund make provisions for a percentage higher than 51% of its value or its gross assets, the share of the equity capital investment is, by way of derogation, deemed to be the amount of the higher percentage;
- units of investment funds, which in accor- dance with their terms and conditions of investment invest at least 25% of their value or at least 25% of their gross assets (deter- mined as being the value of the investment fund´s assets without taking into account liabilities) themselves or as a fund of fund indirectly in units of corporations in the amount of 25% of their value; if the terms and conditions of a balanced fund make provisions for a percentage higher than 25% of its value or its gross assets, the share of the equity capital investment is, by way of derogation, deemed to be the amount of the higher percentage;
- units of investment funds that carry out a valuation at least once per week in the amount of the percentage of their assets published on each valuation date that they actually invest themselves, or as a fund of fund, in units of corporations.

Units of corporations as defined in indents 2 through 4 are
- units of corporations admitted to official trading on a stock exchange or admitted to, or included in, another organized market;
- units of corporations that are not real estate companies and that are domiciled in a mem- ber state of the European Union or in another state that is a party to the Agreement on the European Economic Area and are subject there to corporate income tax and are not exempt from it;
- units of corporations that are not real estate companies and that are domiciled in a third country and are subject there to corporate income tax of at least 15% and are not exempt from it; and
- units of other investment funds, which in turn meet the requirements of indents 2 through 4 and of this sentence, in the respective amount specified there.

However, units of corporations are not those that correspond to the categories as defined in indent 1 (i) to (v) above or are held indirectly via partnerships.
Equity capital investments indirectly held by the sub-fund via partnerships are not equity capital investments.
Individual investment fund units may only be taken into consideration once for the purposes of determining the daily equity capital investment rate.
For the purposes of this investment policy and in accordance with the definition in the German
Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. This organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.
Additional information
When using total return swaps to implement the investment strategy as described above, the following shall be noted:
The proportion of the sub-fund’s net assets subject to total return swaps, expressed as the sum of notionals of the total return swaps divided by the sub-fund’s net asset value, is expected to reach up to 30%, but depending on the respective market conditions, with the objective of efficient portfolio management and in the interest of the investors, it may reach up to 60%. The calculation is performed in line with the guidelines CESR/10-788. However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.
Additional information on total return swaps may be found in the general section of the Sales Prospectus, amongst others, in the section “Efficient portfolio management techniques”.
The selection of counterparties to any total return swap is subject to the principles as described in the section “Choice of counter- party” of the Sales Prospectus. Further informa- tion on the counterparties is disclosed in the annual report. For special risk considerations linked to total return swaps, investors should refer to the section “General Risk Warnings”, and in particular the section “Risks connected to derivative transactions” of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriv- atives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Qi Global Climate Action
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH and as sub-manager DWS International GmbH, Mainzer Landstr. 11–17, 60329 Frankfurt/Main, Germany |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI World TR net |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg, Frankfurt/Main and Cologne |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | June 30, 2020 |
| IC | EUR | 0% | up to 0.5% | 0% | 0.01% | June 30, 2020 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | June 30, 2020 |
| XC | EUR | 0% | up to 0.375% | 0% | 0.05% | June 30, 2020 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest
Qi Global Climate Action, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund has sustainable investment as its objective and qualifies as product in accordance with article 9 of Regulation (EU) 2019/2088. DWS Invest Qi Global Climate Action will invest in economic activities that contribute to the objec- tive of reducing carbon emissions in view of achieving the long-term global warming objec- tives of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change.
Therefore, the objective of the investment policy of DWS Invest Qi Global Climate Action is to achieve a sustainable capital appreciation.
The sub-fund is actively managed and is not managed in reference to a benchmark.
“Qi” relates to the stock selection, which is based on a proprietary quantitative investment
approach managed by the quantitative invest- ments (Qi) group. Investment decisions are the result of a trade-off between investment oppor- tunities that are identified by analysing funda- mental and technical data and risk as well as cost considerations.
At least 80% of the sub-fund`s assets are invested in global equities.
Up to 20% of the sub-fund’s assets may be invested in interest-bearing securities. Convertible bonds and warrant-linked bonds do not constitute interest-bearing securities in this respect.
The sub-fund management seeks to attain its sustainable objective by a two-step approach.
In a first step, the portfolio management of this sub-fund seeks to attain the promoted environ- mental and social characteristics by assessing potential investments via a proprietary ESG assessment methodology irrespective of eco- nomic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers
is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodol- ogy) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG develop- ment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment. Issuers with high climate risk profile (i.e. a letter score of “E”) are limited to 5% of the sub-fund’s net assets.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization, and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment. Issuers with high severity of norm issues (i.e. a letter score of “E”) are limited to 5% of the
sub-fund’s net assets.
DWS ESG Quality Assessment
The DWS ESG Quality Assessment distinguishes between corporate and sovereign issuers.
For corporate issuers, the DWS ESG Quality Assessment allows for a peer group comparison based on cross vendor consensus on overall ESG assessment (best-in-class approach), for example concerning the handling of environmental changes, product safety, employee management or corporate ethics. The peer group is composed of issuers from the same sector in the same region. Issuers rated better in this peer group comparison receive a better score, while issuers rated worse in the comparison receive a worse score. Corporate issuers rated poorly compared to their peer group (i.e. a letter score of “E” or “F”) are excluded as investment.
For sovereign issuers, the DWS ESG Quality Assessment evaluates a countries’ governance from a holistic perspective taking into account, among other things, the assessment of political and civil liberties. Sovereign issuers with high or excessive controversies regarding governance (i.e. a letter score of “E” or “F”) are excluded as investment.
Further, issuers with a letter score of “D” in the DWS ESG Quality Assessment are limited to 15% of the sub-fund’s net assets.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
Issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk-, Norm- and ESG quality Assessment (excluding the assess- ment of sovereigns) outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
In a second step and to achieve the Paris-aligned investment objective, the sub-fund management defines an equity portfolio that has a 50% reduced carbon intensity (Scope 1, 2 and 3 green- house gas (GHC) emissions and avoided emis- sions) in comparison to the global investable universe (i.e. liquid equities listed globally on stock exchanges) and that is at no time allowed to fall short beyond this limit. To reach this objective, the portfolio manager takes the carbon intensity on asset level into account based on certain maxi- mum thresholds, whereby the carbon intensity
is calculated based on data derived from the ESG database. Theses maximum thresholds are inter alia:
Reduction of the carbon intensity of the portfolio The carbon intensity of the portfolio shall not exceed 50% of the carbon intensity of the invest- ible universe and stay below 425 tonnes of carbon emissions per million USD revenues (425t/$m).
Exposure to coal
The exposure to any coal (i.e. issuers who gener- ate more than 1% of their revenues from coal) is reduced to zero.
Significant exposure to fossil fuel
The significant exposure to power generated from fossil fuels (i.e. issuers who generate more than 50% of their revenues from fossil power) is reduced to zero.
As an additional action to reduce the climate risk even further, the portfolio manager reduces the upper limit for the overall portfolio carbon inten- sity year over year by 7% against the global investment universe. The reduction starts on February 15, 2021. Starting point is the fixed reference value of 425t/$m and will end with a value of zero for the carbon intensity. The target reduction of 7% year over year shall be calcu- lated geometrically.
Taking carbon intensity and climate transition risks into account, the sub-fund management targets to mitigate climate related risks and focuses on supporting potential opportunities arising from a transition into lower carbon world. The characteristic of a climate transition equity portfolio is reflected by the supplement “Climate Action” in the sub-fund’s name.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
In addition, the sub-fund’s assets may be invested in all other permissible assets speci- fied in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (Equity Fund) at least
60% of the sub-fund´s gross assets (deter- mined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Transparency in relation to art. 5 of Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation)
The sub-fund contributes to the objective of reducing carbon emissions in view of achieving the long-term global warming objectives of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change.
In order to achieve its objective of reducing carbon emissions the sub-fund management defines a portfolio that has a 50% reduced carbon intensity in comparison to the investable universe and further reduces the upper limit for the overall portfolio carbon intensity year over year, as further described in the investment policy above.
The EU Technical Screening Criteria for environ- mentally sustainable economic activities in respect of the Taxonomy environmental objectives of climate change mitigation and climate change adaptation will require the availability of multiple, specific data points regarding each investment. As at the publication date of the Sales Prospectus, there is insufficient reliable, available, consistent and verifiable data available for the sub-fund management to be able to assess investments based on the EU Technical Screening Criteria.
While there may be investments in the sub-fund that are considered to be economic activities that contribute to the environmental objective of climate change mitigation and/or climate change adaption and may be eligible to be assessed against the EU Technical Screening Criteria, the sub-fund management is currently, due to the data situation as indicated above, not in a position to describe:
- the extent to which the investments of the sub-fund are in economic activities that qualify as environmentally sustainable and are aligned with the Taxonomy Regulation;
- the proportion, as a percentage of the sub- fund’s portfolio, of investments in environmen- tally sustainable economic activities which are aligned with the Taxonomy Regulation; or
- the proportion, as a percentage of the sub- fund’s portfolio, of enabling and transitional activities (as described in the Taxonomy Regulation).


#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest SDG European Equities
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI Europe TR Net |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order Acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | March 31, 2021 |
| LC | EUR | 5% | up to 1.5% | 0% | 0.05% | March 31, 2021 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | March 31, 2021 |
| XC | EUR | 0% | up to 0.35% | 0% | 0.05% | March 31, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest SDG European Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund has sustainable investment as its objective and qualifies as product in accordance with article 9 of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest SDG European Equities is to achieve a positive mid- to long-term investment perfor- mance by investing in companies that the sub- fund management considers to be in a position to profit from present or future geopolitical, social and economic trends and themes which help to achieve the sustainable development goals of the UN as part of the Agenda 2030.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 80% of the sub-fund’s assets are invested in equities of foreign and domestic issuers that operate in a business field included in the central themes favoured according to the market situation, profit from the selected trends or are active in an industrial sector that can directly or indirectly contribute to one of sustain- able development goals of the Agenda 2030.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges and markets issued by international financial institutions.
Up to 20% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
The sub-fund management invests at least 80% of the sub-fund’s assets in economic activities that contribute to environmental and/or social objectives and to at least one of the UN Sustain- able development goals (‘SDG’).
The sub-fund management seeks to attain its sustainable objective by assessing potential investments via proprietary ESG investment methodology. This methodology incorporates investment standards according to an ESG database, which uses data from multiple leading ESG data providers as well as internal and public sources to derive proprietary combined scores for various environmental and social objectives. The methodology assigns one of six possible proprietary scores to each possible issuer. These scores encompass assessments for (i) controver- sial sectors (which include coal, tobacco, defence industry, pornography, gambling and nuclear power), (ii) involvement in controversial weapons (nuclear weapons, depleted uranium, cluster munitions and anti-personnel mines) or (iii) viola- tion of internationally accepted norms, but also allow for an active issuer selection based on categories such as climate and transition risk,
norm compliance or best in class ESG evalua- tions in respect to the above-mentioned environ- mental and/or social objectives. The methodology assigns one of six possible proprietary scores to each possible issuer based on a letter scoring from A to F, whereby issuers with A and B scores are considered as leading in their categories and issuers with C scores are considered as within the upper midfield of their category. These letter scores can originate from revenues generated from controversial sectors or the degree of involvement in controversial weapons, the degree of severity that an issuer may be involved in the violation of international norms, the assessment on climate and transition risk, which is based on for example carbon intensity or the risk of stranded assets, or from best in class ESG evaluations.
The SDG contribution of an issuer will be mea- sured by dedicated SDG scores, which are the result of a double-layered algorithm in the ESG investment methodology. In the first layer, issuers are identified and scored by the revenues they generate that can be linked to the SDGs (positive contribution) and where those revenues by comparison measures exceed the correspond- ing measures of other issuers. The second layer confirms the ESG quality of such issuers in respect to defined minimum standards in respect to environmental, social and corporate governance factors. Further, next to their SDG contribution issuers will be assessed to ensure that they do not obstruct the SDG objective (with negative total net SDG contribution).
The sub-fund manager considers in its asset allocation the resulting scores from the ESG database. At least 80% of the sub-fund’s assets are invested in issuers that are classified in the highest three scores (scores A-C) of the propri- etary SDG score from the application of the ESG investment methodology.
The ESG and SDG performance of an issuer is evaluated independently from financial success based on a variety of factors. These factors include, for example, the following fields of interest:
Environment
- Conservation of flora and fauna;
- Protection of natural resources, atmosphere and inshore waters;
- Limitation of land degradation and climate change;
- Avoidance of encroachment on ecosystems and loss of biodiversity.

Social
- General human rights;
- Prohibition of child labour and forced labour;
- Imperative Non-discrimination;
- Workplace health and safety;
- Fair workplace and appropriate remuneration.

Corporate Governance
- Global Governance Principles by the Inter- national Corporate Governance Network;
- Global Compact Anti-Corruption Principles.

UN Sustainable Development Goals
- Climate Change
- Water Scarcity
- Waste Management
- Food Availability
- Health & Wellness
- Improving Lives and DemographicsAt least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.

More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assessment categories as well as our ESG related policies
can be found on our website www.dws.com/ solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of derivatives, the following investment restrictions shall apply with regard to the investment restrictions cur- rently applicable in individual distribution countries:
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub- fund may be invested in derivatives that consti- tute long positions and do not have correspond- ing coverage.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest- ments in shares of other UCITS and/or other UCIs as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets without taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest SDG Global Equities
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI World AC Index |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order Acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | November 2. 2018 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | November 2, 2018 |
| IC | EUR | 0% | up to 0.5% | 0% | 0.01% | November 2, 2018 |
| ID | EUR | 0% | up to 0.5% | 0% | 0.01% | November 2, 2018 |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | November 2, 2018 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | November 2, 2018 |
| XC | EUR | 0% | up to 0.35% | 0% | 0.05% | November 2, 2018 |
| XD | EUR | 0% | up to 0.35% | 0% | 0.05% | November 2, 2018 |
| NC | EUR | up to 3% | up to 2% | 0% | 0.05% | December 14, 2018 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | February 15, 2019 |
| TFD | EUR | 0% | up to 0.75% | 0% | 0.05% | February 15, 2019 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | October 30, 2020 |
| USD LCH (P) | USD | 5% | up to 1.5% | 0% | 0.05% | February 15, 2021 |
| USD TFCH (P) | USD | 0% | up to 0.75% | 0% | 0.05% | February 15, 2021 |
| USD IC50 | USD | 0% | up to 0.45% | 0% | 0.01% | February 26, 2021 |
| GBP D RD | GBP | 0% | up to 0.75% | 0% | 0.05% | September 15, 2021 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest SDG Global Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund has sustainable investment as its objective and qualifies as product in accordance with article 9 of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest SDG Global Equities is to achieve a posi- tive mid- to long-term investment performance by investing in companies that the sub-fund management considers to be in a position to profit from present or future geopolitical, social and economic trends and themes which help to achieve the sustainable development goals of the UN as part of the Agenda 2030.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 80% of the sub-fund’s assets are invested in equities of foreign and domestic issuers that operate in a business field included in the central themes favoured according to the market situation, profit from the selected trends or are active in an industrial sector that can directly or indirectly contribute to one of sustain- able development goals of the Agenda 2030.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges
and markets issued by international financial institutions.
Up to 20% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
The sub-fund management invests at least 80% of the sub-fund’s assets in economic activities that contribute to environmental and/or social objectives and to at least one of the UN Sustain- able development goals (‘SDG’).
The sub-fund management seeks to attain its sustainable objective by assessing potential investments via proprietary ESG investment methodology. This methodology incorporates investment standards according to an ESG data- base, which uses data from multiple leading ESG data providers as well as internal and public sources to derive proprietary combined scores for various environmental and social objectives. The methodology assigns one of six possible propri- etary scores to each possible issuer. These scores encompass assessments for (i) controversial sectors (which include coal, tobacco, defence industry, pornography, gambling and nuclear power), (ii) involvement in controversial weapons (nuclear weapons, depleted uranium, cluster munitions and anti-personnel mines) or (iii) viola- tion of internationally accepted norms, but also allow for an active issuer selection based on categories such as climate and transition risk, norm compliance or best in class ESG evaluations in respect to the above-mentioned environmental and/or social objectives. The methodology assigns one of six possible proprietary scores to each possible issuer based on a letter scoring from A to F, whereby issuers with A and B scores are considered as leading in their categories and
issuers with C scores are considered as within the upper midfield of their category. These letter scores can originate from revenues generated from controversial sectors or the degree of involvement in controversial weapons, the degree of severity that an issuer may be involved in the violation of international norms, the assessment on climate and transition risk, which is based on for example carbon intensity or the risk of stranded assets, or from best in class ESG evaluations.
The SDG contribution of an issuer will be mea- sured by dedicated SDG scores, which are the result of a double-layered algorithm in the ESG investment methodology. In the first layer, issuers are identified and scored by the revenues they generate that can be linked to the SDGs (positive contribution) and where those revenues by comparison measures exceed the
corresponding measures of other issuers. The second layer confirms the ESG quality of such issuers in respect to defined minimum standards in respect to environmental, social and corporate governance factors. Further, next to their SDG contribution issuers will be assessed to ensure that they do not obstruct the SDG objective (with negative total net SDG contribution).
The sub-fund manager considers in its asset allocation the resulting scores from the ESG database. At least 80% of the sub-fund’s assets are invested in issuers that are classified in the highest three scores (scores A-C) of the proprie- tary SDG score from the application of the ESG investment methodology.
The ESG and SDG performance of an issuer is evaluated independently from financial success based on a variety of factors. These factors include, for example, the following fields of interest:
Environment
- Conservation of flora and fauna;
- Protection of natural resources, atmosphere and inshore waters;
- Limitation of land degradation and climate change;
- Avoidance of encroachment on ecosystems and loss of biodiversity.

Social
- General human rights;
- Prohibition of child labour and forced labour;
- Imperative Non-discrimination;
- Workplace health and safety;
- Fair workplace and appropriate remuneration.

Corporate Governance
- Global Governance Principles by the International Corporate Governance Network;
- Global Compact Anti-Corruption Principles.

UN Sustainable Development Goals
- Climate Change
- Water Scarcity
- Waste Management
- Food Availability
- Health & Wellness
- Improving Lives and DemographicsAt least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.

More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of derivatives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries:
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than
35% of the net value of the assets of the sub-fund may be invested in derivatives that constitute long positions and do not have corresponding coverage.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning investments in shares of other UCITS and/or other UCIs as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (determined as being the value of the sub-fund´s assets with- out taking into account liabilities) are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accor- dance with statutory provisions or their invest- ment conditions, if such corporations, associa- tions of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and the sub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciledin a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net pres- ent value of the portfolio). However, the dis- closed expected level of leverage is not intended to be an additional exposure limit for the
sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Short Duration Credit
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | iBoxx Euro Corporates 1-3 Y, administered by IHS Markit Benchmark Administration Limited |
| Reference portfolio (risk benchmark) | (absolute VaR) |
| Leverage effect | 5 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Swing Pricing | The sub-fund may apply Swing Pricing. If implemented, it will be disclosed in the fund facts section on the website of the Management Company www.dws.com. |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 3% | up to 0.6% | 0% | 0.05% | February 27, 2006 |
| NC | EUR | up to 1.5% | up to 1.1% | 0.1% | 0.05% | February 27, 2006 |
| FC | EUR | 0% | up to 0.45% | 0% | 0.05% | February 27, 2006 |
| LD | EUR | up to 3% | up to 0.6% | 0% | 0.05% | January 31, 2014 |
| IC | EUR | 0% | up to 0.3% | 0% | 0.01% | October 14, 2016 |
| ID | EUR | 0% | up to 0.3% | 0% | 0.01% | October 14, 2016 |
| PFC | EUR | 0% | up to 0.3% | 0% | 0.05% | October 14, 2016 |
| IC50 | EUR | 0% | up to 0.2% | 0% | 0.01% | April 28, 2017 |
| ID50 | EUR | 0% | up to 0.2% | 0% | 0.01% | April 28, 2017 |
| TFC | EUR | 0% | up to 0.45% | 0% | 0.05% | December 5, 2017 |
| TFD | EUR | 0% | up to 0.45% | 0% | 0.05% | December 5, 2017 |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest Short Duration Credit, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU)
2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of
DWS Invest Short Duration Credit is to achieve an above-average return for the sub-fund.
The sub-fund’s assets may be invested globally in the following instruments:
- corporate bonds issued by companies from Developed Countries or Emerging Markets that may or may not offer an investment grade status at the time of acquisition,
- covered bonds,
- convertible bonds,
- subordinated bonds,
- asset-backed securities.

The sub-fund’s investments in subordinated bonds shall be limited to 30% of the sub-fund’s assets value. The sub-fund’s investments in asset backed securities shall be limited to 20% of the sub-fund’s net asset value.
The average duration of the overall portfolio shall not exceed three years. The sub-fund manager aims to hedge any currency risk versus the euro in the portfolio.
In compliance with the investment limits speci- fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con- tracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, infla- tion swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.
The sub-fund may use, particularly in accordance with the investment limits stated in Article 2 B. of the Sales Prospectus – general section, deriva- tives to optimize the investment objective.
The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Short Duration Credit. The performance of the sub-fund is therefore besides other factors depending on the respec- tive proportion of derivatives, e.g. swaps in the sub-fund’s total assets.
To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as swaps, will be entered with at least BBB3 (Moody’s) /BBB- (S&P, Fitch) rated financial institutions specializing in such trans- actions. Such OTC-agreements are standardized agreements.
In conjunction with the OTC transactions, it is important to note the associated counterparty risk. The sub-fund’s counterparty risk resulting from the use of portfolio total return swaps will be fully collateralized. The use of swaps may furthermore entail specific risks that are explained in the general risk warnings.
The sub-fund can be invested in total or in parts in one or several OTC-transactions negotiated with a counterparty under customary market conditions. Therefore, the sub-fund can be invested in total or in parts in one or several transactions.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to
environmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activities. The lower the percentage of revenues from the controversial business areas and con- troversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
The reference benchmark of this sub-fund is not consistent with the environmental and social characteristics promoted by this sub-fund. Infor- mation on the reference benchmark can be found on www.ihsmarkit.com.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
The sub-fund’s investments in contingent convert- ibles shall be limited to 10% of the sub-fund’s net asset value.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus, including the assets mentioned in Article 2 A. (j).
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Specific risks
The use of credit default swaps may entail greater risks than direct investment in debt securities. The market for credit default swaps can at times be less liquid than the markets for debt securities. The use of swaps may entail specific risks that are explained in more detail in the “Notes” section.
Additional information
When using total return swaps to implement the investment strategy as described above, the following shall be noted:
The proportion of the sub-fund’s net assets subject to total return swaps, expressed as the sum of notionals of the total return swaps divided by the sub-fund’s net asset value, is expected to reach up to 50%, but depending on the respective market conditions, with the objective of efficient portfolio management and in the interest of the investors, it may reach up to 100%. The calculation is performed in line with the guidelines CESR/10-788. However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.
Additional information on total return swaps may be found in the general section of the
Sales Prospectus, amongst others, in the section “Efficient portfolio management techniques”.
The selection of counterparties to any total return swap is subject to the principles as described in the section “Choice of counter- party” of the Sales Prospectus. Further informa- tion on the counterparties is disclosed in the annual report. For special risk considerations linked to total return swaps, investors should refer to the section “General Risk Warnings”, and in particular the section “Risks connected to derivative transactions” of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Benchmark
The sub-fund is actively managed and is man- aged in reference to one or a combination of benchmarks as further detailed in the sub-fund specific table. All benchmarks respectively their administrators are registered with the ESMA, either in the public register of administrators of benchmark indices or the public register of third country benchmarks.
The majority of the sub-fund’s securities or their issuers are not necessarily expected to be components of the benchmark and the portfolio is not necessarily expected to have a similar weighting to the benchmark. The sub-fund management will use its discretion to invest in securities and sectors that are not included in the benchmark in order to take advantage of
specific investment opportunities. In regard to its benchmark, the sub-fund positioning can deviate significantly (e.g., by a positioning outside of the benchmark as well as a significant underweight- ing or overweighting) and the actual degree of freedom is typically relatively high. A deviation generally reflects the sub-fund manager’s evalua- tion of the specific market situation, which may lead to a defensive and closer or a more active and wider positioning compared to the bench- mark. Despite the fact that the sub-fund aims
to outperform the return of the benchmark, the potential outperformance might be limited depending on the prevailing market environment (e.g. less volatile market environment) and actual positioning versus the benchmark.

#### Risk Management
The absolute Value-at-Risk (VaR) approach is used to limit market risk for the sub-fund assets.
Contrary to the provision of the general section of the Sales Prospectus, because of the investment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub-fund assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). The disclosed expected level of leverage is not intended to be an addi- tional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

## DWS Invest Top Dividend
| Investor profile | Growth-oriented |
| --- | --- |
| Currency of sub-fund | EUR |
| Sub-fund manager | DWS Investment GmbH |
| Performance benchmark | – |
| Reference portfolio (risk benchmark) | MSCI WORLD HIGH DIVIDEND YIELD |
| Leverage effect | 2 times the value of the investment sub-fund’s assets |
| Calculation of the NAV per share | Each bank business day in Luxembourg |
| Order acceptance | All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxem- bourg 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 a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the description of share classes in the general section of the Sales Prospectus. |
| Fractional shares | Up to three places after the decimal point |
| Expense cap | Not to exceed 15% of the Management Company fee |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | up to 5% | up to 1.5% | 0% | 0.05% | July 1, 2010 |
| LD | EUR | up to 5% | up to 1.5% | 0% | 0.05% | July 1, 2010 |
| FC | EUR | 0% | up to 0.75% | 0% | 0.05% | July 1, 2010 |
| GBP LD DS | GBP | up to 5% | up to 1.5% | 0% | 0.05% | July 1, 2010 |
| NC | EUR | up to 3% | up to 2% | 0.2% | 0.05% | July 1, 2010 |
| USD LC | USD | up to 5% | up to 1.5% | 0% | 0.05% | September 13, 2010 |
| ND | EUR | up to 3% | up to 2% | 0.2% | 0.05% | November 16, 2010 |
| SGD LDQ | SGD | up to 5% | up to 1.5% | 0% | 0.05% | August 16, 2011 |
| CHF FCH (P) | CHF | 0% | up to 0.75% | 0% | 0.05% | October 21, 2011 |
| CHF LCH (P) | CHF | up to 5% | up to 1.5% | 0% | 0.05% | October 21, 2011 |
| SGD LC | SGD | up to 5% | up to 1.5% | 0% | 0.05% | April 24, 2012 |
| SGD LCH (P) | SGD | up to 5% | up to 1.5% | 0% | 0.05% | April 24, 2012 |
| USD LCH (P) | USD | up to 5% | up to 1.5% | 0% | 0.05% | May 30, 2012 |
| USD LDH (P) | USD | up to 5% | up to 1.5% | 0% | 0.05% | January 28, 2013 |
| FD | EUR | 0% | up to 0.75% | 0% | 0.05% | March 1, 2013 |
| GBP D RD | GBP | 0% | up to 0.75% | 0% | 0.05% | May 27, 2013 |
| USD FC | USD | 0% | up to 0.75% | 0% | 0.05% | June 24, 2013 |
| SGD LDQH (P) | SGD | up to 5% | up to 1.5% | 0% | 0.05% | September 23, 2013 |
| USD LDQ | USD | up to 5% | up to 1.5% | 0% | 0.05% | September 23, 2013 |
| PFC | EUR | 0% | up to 1.6% | 0% | 0.05% | May 26, 2014 |
| PFD | EUR | 0% | up to 1.6% | 0% | 0.05% | May 26, 2014 |
| LDQH (P) | EUR | up to 5% | up to 1.5% | 0% | 0.05% | June 4, 2014 |
| USD LDM | USD | up to 5% | up to 1.5% | 0% | 0.05% | August 11, 2014 |
| LCH (P) | EUR | up to 5% | up to 1.5% | 0% | 0.05% | December 11, 2014 |
| GBP C RD | GBP | 0% | up to 0.75% | 0% | 0.05% | September 30, 2015 |
| USD LDQH (P) | USD | up to 5% | up to 1.5% | 0% | 0.05% | September 30, 2015 |
| SEK LCH (P) | SEK | up to 5% | up to 1.5% | 0% | 0.05% | September 30, 2015 |

| Share class | Currency of share class | Front-end load (payable by the investor) | Management Company Fee p.a. (payable by the sub-fund)* | Service Fee p.a. (payable by the sub-fund)* | Taxe d’abonnement p.a. (payable by the sub-fund) | Launch date |
| --- | --- | --- | --- | --- | --- | --- |
| USD FCH (P) | USD | 0% | up to 0.75% | 0% | 0.05% | June 30, 2016 |
| GBP DH (P) RD | GBP | 0% | up to 0.75% | 0% | 0.05% | September 1, 2016 |
| IC | EUR | 0% | up to 0.5% | 0% | 0.01% | September 1, 2016 |
| IDQ | EUR | 0% | up to 0.5% | 0% | 0.01% | April 13, 2017 |
| TFC | EUR | 0% | up to 0.75% | 0% | 0.05% | December 5, 2017 |
| TFCH (P) | EUR | 0% | up to 0.75% | 0% | 0.05% | April 30, 2019 |
| AUD TFCH (P) | AUD | 0% | up to 0.75% | 0% | 0.05% | May 15, 2020 |
| CHF TFCH (P) | CHF | 0% | up to 0.75% | 0% | 0.05% | August 16, 2021 |

| Dilution adjustment (payable by the shareholder)** | PFC and PFD: A dilution adjustment of up to 3% based on the gross redemption amount may be charged. Please see the general section for further explanation. |
| --- | --- |
| Placement fee (payable from the sub-fund’s assets) | PFC and PFD: Up to 3% for the benefit of the distributor. Please see the general section for further explanation. |

*  For additional costs, see Article 12 in the general section of the Sales Prospectus.
** The Management Company may, at its discretion, partially or completely dispense with the dilution adjustment.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time.
For the sub-fund with the name DWS Invest
Top Dividend, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

#### Investment policy
This sub-fund promotes environmental and social characteristics and qualifies as product in accor- dance with article 8(1) of Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector.
The objective of the investment policy of DWS Invest Top Dividend is to achieve an above average return.
The sub-fund is actively managed and is not managed in reference to a benchmark.
At least 70% of the sub-fund’s assets are invested in equities of international issuers that are expected to deliver an above-average dividend yield.
When selecting equities, the following criteria shall be of decisive importance: dividend yield above the market average; sustainability of divi- dend yield and growth; historical and future earnings growth; price/earnings ratio. In addition to these criteria, the proven stock-picking process of the Fund Manager will be applied. This means that a company’s fundamental data, such as asset quality, management skills, profitability, competi- tive position and valuation, are analysed. These criteria may be weighted differently and do not always have to be present at the same time.
In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock- futures, options or equity swaps.
Against this background, positions could be built up that anticipate declining stock prices and index levels.
According to the prohibition stipulated in Arti- cle 2 F. of the general section of the Sales Prospectus, no short sales of securities will be undertaken. Short positions are achieved by using securitized and non-securitized derivative instruments.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) listed on recognized exchanges and markets issued by international financial institutions.
Up to 30% of the sub-fund’s assets may be invested in instruments that do not meet the above-mentioned criteria.
Up to 30% of the sub-fund’s assets may be invested in money market instruments and bank balances.
A maximum of 20% of the sub-fund´s assets may be invested in securities such as A-Shares, B-Shares, bonds and other securities listed and traded in Mainland China.
The sub-fund will not invest in contingent convertibles.
The sub-fund intends to use securities financing transactions under the conditions and to the extent further described in the general part of the Sales Prospectus.
In addition, the sub-fund’s assets may be invested in all other permissible assets as speci- fied in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.
At least 51% of the sub-fund’s net assets are invested in assets from issuers that comply with defined minimum standards in respect to envi- ronmental and social characteristics as well as good governance practices.
The portfolio management of this sub-fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment meth- odology irrespective of economic prospects of success. This methodology is based on the ESG database, which uses data from multiple ESG data providers (a list of data providers is available at www.dws.com/solutions/esg), public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore based on data and figures as well as on internal assessments that take into account factors beyond the processed data and figures, such as an issuer’s future expected ESG devel- opment, plausibility of the data with regard to past or future events, an issuer’s willingness to
engage in dialogues on ESG matters or corporate decisions.
The ESG database derives A to F letter coded assessments within different categories as further detailed below. Within each category, issuers receive one of six possible scores, with “A” being the highest score and “F” being the lowest score. If an issuer’s score in one category is not considered eligible, the portfolio manage- ment is prohibited to invest in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score is consid- ered individually and may result in exclusion of an issuer.
The ESG database uses a variety of assessment categories to assess the attainment of the promoted environmental and social characteris- tics, including amongst others:
DWS Climate Risk Assessment
The DWS Climate Risk Assessment evaluates issuers in relation to climate change and environ- mental changes, e.g. in respect to greenhouse gas reduction and water conservation. Issuers that contribute less to climate change and other negative environmental changes or are less exposed to such risks receive better evaluations. Issuers with excessive climate risk profile (i.e. a letter score of “F”) are excluded as investment.
DWS Norm Assessment
The DWS Norm Assessment evaluates the behaviour of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organization and behaviour within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labour, adverse environmental impacts, and business ethics.
Issuers with highest severity of norm issues (i.e. a letter score of “F”) are excluded as investment.
DWS Sovereigns Assessment
The DWS Sovereigns Assessment evaluates the assessment of political and civil liberties. Sover- eign issuers with high or excessive controversies regarding political and civil liberties (i.e. a letter score of “E” or “F”) are excluded as investment.
Exposure to controversial sectors
The ESG database defines certain business areas and business activities as relevant. Busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the arms industry, weapons, tobacco and adult entertainment.
Other business sectors and business activities that affect the production or distribution of products in other sectors are defined as relevant. Other relevant sectors are, for example, nuclear
energy or coal mining and coal-based power generation.
Issuers are evaluated according to the share of total revenues they generate in controversial business areas and controversial business activi- ties. The lower the percentage of revenues from the controversial business areas and controversial business activities, the better the score.
As regards the involvement in tobacco, contro- versial weapons and civil firearms, issuers (excluding target funds) with a moderate, high or excessive exposure (i.e. a letter score of “D”, “E” or “F”) are excluded as investment.
As regards the involvement in the defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as investment.
As regards the involvement in coal mining and coal-based power generation or other controver- sial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as investment.
To the extent that the sub-fund seeks to attain the promoted minimum standards in terms of environmental and social characteristics as well as corporate governance practices by means of an investment in target funds, the latter must meet the standards on Climate Risk- and Norm Assessment outlined above.
At least 90% of the sub-fund`s portfolio holdings will be screened according to non-financial criteria.
More information about the functioning of the ESG investment methodology, its integration in the investment process, the description of the A to F coded scores within the different assess- ment categories as well as our ESG related policies can be found on our website www.dws.com/solutions/esg/esg-engine.
In addition, an engagement activity can be initiated with the individual issuers regarding matters such as strategy, financial and non-finan- cial performance, risk, capital structure, social and environmental impact as well as corporate governance including topics like disclosure, culture and remuneration. The dialogue can be exercised by, for example, proxy voting, company meetings or engagement letters.
For the purpose of inducing a partial tax exemp- tion within the meaning of the German Invest- ment Tax Act and in addition to the investment limits described in the Articles of Incorporation and this Sales Prospectus (equity fund) at least 51% of the sub-fund´s gross assets (deter- mined as being the value of the sub-fund´s assets without taking into account liabilities)
are invested in equities admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not:
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and thesub-fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the sub-fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or(b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not sub- ject in said domicile to corporate income tax of at least 15% or are exempt from it if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this investment policy and in accordance with the definition in the German Investment Code (KAGB), an organized market is a market which is recognized, open to the public and which functions correctly, unless expressly specified otherwise. Such organized market also meets the criteria of article 50 of the UCITS Directive.
The respective risks connected with investments in this sub-fund are disclosed in the general section of the Sales Prospectus.

#### Integration of sustainability risks
The sub-fund management integrates sustain- ability risks into their investment decisions by means of ESG Integration. Further information on how sustainability risks are taken into account in the investment decisions can be found in the general section of the Sales Prospectus.

#### Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain deriva- tives (“risk benchmark”).
Leverage is not expected to exceed twice the value of the investment sub-fund’s assets. The leverage effect is calculated using the sum of notional approach (absolute (notional) amount of each derivative position divided by the net present value of the portfolio). However, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

#### Investment in shares of target funds
In addition to the information in the general section of the Sales Prospectus the following is applicable to this sub-fund:
When investing in target funds associated to the sub-fund, the part of the management fee attributable to shares of these target funds is reduced by the management fee/all-in fee of the acquired target funds, and as the case may be, up to the full amount (difference method).

Translation (ENFR, 2021-12-31):
# Prospectus de vente – Partie Spécifique
## DWS Invest Africa
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | MSCI EFM AFRICA – Total Return Net Dividend en EUR |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée cinq jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée cinq jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions* | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)** | Commission de service p.a. (supportée par le compartiment)** | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,75 % maximum | 0 % | 0,05 % | 10.7.2008 |
| LD | EUR | 5 % maximum | 1,75 % maximum | 0 % | 0,05 % | 10.7.2008 |
| NC | EUR | 3 % maximum | 2,2 % maximum | 0,2 % | 0,05 % | 10.7.2008 |
| FC | EUR | 0 % | 0,85 % maximum | 0 % | 0,05 % | 10.7.2008 |
| USD LC | USD | 5 % maximum | 1,8 % maximum | 0 % | 0,05 % | 10.7.2008 |
| GBP D RD | GBP | 0 % | 0,9 % maximum | 0 % | 0,05 % | 20.1.2009 |

*  Le compartiment DWS Invest Africa et ses classes d’actions sont exclus de l’option « échange d’actions » décrite à l’article 8 de la Partie Générale du prospectus de vente.
** Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Africa.

#### Politique de placement
La politique de placement du compartiment DWS Invest Africa a pour objectif de réaliser une plus-value aussi importante que possible du capital investi.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Après déduction des liquidités, au moins 70 % de l’actif total du compartiment sont investis en actions, certificats d’actions, bons de participa- tions et de jouissance et warrants sur actions d’émetteurs ayant leur siège ou exerçant l’essen- tiel de leurs activités en Afrique ou qui, en tant que sociétés holdings, détiennent la majorité des
participations dans des entreprises ayant leur siège en Afrique, en particulier en Afrique du Sud, en Égypte, sur l’Île Maurice, au Nigéria, au Maroc et au Kenya.
Les valeurs mobilières émises par ces sociétés peuvent être cotées sur des Bourses africaines ou d’autres Bourses étrangères, ou être négociées sur d’autres marchés réglementés reconnus, ouverts au public et en fonctionnement régulier dans un État membre de l’Organisation de coopé- ration et de développement économiques (OCDE). Les Bourses et autres marchés réglementés doivent respecter les dispositions de l’article 41 de la Loi de 2010.
Les placements dans les valeurs mobilières susmentionnées peuvent aussi s’effectuer via des Global Depository Receipts (GDR) ainsi que via des American Depository Receipts (ADR)
admis à la cote de Bourses et de marchés recon- nus, émis par des établissements financiers internationaux.
Après déduction des liquidités, un maximum de 30 % de l’actif du compartiment peut être investi en actions, certificats d’actions, obligations convertibles, titres participatifs et bons de jouis- sance, de même qu’en warrants sur actions d’émetteurs nationaux et étrangers ne répondant pas aux exigences des paragraphes précédents, ainsi que dans tous les autres actifs autorisés mentionnés à l’article 2 de la Partie Générale du prospectus de vente.
Par dérogation au plafond d’investissement de 10 % stipulé à l’article 2, paragraphe B., lettre i), pour les placements dans des parts d’autres OPCVM et / ou d’autres OPC tels que définis au paragraphe A., lettre e), le présent compartiment
sera soumis à un plafond d’investissement de 5 %.
L’équipe de gestion du compartiment prend en compte les critères ESG dans ses décisions d’investissement (« Critères ESG » fait référence aux termes Environnementaux, Sociaux et de Gouvernance). Afin de déterminer si et dans quelle mesure les actifs du compartiment répondent aux critères ESG, une base de données ESG propriétaire évalue les actifs selon les critères ESG.
La base de données ESG traite les données de plusieurs fournisseurs de données ESG, de sources publiques et prend en compte les évaluations internes selon une méthodologie d’évaluation et de classification définie. La base de données ESG est donc d’abord basée sur des données et des chiffres, mais également sur des évaluations internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue de l’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG et les décisions d’entreprise de l’émetteur. La base de données ESG utilise plusieurs catégories d’évaluation pour évaluer si les investissements répondent aux critères ESG, notamment l’évaluation des normes de DWS, l’évaluation des risques climatiques de DWS, l’évaluation de la qualité ESG de DWS et l’expo- sition dans des secteurs controversés. Selon l’analyse de la base de données ESG, les inves- tissements cibles reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le score le plus faible.
L’équipe de gestion du compartiment prend seulement en considération les évaluations portant sur risques climatiques et sur les normes.
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux générale- ment reconnus. Elle examine, par exemple, les
violations des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnemen- taux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manque- ments vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Le compartiment ne promeut aucune caractéris- tique environnementale ou sociale ni aucune combinaison de ces caractéristiques. Les critères ESG ne sont pas pris en considération selon une politique de placement ESG ou durable dans les décisions de placement prenant la forme d’exclu- sions, comme décrites ci-dessus.
Ce qui suit est communiqué conformément à l’article 7 du règlement (UE) 2020/852 du
18 juin 2020 sur l’établissement d’un cadre visant à favoriser les investissements durables : Les investissements sous-jacents à ce produit financier ne tiennent pas compte des critères de l’UE en matière d’activités économiques écologi- quement durables.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises àl’imposition à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Risques particuliers
Les investissements en Afrique ou liés à ce pays comportent un degré élevé de risques. Si l’un des risques suivants se produit, les activités du compartiment, les conditions financières ou les résultats des opérations pourraient être matériellement et négative- ment affectés. Les risques mentionnés
ci-dessous ne sont pas exhaustifs ni classés dans un ordre quelconque. Les investisse- ments du compartiment sont soumis à des risques particuliers liés aux juridictions dans lesquelles les investissements de la société
d’investissement sont réalisés, ainsi qu’à des risques d’investissement habituels. Des risques et des incertitudes supplémentaires présentement inconnus de la société d’in- vestissement ou jugés insignifiants par la société d’investissement peuvent aussi avoir un impact négatif sur les activités du com- partiment. Aucune garantie ne peut être donnée que les résultats des investisse- ments du compartiment seront bons ou que ses objectifs seront atteints. Par conséquent, les investissements du compartiment devraient être considérés comme étant de nature spéculative et uniquement appropriés aux investisseurs conscients des risques impliqués dans les investissements du compartiment, de même qu’ayant la faculté et la volonté d’accepter l’absence anticipée de liquidité dans les investissements du compartiment, la nature illiquide de l’inves- tissement dans les actions et le risque de perte totale de capital résultant d’investisse- ment dans le compartiment.
Si vous avez des doutes sur les mesures à prendre, nous vous recommandons de consulter un conseiller en investissement dûment qualifié dans votre juridiction et spécialiste en conseils relatifs à l’acquisition d’actions et d’autres titres.

#### Risques relatifs aux investissements réalisés par le compartiment
Les futurs investisseurs doivent être conscients de certains facteurs de risque spécifiques à l’Afrique, d’autres juridictions dans lesquelles le compartiment est susceptible d’investir et de la nature des investissements du compartiment. Ceux-ci comprennent :
- Liquidité limitéeIl pourrait s’avérer être sensiblement plus difficile pour le compartiment d’investir dans des pays africains ou de retirer ses investissements des pays africains ou des produits liés à l’Afrique qu’il le serait pour des investisseurs dans des pays plus développés. Une liquidité limitée peut avoir des effets négatifs sur la valeur liquidative et le cours des actions.

Le compartiment peut aussi investir dans des sociétés non africaines cotées sur des Bourses non africaines, et la liquidité relative à de tels investissements peut alors être limitée.
Le compartiment peut tenter de réaliser des investissements dans des sociétés non cotées par une introduction sur la Bourse africaine concernée. Cependant, rien ne garantit que de telles Bourses pourront fournir la liquidité à l’investissement du compartiment dans les sociétés non cotées. La société d’investisse- ment peut devoir revendre les investissements du compartiment dans le cadre d’opérations négociées de gré à gré et les prix réalisés au cours de ces ventes peuvent s’avérer être infé- rieurs à ceux versés par le compartiment à l’origine ou inférieurs à ce qui peut être consi- déré comme étant leur juste valeur ou la valeur réelle de marché de ces titres.
- Limites de placement dans les sociétés cotées en AfriqueLes opérations réalisées sur les Bourses afri-caines peuvent être soumises à différentes restrictions. Il peut exister des restrictions relatives à la propriété totale étrangère des sociétés cotées dans certains pays d’Afrique.
- Investissements dans des sociétés non cotées et dans des sociétés africaines non cotéesGénéralement, quand le compartiment investit dans des titres de sociétés non cotées ou des sociétés non africaines non cotées, négociés ou non sur un marché de gré à gré, rien ne garantit que le compartiment pourra générer la juste valeur de ces titres du fait de la tendance de ces socié- tés à ne posséder qu’une liquidité limitée et une volatilité relativement forte des cours. En outre, aucune source fiable n’est susceptible d’exister quant à leur cours. De tels investissements sont, par essence, difficiles à évaluer et sont l’objet d’un degré substantiel d’incertitude. En outre, toute société dont les titres ne sont pas échangés publiquement ne peut pas être assujettie à des exigences et à d’autres obligations juridiques qui seraient autrement applicables si leurs titres étaient négociés en Bourse.

Risques spécifiques aux investissements sur le marché de gré à gré en Afrique
De nombreuses sociétés non cotées en Afrique
opèrent sur le marché de gré à gré en Afrique qui fait office d’intermédiaire pour les transactions d’actions des sociétés non cotées d’Afrique. Les transactions sur le marché de gré à gré sont négociées et convenues directement entre les acheteurs et les vendeurs, souvent avec la participation de courtiers-négociants ou d’autres intermédiaires facilitants. Le processus de compensation et de règlement relatif aux titres négociés sur le marché de gré à gré peut prendre du temps, nécessitant souvent l’approbation d’officiels de la société concernée.
Investissements dans des sociétés nationales non cotées
Les investissements de la société d’investisse-
ment dans des sociétés non cotées peuvent faire l’objet de restrictions de propriété étrangère dans certains pays africains.
Alors que les investissements dans des sociétés non cotées peuvent offrir un nombre considé- rable de plus-values, ces investissements peuvent également comporter un degré particu- lièrement élevé de risques financiers. Générale- ment, les investissements du compartiment dans des sociétés non cotées peuvent être illiquides et difficiles à évaluer, aussi il n’existe que très peu ou pas de protection pour la valeur de ces investissements. Dans de nombreux cas, les investissements ont une durée à long terme et doivent être détenus pendant des années depuis la date d’investissement initial avant leur vente, surtout s’il est impossible d’obtenir une cotation ultérieure de ces investissements sur une Bourse africaine. Les ventes de titres de sociétés non cotées n’ayant pas obtenu de
cotation ne sont pas possibles et, si elles le sont, ne peuvent se réaliser qu’à un prix substantielle- ment plus bas que la perception de la valeur de marché par le gérant de portefeuille ou du cours versé à l’origine pour ces titres par le comparti- ment.
Les investissements du compartiment dans des sociétés non cotées peuvent nécessiter un audit préalable approfondi. Toutefois, un bon audit préalable peut s’avérer difficile à réaliser dans certains contextes, particulièrement lorsque les informations limitées sont disponibles au public. Étant donné que le compartiment sera probable- ment un actionnaire minoritaire dans toute société non cotée dans laquelle il investit, la société d’investissement s’efforcera, dans la mesure du possible et aux moments opportuns, d’obtenir la protection adaptée aux actionnaires minoritaires par l’intermédiaire d’un contrat d’actionnaire
et / ou d’un statut d’observateur au sein des conseils d’administration. Cependant, la société d’investissement peut fort bien échouer dans l’obtention d’une telle protection et même dans le cas où la société d’investissement obtiendrait un tel contrat d’actionnaire ou un statut d’observa- teur, ceux-ci n’offriraient qu’une protection limitée.
- Investissements dans les entreprises publiquesLes investissements dans les entreprisespubliques comprennent un nombre de risques particuliers. La société d’investissement peut obtenir des informations financières très limitées lui permettant d’évaluer les investissements potentiels en ouvrant les capitaux des entreprises publiques, soit parce qu’elle peut acheter des actions au cours d’un processus qui ne permet qu’un audit préalable limité, soit parce que les dossiers des entreprises publiques sont incom- plets ou indisponibles. En outre, les gérants des entreprises publiques précédentes peuvent rencontrer des difficultés à s’aligner au secteur privé suite à une ouverture du capital, à suivre les principes de bonne gouvernance d’entreprise, à être transparent et à désigner et conserver un personnel compétent et qualifié. Après une ouverture du capital, il n’est pas rare que des entreprises publiques conservent une participation majoritaire du gouvernement concerné et conti- nuent de répondre aux exigences du gouverne- ment en question plutôt que d’agir dans le meil- leur intérêt de ses actionnaires. Les anciennes entreprises publiques peuvent dans certains cas hériter d’affaires issues de leur statut antérieur, comme des effectifs excessivement importants, des infractions récurrentes et non résolues aux réglementations environnementales.
- Investissements dans des fonds fermés existantsLes fonds fermés opérant sur le marché africainpeuvent rencontrer des risques d’investissement semblables à ceux exposés ici, y compris sans s’y limiter, des risques politiques et économiques et des insuffisances dans le système juridique des pays africains. Les investissements du comparti- ment dans des fonds fermés non cotés feront l’objet de risques supplémentaires vu que lesfonds fermés non cotés ne seront assujettis aux réglementations d’aucune autorité de cotation. Le compartiment peut faire l’objet d’appels de fonds pour ses investissements. Dans le cas où le compartiment ne peut répondre aux exigences futures d’appels de fonds, les investissements du compartiment seront alors saisis.
- Autres risques liés aux investissements dans des sociétés en AfriqueOutre les risques susmentionnés, les sociétés enparticipation, et en particulier les entreprises auparavant publiques, cotées ou non, peuvent rencontrer un certain nombre de risques suscep- tibles de causer des sous-performances, voire une faillite. Ceux-ci comprennent, sans s’y limiter :
- risque de financement insuffisant ;
- manque de diversification de la clientèle et de compréhension du marché de produits ;
- insuffisances au niveau de la gestion interne ;
- stratégie incorrecte ou manquante ou man- quement à anticiper les tendances de l’indus- trie du fait d’inexpérience ;
- sureffectif ; et
- variations de la compétitivité dues aux fluctua- tions des taux de change des devises.

Ces risques et d’autres encore peuvent se révéler être très graves pour des sociétés de petite taille. La société d’investissement peut investir dans des sociétés à capitalisation faible.
Risques liés aux conditions de marché
- Environnement du marchéLes sociétés en participation peuvent être exposées au risque d’environnement du marché changeant, y compris mais sans s’y limiter, à une concurrence élevée à la fois sur les marchés nationaux et les marchés exportateurs au sein de certains secteurs du fait d’une libéralisation de l’économie africaine suite à l’ouverture de cer- tains marchés africains aux investisseurs étran- gers. Suite à d’autres forces du marché, tous les investissements du compartiment peuvent à tout moment faire l’objet d’une baisse considérable de valeur.
- Possibilités d’investissement limitéesIl existe d’autres sociétés, institutions et inves- tisseurs, à la fois africains et étrangers, à la recherche d’investissements à réaliser en Afrique. Nombre de ces concurrents sont sensés réunir des capitaux importants et peuvent avoir des objectifs d’investissement semblables à ceux du compartiment, ce qui peut entraîner une concurrence supplémentaire sur le marché des opportunités de placement. La société d’investis- sement peut donc s’attendre à faire face à de la concurrence en termes d’opportunités de place- ment. La concurrence pour un nombre limité d’opportunités de placement éventuelles peut retarder les investissements à réaliser et aug- menter le prix auquel ces investissements seront effectués ou cédés par le compartiment, rédui- sant ainsi le profit éventuel généré par les inves- tissements du compartiment.

Les entités étrangères peuvent faire l’objet de certaines restrictions relatives aux investissements réalisés dans certains pays d’Afrique de même que certains investissements peuvent nécessiter une évaluation ou une approbation préalable par le gouvernement africain concerné. Ceci peut aug- menter la concurrence pour un nombre limité d’investissements considérés attractifs par la Société d’investissement et entraîner des retards d’investissement pour le compartiment.
En outre, pour permettre au compartiment de réaliser des investissements dans des sociétés non- africaines situées dans certaines juridictions non-africaines, il sera peut-être amené à se soumettre à des restrictions d’investissement national jusqu’à présent inconnues.
Le compartiment pourrait rencontrer des retards ou un refus d’accord relatifs à toutes les autori- sations nécessaires aux investissements au sein d’une quelconque société, de même que des retards dans les investissements dus à la concur- rence que la Société d’investissement s’attend à rencontrer sur le marché, ou des restrictions imposées sur les investissements réalisés dans certaines juridictions. En attendant d’investir le produit d’un placement, la Société peut réaliser des investissements temporaires susceptibles d’être conservés plus longtemps que prévu et de générer des rendements considérablement inférieurs à ceux que la société d’investissement prévoit de recevoir des investissements réalisés dans les sociétés en participation.
- Systèmes juridiquesLes lois et réglementations applicables à certains marchés sur lesquels le compartiment peut investir n’en sont qu’au stade précoce de leur développement et ne sont pas encore bien établies. Rien ne garantit que le compartiment sera en mesure de faire valoir efficacement ses droits par une action en justice ni que les sys- tèmes juridiques concernés connaîtront de réelles améliorations. Ces lois et réglementa- tions peuvent faire l’objet de contradictions et de lacunes, les pouvoirs publics peuvent user à cet égard d’un large pouvoir discrétionnaire, et dans de nombreux domaines, le cadre juridique est vague, contradictoire et peut être sujet à des interprétations diverses. De surcroît, le système juridique peut ne pas être fiable ou objectif et la possibilité de faire valoir ses droits en justice est souvent inexistante. Par conséquent, aucune garantie ne peut donc être donnée que le com- partiment sera en mesure de faire valoir efficace- ment ses droits dans le cadre d’une action judiciaire.

Le manque de fiabilité des systèmes juridiques peut être dû également par exemple à la corrup- tion ou à une instabilité politique.
- Risques politiques et économiquesLes investissements du compartiment dans des pays africains et d’autres pays peuvent faire l’objet de variations non mesurables au sein du contexte économique de tels pays ou du contexte politique international, de changements de politiques gouvernementales, d’imposition de restrictions sur le transfert de capitaux ou dechangements d’impératifs légaux, fiscaux ou de réglementation. La valeur de l’actif du comparti- ment et d’un investissement dans le comparti- ment pourrait être affectée par des changements de gouvernement, de personnel de gouverne- ment ou de politique gouvernementale, qu’ils soient liés au gouvernement ou au gouverne- ment de tout marché extérieur dans lequel le compartiment investit, ce qui peut inclure, entre autres, des changements de politiques liés à l’expropriation, la nationalisation et la confisca- tion des actifs, et des changements de législa- tion liés à la propriété étrangère, la politique économique, la fiscalité, les réglementations en matière d’investissement, les réglementations sur les valeurs mobilières et la conversion des devises étrangères ou le rapatriement.

Les incertitudes politiques ont quelquefois frappé le continent africain et le sentiment politique varie de nation à nation. Certains pays africains ont été et sont touchés par des guerres civiles ainsi qu’une violence liée au terrorisme. Certains pays vivent déjà et continueront éventuellement de vivre dans un environnement politique extrê- mement instable. Les incertitudes politiques dans certains pays africains peuvent toucher d’autres pays de la région, voire l’Afrique entière. Tous ces évènements et ces incertitudes peuvent avoir un effet négatif sur les investisse- ments du compartiment. Non seulement la valeur des investissements du compartiment en serait considérablement affectée, dans le cas de fermeture de marché, d’état d’urgence ou de moratoire, mais le compartiment serait dans l’incapacité de rapatrier la valeur de ses investis- sements ou cette valeur serait sérieusement diminuée.
- Risques opérationnelsLe compartiment sera exposé à un risque de crédit sur les parties avec lesquelles il traite et assumera le risque de défaut de règlement. Les pratiques du marché sur les marchés africains liées au règlement de transactions de valeurs mobilières et de conservation des actifs entraîne- ront des risques accrus. Bien que les marchés africains soient en développement, les systèmes de compensation, de règlement et d’enregistre- ment permettant de réaliser les opérations sur certains de ces marchés sont considérablement moins bien développés que ceux existants sur les marchés plus matures, ce qui peut entraîner des retards et d’autres difficultés matérielles lors du règlement des ordres et de l’enregistrement des transferts de valeurs mobilières. Les difficultés de règlement sur ces marchés peuvent affecter la valeur liquidative et la liquidité du compartiment.
- Risques géographiques et risques de guerre Certains pays africains font l’objet de coups d’État militaires, de guerres internes et d’instabilité politique. Ces évènements peuvent avoir un impact politique et / ou économique sur l’Afrique en général. De tels impacts politiques et / ou économiques peuvent à leur tour affecter les transactions et la rentabilité des investissements du compartiment en Afrique.
- Risques de corruptionDe nombreux pays africains ont un score très faible sur l’indice de perception de la corruption publié par Transparency International. Ceci indique que les niveaux de corruption dans les pays africains sont très élevés par rapport à ceux des pays développés. Des niveaux élevés de corrup- tion peuvent avoir un impact négatif sur la stabilité politique et économique des pays africains et de ce fait, affecter considérablement les investisse- ments du compartiment dans ces pays.
- Risque d’inflationL’inflation entraîne un risque de dévaluation de tous les éléments d’actif du compartiment.

L’exposition au risque d’inflation peut être élevée dans certaines juridictions dans lesquelles le compartiment investit du fait d’une instabilité politique, économique ou géographique, ou autres.
- Risques liés à la réglementation et normes en termes de présentation des comptes, d’audit comptable et de communication financièreLa communication financière et les normesréglementaires peuvent être moins rigoureuses dans les pays africains et autres marchés des valeurs mobilières dans lesquels la société d’investissement peut investir que celles des pays développés membres de l’OCDE. De même que les informations disponibles sur les éven- tuelles sociétés en participation peuvent être moins publiques que celles publiées par un émetteur de pays membre de l’OCDE. Dans certains pays, l’infrastructure légale et les normes en termes de présentation des comptes ne fournissent pas les mêmes degrés de protec- tion aux actionnaires ni les informations aux investisseurs comme il en est le cas pour les pays membres de l’OCDE. En particulier, les réviseurs d’entreprises peuvent être plus dépen- dants des administrateurs d’une société et la vérification des informations fournies peut être moins indépendante que celle des pays plus développés. L’évaluation des actifs, la déprécia- tion, les écarts de change, la taxation différée, les passifs éventuels et la consolidation peuvent être traités différemment de la manière dont ils le sont selon les normes comptables internatio- nales.
- Conversion de devises et contrôles de capitauxLes investissements du compartiment surcertains marchés africains et non africains peuvent être effectués dans des titres libellés dans des devises autres que l’euro ou le dollar américain. Les fluctuations des taux de change entre l’euro / le dollar américain et les devises de ces actifs peuvent entraîner une diminution de la valeur des actifs du compartiment puisque, exprimés en euro / dollar américain, elles affectent, entre autres, la valeur en devise étran- gère des distributions des intérêts et du capital et la valeur liquidative. En outre, certaines devises ne sont pas convertibles. La conversion de ces devises peut nécessiter l’approbation desgouvernements concernés. Tout retard dans l’obtention de l’approbation augmentera l’exposi- tion du compartiment au risque de dépréciation de ces devises vis-à-vis des devises fortes, telles que l’euro / le dollar américain. Si la conversion ne peut pas être effectuée, certains actifs du compartiment peuvent être libellés dans une devise non convertible ; le compartiment ne sera donc pas en mesure de procéder aux distributions à l’attention des actionnaires de ces actifs.

La société d’investissement peut viser à couvrir le compartiment contre la baisse de la valeur de ses actifs résultant de la dépréciation de la devise, mais uniquement si des instruments de couver- ture appropriés sont disponibles en temps voulu et à des conditions acceptables pour le gérant de portefeuille. Rien ne garantit que les opérations de couverture mises en place par la société d’inves- tissement seront efficaces en termes de protec- tion contre les dépréciations des devises, ni que la société d’investissement aura la possibilité de mettre en place une couverture à des conditions commerciales acceptables.
- Incertitude sur le plan fiscalLes réglementations en matière fiscale dans de nombreux pays africains sont en cours de développement. Il existe de nombreux domaines pour lesquels aucune réglementation suffisamment détaillée n’est actuellement prévue et pour lesquels il existe un manque de clarté. La mise en œuvre et l’exécution des réglementations en matière fiscale dans cer- tains pays africains peuvent varier en fonction de nombreux facteurs, incluant l’identité de l’autorité fiscale impliquée. De plus, il est possible que les réglementations en matière fiscale dans d’autres juridictions où le comparti- ment est susceptible d’investir ne soient pas complètes. Toute modification du statut fiscal de la société d’investissement, du statut fiscal du gérant du portefeuille, des réglementations en matière fiscale dans les pays africains où le compartiment a effectué des investissements ou des exigences en matière fiscale dans toute autre juridiction non africaine où le comparti- ment a effectué un investissement peut avoir un impact négatif sur la performance du com- partiment, sur la valeur de ses investissements, sur sa capacité à déclarer des dividendes et à verser des bénéfices et sur les obligations fiscales qui lui sont imposées.

En outre, la société d’investissement, ses entités ad hoc intégralement ou partiellement détenues et les sociétés en participation peuvent être soumises à des taxes sur les revenus des capi- taux, à l’impôt sur les sociétés, à la taxation à la source et à d’autres taxes, prélèvements, droits et impôts pouvant avoir un impact négatif sur les rendements du compartiment.
- Risque de transfert et de dénouement L’encaissement, le transfert et le dépôt des titres et des liquidités exposent le compartiment à un certain nombre de risques, y compris, le vol, la perte, la fraude, la destruction et le retard. Les procédures d’enregistrement peuvent ne pas être fiables et faire l’objet de fraude. Denombreux titres non cotés sont toujours attestés par des certificats en papier et non électroniques et le processus de transfert peut avoir du retard. En outre, l’infrastructure et les technologies de l’information des entités professionnelles opé- rant avec ces titres dans les pays africains et autres pays en développement (y compris les banques dépositaires et les institutions de dépôt) ne sont pas aussi avancées que celles des pays plus développés.
- Maladies contagieusesUne épidémie du virus de l’immunodéficience humaine (« VIH ») et d’autres maladies conta- gieuses pourraient entraîner une baisse considé- rable de l’activité économique en Afrique. Dans la région de l’Afrique subsaharienne, 22,5 millions de personnes vivaient avec le virus VIH à la fin de l’année 2007 et environ 1,7 million de personnes étaient infectées par le virus VIH au cours de l’année 2007. Dans quatre des pays de l’Afrique méridionale, à savoir le Botswana, le Lesotho, le Swaziland et le Zimbabwe, le taux national de prévalence du VIH dans la population adulte a considérablement augmenté et dépasse actuelle- ment 20 %. En outre, une épidémie de VIH ou d’autres maladies contagieuses comme le syndrome respiratoire aigu sévère (SRAS) et la grippe aviaire peut avoir lieu dans une juridiction dans laquelle le compartiment peut investir, qu’il s’agisse d’un pays développé ou en développe- ment, et peut entraîner une performance des investissements inférieure à celle prévue dans ces juridictions.
- Risque de défaillance de l’émetteurLa défaillance d’un émetteur de titres ou d’une contrepartie peut entraîner des pertes pour le compartiment. Le risque de défaillance (ou risque d’émetteur) est le risque pour l’autre partie de connaître une défaillance, partielle ou intégrale, concernant le contrat réciproque quant au respect de ses obligations. Ceci s’applique à tous les contrats conclus pour le compte du compartiment. Les défaillances résultant de la faillite ou de l’insolvabilité d’une contrepartie peuvent entraîner des retards pour le comparti- ment dans la liquidation des positions et, le cas échéant, des pertes significatives, incluant des frais liés à la mise en œuvre des droits de la société d’investissement contre la contrepartie. Dans la mesure où les filiales de la société d’inves- tissement détenues à 100 % ou détenues partiel- lement accordent une garantie sur leurs actifs, et que ces filiales s’avèrent ensuite défaillantes, l’éventualité que la société d’investissement perde la totalité de ses placements réalisés par l’intermé- diaire de ces filiales ne peut être exclue.

De plus, il est possible que la législation sur les faillites des pays africains et d’autres juridictions dans lesquels le compartiment est susceptible d’investir, ne soit pas fiable. De ce fait, le com- partiment ne dispose que de recours limités pour réaliser ses placements si une société dans laquelle un placement a été effectué devient insolvable.
- Risque de dépositaireLe compartiment encourt des risques de perte d’actifs résultant de l’insolvabilité du Dépositaire ou de tout sous-dépositaire désigné par celui-ci, d’une négligence dans le choix du Dépositaire ou d’un comportement incorrect de la part du Dépo- sitaire ou de ses dirigeants et employés, ou de tout sous-dépositaire désigné par celui-ci.
- Manque de diversificationLe compartiment ne fera pas l’objet d’exigences en termes de diversification et la diversification du portefeuille sera à la seule discrétion du gérant de portefeuille. Le compartiment peut investir dans un nombre limité de sociétés, régions ou de secteurs industriels. Dans la mesure où le compartiment concentre ses investissements sur une société, une région ou un secteur particulier, il sera susceptible de faire l’objet de fluctuations de valeur résultant d’af- faires négatives ou de conditions économiques touchant cette société, cette région ou ce sec- teur en particulier. Ainsi, le rendement total des investissements peut être négativement touché par la performance défavorable d’une ou d’un nombre restreint de sociétés ou de régions dans lesquelles le compartiment a investi.
- Restrictions en matière de propriété étrangèreLes régions africaines et non africaines dans lesquelles sont réalisés les investissements du compartiment peuvent restreindre la circulation de capitaux étrangers à l’avenir. Le compartiment peut faire l’objet de contrôles sur les investisse- ments étrangers, y compris ceux liés à la pro- priété étrangère, ce qui peut comprendre le risque d’expropriation, la nationalisation et la confiscation d’actifs de même que des limitations éventuelles de rapatriement des capitaux investis. Une inter- vention gouvernementale au sein de l’économie peut avoir lieu, y compris au sein d’industries considérées comme sensibles aux intérêts natio- naux concernés. La valeur de l’actif du comparti- ment peut être également affectée par des incertitudes telles que des changements dans le gouvernement ou des politiques relatives à l’inves- tissement interne, la fiscalité et les restrictions concernant le rapatriement de devises ainsi que d’autres modifications de lois et de réglementa- tions ayant un impact sur les investissements étrangers.

En raison des spécificités de ces marchés, la société d’investissement et la société de gestion font notamment référence au droit
de la société d’investissement de suspendre temporairement le rachat d’actions du com- partiment, de même que le calcul de la valeur liquidative d’une ou de plusieurs classes d’actions du compartiment dans la mesure où les circonstances exigent de procéder de la sorte et si l’intérêt des actionnaires justifie cette suspension (pour de plus amples infor- mations à ce sujet, consultez les articles 5, paragraphes F. / G., et 7 de la Partie Générale du prospectus de vente).

#### Règle en matière de dilution
Des volumes importants de souscriptions et de rachats au sein du compartiment peuvent entraî- ner une dilution de l’actif du compartiment, étant donné que la valeur liquidative peut ne pas refléter l’intégralité des frais de négociation et des autres coûts. Ces coûts surviennent lorsque le gérant de portefeuille doit acheter ou vendre des valeurs afin de gérer les importants encais- sements et décaissements du compartiment. En plus de ces coûts, des volumes d’ordres très élevés peuvent entraîner des cours de marché bien inférieurs ou supérieurs à ceux qui existent dans des conditions normales. Afin d’améliorer la protection des investisseurs existants, la possibi- lité indiquée ci-dessous permet d’appliquer au profit de l’actif du compartiment, dans des situations exceptionnelles du marché, la règle définie en cas de dilution, pour compenser les frais de négociation et les autres coûts lorsqu’ils se répercutent largement sur le compartiment.
La société de gestion fixe les limites d’application de la règle en matière de dilution, qui se basent entre autres sur les conditions actuelles du mar- ché, les liquidités existantes sur le marché et les frais de dilution estimés. En cas d’apparition de situations exceptionnelles sur le marché, confor- mément à la définition donnée par la société de gestion, la valeur liquidative du compartiment peut être corrigée à la hausse ou à la baisse, afin de prendre en compte les frais de transaction et les autres effets de la dilution liés aux activités d’échange constatées. La correction de la valeur s’effectue automatiquement en tenant compte des limites. La valeur liquidative ajustée s’applique de la même façon à toutes les souscriptions et à tous les rachats effectués le jour de négociation concerné.
L’impact de la règle en matière de dilution s’élève à 2 % maximum de la valeur liquidative d’origine. Étant donné que la méthode d’application de la règle en matière de dilution, décrite ci-dessus, n’est utilisée que dans des circonstances excep- tionnelles du marché, en cas d’entrées et de sorties de fonds importantes, et qu’elle ne se base pas sur des volumes réguliers, on présume qu’une correction de la valeur liquidative ne se produira qu’occasionnellement.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne
servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Asian Bonds
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et en tant que gérant secondaire DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Indice de référence de performance | JPMorgan ASIA CREDIT INDEX, administré par J. P. Morgan Securities LLC |
| Portefeuille de référence (« indice de référence de risque ») | JPMorgan ASIA CREDIT INDEX in USD TR – JACI Index |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg qui est aussi un jour d’ouverture du Hong Kong Stock Exchange |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FCH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 16.6.2014 |
| USD FC | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 16.6.2014 |
| LDH | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 30.11.2016 |
| USD LDM | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 15.12.2016 |
| USD IC | USD | 0 % | 0,40 % maximum | 0 % | 0,01 % | 13.4.2017 |
| USD IC500 | USD | 0 % | 0,15 % maximum | 0 % | 0,01 % | 13.4.2017 |
| USD XC | USD | 0 % | 0,20 % maximum | 0 % | 0,05 % | 13.4.2017 |
| TFCH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFDH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| LCH | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 15.1.2018 |
| USD LC | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 29.1.2018 |
| HKD LDM | HKD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 15.2.2018 |
| SGD LDM | SGD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 15.2.2018 |
| IDH** | EUR | 0 % | 0,4 % maximum | 0 % | 0,01 % | 16.4.2018 |
| HKD LDMH | HKD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 15.5.2018 |
| SGD LDMH | SGD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 15.5.2018 |
| AUD LDMH | AUD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 31.10.2018 |
| HKD TFDMH | HKD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 31.10.2018 |
| LDMH | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 31.10.2018 |
| SGD TFDMH | SGD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 31.10.2018 |
| TFDMH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 31.10.2018 |
| NCH | EUR | 1,5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 14.12.2018 |
| USD FC50 | USD | 0 % | 0,3 % maximum | 0 % | 0,05 % | 28.2.2019 |
| USD TFDM | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 15.3.2019 |
| RMB FCH3500 | CNY | 0 % | 0,2 % maximum | 0 % | 0,05 % | 15.4.2019 |
| RMB FCH350 | CNY | 0 % | 0,3 % maximum | 0 % | 0,05 % | 15.4.2019 |
| CHF LCH | CHF | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 28.6.2019 |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| CHF TFCH | CHF | 0 % | 0,6 % maximum | 0 % | 0,05 % | 28.6.2019 |
| FCH500 | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 31.7.2019 |
| GBP TFDMH | GBP | 0 % | 0,6 % maximum | 0 % | 0,05 % | 29.11.2019 |
| NDH | EUR | 1,5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 15.2.2021 |
| PFDH | EUR | 0 % | 0,8 % maximum | 0 % | 0,05 % | 15.2.2021 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** À la différence de l’article 1 de la Partie Générale, la classe d’actions IDH n’est pas exclusivement proposée sous la forme d’actions nominatives.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Asian Bonds.

#### Politique de placement
La politique de placement du DWS Invest Asian Bonds a pour objectif de générer un rendement supérieur à la moyenne.
Le compartiment peut investir son actif dans des titres portant intérêt et des obligations convertibles émis par :
- des gouvernements de juridictions asiatiques.
- des organismes gouvernementaux asiatiques.
- des organismes municipaux de juridictions asiatiques.
- des sociétés dont le siège social se trouve dans une juridiction asiatique ou qui exercent l’essen- tiel de leur activité dans une juridiction asia- tique.
- des organisations supranationales, telles que la Banque mondiale (BIRD), la Banque européenne d’investissement (BEI) et la Banque européenne pour la reconstruction et le développement (BERD), et libellés en devises de pays asia- tiques.
- des entreprises non asiatiques, émis en devises asiatiques.

Ces titres portant intérêt pourront être libellés en dollar américain, en d’autres devises du G7 et en différentes devises asiatiques. La notation des émissions peut être de Aaa à B3 (Moody’s) et AAA à B- (Standard & Poor’s) ou équivalente.
En cas de notation fractionnée impliquant trois agences de notation, la deuxième meil-
leure notation sera prise en compte. Si un titre est noté par seulement deux agences, la nota- tion la plus basse sera utilisée pour la classifica- tion. Si un titre fait l’objet d’une seule notation, cette notation unique sera utilisée. S’il n’existe aucune notation officielle, une notation interne sera appliquée conformément aux règles internes DWS.
Les investissements dans les titres domestiques via le marché chinois onshore s’effectueront dans des valeurs cotées, via un accès direct au mar- ché obligataire interbancaire (CIBM) ou au
Bond Connect. Tel que défini à l’article 41, alinéa 2, lettre a) de la Loi de 2010, le plafond d’investissement de 10 % doit être respecté en cas d’investissement via le programme
Bond Connect.
Ces investissements pourront également s’effec- tuer via le programme d’investisseurs institution- nels étrangers qualifiés en renminbi (Renminbi Qualified Foreign Institutional, RQFII), qui implique l’octroi par la Commission chinoise de réglementation des valeurs mobilières (China Securities Regulatory Commission, CSRC) d’une licence R-QFII. En outre, l’Administration natio- nale du contrôle des changes (State Administra- tion of Foreign Exchange, SAFE) peut devoir concéder au gérant du compartiment un quota d’investissement R-QFII.
Jusqu’à 30 % de l’actif du compartiment peut également être investi dans des titres de créance portant intérêt libellés dans la devise d’un pays asiatique, dans le dollar américain ou d’autres devises du G7, d’émetteurs ne satisfai- sant pas aux critères et dépôts d’espèces ci-des- sus. Dans des situations de marché extrêmes, le gérant de portefeuille peut modifier la stratégie d’investissement ci-dessus pour éviter une crise de liquidité. Jusqu’à 100 % des actifs du compar- timent peuvent être temporairement investis dans des titres portant intérêt des États-Unis d’Amérique ainsi que dans des obligations d’État japonaises et européennes (États membres de l’Union européenne et du Royaume-Uni).
Le compartiment n’investira pas plus de 30 % de ses actifs dans des titres non évalués.
Le compartiment ne peut investir plus de 10 % de sa valeur liquidative dans des titres de créance émis et / ou garantis par un seul émet- teur souverain (y compris son gouvernement, une collectivité publique ou locale, une agence
gouvernementale ou une municipalité) dont la valeur est inférieure à la note d’investissement. Toutefois, le compartiment n’achètera que des titres de créance notés au moins D par S&P ou son équivalent par une autre agence de notation ou, s’ils ne sont pas notés, jugés de qualité comparable par le gérant de portefeuille. Dans l’application de cette exigence, si plusieurs agences de notation notent le titre et que les notations ne sont pas équivalentes, la notation retenue pour le titre sera la seconde plus élevée.
Jusqu’à 5 % des actifs du compartiment peuvent être investis dans des titres avec des caractéris- tiques d’absorption des pertes qui incluent généra- lement des modalités et des conditions spécifiant que le titre est susceptible d’être radié, déprécié ou converti en actions ordinaires suite à un événe- ment déclencheur.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appro- priés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-star- ting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Le compartiment n’investira pas dans des ABS ni dans des MBS.
L’équipe de gestion du compartiment prend en compte les critères ESG dans ses décisions d’investissement (« Critères ESG » fait référence aux termes Environnementaux, Sociaux et de Gouvernance). Afin de déterminer si et dans quelle mesure les actifs du compartiment
répondent aux critères ESG, une base de données ESG propriétaire évalue les actifs selon les cri- tères ESG.
La base de données ESG traite les données de plusieurs fournisseurs de données ESG, de sources publiques et prend en compte les évaluations internes selon une méthodologie d’évaluation et de classification définie. La base de données ESG est donc d’abord basée sur des données et des chiffres, mais également sur des évaluations internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue de l’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG et les décisions d’en- treprise de l’émetteur. La base de données ESG utilise plusieurs catégories d’évaluation pour évaluer si les investissements répondent aux critères ESG, notamment l’évaluation des normes de DWS, l’évaluation des risques climatiques de DWS, l’évaluation de la qualité ESG de DWS et l’exposition dans des secteurs controversés. Selon l’analyse de la base de données ESG, les investissements cibles reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et « F » étant le score le plus faible.
L’équipe de gestion du compartiment prend seulement en considération les évaluations portant sur risques climatiques et sur les normes.
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduction des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au change- ment climatique et à d’autres changements environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meil- leures évaluations. Les émetteurs présentant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Le compartiment ne promeut aucune caractéris- tique environnementale ou sociale ni aucune combinaison de ces caractéristiques. Les critères ESG ne sont pas pris en considération selon une politique de placement ESG ou durable dans les décisions de placement prenant la forme d’exclu- sions, comme décrites ci-dessus.
Ce qui suit est communiqué conformément à l’article 7 du règlement (UE) 2020/852 du
18 juin 2020 sur l’établissement d’un cadre visant à favoriser les investissements durables : Les investissements sous-jacents à ce produit financier ne tiennent pas compte des critères de l’UE en matière d’activités économiques écologiquement durables.
Le compartiment n’investira pas dans des obligations contingentes convertibles.
La société de gestion n’a actuellement pas l’intention de conclure des opérations de prêt de titres et opérations de prise ou de mise en pension ou d’autres opérations de gré à gré similaires à l’égard du compartiment.
En outre, l’actif du compartiment peut être placé dans tous les autres éléments d’actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mentionnés au paragraphe A., lettre j), dudit article.

#### Risques particuliers
Les titres de créance dotés de caractéristiques d’absorption des pertes sont exposés à des risques plus importants en raison de leur radia- tion partielle ou totale ou de leur conversion en capitaux propres à un événement déclencheur prédéfini, par rapport aux titres de créance traditionnels. De tels événements déclencheurs sont susceptibles d’être indépendants de la volonté de l’émetteur et incluent généralement une réduction du ratio de capital de l’émetteur en dessous d’un niveau spécifié ou lorsque des mesures gouvernementales ou réglementaires spécifiques sont prises en raison de la viabilité financière continue de l’émetteur. Les événe- ments déclencheurs sont complexes et difficiles à prévoir et peuvent entraîner une réduction significative ou totale de la valeur de ces titres, entraînant une perte consécutive du comparti- ment.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Volumes rachetés
Contrairement à la règle générale concernant les rachats substantiels telle que décrite en détail dans la section 5. F de la section générale du Prospectus de Vente, ce qui suit s’applique à ce compartiment :
Les actionnaires peuvent demander de se faire racheter tout ou partie de leurs actions quelle qu’en soit la classe.
La société de gestion n’est pas tenue d’exécuter des ordres de rachat si la demande en question porte sur des actions représentant plus de 10 % de la valeur liquidative du compartiment. La société de gestion se réserve le droit, tout en tenant compte du principe voulant que tous les actionnaires soient traités sur un pied d’égalité, de renoncer aux montants minimums de rachat (si prévus).
Procédure spéciale applicable aux rachats d’une valeur égale à 10 % ou au-delà de la valeur liquidative d’un compartiment.
Si des ordres de rachat sont reçus un jour d’évaluation (le « premier jour d’évaluation ») dont la valeur dépasse, pris individuellement ou
additionnés aux autres ordres reçus, 10 % de la valeur liquidative d’un compartiment, le conseil d’administration se réserve le droit, à sa seule et entière discrétion (et en tenant compte des intérêts des actionnaires restants), de réduire proportionnellement le nombre d’actions des demandes de rachat individuelles concernant ce premier jour d’évaluation de telle manière que la valeur des actions rachetées ou échangées ce premier jour d’évaluation n’excède pas 10 % de la valeur liquidative du compartiment en question. Dès lors qu’un ordre n’est pas honoré dans sa totalité ce premier jour d’évaluation du fait de l’exercice d’un pouvoir de réduction au prorata, les ordres restants seront traités le jour d’évaluation suivant et, en cas de besoin, dans les huit jours au maximum qui suivent. Les ordres reçus pour le premier jour d’évaluation seront traités en priorité par rapport aux ordres ultérieurs dans la mesure où ceux-ci concernent des jours d’évaluation postérieurs. Moyennant cette réserve, le traitement de ces ordres reçus à une date ultérieure s’effectuera toutefois de manière analogue à celle précisée à la phrase précédente.
Les ordres d’échange seront traités, selon les mêmes principes, comme des ordres de rachat.
La société de gestion est en droit de reporter des rachats massifs d’actions dans l’attente que des actifs du compartiment concerné puissent être vendus, étant entendu que ces ventes seront effectuées par la Société dans les plus brefs délais.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Asian Small/Mid Cap
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et en tant que gérant secondaire DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Indice de référence de performance | MSCI AC Asia ex Japan Small Cap, administré par MSCI Limited. |
| Portefeuille de référence (indice de référence des risques) | MSCI AC Asia ex Japan Small Cap |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg qui est aussi un jour d’ouverture du Hong Kong Stock Exchange |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 16.1.2006 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 16.1.2006 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 16.1.2006 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 16.1.2006 |
| LS | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 15.5.2006 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.11.2006 |
| USD FC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 20.11.2006 |
| GBP C RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 14.9.2015 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Asian Small/Mid Cap.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif d’investissement du compartiment DWS Invest Asian Small/Mid Cap consiste à générer une plus-value à long terme en investis- sant dans un portefeuille constitué de petites et moyennes entreprises implantées sur les mar- chés asiatiques.
Le compartiment investit ainsi au moins 70 % de son actif dans des actions et autres titres et droits de participation, ainsi que dans des instru- ments de fonds propres non titrisés de petites et moyennes entreprises immatriculées dans une
juridiction asiatique ou exerçant leurs activités de façon prépondérante en Asie, ou, s’il s’agit de holdings, détenant essentiellement des participations dans des sociétés immatriculées en Asie. Les valeurs mobilières émises par ces sociétés peuvent être cotées sur des Bourses chinoises (notamment Shenzhen-Hong Kong et Shanghai-Hong Kong Stock Connect) ou d’autres Bourses étrangères, ou être négociées sur
d’autres marchés réglementés reconnus, ouverts au public et fonctionnant de manière régulière dans un État membre de l’Organisation de
coopération et de développement économiques (OCDE).
Un maximum de 30 % de l’actif du comparti- ment peut être investi dans :
- des actions et d’autres titres de participation et instruments de fonds propres non titrisés (titres participatifs et bons de jouissance, etc.) de sociétés internationales de toute taille qui ne répondent pas aux exigences du para- graphe précédent ;
- des titres portant intérêt, des obligations convertibles et des obligations à warrant libellés dans une devise librement convertible ;
- des dépôts à court terme, des instruments du marché monétaire et des avoirs bancaires.

Les petites et moyennes entreprises telles que définies ci-dessus sont des entreprises com- prises dans un indice de marché pour petites et moyennes entreprises jusqu’au 11 avril 2012, par exemple l’indice FTSE Asia Pacific Small Cap (hors Japon) ou présentant une capitalisation boursière comparable ; à partir du 12 avril 2012 : par exemple, MSCI AC Asia ex Japan Small Cap TR Net).
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négo- ciés en Chine continentale.
En outre, des techniques et des instruments basés sur des valeurs mobilières peuvent être appliqués pour l’actif du compartiment, s’ils ont pour but de permettre une gestion efficace du portefeuille du compartiment.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le
dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduction des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au change- ment climatique et à d’autres changements environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meil- leures évaluations. Les émetteurs présentant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme perti- nents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine controversé (« secteurs controversés »). Les secteurs controversés sont
définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extrac- tion du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur www.msci.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’inves- tissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du compartiment sans prise en compte de ses engagements) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de
référence, la surperformance potentielle peut être limitée selon l’environnement du marché prévalant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Risques particuliers
S’étant spécialisé dans une zone géogra- phique particulière, le compartiment offre des opportunités élevées qui sont toutefois contrebalancées par des risques élevés.
Le compartiment se concentre sur des investisse- ments en Asie. Les Bourses et les marchés asiatiques sont quelquefois soumis à d’impor- tantes fluctuations. Les fluctuations de taux de change des devises locales contre l’euro peuvent aussi avoir un effet sur la performance de l’inves- tissement. Ainsi, même si les instruments à acheter sont soigneusement sélectionnés, il ne peut pas être totalement exclu qu’il existe un risque de crédit lié à un investissement dans des titres, à savoir que des pertes soient engendrées en raison de la défaillance d’émetteur. Des boule- versements politiques, des restrictions de change, un contrôle boursier, des taxes, des limitations relatives aux investissements et aux rapatrie- ments de capitaux étrangers, etc. peuvent aussi avoir des répercussions sur la performance de l’investissement.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Brazilian Equities
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et en tant que gérant secondaire, Itau USA Asset Management Inc, 540 Madison Avenue – 24th Floor, New York – 10022, États-Unis d’Amérique. |
| Indice de référence de performance | MSCI Brazil 10/40 Index en EUR, administré par MSCI Limited. |
| Portefeuille de référence (indice de référence des risques) | MSCI Brazil 10/40 Index en EUR |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg, à Francfort-sur-le-Main et jour d’ouverture du Sao Paolo Stock Exchange |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,75 % maximum | 0 % | 0,05 % | 1.10.2012 |
| NC | EUR | 3 % maximum | 2,2 % maximum | 0,2 % | 0,05 % | 1.10.2012 |
| FC | EUR | 0 % | 0,85 % maximum | 0 % | 0,05 % | 24.10.2012 |
| IC | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 15.3.2017 |
| TFC | EUR | 0 % | 0,85 % maximum | 0 % | 0,05 % | 5.12.2017 |
| FC50 | EUR | 0 % | 0,3 % maximum | 0 % | 0,05 % | 15.5.2019 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 16.8.2019 |
| USD IC | USD | 0 % | 0,5 % maximum | 0 % | 0,01 % | 29.11.2019 |
| USD LC | USD | 5 % maximum | 1,75 % maximum | 0 % | 0,05 % | 29.11.2019 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Brazilian Equities.

#### Politique de placement
La politique de placement du DWS Invest Brazilian Equities a pour objectif de générer un rendement supérieur à la moyenne.
Au moins 70 % de l’actif du compartiment sont investis en actions, certificats d’actions, bons de participation et de jouissance, obligations conver- tibles et warrants sur actions d’émetteurs enregis- trés au Brésil ou d’émetteurs enregistrés dans un
autre pays que le Brésil mais exerçant l’essentiel de leurs activités au Brésil.
Les valeurs mobilières émises par ces sociétés peuvent être cotées sur des Bourses brési- liennes ou d’autres Bourses étrangères, ou être négociées sur d’autres marchés reconnus, réglementés, ouverts au public et en fonctionne- ment régulier dans un État membre de l’Organi- sation de coopération et de développement économiques (OCDE).
Les placements dans les valeurs mobilières susmentionnées peuvent aussi s’effectuer via des Global Depository Receipts (GDR) et des
American Depository Receipts (ADR) admis à la cote de Bourses et de marchés reconnus émis par des établissements financiers internatio- naux ou, dans les limites autorisées par l’Ordon- nance du Grand-Duché du Luxembourg du
8 février 2008 relative à certaines définitions de la Loi de 2010 (l’Ordonnance de 2008) et à l’article 41, alinéa 1 ou 2, de la Loi de 2010 via des Participatory Notes (P-Notes).
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des instruments et techniques dérivés appropriés pour mettre en œuvre la stratégie d’investissement et atteindre
l’objectif d’investissement, ce qui comprend notamment, sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme norma- lisés, des contrats à terme sur actions, des options et des swaps d’actions.
Lorsque des actifs liquides couvrent des engage- ments découlant d’instruments financiers déri- vés, ces actifs liquides sont imputés sur ce plafond de 70 %.
Le compartiment ne peut pas placer plus de 30 % de son actif dans des actions, certificats
d’actions, titres participatifs, bons de jouissance, obligations convertibles et warrants sur actions d’émetteurs ne répondant pas aux exigences du paragraphe précédent.
Le compartiment peut investir jusqu’à 30 % de son actif dans des dépôts à court terme, des titres du marché monétaire et des avoirs ban- caires.
Ce qui suit est communiqué conformément à l’article 7 du règlement (UE) 2020/852 du
18 juin 2020 sur l’établissement d’un cadre visant à favoriser les investissements durables :
Les investissements sous-jacents à ce produit financier ne tiennent pas compte des critères de l’UE en matière d’activités économiques écologi- quement durables.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, l’actif du compartiment peut être placé dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mentionnés au para- graphe A., lettre j), dudit article.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’inves- tissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du compartiment sans prise en compte de ses engagements) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués debiens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investisse- ment, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distribu- tions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles pro- cèdent à des distributions, à moins que ces distributions soient soumises à l’imposition à hauteur de 15 % minimum et que le comparti- ment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus pro- viennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou(ii) qui ne sont pas des sociétés immobilières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entre- prises.

Aux fins de cette politique de placement et confor- mément à la définition donnée par le code alle- mand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipulation contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment prend toutes les décisions de gestion pour le compartiment en tenant compte des restrictions d’investissement légales et contractuelles compte tenu des risques de durabilité.
Les dispositions suivantes s’appliquent à la prise en compte des risques de durabilité dans les décisions d’investissement : en plus des données financières communes, l’équipe de gestion du compartiment tient également compte des risques de durabilité dans sa prise de décision en matière d’investissement. Cela s’applique à l’ensemble du
processus d’investissement, tant pour l’analyse fondamentale des investissements que pour les décisions d’investissement.
L’approche d’investissement responsable de l’équipe de gestion du compartiment est centrée sur l’analyse fondamentale ESG intégrée, les activités de vote par procuration et l’engagement avec les sociétés investies. L’approche d’intégra- tion ESG est centrée sur le processus de recherche d’investissement, avec une attention particulière portée à la recherche fondamentale sur les actions. La méthode propriétaire du gérant du compartiment intègre les enjeux ESG dans les modèles d’actualisation des flux financiers en mettant l’accent sur les lignes de trésorerie, ce qui influence les prix cibles des entreprises analysées. L’objectif consiste à estimer la valeur actuelle nette des enjeux ESG significatifs en vue d’anticiper les événements susceptibles d’être sources de création ou de destruction de valeur.
Itaú Asset Management exerce une participation active en votant lors des assemblées générales annuelles des sociétés détenues et par des enga- gements avec les sociétés détenues. L’objectif est de promouvoir les meilleures pratiques ESG auprès des entreprises par le biais d’un dialogue constructif.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de référence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessai- rement faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de référence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investissement spécifiques. Le positionne- ment du compartiment peut s’écarter considé- rablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une
sous-pondération ou surpondération impor- tante), et la marge d’action est généralement relativement élevée. Un écart reflète générale- ment l’évaluation de l’environnement de mar- ché spécifique par le gérant du compartiment, ce qui peut conduire à un positionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de référence, la surperformance potentielle peut être limitée selon l’environnement du marché
prévalant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Risques particuliers
S’étant spécialisé dans les sociétés opérant au Brésil, le compartiment offre des opportu- nités accrues qui sont toutefois contrebalan- cées par des risques élevés.
Les Bourses et les marchés brésiliens sont quelquefois soumis à d’importantes fluctua- tions. Le compartiment s’adresse à des inves- tisseurs orientés sur le risque et conscients non seulement des opportunités mais aussi des risques de volatilité des placements. L’horizon de placement recommandé pour ce comparti- ment est à moyen ou long terme. Les investis- seurs devraient être capables de supporter des pertes considérables éventuelles. Le comparti- ment suit une politique de placement axée sur les opportunités et est particulièrement adapté à un portefeuille extrêmement diversifié.

#### Clause d’exclusion de responsabilité
Au Brésil un impôt peut être imputé à des inves- tisseurs étrangers qui achètent des titres libellés dans la devise brésilienne (Real). Actuellement, un impôt financier opérationnel (IOF Tax) s’ap- plique aux entrées de devises étrangères sur le marché brésilien. Cet impôt aura un impact négatif sur la valeur liquidative du compartiment au moment de l’entrée de la devise étrangère.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest China Bonds
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et en tant que gérant secondaire DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | – (VaR absolue) |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg qui est aussi un jour d’ouverture du Hong Kong Stock Exchange |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FCH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 16.8.2011 |
| LCH | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 16.8.2011 |
| USD FC | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 16.8.2011 |
| USD LC | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 16.8.2011 |
| LDH | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 2.4.2012 |
| NCH | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 2.4.2012 |
| CHF FCH | CHF | 0 % | 0,6 % maximum | 0 % | 0,05 % | 10.12.2012 |
| CHF LCH | CHF | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 10.12.2012 |
| RMB FC | RMB | 0 % | 0,6 % maximum | 0 % | 0,05 % | 18.2.2013 |
| RMB LC | RMB | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 18.2.2013 |
| NC | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 19.8.2013 |
| NDH | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 20.1.2014 |
| PFCH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| PFDQH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| FDH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 31.8.2015 |
| USD FCH (P) | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 1.12.2015 |
| USD LDH (P) | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 1.12.2015 |
| USD LDMH (P) | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 1.12.2015 |
| SEK FCH | SEK | 0 % | 0,6 % maximum | 0 % | 0,05 % | 1.12.2015 |
| SEK LCH | SEK | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 1.12.2015 |
| NDQH | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 28.4.2017 |
| TFCH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| RMB FCH | CNY | 0 % | 0,6 % maximum | 0 % | 0,05 % | 31.1.2020 |
| RMB LCH | CNY | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 31.1.2020 |

| Ajustement de dilution (supporté par l’actionnaire)** | PFCH et PFDQH : Un ajustement de dilution d’un maximum de 3 %, calculé sur la base du prix de rachat brut, pourra être facturé. Veuillez consulter la Partie Générale pour plus de détails. |
| --- | --- |
| Frais de courtage (supportés par l’actif du compartiment) | PFCH et PFDQH : Un maximum de 3 % pour le compte du distributeur. Veuillez consulter la Partie Générale pour plus de détails. |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest China Bonds.

#### Politique de placement
La politique de placement du compartiment DWS Invest China Bonds a pour objectif d’obte- nir un rendement supérieur à la moyenne pour le compartiment en investissant au moins 60 % des actifs nets du compartiment dans des titres d’émetteurs dont le siège social est situé en Chine ou qui exerce la majorité de ses activités en Chine.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Le compartiment peut investir son actif dans des titres de créance portant intérêt émis par :
- le gouvernement chinois,
- des organismes gouvernementaux chinois,
- des organismes municipaux chinois,
- des sociétés dont le siège social se trouve en Chine ou qui exercent l’essentiel de leur activité en Chine.

Les actifs du compartiment sont généralement couverts en dollar américain, et sont investis dans des titres de créance portant intérêt libellés en dollar américain, ou couverts contre les risques de change vis-à-vis du dollar américain, ainsi que dans des dépôts d’espèces libellés en dollar américain. Les actifs libellés en renminbi ne peuvent pas être investis via les marchés chinois offshore et onshore.
Les investissements dans les titres domestiques via le marché chinois onshore s’effectueront dans des valeurs cotées, via un accès direct au mar- ché obligataire interbancaire (CIBM) ou via le programme Bond Connect. En cas d’investisse- ment via Bond Connect, l’investissement sera limité à 50 % des actifs du compartiment.
Ces investissements pourront également s’effec- tuer via le programme d’investisseurs institution- nels étrangers qualifiés en renminbi (Renminbi Qualified Foreign Institutional, RQFII), qui implique l’octroi par la Commission chinoise de
réglementation des valeurs mobilières (China Securities Regulatory Commission, CSRC) d’une licence R-QFII. En outre, l’Administration natio- nale du contrôle des changes (State Administra- tion of Foreign Exchange, SAFE) peut devoir concéder au gérant du compartiment un quota d’investissement R-QFII.
Étant donné que les placements réalisés par le compartiment et les revenus qu’il reçoit pourront être libellés en renminbi, les investisseurs doivent être conscients de la possibilité de dépréciation de cette devise.
Les valeurs mobilières mentionnées ci-dessus peuvent être cotées sur des Bourses asiatiques ou d’autres Bourses étrangères, ou être négo- ciées sur d’autres marchés réglementés recon- nus, ouverts au public et en fonctionnement régulier. Les Bourses et autres marchés régle- mentés doivent respecter les dispositions de l’article 41 de la Loi de 2010.
Dans des situations de marché extrêmes, le gérant de portefeuille peut modifier la stratégie d’investissement ci-dessus pour éviter une crise de liquidité. Cela dépend du contexte du marché, mais ces situations correspondent généralement à une longue période de forte volatilité du mar- ché. Jusqu’à 100 % des actifs du compartiment peuvent être temporairement (potentiellement plusieurs mois) investis dans des titres portant intérêt des États-Unis d’Amérique ainsi que dans des obligations d’État japonaises et européennes (États membres de l’Union européenne et du Royaume-Uni).
Nonobstant le principe de diversification des risques et conformément à l’article 45 de la Loi de 2010, le compartiment peut investir jusqu’à 100 % de ses actifs dans des titres de créance portant intérêt émis ou garantis par le gouverne- ment chinois.
Le compartiment peut aussi investir jusqu’à 100 % de son actif dans des titres de créance portant intérêt émis ou garantis par un État
membre de l’Union européenne, par ses collecti- vités publiques territoriales, par un État membre de l’O.C.D.E. ou par un organisme public interna- tional dont fait ou font partie un ou plusieurs
État(s) membre(s) de l’Union européenne. Le compartiment doit détenir des valeurs mobilières provenant d’au moins six émissions différentes, les valeurs mobilières provenant d’une émission ne pouvant représenter plus de 30 % de l’actif net du compartiment.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B. de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appropriés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-starting swaps, des inflation swaps, des Total Return Swaps, des excess return swaps, des swaptions, des constant matu- rity swaps et des credit default swaps.
L’équipe de gestion du compartiment prend en compte les critères ESG dans ses décisions d’investissement (« Critères ESG » fait référence aux termes Environnementaux, Sociaux et de Gouvernance). Afin de déterminer si et dans quelle mesure les actifs du compartiment répondent aux critères ESG, une base de don- nées ESG propriétaire évalue les actifs selon les critères ESG.
La base de données ESG traite les données de plusieurs fournisseurs de données ESG, de sources publiques et prend en compte les évaluations internes selon une méthodologie d’évaluation et de classification définie. La base de données ESG est donc d’abord basée sur des données et des chiffres, mais également sur des évaluations internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue de l’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG et les décisions d’entreprise de l’émetteur. La base de données ESG utilise plusieurs catégories d’évaluation pour évaluer si
les investissements répondent aux critères ESG, notamment l’évaluation des normes de DWS, l’évaluation des risques climatiques de DWS, l’évaluation de la qualité ESG de DWS et l’expo- sition dans des secteurs controversés. Selon l’analyse de la base de données ESG, les inves- tissements cibles reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le score le plus faible.
L’équipe de gestion du compartiment prend seulement en considération les évaluations portant sur risques climatiques et sur les normes.
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux générale- ment reconnus. Elle examine, par exemple, les violations des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnemen- taux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manque- ments vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Le compartiment ne promeut aucune caractéris- tique environnementale ou sociale ni aucune combinaison de ces caractéristiques. Les critères ESG ne sont pas pris en considération selon une politique de placement ESG ou durable dans les décisions de placement prenant la forme d’exclu- sions, comme décrites ci-dessus.
Ce qui suit est communiqué conformément à l’article 7 du règlement (UE) 2020/852 du
18 juin 2020 sur l’établissement d’un cadre visant à favoriser les investissements durables : Les investissements sous-jacents à ce produit financier ne tiennent pas compte des critères de l’UE en matière d’activités économiques écologi- quement durables.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, les actifs du compartiment peuvent être investis dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mention- nés au paragraphe A., lettre j), dudit article.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Risques particuliers
Les investissements effectués en Chine ou en relation avec ce pays comportent des risques spécifiques. Il est fait référence ici aux facteurs de risque soulignés dans la Partie Générale du prospectus de vente.

#### Risque de liquidité
Le compartiment peut investir son actif en partie dans des titres de créance portant intérêt libellés en RMB, notamment émis ou commercialisés par les marchés offshore du RMB tels que Hong Kong et Singapour. La quantité de titres de créance portant intérêt libellés en RMB, émis ou commercialisés par les marchés offshore du RMB, est actuellement limitée. Il se pourra par conséquent, sous certaines conditions de mar- ché, que le compartiment doive investir une part significative de son actif dans des dépôts libellés en RMB. Ceci pourra avoir un impact sur la valeur liquidative des classes d’actions du comparti- ment.

#### Frais de négociation
En raison de la liquidité potentiellement res- treinte des titres de créance portant intérêt libellés en RMB émis ou commercialisés par les marchés offshore du RMB, l’écart entre les cours acheteur et vendeur de ces titres pourra être supérieur à ceux d’autres valeurs à taux fixe.

#### Risque de crédit
Des parties des titres de créance portant intérêt investis par le compartiment peuvent ne pas avoir de notation. Les titres de créance portant intérêt sans notation sont en règle générale soumis davantage au risque de crédit de leurs émetteurs. Les défaillances des émetteurs de titres de créance portant intérêt auront un impact sur la valeur liquidative des classes d’actions du
compartiment. En outre, le compartiment pourra rencontrer des difficultés ou subir des retards s’il doit faire valoir ses droits vis-à-vis des émetteurs chinois des titres de créance portant intérêt. Cela s’explique du fait que ces émetteurs peuvent être établis en dehors de la juridiction où le compartiment a été autorisé ou enregistré, et qu’ils peuvent être soumis à des législations étrangères.

#### Risque de change
Les investisseurs seront exposés aux risques liés aux taux d’intérêt si la devise de la classe d’ac- tions (par ex. l’EUR) est différente de la devise du compartiment (USD).
Le Renminbi n’étant pas une devise librement convertible et étant soumis aux politiques de contrôle des échanges et aux restrictions de rapatriement mises en place par le gouverne- ment chinois, les actifs du compartiment peuvent être directement ou indirectement affectés par la réglementation sur le contrôle des changes ou par ses éventuelles modifications.
Le taux de change utilisé pour les classes d’ac- tions libellées en RMB est le renminbi chinois offshore. En raison de divers facteurs, comme les politiques de contrôle du change et les restrictions de rapatriement mises en place par le gouvernement chinois et d’autres entités extérieures aux marchés, la valeur du renminbi chinois offshore peut varier sensiblement de celle du renminbi chinois onshore.

#### Risque du marché chinois
Les investissements réalisés en Chine sont soumis à des risques d’ordre juridique, régle- mentaire, monétaire et économique. La Chine est dominée par la règle du parti unique dictée par le Parti communiste. Les investissements réalisés en Chine impliquent un contrôle plus important sur l’économie, des incertitudes au niveau politique et légal, des fluctuations moné- taires ou un blocage de la devise, le risque que le gouvernement chinois décide de ne pas conti- nuer à soutenir les plans de réforme économique instaurés en 1978 et de revenir éventuellement à une économie entièrement planifiée telle qu’elle existait avant 1978, et le risque de taxation confiscatoire, de nationalisation ou d’expropria- tion d’actifs.
Le gouvernement chinois exerce un contrôle important sur la croissance économique de la Chine par l’attribution de ressources, le contrôle sur le paiement d’obligations libellées en devises étrangères, la politique monétaire qu’il fixe et le traitement préférentiel qu’il accorde à certaines industries ou entreprises. La volonté et la capa- cité du gouvernement chinois à soutenir les économies de la Chine et de Hong Kong sont incertaines. L’interconnexion croissante des économies et des marchés financiers à l’échelle mondiale a accru la possibilité que les conditions régnant dans un pays ou une région aient un impact négatif sur les émetteurs de titres dans un autre pays ou une autre région. L’adoption ou
la poursuite de politiques commerciales protec- tionnistes, notamment, par un ou plusieurs pays pourrait entraîner une baisse de la demande en produits chinois et réduire les flux de capitaux privés vers ces économies. La surveillance exercée par le gouvernement sur les Bourses, marchés des changes, systèmes d’échanges et courtiers chinois, et leur réglementation peuvent être moins importants que celles des pays développés.
Les entreprises en Chine peuvent ne pas être soumises aux mêmes normes et pratiques en matière de confidentialité, de présentation des comptes, d’audit comptable et de communica- tion financière que ceux des pays développés. Par conséquent, il se peut qu’il y ait moins d’informations disponibles au public concernant les entreprises chinoises que sur d’autres entre- prises. Les perturbations d’ordre politique, social ou économique subies dans la région, y compris les conflits et les dévaluations moné- taires, même dans des pays où le fonds n’est pas investi, peuvent avoir un impact négatif sur les valeurs des titres d’autres pays de la région, et par là même, sur les avoirs du fonds.

#### Gestion des risques
L’approche de value-at-risk (VaR) absolue est utilisée pour limiter le risque de marché au sein du compartiment.
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Chinese Equities
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et en tant que gérant secondaire DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Indice de référence de performance | MSCI China 10/40 Index en EUR, administré par MSCI Limited. |
| Portefeuille de référence (indice de référence des risques) | MSCI China 10/40 Index en EUR |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg qui est aussi un jour d’ouverture du Hong Kong Stock Exchange |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Commission de performance | Oui, pour certaines classes d’actions et conformément à la méthodologie décrite ci-après. |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions l’investisseur) | Droit d’entrée (supporté par par le compartiment)* | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée compartiment) | Taxe d’abonnement p.a. (supportée par le | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % p.a. maximum, majorée de la commission de performance | 0 % | 0,05 % | 15.12.2006 |
| NC | EUR | 3 % maximum | 2 % p.a. maximum, majorée de la commission de performance | 0,2 % | 0,05 % | 15.12.2006 |
| FC | EUR | 0 % | 0,75 % maximum, majorée de la commission de performance | 0 % | 0,05 % | 15.12.2006 |
| USD LC | USD | 5 % maximum | 1,7 % maximum | 0 % | 0,05 % | 15.12.2006 |
| USD FC | USD | 0 % | 0,85 % maximum | 0 % | 0,05 % | 15.12.2006 |
| GBP D RD | GBP | 0 % | 0,85 % maximum | 0 % | 0,05 % | 21.12.2007 |
| TFC | EUR | 0 % | 0,75 % maximum, majorée de la commission de performance | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,85 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives à la hausse ou à la baisse, même dans un court laps de temps. Le com- partiment s’adresse donc exclusivement à des investisseurs expérimentés et orientés sur le risque, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées. L’horizon de placement recommandé pour ce compartiment est à moyen ou long terme. Les investisseurs devraient être capables de supporter des pertes considérables éventuelles.
Le compartiment suit une politique de placement axée sur les opportunités et particulièrement adaptée à un portefeuille extrêmement diversifié.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Chinese Equities.

#### Politique de placement
La politique de placement du compartiment DWS Invest Chinese Equities a pour objectif de prendre part aux opportunités offertes par le pays émergent qu’est la Chine (avec Hong Kong) et de réaliser une plus-value à long terme qui dépasse l’indice de référence du compartiment (MSCI China 10/40 (EUR)). La majorité des titres du compartiment ou leurs émetteurs sont considé- rés comme des composants de l’indice de référence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. La stratégie offre aux investisseurs un accès à une partie importante des marchés des actions chinois. En ce qui concerne l’indice de référence, le compartiment propose une approche plus vaste de la diversifi- cation des risques (par exemple, en évitant les tarifs élevés pour les actions individuelles). En raison des caractéristiques du marché chinois (nombre d’entreprises dominantes relativement faible, par exemple), l’écart entre le portefeuille et l’indice de référence est relativement faible.
Bien que le compartiment ait pour objectif de surperformer l’indice de référence, la surperfor- mance potentielle peut être limitée selon l’envi- ronnement du marché prévalant (par exemple,
un environnement moins volatil), et le positionne- ment réel par rapport à l’indice de référence.
Au moins 70 % de l’actif du compartiment sont investis en actions, certificats d’actions, bons de participation et de jouissance et warrants sur actions d’émetteurs enregistrés en Chine ou d’émetteurs enregistrés dans un autre pays que la Chine mais exerçant l’essentiel de leurs activités en Chine. Les valeurs mobilières émises par ces sociétés peuvent être cotées sur des Bourses chinoises (notamment Shenzhen-Hong Kong et Shanghai-Hong Kong Stock Connect) ou d’autres Bourses étrangères, ou être négociées sur d’autres marchés réglementés reconnus, ouverts au public et fonctionnant de manière régulière dans un État membre de l’Organisation de coopération et de développement écono- miques (OCDE).
Après déduction des liquidités, un maximum de 30 % de l’actif du compartiment peut être investi en actions, certificats d’actions, obligations convertibles, obligations avec bons de souscrip- tion en valeurs mobilières, titres participatifs et bons de jouissance, de même qu’en warrants sur actions d’émetteurs nationaux et étrangers ne répondant pas aux exigences du para-
graphe précédent, ainsi que dans tous les autres actifs autorisés mentionnés à l’article 2 de la Partie Générale du prospectus de vente.
Par dérogation au plafond d’investissement de
10 % stipulé à l’article 2 B. i) pour les placements
dans des actions d’autres OPCVM et / ou d’autres OPC tels que définis à l’article 2 A. e), le présent compartiment sera soumis à un plafond d’investissement de 5 %.
L’équipe de gestion du compartiment prend en compte les critères ESG dans ses décisions d’investissement (« Critères ESG » fait référence aux termes Environnementaux, Sociaux et de Gouvernance). Afin de déterminer si et dans quelle mesure les actifs du compartiment répondent aux critères ESG, une base de don- nées ESG propriétaire évalue les actifs selon les critères ESG.
La base de données ESG traite les données de plusieurs fournisseurs de données ESG, de sources publiques et prend en compte les évaluations internes selon une méthodologie d’évaluation et de classification définie. La base de données ESG est donc d’abord basée sur des données et des chiffres, mais également sur des évaluations internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue de l’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG et les décisions d’entreprise de l’émetteur. La base de données ESG utilise plusieurs catégories d’évaluation pour évaluer si les investissements répondent aux critères ESG, notamment l’évaluation des normes de DWS, l’évaluation des risques climatiques de DWS, l’évaluation de la qualité ESG de DWS et l’expo- sition dans des secteurs controversés. Selon l’analyse de la base de données ESG, les inves- tissements cibles reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le score le plus faible.
L’équipe de gestion du compartiment prend seulement en considération les évaluations portant sur risques climatiques et sur les normes.
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de
l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Le compartiment ne promeut aucune caractéris- tique environnementale ou sociale ni aucune combinaison de ces caractéristiques. Les critères ESG ne sont pas pris en considération selon une politique de placement ESG ou durable dans les décisions de placement prenant la forme d’exclu- sions, comme décrites ci-dessus.
Ce qui suit est communiqué conformément à l’article 7 du règlement (UE) 2020/852 du
18 juin 2020 sur l’établissement d’un cadre visant à favoriser les investissements durables : Les investissements sous-jacents à ce produit financier ne tiennent pas compte des critères de l’UE en matière d’activités économiques écologi- quement durables.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
La société de gestion n’a actuellement pas l’intention de conclure des opérations de prêt de titres et opérations de prise ou de mise en pension ou d’autres opérations de gré à gré similaires à l’égard du compartiment.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Commission de performance
Jusqu’au 31 décembre 2021, les dispositions suivantes s’appliquent :
La société de gestion percevra du compartiment
une rémunération liée à la performance et repré- sentant 25 % du montant de la performance de la classe d’actions concernée excédant la perfor- mance de l’indice MSCI China 10/40 (écart positif par rapport à l’indice de référence) ; ce montant
n’excédera toutefois pas 4 % de la valeur moyenne de la classe d’actions au cours de la période comptable.
Si, à la fin d’une période comptable, la valeur liquidative par part est inférieure à la performance de l’indice de référence (différence négative avec l’indice de référence), la société de gestion ne reçoit aucune rémunération liée à la performance. En fonction du calcul, en cas de différence posi- tive par rapport à l’indice de référence, le montant négatif par valeur liquidative par part est calculé sur la base du montant maximal fixé, puis reporté sur la période comptable suivante. Pour la période comptable suivante, la société de gestion ne reçoit une rémunération liée à la performance que si le montant calculé à partir de la différence positive avec l’indice de référence dépasse, à la fin de la période comptable, le report négatif généré lors de la période comptable précédente. Dans ce cas, le droit à la rémunération équivaut à la différence entre les deux montants. Un mon- tant négatif restant par valeur liquidative par part est reporté à nouveau sur la nouvelle période comptable. En cas de nouvelle différence négative par rapport à l’indice de référence à la fin de la période comptable suivante, le report négatif existant est alors augmenté du montant calculé à partir de cette différence négative. Le calcul du droit à la rémunération prend en compte les reports négatifs des cinq précédentes périodes comptables.
La période comptable commence le 1
er 
janvier et se termine le 31 décembre de chaque année civile. La première période comptable débute le 1
er 
janvier 2015 et prend fin le 31 décembre 2015. Une différence négative par rapport à l’indice de référence ne sera prise en considération qu’à compter de cette période comptable.
La rémunération liée à la performance est déter- minée en comparant la performance de l’indice de référence à celle de la valeur liquidative par part au cours de la période comptable. Les frais imputés au compartiment ne doivent pas être déduits de l’évolution de l’indice de référence avant la comparaison.
En fonction du résultat de la comparaison quoti- dienne, l’éventuelle rémunération liée à la perfor- mance est constatée d’avance dans l’actif du compartiment. Si, au cours d’une période comp- table, la performance des actions est inférieure à celle de l’indice de référence, la rémunération liée à la performance jusque-là constatée d’avance au cours de la période comptable sera annulée en fonction de la comparaison quoti- dienne. Le montant de la rémunération liée à la performance constatée d’avance existant à la fin de la période comptable peut être prélevé.
La rémunération liée à la performance peut également être prélevée si la valeur liquidative par part à la fin de la période comptable est inférieure à la valeur liquidative par part du début de la période comptable (valeur liquidative néga- tive absolue).
L’indice MSCI China 10/40 est administré par MSCI. MSCI figure dans un registre officiel d’administrateurs d’indices de référence à l’Autorité européenne des marchés financiers (AEMF).
La société de gestion a établi des plans solides et écrits dans lesquels elle a stipulé les mesures qu’elle prendrait si l’indice de référence devait changer de manière significative ou s’il devait ne plus être fourni.
À compter du 1
er 
janvier 2022, les dispositions suivantes s’appliquent :
La société de gestion reçoit une rémunération liée
à la performance pour les classes d’actions LC, NC, FC et TFC. Le montant de la rémunération liée peut représenter jusqu’à 25 % du montant de la performance de la valeur liquidative d’une classe d’actions (moins les frais) excédant la perfor- mance de l’indice MSCI China 10/40 en EUR (indice de référence) ; ce montant n’excédera toutefois pas 4 % de la valeur moyenne des actifs nets de la classe d’actions correspondante au cours de la période comptable. La période de référence de la performance, à l’issue de laquelle le mécanisme pour compenser un écart négatif de performance précédent peut être déclenché, commence lors de la création de la classe d’ac- tions concernée et correspond à cinq ans.
L’indice de référence correspond à un indice de rendement net qui reproduit la performance des actions des marchés émergents chinois. Il s’agit donc d’un indice de référence approprié pour la performance de ce compartiment.
La rémunération liée à la performance est déter- minée à chaque jour d’évaluation, lors du calcul de la valeur liquidative, moins les frais et en prenant en considération le nombre moyen de parts en circulation. Si la performance de la valeur liquidative par part de la classe d’actions correspondante (moins les frais), en fonction de la comparaison effectuée à chaque date d’évalua- tion, est supérieure à la performance de l’indice de référence (performance positive) et si, en outre, un éventuel écart négatif par rapport aux cinq dernières années a été compensé, toute rémunération liée à la performance échue est constatée d’avance. Si la performance de la valeur de l’actif par action de la classe d’actions concernée (moins les frais) conformément à la comparaison effectuée les jours d’évaluation est inférieure à la performance de l’indice de réfé- rence (performance négative), toute commission de performance précédemment reportée est à nouveau extournée au prorata.
Une commission de performance différée est généralement créditée au bénéficiaire concerné sur une base annuelle si la performance de la valeur de l’actif par action de la classe d’actions concernée (moins les frais) à la fin de la période comptable est supérieure à la performance de l’indice de référence.
La période de règlement commence le 1
er 
janvier et se termine le 31 décembre de chaque année civile. La première période de règlement com- mence dès que la première valeur liquidative par part de la classe d’actions correspondante a été calculée. Si le compartiment ou une classe d’actions ferme ou fusionne pendant la période de règlement, ou si des parts sont rachetées ou
échangées par les investisseurs et qu’une rému- nération liée à la performance est échue pour les parts que cela concerne, la rémunération liée à la performance est créditée au bénéficiaire sur une base au prorata jusqu’à la date de clôture ou de fusion à laquelle les parts sont restituées ou échangées.
La rémunération liée à la performance peut également être prélevée si, à la fin de la période de règlement, la valeur liquidative par part descend en dessous de celle du début de la période de règlement, sous réserve que la performance dépasse celle de l’indice de référence.
Décompte type de la commission de performance :
|  | Année 1 | Année 2 | Année 3 | Année 4 | Année 5 | Année 6 |
| --- | --- | --- | --- | --- | --- | --- |
| Nombre moyen d’actions | 1 000,00 | 1 000,00 | 1 000,00 | 1 000,00 | 1 000,00 | 1 000,00 |
| Nombre d’actions | 1 000,00 | 1 000,00 | 1 000,00 | 1 000,00 | 1 000,00 | 1 000,00 |
| Actifs moyens du fonds | 99 000,00 | 98 500,00 | 104 500,00 | 108 562,50 | 119 000,00 | 124 875,00 |
| Valeur liquidative de la classe d’actions (début) | 100,00 | 98,00 | 99,00 | 109,13 | 108,00 | 129,75 |
| Valeur liquidative de la classe d’actions | 98,00 | 99,00 | 110,00 | 108,00 | 130,00 | 120,00 |
| (fin avant commission de performance) |  |  |  |  |  |  |
| Indice de référence (début) | 100,00 | 98,00 | 99,00 | 109,13 | 108,00 | 129,75 |
| Indice de référence (fin) | 99,00 | 98,50 | 105,00 | 115,00 | 120,00 | 118,00 |
| Taux de commission de performance | 25 % | 25 % | 25 % | 25 % | 25 % | 25 % |
| Taux de commission de performance (effectif) | 20 % | 20 % | 20 % | 20 % | 20 % | 20 % |
| Commission de performance applicable | Non | Non | Oui | Non | Oui | Oui |
| (Valeur liquidative-Indice de référence) | -0,250 | 0,125 | 1,250 | -1,750 | 2,500 | 0,500 |
| * Taux de commission de performance |  |  |  |  |  |  |
| (Valeur liquidative-Indice de référence) | -0,200 | 0,100 | 1,000 | -1,400 | 2,000 | 0,400 |
| * Taux de commission de performance (effectif) |  |  |  |  |  |  |
| Report par action | 0,000 | -0,250 | -0,125 | 0,000 | -1,750 | 0,000 |
| Commission de performance (avant plafond) | 0,000 | 0,000 | 875 000 | 0,000 | 250 000 | 400 000 |
| Commission de performance par action (avant plafond) | 0,000 | 0,000 | 0,875 | 0,000 | 0,250 | 0,400 |
| Plafond : 4 % | 3 960,00 | 3 940,00 | 4 180,00 | 4 342,50 | 4 760,00 | 4 995,00 |
| Commission de performance (après plafond) | 0,000 | 0,000 | 875 000 | 0,000 | 250 000 | 400 000 |
| Commission de performance par action (après plafond) | 0,000 | 0,000 | 0,875 | 0,000 | 0,250 | 0,400 |
| Valeur liquidative finale | 98,00 | 99,00 | 109,13 | 108,00 | 129,75 | 119,60 |

Année 1
La performance de la classe d’actions est inférieure à la performance de l’indice de référence. Aucune commission de performance n’est comptabilisée. Un report négatif par action de -0,250 se produit et est pris en compte au cours de l’année 2.
Année 2
La performance de la classe d’actions dépasse la performance de l’indice de référence mais ne compense pas le report négatif par action de -0,250 de
l’année 1. Aucune commission de performance n’est comptabilisée. Le report négatif par action de -0,250 de l’année 1 est réduit à -0,125 et est pris en compte au cours de l’année 3.
Année 3
La performance de la classe d’actions dépasse la performance de l’indice de référence et compense le report négatif par action de -0,125 de l’année 2. Une commission de performance est comptabilisée.
Année 4
La performance de la classe d’actions est inférieure à la performance de l’indice de référence. Aucune commission de performance n’est comptabilisée. Un report négatif par action de -1,750 se produit et est pris en compte au cours de l’année 5.
Année 5
La performance de la classe d’actions dépasse la performance de l’indice de référence et compense le report négatif par action de -1,750 de l’année 4. Une commission de performance est comptabilisée.
Année 6
Le coût de la classe d’actions diminue mais la performance de la classe d’actions dépasse la performance de l’indice de référence. Une commission de performance est comptabilisée.
La commission de performance est versée aux dépens et dans la devise de la classe d’actions concernée. Elle s’entend hors taxe sur la valeur ajoutée exigible.
La société de gestion reversera toute commission de performance comptabilisée au gérant du compartiment.
L’indice de référence est administré par MSCI Limited. MSCI Limited n’est pas enregistrée
dans le registre public d’administrateurs d’in- dices de référence et d’indices de référence de pays tiers auprès de l’Autorité européenne des marchés financiers (AEMF), mais bénéficie actuellement des dispositions transitoires régle- mentaires prescrites. La société de gestion a établi des plans solides et écrits dans lesquels elle stipule les mesures qu’elle prendrait si l’indice de référence venait à changer de manière significative ou ne plus être fourni. Dans ce cas de figure, la société de gestion devra définir un
indice de référence comparable pour remplacer l’indice de référence mentionné.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit
dans le registre public des indices de référence de pays tiers.
La majorité des titres du compartiment ou leurs émetteurs sont considérés comme des compo- sants de l’indice de référence et le portefeuille doit avoir une pondération similaire à celle de l’indice de référence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investissement spécifiques. Le positionnement du compartiment peut s’écarter de son indice de référence de manière limitée (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération), et la marge d’action est généra- lement relativement faible. Bien que le comparti- ment vise à surperformer le rendement de l’indice de référence, la surperformance poten- tielle peut être limitée selon l’environnement du marché prévalant (par exemple, un environne- ment de marché moins volatile) et le positionne- ment réel par rapport à l’indice de référence.

#### Volumes rachetés
Contrairement à la règle générale concernant les rachats substantiels telle que décrite en détail dans la section 5. F de la section générale du Prospectus de Vente, ce qui suit s’applique à ce compartiment :
Les actionnaires peuvent demander de se faire racheter tout ou partie de leurs actions quelle qu’en soit la classe.
La société de gestion n’est pas tenue d’exécuter des ordres de rachat si la demande en question porte sur des actions représentant plus de 10 % de la valeur liquidative du compartiment. La société de gestion se réserve le droit, tout en tenant compte du principe voulant que tous les actionnaires soient traités sur un pied d’égalité, de renoncer aux montants minimums de rachat (si prévus).
Procédure spéciale applicable aux rachats d’une valeur égale à 10 % ou au-delà de la valeur liquidative d’un compartiment.
Si des ordres de rachat sont reçus un jour d’éva- luation (le « premier jour d’évaluation ») dont la valeur dépasse, pris individuellement ou addition- nés aux autres ordres reçus, 10 % de la valeur liquidative d’un compartiment, le conseil d’admi- nistration se réserve le droit, à sa seule et entière discrétion (et en tenant compte des intérêts des actionnaires restants), de réduire proportionnellement le nombre d’actions des demandes de rachat individuelles concernant ce premier jour d’évaluation de telle manière que la valeur des actions rachetées ou échangées ce premier jour d’évaluation n’excède pas 10 % de la valeur liquidative du compartiment en ques- tion. Dès lors qu’un ordre n’est pas honoré dans sa totalité ce premier jour d’évaluation du fait de l’exercice d’un pouvoir de réduction au prorata, les ordres restants seront traités le jour
d’évaluation suivant et, en cas de besoin, dans les huit jours au maximum qui suivent. Les ordres reçus pour le premier jour d’évaluation seront traités en priorité par rapport aux ordres ultérieurs dans la mesure où ceux-ci concernent des jours d’évaluation postérieurs. Moyennant cette réserve, le traitement de ces ordres reçus à une date ultérieure s’effectuera toutefois de manière analogue à celle précisée à la phrase précédente.
Les ordres d’échange seront traités, selon les mêmes principes, comme des ordres de rachat.
La société de gestion est en droit de reporter des rachats massifs d’actions dans l’attente que des actifs du compartiment concerné puissent être vendus, étant entendu que ces ventes seront effectuées par la Société dans les plus brefs délais.

#### Risques particuliers
S’étant spécialisé dans les sociétés opérant en Chine, le compartiment offre des opportu- nités accrues qui sont toutefois contrebalan- cées par des risques élevés. Les Bourses et les marchés chinois sont quelquefois soumis à d’importantes fluctuations. Le comparti- ment s’adresse à des investisseurs orientés sur le risque et conscients non seulement des opportunités, mais aussi des risques de volatilité des placements.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Convertibles
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | Citi – EuroBIG Corporate Index-A sector (25 %), Citi – WorldBIG Corporate A en EUR (25 %) MSCI THE WORLD INDEX en EUR (25 %) et STOXX 50 (25 %) |
| Effet de levier | Cinq fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg. |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 12.1.2004 |
| LC | EUR | 3 % maximum | 1,2 % maximum | 0 % | 0,05 % | 12.1.2004 |
| LD | EUR | 3 % maximum | 1,2 % maximum | 0 % | 0,05 % | 12.1.2004 |
| NC | EUR | 1,5 % maximum | 1,5 % maximum | 0,1 % | 0,05 % | 12.1.2004 |
| USD LCH | USD | 5 % maximum | 1,2 % maximum | 0 % | 0,05 % | 20.11.2006 |
| USD FCH | USD | 0 % | 0,65 % maximum | 0 % | 0,05 % | 20.11.2006 |
| GBP DH RD | GBP | 0 % | 0,65 % maximum | 0 % | 0,05 % | 23.3.2009 |
| CHF FCH | CHF | 0 % | 0,65 % maximum | 0 % | 0,05 % | 8.9.2011 |
| FC (CE) | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 10.4.2012 |
| FD | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 13.12.2013 |
| CHF LCH | CHF | 3 % maximum | 1,2 % maximum | 0 % | 0,05 % | 24.3.2014 |
| PFC | EUR | 0 % | 0,8 % maximum | 0 % | 0,05 % | 26.5.2014 |
| LC (CE) | EUR | 3 % maximum | 1,2 % maximum | 0 % | 0,05 % | 4.6.2014 |
| SEK FCH | SEK | 0 % | 0,65 % maximum | 0 % | 0,05 % | 30.9.2015 |
| SEK LCH | SEK | 3 % maximum | 1,2 % maximum | 0 % | 0,05 % | 30.9.2015 |
| RC (CE) | EUR | 0 % | 0,65 % maximum | 0 % | 0,01 % | 15.9.2016 |
| TFC | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFCH | USD | 0 % | 0,65 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Convertibles.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest Convertibles a pour objectif de générer un rendement supérieur à la moyenne, en euro, pour le compartiment. Toutefois, aucune garantie ne peut être donnée que l’objectif d’investisse- ment sera atteint.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Au moins 70 % de l’actif du compartiment sont investis en obligations convertibles, obligations à warrant et autres instruments convertibles d’émetteurs nationaux et étrangers.
L’actif du compartiment peut être investi jusqu’à concurrence de 30 % dans des titres à taux fixe et à taux variable sans droit de conversion, ainsi que dans des actions, des warrants sur actions et des titres participatifs. La proportion d’actions, de warrants sur actions et de titres participatifs ne peut dépasser 10 % du total. En association avec la gestion des risques de crédit liés au compartiment, le compartiment peut également recourir à des dérivés du crédit tels que des credit default swaps (CDS). Ces instruments peuvent servir à la fois à transférer les risques de crédit à une contrepartie et à accepter des risques de crédit supplémentaires.
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négo- ciés en Chine continentale.
En outre, le compartiment peut investir dans tous les autres actifs autorisés spécifiés à l’ar- ticle 2 de la Partie Générale du prospectus de vente.
Outre un taux d’intérêt fixe versé sous formes diverses, les obligations convertibles garan- tissent le droit d’obtenir une conversion en actions de la société concernée. Dans le cas des obligations à warrant, il peut y avoir coexistence d’une exigence de taux d’intérêt et de rembour- sement, d’une part, et du droit d’acquisition d’actions, de l’autre option. C’est-à-dire que, par l’usage du droit d’option, les actions peuvent être acquises parallèlement aux obligations.
Les actions convertibles privilégiées comportent régulièrement le droit, voire l’obligation, de convertir ensuite les actions privilégiées en actions ordinaires. Le cours de ces titres dépend
aussi bien de l’estimation du cours de l’action que de l’évolution des taux d’intérêt.
Par dérogation au plafond d’investissement stipulé à l’article 2, paragraphe B., lettre n), concernant l’utilisation de produits dérivés, les plafonds d’investissement suivants s’appliqueront en tenant compte des restrictions d’investissement alors en vigueur dans les différents pays de distribution.
Les produits dérivés constituant des positions courtes doivent en permanence présenter une garantie appropriée et ne peuvent être utilisés qu’à des fins de couverture. La limite de couver- ture est de 100 % de l’élément sous-jacent garantissant le produit dérivé. En revanche, 35 % au maximum de l’actif net du compartiment peuvent être investis dans des dérivés constituant des positions longues et ne disposant pas d’une couverture correspondante. Le gérant du compar- timent a pour objectif de couvrir le portefeuille contre tout risque de change vis-à-vis de l’euro.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B. de la Partie Générale du prospectus de vente, le comparti- ment peut faire appel à des instruments finan- ciers dérivés pour optimiser son objectif d’inves- tissement.
Les dérivés peuvent uniquement être utilisés conformément à la politique de placement et à l’objectif d’investissement de DWS Invest Convertibles. La performance du compartiment dépend donc, outre d’autres facteurs, de la proportion d’instruments dérivés (swaps par ex.) dans l’actif total du compartiment.
Pour mettre en œuvre la politique de placement et atteindre l’objectif d’investissement, ces instruments dérivés seront acquis avec une notation minimale BBB3 (Moody’s) / BBB- (S&P, Fitch) des organismes financiers spécialisés dans ce type de transaction. Ces contrats de gré à gré sont des contrats normalisés.
Il est important de noter le risque de contrepartie associé aux opérations de gré à gré. Le risque de contrepartie du compartiment résultant de l’utilisation de total return swaps sera totalement garanti. L’utilisation de swaps peut entraîner d’autres risques spécifiques qui sont expliqués dans les remarques générales sur les risques.
Le compartiment peut être investi, en totalité ou en partie, dans une ou plusieurs opérations de gré à gré négociées auprès d’une contrepartie, aux conditions habituelles du marché. Le com- partiment peut ainsi être investi, en totalité ou en partie, dans une ou plusieurs opérations.
Par dérogation au plafond d’investissement de 10 % stipulé à l’article 2, paragraphe B., lettre i), pour les placements dans des parts d’autres OPCVM et / ou d’autres OPC tels que définis à l’article 2, paragraphe A., lettre e), le présent
compartiment sera soumis à un plafond d’investis- sement de 5 %.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine controversé (« secteurs controversés »).
Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’arme- ment, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investis- sement ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-en- gine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Les restrictions d’investissement suivantes s’appliquent au compartiment en raison d’un éventuel enregistrement en Corée : le comparti- ment doit investir plus de 70 % de son actif net dans des valeurs mobilières libellées dans une devise autre que le won coréen.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
Contrairement aux dispositions de la Partie Générale du prospectus de vente, il est prévu en raison de la stratégie d’investissement du com- partiment que l’effet de levier résultant du recours à des dérivés ne dépasse pas cinq fois la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Corporate Hybrid Bonds
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | – (VaR absolue) |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 6.7.2015 |
| LC | EUR | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 6.7.2015 |
| LD | EUR | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 6.7.2015 |
| XC | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 15.10.2015 |
| XD | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 15.10.2015 |
| CHF FCH | CHF | 0 % | 0,6 % maximum | 0 % | 0,05 % | 15.10.2015 |
| CHF LCH | CHF | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 15.10.2015 |
| USD FCH | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 15.10.2015 |
| USD LCH | USD | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 15.10.2015 |
| SGD LDMH | SGD | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 15.12.2016 |
| USD LDMH | USD | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 15.12.2016 |
| USD FDH | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 15.12.2016 |
| USD FDQH | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 30.1.2017 |
| FD | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 15.3.2017 |
| TFC | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| FC10 | EUR | 0 % | 0,4 % maximum | 0 % | 0,05 % | 28.2.2020 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Corporate Hybrid Bonds.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement du com- partiment DWS Invest Corporate Hybrid Bonds est de générer un rendement supérieur à la moyenne.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Le compartiment peut investir mondialement dans des titres portant intérêt, des actions, des obligations convertibles, des obligations à war- rant dont les warrants sont liés à des valeurs mobilières, des titres participatifs et bons de jouissance, des fonds de placement, des dérivés ainsi que des titres du marché monétaire, des dépôts et des actifs liquides.
50 % au moins de l’actif du compartiment devront être investis, au niveau mondial, dans des obligations hybrides émises d’émetteurs corporatifs.
Les obligations hybrides ont, du fait de leur structure, à la fois les caractéristiques de capi- taux d’emprunt et de capitaux propres. Les caractéristiques des capitaux propres peuvent comprendre des participations aux pertes et des paiements d’intérêts liés aux bénéfices.
Les caractéristiques des capitaux d’emprunt peuvent comprendre une échéance fixée ou des dates d’appel fixées sur l’émission, fréquem- ment associées aux obligations hybrides.
Les obligations hybrides doivent comprendre des obligations subordonnées (obligations Tier 1 et Tier 2), des titres participatifs et bons de jouis- sance, des obligations convertibles et à warrant ainsi que des obligations subordonnées de compa- gnie d’assurance.
Jusqu’à 49 % de l’actif du compartiment peut être investi dans des titres de créance portant intérêt ne satisfaisant pas aux critères ci-dessus ainsi que des titres du marché monétaire et des actifs liquides.
Un maximum de 100 % de l’actif du comparti- ment peut être investi dans des obligations subordonnées.
Jusqu’à 10 % des actifs du compartiment peuvent être investis en actions (par l’exercice de droits de conversion), y compris les actions préférentielles convertibles, actions privilégiées à
durée indéterminée et titres privilégiés à durée indéterminée.
Le gérant du compartiment a pour objectif de couvrir le portefeuille contre tout risque de change vis-à-vis de l’euro.
Le compartiment n’investira pas dans des ABS ni dans des MBS.
Des dérivés peuvent être utilisés à des fins de placement et de couverture.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appro- priés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward- starting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine controversé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’arme- ment, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités com- merciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres sec- teurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la pro- duction d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, l’actif du compartiment peut être investi dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mention- nés au paragraphe A., lettre j), dudit article.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.
Informations supplémentaires
Il convient de noter les éléments suivants lors de l’utilisation de total return swaps destinés à appli- quer la stratégie d’investissement décrite ci-des- sus :
La proportion d’actifs nets du compartiment soumis aux total return swaps, exprimée comme la somme des notionnels des total return swaps divisée par la valeur liquidative du compartiment, est censée atteindre jusqu’à 50 %, mais en fonction des conditions de marché respectives, en tenant compte d’une gestion de portefeuille efficace et dans l’intérêt des investisseurs, elle peut atteindre jusqu’à 100 %. Le calcul est réalisé conformément aux lignes directrices du CESR/10-788. L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.
Des informations complémentaires sur les total return swaps figurent, entre autres, au para- graphe « Techniques de gestion efficace du portefeuille » dans la Partie Générale du prospec- tus de vente. Le choix des contreparties à tout total return swap est soumis aux principes décrits dans le paragraphe « Choix des contre- parties » du prospectus de vente. Le rapport annuel contient des informations complémen- taires concernant les contreparties. Pour une analyse des risques spécifiques liés aux total return swaps, les investisseurs sont invités à se reporter au paragraphe « Remarques générales sur les risques » et en particulier au paragraphe
« Risques liés aux opérations sur produits déri- vés » du prospectus de vente.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) absolue est utilisée pour limiter le risque de marché au sein du compartiment.
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest CROCI Euro
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investments UK Limited, 1 Great Winchester Street, Londres EC2N 2DB, Royaume-Uni. |
| Indice de référence de performance | EURO STOXX 50 Net Return EUR, administré par STOXX Ldt. |
| Portefeuille de référence (indice de référence des risques) | EURO STOXX 50 Net Return EUR |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et à Francfort qui est aussi un jour d’ouverture de London Stock Exchange. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| IC | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 28.8.2018 |
| LC | EUR | 2 % maximum | 1 % maximum | 0 % | 0,05 % | 28.8.2018 |
| LD | EUR | 2 % maximum | 1 % maximum | 0 % | 0,05 % | 28.8.2018 |
| TFC | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 28.8.2018 |
| USD LCH | USD | 5 % maximum | 1 % maximum | 0 % | 0,05 % | 28.8.2018 |
| NC | EUR | 0 % | 2 % maximum | 0 % | 0,05 % | 15.11.2018 |
| IC50 | EUR | 0 % | 0,35 % maximum | 0 % | 0,01 % | 31.1.2019 |
| USD TFCH | USD | 0 % | 0,5 % maximum | 0 % | 0,05 % | 26.2.2021 |
| TFD | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 15.4.2021 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest CROCI Euro.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest CROCI Euro consiste à générer une
plus-value à long terme en investissant principa- lement dans des actions de la zone euro grande capitalisation considérées comme sous-évaluées
selon la méthodologie CROCI et la stratégie d’investissement CROCI Euro.
Dans le cadre de la stratégie d’investissement, on sélectionnera en général les actions des environ trente émetteurs ayant le ratio
cours / bénéfice CROCI Economic (« CROCI Economic P/E ») positif le plus faible à partir d’un univers comprenant environ 100 des premières actions de la zone euro en termes de capitalisa- tion boursière et pour lesquelles sont calculés les ratios cours / bénéfice CROCI Economic. Les sociétés des secteurs financier et immobilier ne sont pas éligibles pour la sélection. En outre, les actions à faible liquidité pourraient être exclues de la sélection. Si moins de trente actions ont un ratio cours / bénéfice CROCI Economic positif, seules les actions ayant un ratio cours / bénéfice
CROCI Economic positif seront intégrées à la stratégie d’investissement. La stratégie d’inves- tissement peut également utiliser des tech- niques basées sur des règles visant à réduire le taux de rotation superflu du portefeuille afin de réduire l’impact sur le marché et les frais de transaction. Ces techniques incluent, entre autres, la limitation du remplacement d’une action existante de la stratégie d’investissement pendant les recompositions visant à créer des circonstances dans lesquelles les ratios
cours / bénéfice CROCI Economic sont suffisam- ment supérieurs à ceux de l’action de remplace- ment proposée. En conséquence, dans certains cas, une action peut ne pas être ajoutée pendant une recomposition du compartiment même si elle affiche un des trente plus faibles ratios
cours / bénéfices CROCI Economic de toutes les
actions éligibles pour la sélection. De même, une action peut être maintenue dans le comparti- ment même si elle ne figure plus parmi les trente actions ayant les ratios cours / bénéfice CROCI Economic les plus faibles. Ces tech- niques n’ont aucun impact sur la stratégie d’in- vestissement consistant à maintenir environ trente actions dans le compartiment. En outre, la stratégie d’investissement peut prendre en compte d’autres facteurs, tels que les liquidités, les frais de transaction et, sur notification au groupe d’investissement et d’évaluation CROCI, les événements de marché concernant les actions éligibles. Le gérant de compartiment peut considérer les limites de risque au moment de déterminer l’application de la stratégie d’in- vestissement dans le compartiment.
Les actifs du compartiment sont périodiquement reconstitués conformément aux règles de la stratégie d’investissement (par nouvelle sélec- tion d’environ trente actions dans lesquelles le compartiment investira), le but étant que chaque action soit pondérée de manière égale. Cepen- dant, dans le but de minimiser les impacts sur la performance lors du commerce des actifs du compartiment, le gérant du compartiment peut prendre les mesures nécessaires pour réduire les coûts relatifs aux impacts du commerce et du marché, notamment réaliser la recomposition par étapes sur une durée de temps. De ce fait, le compartiment pourrait détenir occasionnellement plus ou moins de trente actions différentes et pourrait par conséquent ne pas être à tout moment pondéré de manière égale. Le comparti- ment s’applique sur la base du rendement total, avec réinvestissement des dividendes reçus dans l’achat d’actions supplémentaires.
Pour de plus amples informations sur la stratégie d’investissement et la méthodologie CROCI, consulter le site Web du groupe d’investisse- ment et d’évaluation CROCI www.dws.com/ croci.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’inves- tissement, ce qui comprend notamment, mais sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques
de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis
des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques envi- ronnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur www.qontigo.com
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.
Méthodologie CROCI
La méthodologie CROCI (Cash Return On Capital Invested) est fondée sur l’opinion selon laquelle les données utilisées dans les évaluations clas- siques (c’est-à-dire les données comptables) n’évaluent pas avec précision les actifs, ne prennent pas en compte tous les passifs ou ne représentent pas la valeur réelle d’une société. Cette situation tient au fait que les règles
comptables ne sont pas toujours conçues spéci- fiquement pour les investisseurs et utilisent souvent des normes très différentes qui peuvent rendre difficile la mesure de la valeur liquidative réelle des sociétés. Par exemple, il est difficile de comparer le ratio cours / bénéfice de l’action d’un constructeur automobile à celui d’une action de secteur technologique et tout aussi difficile de comparer une société de services publics japo- naise à une société de services publics des
États-Unis. La méthodologie CROCI cherche à générer des données qui permettront des com- paraisons d’évaluation sur une base cohérente, pour donner lieu à un processus de sélection d’actions efficace et efficient visant des investis- sements en valeur réelle. La stratégie d’investis- sement utilisera principalement le ratio
cours / bénéfice CROCI Economic, qui est une mesure propre au CROCI pour l’évaluation d’entreprises utilisant les mêmes corrélations entre évaluation et rendement que le ratio cours / bénéfice comptable (c’est-à-dire capitali- sation boursière / valeur comptable divisé par la rentabilité des capitaux propres).
Toutefois, le ratio cours / bénéfice CROCI Econo- mic remplace les entrées de calcul alternatives comme suit :
- Plutôt que le cours (capitalisation boursière), c’est la valeur d’entreprise CROCI qui est utilisée en tant que mesure économique de la valeur de marché d’une société. Cela comprend non seulement les passifs finan- ciers (par exemple les dettes) mais aussi les passifs d’exploitation (par ex. garanties, sous-capitalisation des régimes de retraite, obligations découlant d’un bail et provisions spécifiques).
- CROCI Net Capital Invested est utilisé à la place de la valeur comptable en tant que mesure économique de la valeur comptable d’une société. Il s’agit d’une évaluation de la valeur des actifs nets ajustée de l’inflation.
- À la place de la rentabilité des capitaux propres, le rendement en liquidités du capital investi ou CROCI (Cash Return on Capital Invested) est utilisé en tant que mesure économique de la rentabilité des capitaux propres. Il s’agit d’une mesure du rendement des flux de trésorerie (ou rendement en espèces) qui est standardisée pour toutes les sociétés, indépendamment de leur secteur d’activité ou de leur emplacement géogra- phique.

Stratégies CROCI
Les stratégies CROCI (désignées chacune comme
« stratégie » et ensemble comme « stratégies ») sont conçues par le groupe d’investissement et d’évaluation CROCI, qui fait partie de DWS Invest- ments UK Limited (« CROCI »), et ont fait l’objet d’une licence d’utilisation par DWS Invest. CROCI est une marque déposée de DWS. Les comparti- ments CROCI de DWS Invest SICAV (les « com- partiments ») ne sont pas parrainés ou vendus par DWS CROCI, et DWS CROCI n’a aucune obliga- tion ni responsabilité en matière d’administration,
de commercialisation ou de négociation des compartiments. DWS CROCI ne fait aucune déclaration, garantie ou condition, expresse ou implicite, concernant les compartiments, et DWS CROCI ne peut être tenu responsable vis-à-vis d’une quelconque partie pour toute perte ou tous frais liés à un compartiment. DWS CROCI n’a aucune obligation de prendre en considération les besoins de ses détenteurs de licences ou des propriétaires des compartiments lors de la déter- mination ou de la composition des stratégies.
DWS CROCI n’effectue aucune gestion de fortune discrétionnaire ou non discrétionnaire et ne fait aucune suggestion ou recommandation (y compris, sans s’y limiter, une recommanda- tion d’investissement), expresse ou implicite, en relation avec les instruments financiers, les émetteurs, les compartiments ou les stratégies, et n’exprime aucune opinion quant à la valeur présente ou future, ni quant aux prix des instru- ments financiers. L’inclusion d’un instrument financier dans une stratégie ne constitue pas une recommandation de la part de CROCI d’acheter, de vendre ou de détenir ledit instru- ment, et ne doit pas non plus être considérée comme du conseil en investissement ou une recommandation de quelque manière ou sous quelque forme que ce soit.
DWS CROCI ne fournit aucune déclaration ou garantie expresse ou implicite quant à l’exacti- tude, l’adéquation, l’actualité, l’exhaustivité ou la pertinence pour un usage particulier des straté- gies ou des données ou informations qui s’y rattachent, ni quant aux résultats obtenus par leurs utilisateurs. DWS CROCI ne saurait en aucun cas être tenu responsable des erreurs, inexactitudes, omissions ou retards liés aux stratégies ou à toute donnée connexe et n’a aucune obligation de mettre à jour, modifier ou amender toute stratégie ou toute donnée connexe dans le cas où elle s’avérerait inexacte.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice
de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest CROCI Europe SDG
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investments UK Limited, 1 Great Winchester Street, Londres EC2N 2DB, Royaume-Uni. |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | Indice MSCI Europe Net Return EUR |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et à Francfort qui est aussi un jour d’ouverture de London Stock Exchange. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| IC EB | EUR | 0 % | 0,4 % maximum | 0 % | 0,01 % | 28.8.2018 |
| LC | EUR | 5 % maximum | 1 % maximum | 0 % | 0,05 % | 28.8.2018 |
| TFC | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 28.8.2018 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest CROCI Europe SDG.

#### Politique de placement
Ce compartiment a pour objectif l’investissement durable et est classé comme produit conformé- ment à l’article 9 du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest CROCI Europe SDG consiste à obtenir une plus-value à long terme en investissant dans des actions européennes principalement à grande capitalisation qui sont considérées comme sous-évaluées selon la méthodologie CROCI et la stratégie d’investissement de CROCI Europe SDG, et qui sont considérées par le DWS Sustainability Office comme étant en
mesure de profiter des tendances et thèmes présents et futurs au niveau géopolitique, social et économique contribuant à atteindre les objec- tifs de développement durable définis dans l’Agenda 2030 de l’ONU.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Le résultat de la stratégie d’investissement, appliquée dans les règles et de façon systéma- tique, sera un portefeuille resserré dérivé par la sélection de parts basée sur les paramètres de CROCI y compris, sans s’y limiter, un ratio cours / bénéfice CROCI Economic (« CROCI Economic P/E ») positif faible. Les actions éli- gibles sont sélectionnées partir d’un univers comprenant les principales entreprises euro- péennes les plus grandes en termes de capitali- sation boursière et pour lesquelles sont calculés les ratios cours / bénéfice CROCI Economic.
L’équipe de gestion du compartiment investit au moins 80 % des actifs du compartiment dans des activités économiques qui contribuent à des objectifs environnementaux et / ou sociaux et à au moins un des objectifs de développement durable (« ODD ») de l’ONU.
L’équipe de gestion du compartiment cherche à atteindre son objectif de durabilité en évaluant les investissements potentiels via une méthodo- logie d’investissement ESG propriétaire. Cette méthodologie intègre des normes d’investisse- ment selon une base de données ESG, qui utilise les données de plusieurs fournisseurs de don- nées ESG de premier plan ainsi que des sources internes et publiques pour obtenir des scores combinés propriétaires sur plusieurs objectifs environnementaux et sociaux. La méthodologie attribue l’un des six scores propriétaires potentiel à chaque émetteur possible. Ces scores englobent des évaluations pour (i) les secteurs
controversés (qui incluent le charbon, le tabac, le secteur de la défense, la pornographie, les jeux d’argent et l’énergie nucléaire), (ii) l’implication dans des armes controversées (armes nucléaires, uranium détérioré, armes à sous-mu- nitions et mines antipersonnel) ou (iii) violation des normes internationalement acceptées, mais permettent également une sélection active d’émetteurs sur la base de catégories telles que le risque climatique et de transition, la confor- mité aux normes ou les meilleures évaluations ESG au regard des objectifs environnementaux et / ou sociaux susmentionnés. La méthodologie attribue l’un des six scores propriétaires poten- tiels à chaque émetteur possible sur la base d’une lettre de notation allant de A à F, les émet- teurs avec des scores A et B étant considérés comme leaders dans leurs catégories et les émetteurs avec des scores C étant considérés comme faisant partie de la moyenne supérieure de leur catégorie. Ces lettres de notation peuvent provenir des revenus générés par des secteurs controversés ou du degré d’implication dans des armes controversées, du degré de gravité auquel un émetteur peut être impliqué dans la violation des normes internationales, de l’évaluation du risque climatique et de transition, qui est basée sur, par exemple, le facteur d’émis- sion carbone ou le risque d’actifs irrécupérables, ou sur des évaluations ESG de premier ordre.
La contribution ODD d’un émetteur sera mesu- rée par des scores SDG dédiés, qui sont le résultat d’un algorithme à deux niveaux dans la méthodologie d’investissement ESG. Dans la première couche, les émetteurs sont identifiés et notés en fonction des revenus qu’ils génèrent qui peuvent être liés aux ODD (contri- bution positive) et lorsque ces revenus, en comparaison, dépassent les mesures corres- pondantes d’autres émetteurs. Le deuxième niveau confirme la qualité ESG de ces émet- teurs au regard des normes minimales définies en ce qui concerne les facteurs environnemen- taux, sociaux et de gouvernance d’entreprise. En outre, à côté de leur contribution aux ODD, les émetteurs seront évalués pour s’assurer qu’ils n’entravent pas l’objectif ODD (avec une contribution nette totale négative aux ODD).
Le gérant du compartiment prend en compte, dans sa répartition du portefeuille, les scores issus de la base de données ESG. Au moins 80 % des actifs du compartiment sont investis
dans des émetteurs classés dans les trois scores les plus élevés (allant des notes A à C) du score SDG propriétaire issu de l’application de la méthodologie d’investissement ESG.
Les performances ESG et ODD d’un émetteur sont évaluées indépendamment des résultats financiers selon différents facteurs. Ces facteurs comprennent, par exemple, les centres d’intérêt suivants :
Environnement
- conservation de la flore et de la faune ;
- protection des ressources naturelles, de l’atmosphère et des eaux littorales ;
- limitation de la dégradation du pays et du changement climatique ;
- prévention de l’empiètement sur les écosystèmes et de la perte de biodiversité.

Social
- droits de l’homme en général ;
- interdiction du travail des enfants et du travail forcé ;
- non-discrimination impérative ;
- santé et sécurité sur le lieu de travail ;
- lieu de travail équitable et rémunération convenable.

Gouvernance d’entreprise
- principes mondiaux de l’International Corporate Governance Network en matière de gouvernance d’entreprise ;
- principes du Pacte Mondial contre la corruption.

Objectifs de développement durable de l’ONU
- Changement climatique
- Rareté de l’eau
- Gestion des déchets
- Disponibilité alimentaire
- Santé et bien-être
- Amélioration de la qualité de vie et des données démographiquesAu moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.

Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
La stratégie d’investissement peut avoir recours à des techniques d’optimisation du portefeuille à des fins d’analyse du risque des parts éligibles (risque absolu ou relativement à un indice de référence) et de définition des actions et des pondérations de la stratégie d’investissement finale. La stratégie d’investissement peut
également utiliser des techniques et évaluer des facteurs visant à réduire le taux de rotation superflu du portefeuille afin de réduire l’impact sur le marché et les frais de transaction. Ces techniques incluent, entre autres, la limitation du remplacement d’une action existante du compar- timent pendant les recompositions visant à créer des circonstances dans lesquelles les ratios cours / bénéfice CROCI Economic seront suffi- samment supérieurs à ceux de l’action de rem- placement proposée. En outre, la stratégie peut prendre en compte d’autres facteurs, tels que les liquidités et les frais de transaction et, sur notification par le compartiment au groupe d’investissement et d’évaluation CROCI, les événements de marché concernant les actions éligibles. Le gérant de compartiment peut consi- dérer les limites de risque au moment de déter- miner l’application de la stratégie d’investisse- ment dans le compartiment.
Les actifs du compartiment sont reconstitués périodiquement conformément aux règles de la stratégie d’investissement. Dans le but de minimiser les impacts sur la performance lors du commerce des actifs du compartiment, le gérant du compartiment peut prendre les mesures nécessaires pour réduire les coûts relatifs aux impacts du commerce et du marché, notamment réaliser la recomposition par étapes sur une durée de temps. Le compartiment opère sur la base du rendement total, avec réinvestissement des dividendes reçus dans l’achat d’actions supplémentaires et peut considérer les limites de risque au moment de déterminer l’application de la stratégie d’investissement au comparti- ment.
Pour de plus amples informations sur la stratégie d’investissement et la méthodologie CROCI, consulter le site Web du groupe d’investissement et d’évaluation CROCI www.dws.com/croci.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’inves- tissement, ce qui comprend notamment, mais sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment
(déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.
Méthodologie CROCI
La méthodologie CROCI (Cash Return On Capital Invested) est fondée sur l’opinion selon laquelle les données utilisées dans les évaluations clas- siques (c’est-à-dire les données comptables) n’évaluent pas avec précision les actifs, ne prennent pas en compte tous les passifs ou ne représentent pas la valeur réelle d’une société. Cette situation tient au fait que les règles comp- tables ne sont pas toujours conçues spécifique- ment pour les investisseurs et utilisent souvent des normes très différentes qui peuvent rendre difficile la mesure de la valeur liquidative réelle des sociétés. Par exemple, il est difficile de comparer le ratio cours / bénéfice de l’action d’un constructeur automobile à celui d’une action de secteur technologique et tout aussi difficile de comparer une société de services publics japo- naise à une société de services publics des
États-Unis. La méthodologie CROCI cherche à générer des données qui permettront des com- paraisons d’évaluation sur une base cohérente, pour donner lieu à un processus de sélection d’actions efficace et efficient visant des investis- sements en valeur réelle. La stratégie d’investis- sement utilisera principalement le ratio
cours / bénéfice CROCI Economic, qui est une mesure propre au CROCI pour l’évaluation d’entreprises utilisant les mêmes corrélations entre évaluation et rendement que le ratio cours / bénéfice comptable (c’est-à-dire capitali- sation boursière / valeur comptable divisé par la rentabilité des capitaux propres).
Toutefois, le ratio cours / bénéfice CROCI Econo- mic remplace les entrées de calcul alternatives comme suit :
- Plutôt que le cours (capitalisation boursière), c’est la valeur d’entreprise CROCI qui est utilisée en tant que mesure économique de la valeur de marché d’une société. Cela comprend non seulement les passifs finan- ciers (par exemple les dettes) mais aussi les passifs d’exploitation (par ex. garanties, sous-capitalisation des régimes de retraite, obligations découlant d’un bail et provisions spécifiques).
- CROCI Net Capital Invested est utilisé à la place de la valeur comptable en tant que mesure économique de la valeur comptable d’une société. Il s’agit d’une évaluation de la valeur des actifs nets ajustée de l’inflation.
- À la place de la rentabilité des capitaux propres, le rendement en liquidités du capital investi ou CROCI (Cash Return on Capital Invested) est utilisé en tant que mesure économique de la rentabilité des capitaux propres. Il s’agit d’une mesure du rendement des flux de trésorerie (ou rendement en espèces) qui est standardisée pour toutes les sociétés, indépendamment de leur secteur d’activité ou de leur emplacement géogra- phique.

Stratégies CROCI
Les stratégies CROCI (désignées chacune comme « stratégie » et ensemble comme
« stratégies ») sont conçues par le groupe d’investissement et d’évaluation CROCI, qui fait partie de DWS Investments UK Limited (« CROCI »), et ont fait l’objet d’une licence d’utilisation par DWS Invest. CROCI est une
marque déposée de DWS. Les compartiments CROCI de DWS Invest SICAV (les « comparti- ments ») ne sont pas parrainés ou vendus par DWS CROCI, et DWS CROCI n’a aucune obliga- tion ni responsabilité en matière d’administra- tion, de commercialisation ou de négociation des compartiments. DWS CROCI ne fait aucune déclaration, garantie ou condition, expresse ou implicite, concernant les compartiments, et DWS CROCI ne peut être tenu responsable
vis-à-vis d’une quelconque partie pour toute perte ou tous frais liés à un compartiment. DWS CROCI n’a aucune obligation de prendre en considération les besoins de ses détenteurs de licences ou des propriétaires des comparti- ments lors de la détermination ou de la compo- sition des stratégies.
DWS CROCI n’effectue aucune gestion de fortune discrétionnaire ou non discrétionnaire et ne fait aucune suggestion ou recommandation (y compris, sans s’y limiter, une recommandation d’investissement), expresse ou implicite, en relation avec les instruments financiers, les émetteurs, les compartiments ou les stratégies, et n’exprime aucune opinion quant à la valeur présente ou future, ni quant aux prix des instru- ments financiers. L’inclusion d’un instrument financier dans une stratégie ne constitue pas une recommandation de la part de CROCI d’acheter, de vendre ou de détenir ledit instrument, et ne doit pas non plus être considérée comme du conseil en investissement ou une recommanda- tion de quelque manière ou sous quelque forme que ce soit.
DWS CROCI ne fournit aucune déclaration ou garantie expresse ou implicite quant à l’exacti- tude, l’adéquation, l’actualité, l’exhaustivité ou la pertinence pour un usage particulier des straté- gies ou des données ou informations qui s’y rattachent, ni quant aux résultats obtenus par leurs utilisateurs. DWS CROCI ne saurait en aucun cas être tenu responsable des erreurs, inexactitudes, omissions ou retards liés aux stratégies ou à toute donnée connexe et n’a aucune obligation de mettre à jour, modifier ou amender toute stratégie ou toute donnée connexe dans le cas où elle s’avérerait inexacte.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest CROCI Global Dividends
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investments UK Limited, 1 Great Winchester Street, Londres EC2N 2DB, Royaume-Uni. |
| Indice de référence de performance | Indice MSCI World Net Total Return, administré par MSCI Limited. |
| Portefeuille de référence (indice de référence des risques) | Indice MSCI World Net Total Return |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et à Francfort qui est aussi un jour d’ouverture du New York Stock Exchange (NYSE) et du London Stock Exchange. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| GBP IC | GBP | 0 % | 0,65 % maximum | 0 % | 0,01 % | 30.8.2018 |
| GBP ID | GBP | 0 % | 0,65 % maximum | 0 % | 0,01 % | 30.8.2018 |
| GBP LC | GBP | 5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 30.8.2018 |
| GBP TFC | GBP | 0 % | 0,65 % maximum | 0 % | 0,05 % | 30.8.2018 |
| IC | EUR | 0 % | 0,65 % maximum | 0 % | 0,01 % | 30.8.2018 |
| ID | EUR | 0 % | 0,65 % maximum | 0 % | 0,01 % | 30.8.2018 |
| LC | EUR | 5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 30.8.2018 |
| LD | EUR | 5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 30.8.2018 |
| TFC | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 30.8.2018 |
| USD IC | USD | 0 % | 0,65 % maximum | 0 % | 0,01 % | 30.8.2018 |
| USD LC | USD | 5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 30.8.2018 |
| USD LDQ | USD | 5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 30.8.2018 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest CROCI Global Dividends.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest CROCI Global Dividends consiste à géné- rer une plus-value à long terme en investissant principalement dans des actions mondiales à grande capitalisation de marchés développés qui sont considérées comme sous-évaluées et offrent un taux de rendement plus élevé et plus durable selon la méthodologie CROCI et la stratégie d’investissement CROCI Global Dividends.
Dans le cadre de la stratégie d’investissement, on sélectionnera en général les actions des environ cinquante émetteurs ayant le ratio cours / bénéfice CROCI Economic (« CROCI
Economic P/E ») positif le plus faible à partir d’un univers comprenant les premières actions des marchés développés en termes de capitalisation boursière et pour lesquelles sont calculés les ratios cours / bénéfice CROCI Economic. Les sociétés des secteurs financier et immobilier ne sont pas éligibles pour la sélection. Dans le cadre de la stratégie d’investissement, on exclura également de la sélection toutes les actions qui ne passent pas une série de filtres de constance de dividendes basés sur les rendements en espèces (plus amplement décrits à la section
« Processus de durabilité des dividendes
CROCI »), les leviers financiers et la volatilité, les actions ne payant aucun dividende et les actions en deçà d’un taux de rendement moyen. En outre, les actions à faible liquidité pourraient être exclues de la sélection. Si moins de cin-
quante actions ont un ratio cours / bénéfice CROCI Economic positif, seules les actions ayant un ratio cours / bénéfice CROCI Economic positif seront intégrées à la stratégie d’investissement. La stratégie d’investissement peut également utiliser des techniques basées sur des règles visant à réduire le taux de rotation superflu du portefeuille afin de réduire l’impact sur le marché et les frais de transaction. Ces techniques incluent, entre autres, la limitation du remplace- ment d’une action existante de la stratégie d’investissement pendant les recompositions visant à créer des circonstances dans lesquelles les ratios cours / bénéfice CROCI Economic seront suffisamment supérieurs ou le taux de dividende seront suffisamment inférieurs à ceux de l’action de remplacement proposée. En conséquence, dans certains cas, une action peut ne pas être ajoutée pendant une recomposition du compartiment même si elle affiche un des cinquante plus faibles ratios cours / bénéfices CROCI Economic ou un taux de dividende
supérieur à la médiane en ce qui concerne les actions éligibles pour la sélection. De même, une action peut rester dans le compartiment même si elle ne figure plus parmi les cinquante actions ayant les ratios cours / bénéfice CROCI Econo- mic les plus faibles ou un taux de dividende supérieur à la médiane. Ces techniques n’ont aucun impact sur la stratégie d’investissement consistant à maintenir environ cinquante actions dans le compartiment. En outre, la stratégie d’investissement peut prendre en compte d’autres facteurs, tels que les liquidités, les frais de transaction et, sur notification par le comparti- ment au groupe d’investissement et d’évaluation CROCI, les événements de marché concernant les actions éligibles. Le gérant de compartiment peut considérer les limites de risque au moment de déterminer l’application de la stratégie d’in- vestissement dans le compartiment.
Les actifs du compartiment sont périodiquement reconstitués conformément aux règles de la stratégie d’investissement (par nouvelle sélec- tion d’environ cinquante actions sélectionnées dans lesquelles le compartiment investira), le but étant que chaque action soit pondérée de manière égale. Cependant, dans le but de mini- miser les impacts sur la performance lors du commerce des actifs du compartiment, le gérant du compartiment peut prendre les mesures nécessaires pour réduire les coûts relatifs aux impacts du commerce et du marché, notamment réaliser la recomposition par étapes sur une durée de temps. De ce fait, le compartiment pourrait détenir occasionnellement plus ou moins de cinquante actions différentes et pourrait par conséquent ne pas être à tout moment pondéré de manière égale. Le compartiment s’applique sur la base du rendement total, avec réinvestis- sement des dividendes reçus dans l’achat d’ac- tions supplémentaires.
Pour de plus amples informations sur la stratégie d’investissement et la méthodologie CROCI, consulter le site Web du groupe d’investisse- ment et d’évaluation CROCI www.dws.com/ croci.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’inves- tissement, ce qui comprend notamment, mais sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en
évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs
responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environne- mentales et sociales promues par ce comparti- ment. Des informations sur l’indice de référence sont disponibles sur www.msci.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’inves- tissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du compartiment sans prise en compte de ses engagements) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins queces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.
Méthodologie CROCI
La méthodologie CROCI (Cash Return On Capital Invested) est fondée sur l’opinion selon laquelle les données utilisées dans les évaluations clas- siques (c’est-à-dire les données comptables) n’évaluent pas avec précision les actifs, ne prennent pas en compte tous les passifs ou ne représentent pas la valeur réelle d’une société. Cette situation tient au fait que les règles comp- tables ne sont pas toujours conçues spécifique- ment pour les investisseurs et utilisent souvent des normes très différentes qui peuvent rendre
difficile la mesure de la valeur liquidative réelle des sociétés. Par exemple, il est difficile de comparer le ratio cours / bénéfice de l’action d’un constructeur automobile à celui d’une action de secteur technologique et tout aussi difficile de comparer une société de services publics japo- naise à une société de services publics des
États-Unis. La méthodologie CROCI cherche à générer des données qui permettront des com- paraisons d’évaluation sur une base cohérente, pour donner lieu à un processus de sélection d’actions efficace et efficient visant des investis- sements en valeur réelle. La stratégie d’investis- sement utilisera principalement le ratio
cours / bénéfice CROCI Economic, qui est une mesure propre au CROCI pour l’évaluation d’entreprises utilisant les mêmes corrélations entre évaluation et rendement que le ratio cours / bénéfice comptable (c’est-à-dire capitali- sation boursière / valeur comptable divisé par la rentabilité des capitaux propres).
Toutefois, le ratio cours / bénéfice CROCI Econo- mic remplace les entrées de calcul alternatives comme suit :
- Plutôt que le cours (capitalisation boursière), c’est la valeur d’entreprise CROCI qui est utilisée en tant que mesure économique de la valeur de marché d’une société. Cela comprend non seulement les passifs finan- ciers (par exemple les dettes) mais aussi les passifs d’exploitation (par ex. garanties, sous-capitalisation des régimes de retraite, obligations découlant d’un bail et provisions spécifiques).
- CROCI Net Capital Invested est utilisé à la place de la valeur comptable en tant que mesure économique de la valeur comptable d’une société. Il s’agit d’une évaluation de la valeur des actifs nets ajustée de l’inflation.
- À la place de la rentabilité des capitaux propres, le rendement en liquidités du capital investi ou CROCI (Cash Return on Capital Invested) est utilisé en tant que mesure économique de la rentabilité des capitaux propres. Il s’agit d’une mesure du rendement des flux de trésorerie (ou rendement en espèces) qui est standardisée pour toutes les sociétés, indépendamment de leur secteur d’activité ou de leur emplacement géogra- phique.

Processus de durabilité des dividendes CROCI Le groupe d’investissement et d’évaluation CROCI pense que la capacité d’une société à continuer à payer des dividendes peut dépendre à la fois de la santé financière et de la capacité de génération de liquidités de cette société. Ceci a conduit au développement d’une stratégie d’investissement de « durabilité des divi- dendes » qui tente d’identifier et d’exclure les actions qui peuvent présenter un risque plus fort de réduction des dividendes dans le futur. Par conséquent, dans le processus d’identification
des sociétés qui sont attractives pour la stratégie d’investissement des dividendes, les actions ayant les plus forts leviers financiers et les
rendements en espèce les plus faibles sont filtrées lors du processus de sélection. De surcroît, les actions ayant la plus forte volatilité des prix et les actions ayant un taux de rende- ment inférieur à la médiane sont également exclues.
Stratégies CROCI
Les stratégies CROCI (désignées chacune comme
« stratégie » et ensemble comme « stratégies ») sont conçues par le groupe d’investissement et d’évaluation CROCI, qui fait partie de DWS Invest- ments UK Limited (« CROCI »), et ont fait l’objet d’une licence d’utilisation par DWS Invest. CROCI est une marque déposée de DWS. Les comparti- ments CROCI de DWS Invest SICAV (les « com- partiments ») ne sont pas parrainés ou vendus par DWS CROCI, et DWS CROCI n’a aucune obliga- tion ni responsabilité en matière d’administration, de commercialisation ou de négociation des compartiments. DWS CROCI ne fait aucune déclaration, garantie ou condition, expresse ou implicite, concernant les compartiments, et DWS CROCI ne peut être tenu responsable vis-à-vis d’une quelconque partie pour toute perte ou tous frais liés à un compartiment. DWS CROCI n’a aucune obligation de prendre en considération les besoins de ses détenteurs de licences ou des propriétaires des compartiments lors de la déter- mination ou de la composition des stratégies.
DWS CROCI n’effectue aucune gestion de fortune discrétionnaire ou non discrétionnaire et ne fait aucune suggestion ou recommandation
(y compris, sans s’y limiter, une recommandation d’investissement), expresse ou implicite, en relation avec les instruments financiers, les émetteurs, les compartiments ou les stratégies, et n’exprime aucune opinion quant à la valeur présente ou future, ni quant aux prix des instru- ments financiers. L’inclusion d’un instrument financier dans une stratégie ne constitue pas une recommandation de la part de CROCI d’acheter, de vendre ou de détenir ledit instrument, et ne doit pas non plus être considérée comme du conseil en investissement ou une recommanda- tion de quelque manière ou sous quelque forme que ce soit.
DWS CROCI ne fournit aucune déclaration ou garantie expresse ou implicite quant à l’exacti- tude, l’adéquation, l’actualité, l’exhaustivité ou la pertinence pour un usage particulier des straté- gies ou des données ou informations qui s’y rattachent, ni quant aux résultats obtenus par leurs utilisateurs. DWS CROCI ne saurait en aucun cas être tenu responsable des erreurs, inexactitudes, omissions ou retards liés aux stratégies ou à toute donnée connexe et n’a aucune obligation de mettre à jour, modifier ou amender toute stratégie ou toute donnée connexe dans le cas où elle s’avérerait inexacte.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence,
ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest CROCI Japan
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | JPY |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investments UK Limited, 1 Great Winchester Street, Londres EC2N 2DB, Royaume-Uni. |
| Indice de référence de performance | TOPIX 100, administré par le Tokyo Stock Exchange. |
| Portefeuille de référence (indice de référence des risques) | TOPIX 100 |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et Francfort qui est aussi un jour d’ouverture des Tokyo Stock Exchange, Osaka Securities Exchange et London Stock Exchange. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| GBP TFC | GBP | 0 % | 0,5 % maximum | 0 % | 0,05 % | 30.8.2018 |
| ICH | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 30.8.2018 |
| JPY IC | JPY | 0 % | 0,5 % maximum | 0 % | 0,01 % | 30.8.2018 |
| JPY LC | JPY | 2 % maximum | 1 % maximum | 0 % | 0,05 % | 30.8.2018 |
| LCH | EUR | 2 % maximum | 1,3 % maximum | 0 % | 0,05 % | 30.8.2018 |
| USD ICH | USD | 0 % | 0,5 % maximum | 0 % | 0,01 % | 30.8.2018 |
| JPY IC7500 | JPY | 0 % | 0,35 % maximum | 0 % | 0,01 % | 28.2.2019 |
| TFD | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 15.3.2019 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest CROCI Japan.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest CROCI Japan consiste à générer une
plus-value à long terme en investissant principale- ment dans des actions japonaises à grande capitalisation considérées comme sous-évaluées
selon la méthodologie CROCI et à la stratégie d’investissement CROCI Japan.
Dans le cadre de la stratégie d’investissement, on sélectionnera en général les trente actions ayant le ratio cours / bénéfice CROCI Economic
(« CROCI Economic P/E ») positif le plus faible à partir d’un univers comprenant les premières actions japonaises en termes de capitalisation boursière et pour lesquelles sont calculés les ratios cours / bénéfice CROCI Economic. Les sociétés des secteurs financier et immobilier ne sont pas éligibles pour la sélection. En outre, les actions à faible liquidité pourraient être exclues de la sélection. Si moins de trente actions ont un ratio cours / bénéfice CROCI Economic positif, seules les actions ayant un ratio cours / bénéfice CROCI Economic positif seront intégrées au
compartiment. La stratégie d’investissement peut également utiliser des techniques basées sur des règles visant à réduire le taux de rotation superflu du portefeuille afin de réduire l’impact sur le marché et les frais de transaction. Ces techniques incluent, entre autres, la limitation du remplace- ment d’une action existante de la stratégie d’in- vestissement pendant les recompositions visant à créer des circonstances dans lesquelles les ratios cours / bénéfice CROCI Economic seront suffi- samment supérieurs à ceux de l’action de rempla- cement proposée. En conséquence, dans certains cas, une action ne peut être ajoutée pendant une recomposition du compartiment même si elle affiche un des trente plus faibles ratios
cours / bénéfices CROCI Economic en ce qui concerne les actions éligibles pour la sélection.
De même, une action peut être maintenue dans le
compartiment même si elle ne figure plus parmi les trente actions ayant les ratios cours / bénéfice CROCI Economic les plus faibles. Ces techniques n’ont aucun impact sur la stratégie d’investisse- ment consistant à maintenir environ trente actions dans le compartiment. En outre, la stratégie d’investissement peut prendre en compte d’autres facteurs, tels que les liquidités, les frais de transaction et, sur notification par le comparti- ment au groupe d’investissement et d’évaluation CROCI, les événements de marché concernant les actions éligibles. Le gérant de compartiment peut considérer les limites de risque au moment de déterminer l’application de la stratégie d’inves- tissement dans le compartiment.
Les actifs du compartiment sont périodiquement reconstitués conformément aux règles de la stratégie d’investissement (par nouvelle sélection d’environ trente actions dans lesquelles le com- partiment investira), le but étant que chaque action soit pondérée de manière égale. Cepen- dant, dans le but de minimiser les impacts sur la performance lors du commerce des actifs du compartiment, le gérant du compartiment peut prendre les mesures nécessaires pour réduire les coûts relatifs aux impacts du commerce et du marché, notamment réaliser la recomposition par étapes sur une durée de temps. De ce fait, le compartiment pourrait détenir occasionnellement plus ou moins de trente actions différentes et pourrait par conséquent ne pas être à tout moment pondéré de manière égale. Le comparti- ment s’applique sur la base du rendement total, avec réinvestissement des dividendes reçus dans l’achat d’actions supplémentaires.
Pour de plus amples informations sur la stratégie d’investissement et la méthodologie CROCI, consulter le site Web du groupe d’investissement et d’évaluation CROCI www.dws.com/croci.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le com- partiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’investissement, ce qui comprend notamment, mais sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de
plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur https://www.jpx.co.jp/english/.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’inves- tissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du compartiment sans prise en compte de ses engagements) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investisse- ment, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distribu- tions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles pro- cèdent à des distributions, à moins que ces distributions soient soumises à l’imposition à hauteur de 15 % minimum et que le comparti- ment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou(ii) qui ne sont pas des sociétés immobilières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique euro- péen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exoné- rées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % mini- mum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et confor- mément à la définition donnée par le code alle- mand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipulation contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.
Méthodologie CROCI
La méthodologie CROCI (Cash Return On Capital Invested) est fondée sur l’opinion selon laquelle les données utilisées dans les évalua- tions classiques (c’est-à-dire les données comp- tables) n’évaluent pas avec précision les actifs, ne prennent pas en compte tous les passifs ou ne représentent pas la valeur réelle d’une société. Cette situation tient au fait que les
règles comptables ne sont pas toujours conçues spécifiquement pour les investisseurs et utilisent souvent des normes très différentes, qui peuvent rendre difficile la mesure de la valeur liquidative réelle des sociétés. Par exemple, il est difficile de comparer le ratio cours / bénéfice de l’action d’un constructeur automobile à celui d’une action de secteur technologique et tout aussi difficile de comparer une société de services publics japonaise à une société de services publics des États-Unis. La méthodologie CROCI cherche à générer des données qui permettront des comparaisons d’évaluation sur une base cohérente, pour donner lieu à un processus de sélection d’ac- tions efficace et efficient visant des investisse- ments en valeur réelle. La stratégie d’investis- sement utilisera principalement le ratio
cours / bénéfice CROCI Economic, qui est une mesure propre au CROCI pour l’évaluation d’entreprises utilisant les mêmes corrélations entre évaluation et rendement que le ratio cours / bénéfice comptable (c’est-à-dire capitali- sation boursière / valeur comptable divisé par la rentabilité des capitaux propres).
Toutefois, le ratio cours / bénéfice CROCI Econo- mic remplace les entrées de calcul alternatives comme suit :
- Plutôt que le cours (capitalisation boursière), c’est la valeur d’entreprise CROCI qui est utilisée en tant que mesure économique de la valeur de marché d’une société. Cela comprend non seulement les passifs finan- ciers (par exemple les dettes) mais aussi les passifs d’exploitation (par ex. garanties, sous-capitalisation des régimes de retraite, obligations découlant d’un bail et provisions spécifiques).
- CROCI Net Capital Invested est utilisé à la place de la valeur comptable en tant que mesure économique de la valeur comptable d’une société. Il s’agit d’une évaluation de la valeur des actifs nets ajustée de l’inflation.
- À la place de la rentabilité des capitaux propres, le rendement en liquidités du capital investi ou CROCI (Cash Return on Capital Invested) est utilisé en tant que mesure économique de la rentabilité des capitaux propres. Il s’agit d’une mesure du rendement des flux de trésorerie (ou rendement en espèces) qui est standardisée pour toutes les sociétés, indépendamment de leur secteur d’activité ou de leur emplacement géogra- phique.

Stratégies CROCI
Les stratégies CROCI (désignées chacune comme
« stratégie » et ensemble comme « stratégies ») sont conçues par le groupe d’investissement et d’évaluation CROCI, qui fait partie de DWS Invest- ments UK Limited (« CROCI »), et ont fait l’objet d’une licence d’utilisation par DWS Invest. CROCI est une marque déposée de DWS. Les comparti- ments CROCI de DWS Invest SICAV (les « com- partiments ») ne sont pas parrainés ou vendus
par DWS CROCI, et DWS CROCI n’a aucune obligation ni responsabilité en matière d’adminis- tration, de commercialisation ou de négociation des compartiments. DWS CROCI ne fait aucune déclaration, garantie ou condition, expresse ou implicite, concernant les compartiments, et DWS CROCI ne peut être tenu responsable vis-à-vis d’une quelconque partie pour toute perte ou tous frais liés à un compartiment. DWS CROCI n’a aucune obligation de prendre en considération les besoins de ses détenteurs de licences ou des propriétaires des compartiments lors de la déter- mination ou de la composition des stratégies.
DWS CROCI n’effectue aucune gestion de fortune discrétionnaire ou non discrétionnaire et ne fait aucune suggestion ou recommandation
(y compris, sans s’y limiter, une recommandation d’investissement), expresse ou implicite, en relation avec les instruments financiers, les émetteurs, les compartiments ou les stratégies, et n’exprime aucune opinion quant à la valeur présente ou future, ni quant aux prix des instru- ments financiers. L’inclusion d’un instrument financier dans une stratégie ne constitue pas une recommandation de la part de CROCI d’acheter, de vendre ou de détenir ledit instrument, et ne doit pas non plus être considérée comme du conseil en investissement ou une recommanda- tion de quelque manière ou sous quelque forme que ce soit.
DWS CROCI ne fournit aucune déclaration ou garantie expresse ou implicite quant à l’exacti- tude, l’adéquation, l’actualité, l’exhaustivité ou la pertinence pour un usage particulier des straté- gies ou des données ou informations qui s’y rattachent, ni quant aux résultats obtenus par leurs utilisateurs. DWS CROCI ne saurait en aucun cas être tenu responsable des erreurs, inexactitudes, omissions ou retards liés aux stratégies ou à toute donnée connexe et n’a aucune obligation de mettre à jour, modifier ou amender toute stratégie ou toute donnée connexe dans le cas où elle s’avérerait inexacte.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement
de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest CROCI Sectors Plus
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investments UK Limited, 1 Great Winchester Street, Londres EC2N 2DB, Royaume-Uni. |
| Indice de référence de performance | MSCI World Net TR en EUR, administré par MSCI Limited. |
| Portefeuille de référence (indice de référence des risques) | MSCI World Net TR en EUR |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et à Francfort qui est aussi un jour d’ouverture du New York Stock Exchange (NYSE) et du London Stock Exchange. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 18.11.2015 |
| LC | EUR | 5 % maximum | 1,35 % maximum | 0 % | 0,05 % | 18.11.2015 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 18.11.2015 |
| XC | EUR | 0 % | 0,4 % maximum | 0 % | 0,05 % | 18.11.2015 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| FCH (P) | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 24.5.2018 |
| ICH (P) | EUR | 0 % | 0,6 % maximum | 0 % | 0,01 % | 24.5.2018 |
| LCH (P) | EUR | 5 % maximum | 1,35 % maximum | 0 % | 0,05 % | 24.5.2018 |
| LDH (P) | EUR | 5 % maximum | 1,35 % maximum | 0 % | 0,05 % | 24.5.2018 |
| AUD ID | AUD | 0 % | 0,75 % maximum | 0 % | 0,01 % | 14.9.2021 |
| IC | EUR | 0 % | 0,75 % maximum | 0 % | 0,01 % | 14.9.2021 |
| NOK LCH | NOK | 5 % maximum | 1,35 % maximum | 0 % | 0,05 % | 14.9.2021 |
| USD IC | USD | 0 % | 0,75 % maximum | 0 % | 0,01 % | 14.9.2021 |
| USD LC | USD | 5 % maximum | 1,35 % maximum | 0 % | 0,05 % | 14.9.2021 |

*  Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest CROCI Sectors Plus.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest CROCI Sectors Plus consiste à générer une plus-value à long terme en investissant principalement dans des actions mondiales à grande capitalisation considérées comme
sous-évaluées selon la méthodologie CROCI et la stratégie d’investissement CROCI Sectors Plus.
La stratégie d’investissement est conçue pour sélectionner les actions ayant le ratio
cours / bénéfice CROCI Economic (« CROCI Economic P/E ») le plus faible des trois secteurs ayant les ratios cours / bénéfice CROCI Econo- mic médians les plus faibles. Les secteurs éligibles pour la sélection sont : les services de communication, les biens de consommation cycliques, les produits de première nécessité, l’énergie, la santé, l’industrie, les technologies de l’information, les matières premières et les services aux collectivités. Dans chaque secteur, les actions sont sélectionnées à partir d’un univers comprenant les actions mondiales les plus importantes des marchés développés en termes de capitalisation boursière des États- Unis, d’Europe et du Japon, et pour lesquelles les ratios cours / bénéfice CROCI Economic sont calculés.
Dans le cadre de la stratégie d’investissement, on sélectionnera en général trente actions environ en adoptant l’approche suivante :
- les trois secteurs mondiaux (sur neuf) ayant les ratios cours / bénéfice CROCI Economic médians les plus faibles sont déterminés ; et
- les quelque dix actions ayant le ratiocours / bénéfice CROCI Economic positif le plus faible sont sélectionnées à partir de chacun des secteurs sélectionnés plus haut au point (1).

La stratégie d’investissement peut exclure de la sélection les actions à faible liquidité. Si moins de dix actions d’un secteur sélectionné ont un ratio cours / bénéfice CROCI Economic positif, ce secteur inclura uniquement les actions ayant un ratio cours / bénéfice CROCI Economic positif et le compartiment comprendra moins de 30 actions différentes. La stratégie d’investissement peut également utiliser des techniques basées sur des règles visant à réduire le taux de rotation superflu du portefeuille afin de réduire l’impact sur le marché et les frais de transaction. Ces techniques incluent, entre autres, la limitation du
remplacement d’un secteur existant de la straté- gie d’investissement pendant les recompositions visant à créer des circonstances dans lesquelles les ratios cours / bénéfice CROCI Economic seront suffisamment supérieurs à ceux du secteur de remplacement proposé, ou la limitation du remplacement d’une action existante de la straté- gie d’investissement pendant les recompositions visant à créer des circonstances dans lesquelles les ratios cours / bénéfice CROCI Economic seront suffisamment supérieurs à ceux de l’action de remplacement proposée. En conséquence, dans certains cas, un secteur ou une action peut ne pas être ajouté(e) pendant une recomposition du compartiment même s’il(si elle) affiche un des trois plus faibles ratios cours / bénéfices médians CROCI Economic ou un des dix ratios
cours / bénéfice CROCI Economic les plus faibles en ce qui concerne les actions éligibles pour la sélection. De même, un secteur peut continuer d’être un secteur sélectionné même s’il n’est plus l’un des trois secteurs ayant le ratio cours / béné- fice CROCI Economic médian le plus bas et une action peut être maintenue dans le compartiment même si elle ne figure plus parmi les dix actions ayant les ratios cours / bénéfice CROCI Economic les plus bas dans un secteur sélectionné. Ces techniques n’ont aucun impact sur la stratégie d’investissement comportant trois secteurs et environ trente actions. En outre, la stratégie d’investissement peut prendre en compte d’autres facteurs, tels que les liquidités, les frais de transaction et, sur notification par le comparti- ment au groupe d’investissement et d’évaluation CROCI, les événements de marché concernant les actions éligibles. Le gérant de compartiment peut considérer les limites de risque au moment de déterminer l’application de la stratégie d’inves- tissement dans le compartiment.
Les actifs du compartiment sont périodiquement reconstitués conformément aux règles de la stratégie d’investissement (par nouvelle sélection des trente actions qui constitueront le comparti- ment), le but étant que chaque action constituant le compartiment soit pondérée de manière égale. Toutefois, afin de réduire les impacts sur la perfor- mance du fait de la négociation de quantités importantes d’actions individuelles à un moment donné, cette recomposition peut être effectuée par étapes sur une certaine période. De ce fait, le compartiment pourrait à certains moments consis- ter en plus de trente actions différentes et par conséquent ne pas être toujours pondéré de manière égale. Le compartiment s’applique sur la base du rendement total, avec réinvestissement des dividendes reçus dans l’achat d’actions supplémentaires.
Pour de plus amples informations sur la stratégie d’investissement et la méthodologie CROCI, consulter le site Web du groupe d’investissement et d’évaluation CROCI www.dws.com/croci.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif
d’investissement, ce qui comprend notamment, mais sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs
présentant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme perti- nents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine controversé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environ- nementales et sociales promues par ce com- partiment. Des informations sur l’indice de référence sont disponibles sur www.msci.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’inves- tissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du compartiment sans prise en compte de ses engagements) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investisse- ment, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distribu- tions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles pro- cèdent à des distributions, à moins que ces distributions soient soumises à l’imposition à hauteur de 15 % minimum et que le comparti- ment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou(ii) qui ne sont pas des sociétés immobilières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique euro- péen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exoné- rées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % mini- mum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et confor- mément à la définition donnée par le code alle- mand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipulation contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Géné- rale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’investis- sement au moyen de l’intégration ESG. Vous
trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.
Méthodologie CROCI
La méthodologie CROCI (Cash Return on Capital Invested) est fondée sur l’opinion selon laquelle les données utilisées dans les évaluations clas- siques (c’est-à-dire les données comptables) n’évaluent pas avec précision les actifs, ne prennent pas en compte tous les passifs ou ne représentent pas la valeur réelle d’une société. Cette situation tient au fait que les règles comp- tables ne sont pas toujours conçues spécifique- ment pour les investisseurs et utilisent souvent des normes très différentes qui peuvent rendre difficile la mesure de la valeur liquidative réelle des sociétés. Par exemple, il est difficile de comparer le ratio cours / bénéfice de l’action d’un construc- teur automobile à celui d’une action de secteur technologique et tout aussi difficile de comparer une société de services publics japonaise à une société de services publics des États-Unis. La méthodologie CROCI cherche à générer des données qui permettront des comparaisons d’évaluation sur une base cohérente, pour donner lieu à un processus de sélection d’actions efficace et efficient visant des investissements en valeur réelle. La stratégie d’investissement utilisera principalement le ratio cours / bénéfice CROCI Economic, qui est une mesure propre au CROCI pour l’évaluation d’entreprises utilisant les mêmes corrélations entre évaluation et rendement que le ratio cours / bénéfice comptable (c’est-à-dire capitalisation boursière / valeur comptable divisé par la rentabilité des capitaux propres).
Toutefois, le ratio cours / bénéfice CROCI Econo- mic remplace les entrées de calcul alternatives comme suit :
- Plutôt que le cours (capitalisation boursière), c’est la valeur d’entreprise CROCI qui est utilisée en tant que mesure économique de la valeur de marché d’une société. Cela com- prend non seulement les passifs financiers (par exemple les dettes) mais aussi les passifs d’exploitation (par ex. garanties, sous-capitali- sation des régimes de retraite, obligations découlant d’un bail et provisions spécifiques).
- CROCI Net Capital Invested est utilisé à la place de la valeur comptable en tant que mesure économique de la valeur comptable d’une société. Il s’agit d’une évaluation de la valeur des actifs nets ajustée de l’inflation.
- À la place de la rentabilité des capitaux propres, le rendement en liquidités du capital investi ou CROCI (Cash Return on Capital Invested) est utilisé en tant que mesure économique de la rentabilité des capitaux propres. Il s’agit d’une mesure du rendement des flux de trésorerie (ou rendement en espèces) qui est standardisée pour toutes les sociétés, indépendamment de leur secteurd’activité ou de leur emplacement géogra- phique.

Stratégies CROCI
Les stratégies CROCI (désignées chacune comme
« stratégie » et ensemble comme « stratégies ») sont conçues par le groupe d’investissement et d’évaluation CROCI, qui fait partie de DWS Invest- ments UK Limited (« CROCI »), et ont fait l’objet d’une licence d’utilisation par DWS Invest. CROCI est une marque déposée de DWS. Les comparti- ments CROCI de DWS Invest SICAV (les « com- partiments ») ne sont pas parrainés ou vendus par DWS CROCI, et DWS CROCI n’a aucune obliga- tion ni responsabilité en matière d’administration, de commercialisation ou de négociation des compartiments. DWS CROCI ne fait aucune déclaration, garantie ou condition, expresse ou implicite, concernant les compartiments, et DWS CROCI ne peut être tenu responsable vis-à-vis d’une quelconque partie pour toute perte ou tous frais liés à un compartiment. DWS CROCI n’a aucune obligation de prendre en considération les besoins de ses détenteurs de licences ou des propriétaires des compartiments lors de la déter- mination ou de la composition des stratégies.
DWS CROCI n’effectue aucune gestion de fortune discrétionnaire ou non discrétionnaire et ne fait aucune suggestion ou recommandation (y com- pris, sans s’y limiter, une recommandation d’inves- tissement), expresse ou implicite, en relation avec les instruments financiers, les émetteurs, les compartiments ou les stratégies, et n’exprime aucune opinion quant à la valeur présente ou future, ni quant aux prix des instruments finan- ciers. L’inclusion d’un instrument financier dans une stratégie ne constitue pas une recommanda- tion de la part de CROCI d’acheter, de vendre ou de détenir ledit instrument, et ne doit pas non plus être considérée comme du conseil en investisse- ment ou une recommandation de quelque manière ou sous quelque forme que ce soit.
DWS CROCI ne fournit aucune déclaration ou garantie expresse ou implicite quant à l’exactitude, l’adéquation, l’actualité, l’exhaustivité ou la perti- nence pour un usage particulier des stratégies ou des données ou informations qui s’y rattachent, ni quant aux résultats obtenus par leurs utilisateurs. DWS CROCI ne saurait en aucun cas être tenu responsable des erreurs, inexactitudes, omissions ou retards liés aux stratégies ou à toute donnée connexe et n’a aucune obligation de mettre à jour, modifier ou amender toute stratégie ou toute donnée connexe dans le cas où elle s’avérerait inexacte.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de référence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit
dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché pour les actifs du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »). L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest CROCI US
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investments UK Limited, 1 Great Winchester Street, Londres EC2N 2DB, Royaume-Uni. |
| Indice de référence de performance | Indice S&P 500 Net Total Return, administré par S&P Dow Jones Indices LLC. |
| Portefeuille de référence (indice de référence des risques) | Indice S&P 500 Net Total Return |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et à Francfort qui est aussi un jour d’ouverture des New York Stock Exchange (NYSE), NASDAQ Stock Market, American Stock Exchange et London Stock Exchange. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| GBP TFC | GBP | 0 % | 0,5 % maximum | 0 % | 0,05 % | 30.8.2018 |
| ICH | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 30.8.2018 |
| LC | EUR | 2 % maximum | 1,3 % maximum | 0 % | 0,05 % | 30.8.2018 |
| LCH | EUR | 2 % maximum | 1,3 % maximum | 0 % | 0,05 % | 30.8.2018 |
| USD IC | USD | 0 % | 0,5 % maximum | 0 % | 0,01 % | 30.8.2018 |
| USD LC | USD | 2 % maximum | 1 % maximum | 0 % | 0,05 % | 30.8.2018 |
| USD TFC | USD | 0 % | 0,5 % maximum | 0 % | 0,05 % | 30.8.2018 |
| IC | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 15.11.2018 |
| TFC | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 30.11.2018 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest CROCI US.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest CROCI US consiste à générer une plus-va- lue à long terme en investissant principalement
dans des actions US à grande capitalisation considérées comme sous-évaluées selon la méthodologie CROCI et à la stratégie d’investis- sement CROCI US.
Dans le cadre de la stratégie d’investissement, on sélectionnera en général approximativement quarante actions ayant le ratio cours / bénéfice CROCI Economic (« CROCI Economic P/E ») positif le plus faible à partir d’un univers compre- nant les premières actions des États-Unis en termes de capitalisation boursière et pour les- quelles sont calculés les ratios cours / bénéfice CROCI Economic. Les sociétés des secteurs financier et immobilier ne sont pas éligibles pour la sélection. En outre, les actions à faible liquidité
pourraient être exclues de la sélection. Si moins de quarante actions ont un ratio cours / bénéfice CROCI Economic positif, seules les actions ayant un ratio cours / bénéfice CROCI Economic positif seront intégrées à la stratégie d’investissement. La stratégie d’investissement peut également utiliser des techniques basées sur des règles visant à réduire le taux de rotation superflu du portefeuille afin de réduire l’impact sur le marché et les frais de transaction. Ces techniques incluent, entre autres, la limitation du remplace- ment d’une action existante de la stratégie d’investissement pendant les recompositions visant à créer des circonstances dans lesquelles les ratios cours / bénéfice CROCI Economic seront suffisamment supérieurs à ceux de
l’action de remplacement proposée. En consé- quence, dans certains cas, une action ne peut être ajoutée pendant une recomposition du compartiment même si elle affiche un des quarante plus faibles ratios cours / bénéfices CROCI Economic en ce qui concerne les actions éligibles pour la sélection. De même, une action peut être maintenue dans le compartiment même si elle ne figure plus parmi les quarante actions ayant les ratios cours / bénéfice CROCI Economic les plus faibles. Ces techniques n’ont aucun impact sur la stratégie d’investissement consistant à maintenir environ quarante actions dans le compartiment. En outre, la stratégie d’investissement peut prendre en compte d’autres facteurs, tels que les liquidités, les frais de transaction et, sur notification par le comparti- ment au groupe d’investissement et d’évaluation CROCI, les événements de marché concernant les actions éligibles. Le gérant de compartiment peut considérer les limites de risque au moment de déterminer l’application de la stratégie d’in- vestissement dans le compartiment.
Les actifs du compartiment sont périodiquement reconstitués conformément aux règles de la stratégie d’investissement (par nouvelle sélec- tion d’environ quarante actions sélectionnées dans lesquelles le compartiment investira) le but étant que chaque action soit pondérée de manière égale. Cependant, dans le but de mini- miser les impacts sur la performance lors du commerce des actifs du compartiment, le gérant du compartiment peut prendre les mesures nécessaires pour réduire les coûts relatifs aux impacts du commerce et du marché, notamment réaliser la recomposition par étapes sur une durée de temps. De ce fait, le compartiment pourrait détenir occasionnellement plus ou moins de quarante actions différentes et pourrait par conséquent ne pas être à tout moment pondéré de manière égale. Le compartiment s’applique sur la base du rendement total, avec réinvestis- sement des dividendes reçus dans l’achat d’ac- tions supplémentaires.
Pour de plus amples informations sur la stratégie d’investissement et la méthodologie CROCI, consulter le site Web du groupe d’investissement et d’évaluation CROCI www.dws.com/croci.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’inves- tissement, ce qui comprend notamment, mais sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les
violations des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine controversé (« secteurs controversés »).
Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités com- merciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres sec- teurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la pro- duction d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et
sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques envi- ronnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur www.spdji.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 %minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.
Méthodologie CROCI
La méthodologie CROCI (Cash Return On Capital Invested) est fondée sur l’opinion selon laquelle les données utilisées dans les évalua- tions classiques (c’est-à-dire les données
comptables) n’évaluent pas avec précision les actifs, ne prennent pas en compte tous les passifs ou ne représentent pas la valeur réelle d’une société. Cette situation tient au fait que les règles comptables ne sont pas toujours conçues spécifiquement pour les investisseurs et utilisent souvent des normes très différentes qui peuvent rendre difficile la mesure de la valeur liquidative réelle des sociétés. Par exemple, il est difficile de comparer le ratio cours / bénéfice de l’action d’un constructeur automobile à celui d’une action de secteur technologique et tout aussi difficile de comparer une société de services publics japonaise à une société de services publics des États-Unis. La méthodologie CROCI cherche à générer des données qui permettront des comparaisons d’évaluation sur une base cohérente, pour donner lieu à un processus de sélection d’ac- tions efficace et efficient visant des investisse- ments en valeur réelle. La stratégie d’investis- sement utilisera principalement le ratio
cours / bénéfice CROCI Economic, qui est une mesure propre au CROCI pour l’évaluation d’entreprises utilisant les mêmes corrélations entre évaluation et rendement que le ratio cours / bénéfice comptable (c’est-à-dire capitali- sation boursière / valeur comptable divisé par la rentabilité des capitaux propres).
Toutefois, le ratio cours / bénéfice CROCI Econo- mic remplace les entrées de calcul alternatives comme suit :
- Plutôt que le cours (capitalisation boursière), c’est la valeur d’entreprise CROCI qui est utilisée en tant que mesure économique de la valeur de marché d’une société. Cela comprend non seulement les passifs finan- ciers (par exemple les dettes) mais aussi les passifs d’exploitation (par ex. garanties, sous-capitalisation des régimes de retraite, obligations découlant d’un bail et provisions spécifiques).
- CROCI Net Capital Invested est utilisé à la place de la valeur comptable en tant que mesure économique de la valeur comptable d’une société. Il s’agit d’une évaluation de la valeur des actifs nets ajustée de l’inflation.
- À la place de la rentabilité des capitaux propres, le rendement en liquidités du capital investi ou CROCI (Cash Return on Capital Invested) est utilisé en tant que mesure économique de la rentabilité des capitaux propres. Il s’agit d’une mesure du rendement des flux de trésorerie (ou rendement en espèces) qui est standardisée pour toutes les sociétés, indépendamment de leur secteur d’activité ou de leur emplacement géogra- phique.

Stratégies CROCI
Les stratégies CROCI (désignées chacune comme
« stratégie » et ensemble comme « stratégies ») sont conçues par le groupe d’investissement et d’évaluation CROCI, qui fait partie de DWS Invest- ments UK Limited (« CROCI »), et ont fait l’objet d’une licence d’utilisation par DWS Invest. CROCI
est une marque déposée de DWS. Les comparti- ments CROCI de DWS Invest SICAV (les « com- partiments ») ne sont pas parrainés ou vendus par DWS CROCI, et DWS CROCI n’a aucune obliga- tion ni responsabilité en matière d’administration, de commercialisation ou de négociation des compartiments. DWS CROCI ne fait aucune déclaration, garantie ou condition, expresse ou implicite, concernant les compartiments, et DWS CROCI ne peut être tenu responsable vis-à-vis d’une quelconque partie pour toute perte ou tous frais liés à un compartiment. DWS CROCI n’a aucune obligation de prendre en considération les besoins de ses détenteurs de licences ou des propriétaires des compartiments lors de la déter- mination ou de la composition des stratégies.
DWS CROCI n’effectue aucune gestion de fortune discrétionnaire ou non discrétionnaire et ne fait aucune suggestion ou recommandation (y compris, sans s’y limiter, une recommandation d’investissement), expresse ou implicite, en relation avec les instruments financiers, les émetteurs, les compartiments ou les stratégies, et n’exprime aucune opinion quant à la valeur présente ou future, ni quant aux prix des instru- ments financiers. L’inclusion d’un instrument financier dans une stratégie ne constitue pas une recommandation de la part de CROCI d’acheter, de vendre ou de détenir ledit instrument, et ne doit pas non plus être considérée comme du conseil en investissement ou une recommanda- tion de quelque manière ou sous quelque forme que ce soit.
DWS CROCI ne fournit aucune déclaration ou garantie expresse ou implicite quant à l’exacti- tude, l’adéquation, l’actualité, l’exhaustivité ou la pertinence pour un usage particulier des straté- gies ou des données ou informations qui s’y rattachent, ni quant aux résultats obtenus par leurs utilisateurs. DWS CROCI ne saurait en aucun cas être tenu responsable des erreurs, inexactitudes, omissions ou retards liés aux stratégies ou à toute donnée connexe et n’a aucune obligation de mettre à jour, modifier ou amender toute stratégie ou toute donnée connexe dans le cas où elle s’avérerait inexacte.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de
référence pour saisir des opportunités d’inves- tissement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest CROCI US Dividends
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investments UK Limited, 1 Great Winchester Street, Londres EC2N 2DB, Royaume-Uni. |
| Indice de référence de performance | Indice S&P 500 Net Total Return, administré par S&P Dow Jones Indices LLC. |
| Portefeuille de référence (indice de référence des risques) | Indice S&P 500 Net Total Return |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et à Francfort qui est aussi un jour d’ouverture des New York Stock Exchange (NYSE), NASDAQ Stock Market, American Stock Exchange et London Stock Exchange. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| TFC | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 28.8.2018 |
| USD IC | USD | 0 % | 0,5 % maximum | 0 % | 0,01 % | 28.8.2018 |
| USD ID | USD | 0 % | 0,5 % maximum | 0 % | 0,01 % | 28.8.2018 |
| USD LC | USD | 5 % maximum | 1 % maximum | 0 % | 0,05 % | 28.8.2018 |
| USD LD | USD | 5 % maximum | 1 % maximum | 0 % | 0,05 % | 28.8.2018 |
| USD IC50 | USD | 0 % | 0,35 % maximum | 0 % | 0,01 % | 28.2.2019 |
| USD TFC | USD | 0 % | 0,5 % maximum | 0 % | 0,05 % | 31.3.2021 |
| TFD | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 15.4.2021 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest CROCI US Dividends.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest CROCI US Dividends consiste à générer une plus-value à long terme en investissant principalement dans des actions des États-Unis à grande capitalisation qui sont considérées
comme sous-évaluées et offrent un taux de rendement plus élevé et plus durable selon la méthodologie CROCI et la stratégie d’investisse- ment CROCI US Dividends.
Dans le cadre de la stratégie d’investissement, on sélectionnera en général approximativement quarante actions ayant le ratio cours / bénéfice CROCI Economic (« CROCI Economic P/E ») positif le plus faible à partir d’un univers compre- nant les premières actions des États-Unis en termes de capitalisation boursière et pour les- quelles sont calculés les ratios cours / bénéfice CROCI Economic. Les sociétés des secteurs financier et immobilier ne sont pas éligibles pour la sélection. Dans le cadre de la stratégie d’inves- tissement, on exclura également de la sélection toutes les actions qui ne passent pas une série
de filtres de constance de dividendes basés sur les rendements en espèces (plus amplement décrits à la section « Processus de durabilité des dividendes CROCI »), les leviers financiers et la volatilité, les actions ne payant aucun dividende et les actions en deçà d’un taux de rendement moyen. En outre, les actions à faible liquidité pourraient être exclues de la sélection. Si moins de quarante actions ont un ratio cours / bénéfice CROCI Economic positif, seules les actions ayant un ratio cours / bénéfice CROCI Economic positif seront intégrées au compartiment. La stratégie d’investissement peut également utiliser des techniques basées sur des règles visant à réduire le taux de rotation superflu du porte- feuille afin de réduire l’impact sur le marché et les frais de transaction. Ces techniques incluent, entre autres, la limitation du remplacement
d’une action existante de la stratégie d’investis­ sement pendant les recompositions visant à créer des circonstances dans lesquelles les ratios cours / bénéfice CROCI Economic seront suffisamment supérieurs ou le taux de dividende seront suffisamment inférieurs à ceux de l’action de remplacement proposée. En conséquence, dans certains cas, une action ne peut être ajou­ tée pendant une recomposition du compartiment même si elle affiche un des quarante plus faibles ratios cours / bénéfices CROCI Economic ou taux de dividende supérieur à la médiane en ce qui concerne les actions éligibles pour la sélec­ tion. De même, une action peut rester dans le compartiment même si elle ne figure plus parmi les quarante actions ayant les ratios cours / béné­ fice CROCI Economic les plus faibles ou ayant un taux de dividende supérieur à la médiane. Ces techniques n’ont aucun impact sur la stratégie d’investissement consistant à maintenir environ quarante actions dans le compartiment. En outre, la stratégie d’investissement peut prendre en compte d’autres facteurs, tels que les liquidités, les frais de transaction et, sur notification par le compartiment au groupe d’investissement et d’évaluation CROCI, les événements de marché concernant les actions éligibles. Le gérant de compartiment peut considérer les limites de risque au moment de déterminer l’application de la stratégie d’investissement dans le comparti­ ment.
Les actifs du compartiment sont périodiquement reconstitués conformément aux règles de la stratégie d’investissement (par nouvelle sélec­ tion d’environ quarante actions dans lesquelles le compartiment investira) le but étant que chaque action soit pondérée de manière égale. Cepen­ dant, dans le but de minimiser les impacts sur la performance lors du commerce des actifs du compartiment, le gérant du compartiment peut prendre les mesures nécessaires pour réduire les coûts relatifs aux impacts du commerce et du marché, notamment réaliser la recomposition par étapes sur une durée de temps. De ce fait, le compartiment pourrait détenir occasionnellement plus ou moins de quarante actions différentes et pourrait par conséquent ne pas être à tout moment pondéré de manière égale. Le comparti­ ment s’applique sur la base du rendement total, avec réinvestissement des dividendes reçus dans l’achat d’actions supplémentaires.
Pour de plus amples informations sur la stratégie d’investissement et la méthodologie CROCI, consulter le site Web du groupe d’investissement et d’évaluation CROCI www.dws.com/croci.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’inves­ tissement, ce qui comprend notamment, mais sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon­ dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce com­ partiment cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica­ tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua­ tions internes qui prennent en compte des facteurs au­delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci­ sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci­après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet­ teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte­ feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen­ taux, par exemple, en ce qui concerne la réduc­ tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change­ ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen­ tant un profil de risque climatique excessif (c’est­à­dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola­ tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis­à­vis des normes (c’est­à­dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle­ vées ou excessives concernant les libertés politiques et civiles (c’est­à­dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro­ versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer­ ciales qui affectent la production ou la distribu­ tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec­ tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen­ tage de revenus provenant de domaines d’acti­ vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec­ teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est­à­dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est­ à­dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et
pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environne- mentales et sociales promues par ce comparti- ment. Des informations sur l’indice de référence sont disponibles sur www.spdji.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris
en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.
Méthodologie CROCI
La méthodologie CROCI (Cash Return On Capital Invested) est fondée sur l’opinion selon laquelle les données utilisées dans les évaluations clas- siques (c’est-à-dire les données comptables) n’évaluent pas avec précision les actifs, ne prennent pas en compte tous les passifs ou ne représentent pas la valeur réelle d’une société. Cette situation tient au fait que les règles comp- tables ne sont pas toujours conçues spécifique- ment pour les investisseurs et utilisent souvent des normes très différentes qui peuvent rendre difficile la mesure de la valeur liquidative réelle des sociétés. Par exemple, il est difficile de comparer le ratio cours / bénéfice de l’action d’un constructeur automobile à celui d’une action de secteur technologique et tout aussi difficile de comparer une société de services publics japo- naise à une société de services publics des
États-Unis. La méthodologie CROCI cherche à générer des données qui permettront des com- paraisons d’évaluation sur une base cohérente, pour donner lieu à un processus de sélection d’actions efficace et efficient visant des investis- sements en valeur réelle. La stratégie d’investis- sement utilisera principalement le ratio
cours / bénéfice CROCI Economic, qui est une mesure propre au CROCI pour l’évaluation d’entreprises utilisant les mêmes corrélations entre évaluation et rendement que le ratio cours / bénéfice comptable (c’est-à-dire capitali- sation boursière / valeur comptable divisé par la rentabilité des capitaux propres).
Toutefois, le ratio cours / bénéfice CROCI Econo- mic remplace les entrées de calcul alternatives comme suit :
- Plutôt que le cours (capitalisation boursière), c’est la valeur d’entreprise CROCI qui est utilisée en tant que mesure économique de la valeur de marché d’une société. Cela comprend non seulement les passifs finan- ciers (par exemple les dettes) mais aussi les passifs d’exploitation (par ex. garanties, sous-capitalisation des régimes de retraite, obligations découlant d’un bail et provisions spécifiques).
- CROCI Net Capital Invested est utilisé à la place de la valeur comptable en tant que mesure économique de la valeur comptable d’une société. Il s’agit d’une évaluation de la valeur des actifs nets ajustée de l’inflation.
- À la place de la rentabilité des capitaux propres, le rendement en liquidités du capital investi ou CROCI (Cash Return on Capital Invested) est utilisé en tant que mesure économique de la rentabilité des capitaux propres. Il s’agit d’une mesure du rendement des flux de trésorerie (ou rendement en espèces) qui est standardisée pour toutes les sociétés, indépendamment de leur secteur d’activité ou de leur emplacement géogra- phique.

Processus de durabilité des dividendes CROCI Le groupe d’investissement et d’évaluation CROCI pense que la capacité d’une société à continuer à payer des dividendes peut dépendre à la fois de la santé financière et de la capacité de génération de liquidités de cette société. Ceci a conduit au développement d’une stratégie d’investissement de « durabilité des divi- dendes » qui tente d’identifier et d’exclure les actions qui peuvent présenter un risque plus fort de réduction des dividendes dans le futur. Par conséquent, dans le processus d’identification
des sociétés qui sont attractives pour la stratégie d’investissement des dividendes, les actions ayant les plus forts leviers financiers et les rende- ments en espèce les plus faibles sont filtrées lors du processus de sélection. De surcroît, les actions ayant la plus forte volatilité des prix et les actions ayant un taux de rendement inférieur à la médiane sont également exclues.
Stratégies CROCI
Les stratégies CROCI (désignées chacune comme « stratégie » et ensemble comme
« stratégies ») sont conçues par le groupe d’investissement et d’évaluation CROCI, qui fait partie de DWS Investments UK Limited
(« CROCI »), et ont fait l’objet d’une licence d’utilisation par DWS Invest. CROCI est une marque déposée de DWS. Les compartiments CROCI de DWS Invest SICAV (les « comparti- ments ») ne sont pas parrainés ou vendus par DWS CROCI, et DWS CROCI n’a aucune obliga- tion ni responsabilité en matière d’administration, de commercialisation ou de négociation des compartiments. DWS CROCI ne fait aucune déclaration, garantie ou condition, expresse ou implicite, concernant les compartiments, et DWS CROCI ne peut être tenu responsable vis-à-vis d’une quelconque partie pour toute perte ou tous frais liés à un compartiment. DWS CROCI n’a aucune obligation de prendre en considération les besoins de ses détenteurs de licences ou des propriétaires des compartiments lors de la détermination ou de la composition des straté- gies.
DWS CROCI n’effectue aucune gestion de fortune discrétionnaire ou non discrétionnaire et ne fait aucune suggestion ou recommandation
(y compris, sans s’y limiter, une recommandation d’investissement), expresse ou implicite, en relation avec les instruments financiers, les émetteurs, les compartiments ou les stratégies, et n’exprime aucune opinion quant à la valeur présente ou future, ni quant aux prix des instru- ments financiers. L’inclusion d’un instrument financier dans une stratégie ne constitue pas une recommandation de la part de CROCI d’acheter, de vendre ou de détenir ledit instrument, et ne doit pas non plus être considérée comme du conseil en investissement ou une recommanda- tion de quelque manière ou sous quelque forme que ce soit.
DWS CROCI ne fournit aucune déclaration ou garantie expresse ou implicite quant à l’exacti- tude, l’adéquation, l’actualité, l’exhaustivité ou la
pertinence pour un usage particulier des straté- gies ou des données ou informations qui s’y rattachent, ni quant aux résultats obtenus par leurs utilisateurs. DWS CROCI ne saurait en aucun cas être tenu responsable des erreurs, inexactitudes, omissions ou retards liés aux stratégies ou à toute donnée connexe et n’a aucune obligation de mettre à jour, modifier ou amender toute stratégie ou toute donnée connexe dans le cas où elle s’avérerait inexacte.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne
servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest CROCI World
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investments UK Limited, 1 Great Winchester Street, Londres EC2N 2DB, Royaume-Uni. |
| Indice de référence de performance | MSCI Daily TR Net World, administré par MSCI Limited. |
| Portefeuille de référence (indice de référence des risques) | MSCI Daily TR Net World |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et à Francfort qui est aussi un jour d’ouverture du New York Stock Exchange (NYSE) et du London Stock Exchange. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| IC | EUR | 0 % | 0,65 % maximum | 0 % | 0,01 % | 28.8.2018 |
| ID | EUR | 0 % | 0,65 % maximum | 0 % | 0,01 % | 28.8.2018 |
| LC | EUR | 5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 28.8.2018 |
| USD IC | USD | 0 % | 0,65 % maximum | 0 % | 0,01 % | 28.8.2018 |
| USD LC | USD | 5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 28.8.2018 |
| TFC | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 30.11.2018 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest CROCI World.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest CROCI World consiste à générer une plus-value à long terme en investissant principa-
lement dans des actions de marchés développés mondiaux à grande capitalisation considérées comme sous-évaluées selon la méthodologie
CROCI et à la stratégie d’investissement CROCI World.
Dans le cadre de la stratégie d’investissement, on sélectionnera en général les quelque cent actions ayant le ratio cours / bénéfice CROCI Economic
(« CROCI Economic P/E ») positif le plus faible à partir d’un univers comprenant les premières actions des marchés développés en termes de capitalisation boursière et pour lesquelles sont calculés les ratios cours / bénéfice CROCI Econo- mic. Les sociétés des secteurs financier et immo- bilier ne sont pas éligibles pour la sélection. La stratégie d’investissement tente de faire corres- pondre les pondérations régionales spécifiques
et limite les risques d’un secteur économique unique à 25 % ou moins. En conséquence des contraintes régionales et de secteur, moins de 100 actions peuvent être incluses dans la stratégie
d’investissement. En outre, les actions à faible liquidité pourraient être exclues de la sélection.
Si moins de cent actions ont un ratio cours / béné- fice CROCI Economic positif, seules les actions ayant un ratio cours / bénéfice CROCI Economic positif seront intégrées à la stratégie d’investisse- ment. La stratégie d’investissement peut égale- ment utiliser des techniques basées sur des règles visant à réduire le taux de rotation superflu du portefeuille afin de réduire l’impact sur le marché et les frais de transaction. Ces techniques incluent, entre autres, la limitation du remplace- ment d’une action existante de la stratégie d’in- vestissement pendant les recompositions visant à créer des circonstances dans lesquelles les ratios cours / bénéfice CROCI Economic seront suffi- samment supérieurs à ceux de l’action de rempla- cement proposée. En conséquence, dans certains cas, une action ne peut être ajoutée pendant une
recomposition du compartiment même si elle affiche un des cent plus faibles ratios cours / béné- fices CROCI Economic en ce qui concerne les actions éligibles pour la sélection. De même, une action peut être maintenue dans le compartiment même si elle ne figure plus parmi les cent actions ayant les ratios cours / bénéfice CROCI Economic les plus faibles. Ces techniques n’ont aucun impact sur la stratégie d’investissement consis- tant à maintenir environ cent actions dans le compartiment. En outre, la stratégie d’investisse- ment peut prendre en compte d’autres facteurs, tels que les liquidités, les frais de transaction et, sur notification par le compartiment au groupe d’investissement et d’évaluation CROCI, les événements de marché concernant les actions éligibles. Le gérant de compartiment peut consi- dérer les limites de risque au moment de détermi- ner l’application de la stratégie d’investissement dans le compartiment.
Les actifs du compartiment sont périodique- ment reconstitués conformément aux règles de la stratégie d’investissement (par nouvelle sélection d’environ cents actions dans les- quelles le compartiment investira), le but étant que chaque action soit pondérée de manière égale. Cependant, dans le but de minimiser les impacts sur la performance lors du commerce des actifs du compartiment, le gérant du com- partiment peut prendre les mesures néces- saires pour réduire les coûts relatifs aux impacts du commerce et du marché, notam- ment réaliser la recomposition par étapes sur une durée de temps. De ce fait, le comparti- ment pourrait détenir occasionnellement plus ou moins de cent actions différentes et pourrait par conséquent ne pas être à tout moment pondéré de manière égale. Le compartiment s’applique sur la base du rendement total, avec réinvestissement des dividendes reçus dans l’achat d’actions supplémentaires.
Pour de plus amples informations sur la stratégie d’investissement et la méthodologie CROCI, consulter le site Web du groupe d’investissement et d’évaluation CROCI www.dws.com/croci.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’inves- tissement, ce qui comprend notamment, mais sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en
évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux
négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine controversé (« secteurs controversés »).
Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités com- merciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres sec- teurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la pro- duction d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux
critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environ- nementales et sociales promues par ce com- partiment. Des informations sur l’indice de référence sont disponibles sur www.msci.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteurde 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.
Méthodologie CROCI
La méthodologie CROCI (Cash Return On Capital Invested) est fondée sur l’opinion selon laquelle les données utilisées dans les évaluations clas- siques (c’est-à-dire les données comptables) n’évaluent pas avec précision les actifs, ne prennent pas en compte tous les passifs ou ne
représentent pas la valeur réelle d’une société. Cette situation tient au fait que les règles comp- tables ne sont pas toujours conçues spécifique- ment pour les investisseurs et utilisent souvent des normes très différentes qui peuvent rendre difficile la mesure de la valeur liquidative réelle des sociétés. Par exemple, il est difficile de comparer le ratio cours / bénéfice de l’action d’un construc- teur automobile à celui d’une action de secteur technologique et tout aussi difficile de comparer une société de services publics japonaise à une société de services publics des États-Unis.
La méthodologie CROCI cherche à générer des données qui permettront des comparaisons d’évaluation sur une base cohérente, pour donner lieu à un processus de sélection d’actions efficace et efficient visant des investissements en valeur réelle. La stratégie d’investissement utilisera principalement le ratio cours / bénéfice CROCI Economic, qui est une mesure propre au CROCI pour l’évaluation d’entreprises utilisant les mêmes corrélations entre évaluation et rendement que le ratio cours / bénéfice comptable (c’est-à-dire capitalisation boursière / valeur comptable divisé par la rentabilité des capitaux propres).
Toutefois, le ratio cours / bénéfice CROCI Econo- mic remplace les entrées de calcul alternatives comme suit :
- Plutôt que le cours (capitalisation boursière), c’est la valeur d’entreprise CROCI qui est utilisée en tant que mesure économique de la valeur de marché d’une société. Cela comprend non seulement les passifs finan- ciers (par exemple les dettes) mais aussi les passifs d’exploitation (par ex. garanties, sous-capitalisation des régimes de retraite, obligations découlant d’un bail et provisions spécifiques).
- CROCI Net Capital Invested est utilisé à la place de la valeur comptable en tant que mesure économique de la valeur comptable d’une société. Il s’agit d’une évaluation de la valeur des actifs nets ajustée de l’inflation.
- À la place de la rentabilité des capitaux propres, le rendement en liquidités du capital investi ou CROCI (Cash Return on Capital Invested) est utilisé en tant que mesure économique de la rentabilité des capitaux propres. Il s’agit d’une mesure du rendement des flux de trésorerie (ou rendement en espèces) qui est standardisée pour toutes les sociétés, indépendamment de leur secteur d’activité ou de leur emplacement géogra- phique.

Stratégies CROCI
Les stratégies CROCI (désignées chacune comme
« stratégie » et ensemble comme « stratégies ») sont conçues par le groupe d’investissement et d’évaluation CROCI, qui fait partie de DWS Invest- ments UK Limited (« CROCI »), et ont fait l’objet d’une licence d’utilisation par DWS Invest. DWS CROCI est une marque déposée de DWS. Les compartiments CROCI de DWS Invest SICAV (les
« compartiments ») ne sont pas parrainés ou vendus par DWS CROCI, et DWS CROCI n’a
aucune obligation ni responsabilité en matière d’administration, de commercialisation ou de négociation des compartiments. DWS CROCI ne fait aucune déclaration, garantie ou condition, expresse ou implicite, concernant les comparti- ments, et CROCI ne peut être tenu responsable vis-à-vis d’une quelconque partie pour toute perte ou tous frais liés à un compartiment. DWS CROCI n’a aucune obligation de prendre en considération les besoins de ses détenteurs de licences ou des propriétaires des compartiments lors de la déter- mination ou de la composition des stratégies.
DWS CROCI n’effectue aucune gestion de fortune discrétionnaire ou non discrétionnaire
et ne fait aucune suggestion ou recommandation (y compris, sans s’y limiter, une recommandation d’investissement), expresse ou implicite, en relation avec les instruments financiers, les émetteurs, les compartiments ou les stratégies, et n’exprime aucune opinion quant à la valeur présente ou future, ni quant aux prix des instru- ments financiers. L’inclusion d’un instrument financier dans une stratégie ne constitue pas une recommandation de la part de CROCI d’acheter, de vendre ou de détenir ledit instrument, et ne doit pas non plus être considérée comme du conseil en investissement ou une recommanda- tion de quelque manière ou sous quelque forme que ce soit.
DWS CROCI ne fournit aucune déclaration ou garantie expresse ou implicite quant à l’exacti- tude, l’adéquation, l’actualité, l’exhaustivité ou la pertinence pour un usage particulier des straté- gies ou des données ou informations qui s’y rattachent, ni quant aux résultats obtenus par leurs utilisateurs. DWS CROCI ne saurait en aucun cas être tenu responsable des erreurs, inexactitudes, omissions ou retards liés aux stratégies ou à toute donnée connexe et n’a aucune obligation de mettre à jour, modifier ou amender toute stratégie ou toute donnée connexe dans le cas où elle s’avérerait inexacte.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en
raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest CROCI World SDG
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investments UK Limited, 1 Great Winchester Street, Londres EC2N 2DB, Royaume-Uni. |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | MSCI Daily TR Net World |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et à Francfort qui est aussi un jour d’ouverture du New York Stock Exchange (NYSE) et du London Stock Exchange |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| ID | EUR | 0 % | 0,50 % maximum | 0 % | 0,01 % | 30.8.2018 |
| LD | EUR | 5 % maximum | 1,4 % maximum | 0 % | 0,05 % | 30.8.2018 |
| TFC | EUR | 0 % | 0,50 % maximum | 0 % | 0,05 % | 30.8.2018 |
| USD IC | USD | 0 % | 0,50 % maximum | 0 % | 0,01 % | 30.8.2018 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest CROCI World SDG.

#### Politique de placement
Ce compartiment a pour objectif l’investissement durable et est classé comme produit conformé- ment à l’article 9 du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest CROCI World SDG consiste à obtenir une plus-value à long terme en investissant dans des actions des marchés développés mondiaux principalement à grande capitalisation qui sont considérées comme sous-évaluées selon la méthodologie CROCI et la stratégie d’investisse- ment de CROCI World SDG, et qui sont considé- rées par le DWS Sustainability Office comme
étant en mesure de profiter des tendances et thèmes présents et futurs au niveau géopolitique, social et économique contribuant à atteindre les objectifs de développement durable définis dans l’Agenda 2030 de l’ONU.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Le résultat de la stratégie d’investissement, appliquée dans les règles et de façon systéma- tique, sera un portefeuille resserré dérivé par la sélection de parts basée sur les paramètres de CROCI y compris, sans s’y limiter, un ratio cours / bénéfice CROCI Economic (« CROCI
Economic P/E ») positif faible. Les actions éligibles sont sélectionnées partir d’un univers comprenant les entreprises des marchés développés mon- diaux les plus grandes en termes de capitalisation boursière et pour lesquelles sont calculés les ratios cours / bénéfice CROCI Economic.
L’équipe de gestion du compartiment investit au moins 80 % des actifs du compartiment dans des activités économiques qui contribuent à des objectifs environnementaux et / ou sociaux et à au moins un des objectifs de développement durable (« ODD ») de l’ONU.
L’équipe de gestion du compartiment cherche à atteindre son objectif de durabilité en évaluant les investissements potentiels via une méthodo- logie d’investissement ESG propriétaire. Cette méthodologie intègre des normes d’investisse- ment selon une base de données ESG, qui utilise les données de plusieurs fournisseurs de don- nées ESG de premier plan ainsi que des sources internes et publiques pour obtenir des scores combinés propriétaires sur plusieurs objectifs environnementaux et sociaux. La méthodologie attribue l’un des six scores propriétaires potentiel à chaque émetteur possible. Ces scores englobent des évaluations pour (i) les secteurs
controversés (qui incluent le charbon, le tabac, le secteur de la défense, la pornographie, les jeux d’argent et l’énergie nucléaire), (ii) l’implication dans des armes controversées (armes nucléaires, uranium détérioré, armes à sous-mu- nitions et mines antipersonnel) ou (iii) violation des normes internationalement acceptées, mais permettent également une sélection active d’émetteurs sur la base de catégories telles que le risque climatique et de transition, la confor- mité aux normes ou les meilleures évaluations ESG au regard des objectifs environnementaux et / ou sociaux susmentionnés. La méthodologie attribue l’un des six scores propriétaires poten- tiels à chaque émetteur possible sur la base d’une lettre de notation allant de A à F, les émet- teurs avec des scores A et B étant considérés comme leaders dans leurs catégories et les émetteurs avec des scores C étant considérés comme faisant partie de la moyenne supérieure de leur catégorie. Ces lettres de notation peuvent provenir des revenus générés par des secteurs controversés ou du degré d’implication dans des armes controversées, du degré de gravité auquel un émetteur peut être impliqué dans la violation des normes internationales, de l’évaluation du risque climatique et de transition, qui est basée sur, par exemple, le facteur d’émis- sion carbone ou le risque d’actifs irrécupérables, ou sur des évaluations ESG de premier ordre.
La contribution ODD d’un émetteur sera mesu- rée par des scores SDG dédiés, qui sont le résultat d’un algorithme à deux niveaux dans la méthodologie d’investissement ESG. Dans la première couche, les émetteurs sont identifiés et notés en fonction des revenus qu’ils génèrent qui peuvent être liés aux ODD (contribution positive) et lorsque ces revenus, en comparai- son, dépassent les mesures correspondantes d’autres émetteurs. Le deuxième niveau confirme la qualité ESG de ces émetteurs au regard des normes minimales définies en ce qui concerne les facteurs environnementaux, sociaux et de gouvernance d’entreprise. En outre, à côté de leur contribution aux ODD, les émetteurs seront évalués pour s’assurer qu’ils n’entravent pas l’objectif ODD (avec une contri- bution nette totale négative aux ODD).
Le gérant du compartiment prend en compte, dans sa répartition du portefeuille, les scores issus de la base de données ESG. Au moins 80 % des actifs du compartiment sont investis
dans des émetteurs classés dans les trois scores les plus élevés (allant des notes A à C) du score SDG propriétaire issu de l’application de la méthodologie d’investissement ESG.
Les performances ESG et ODD d’un émetteur sont évaluées indépendamment des résultats financiers selon différents facteurs. Ces facteurs comprennent, par exemple, les centres d’intérêt suivants :
Environnement
- conservation de la flore et de la faune ;
- protection des ressources naturelles, de l’at- mosphère et des eaux littorales ;
- limitation de la dégradation du pays et du changement climatique ;
- prévention de l’empiètement sur les écosys- tèmes et de la perte de biodiversité.

Social
- droits de l’homme en général ;
- interdiction du travail des enfants et du travail forcé ;
- non-discrimination impérative ;
- santé et sécurité sur le lieu de travail ;
- lieu de travail équitable et rémunération conve- nable.

Gouvernance d’entreprise
- principes mondiaux de l’International Corporate Governance Network en matière de gouver- nance d’entreprise ;
- principes du Pacte Mondial contre la corruption.

Objectifs de développement durable de l’ONU
- Changement climatique
- Rareté de l’eau
- Gestion des déchets
- Disponibilité alimentaire
- Santé et bien-être
- Amélioration de la qualité de vie et des don- nées démographiquesAu moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.

Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
La stratégie d’investissement peut avoir recours à des techniques d’optimisation du portefeuille à des fins d’analyse du risque des parts éli- gibles (risque absolu ou relativement à un indice de référence) et de définition des actions et des pondérations de la stratégie d’investissement finale. La stratégie d’investissement peut également utiliser des techniques et évaluer
des facteurs visant à réduire le taux de rotation superflu du portefeuille afin de réduire l’impact sur le marché et les frais de transaction. Ces techniques incluent, entre autres, la limitation du remplacement d’une action existante du compartiment pendant les recompositions visant à créer des circonstances dans lesquelles les ratios cours / bénéfice CROCI Economic seront suffisamment supérieurs à ceux de l’action de remplacement proposée. En outre, la stratégie peut prendre en compte d’autres facteurs, tels que les liquidités, les frais de transaction et, sur notification par le comparti- ment au groupe d’investissement et d’évalua- tion CROCI, les événements de marché concer- nant les actions éligibles. Le gérant de compartiment peut considérer les limites de risque au moment de déterminer l’application de la stratégie d’investissement dans le com- partiment.
Les actifs du compartiment sont reconstitués périodiquement conformément aux règles de la stratégie d’investissement. Dans le but de minimiser les impacts sur la performance lors du commerce des actifs du compartiment, le gérant du compartiment peut prendre les mesures nécessaires pour réduire les coûts relatifs aux impacts du commerce et du mar- ché, notamment réaliser la recomposition par étapes sur une durée de temps. Le comparti- ment s’applique sur la base du rendement total, avec réinvestissement des dividendes reçus dans l’achat d’actions supplémentaires.
Pour de plus amples informations sur la stratégie d’investissement et la méthodologie CROCI, consulter le site Web du groupe d’investissement et d’évaluation CROCI www.dws.com/croci.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le com- partiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’investissement, ce qui comprend notamment, mais sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou
admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investisse- ment, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distribu- tions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles pro- cèdent à des distributions, à moins que ces distributions soient soumises à l’imposition à hauteur de 15 % minimum et que le comparti- ment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou(ii) qui ne sont pas des sociétés immobilières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique euro- péen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exoné- rées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % mini- mum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et confor- mément à la définition donnée par le code alle- mand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipulation contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Géné- rale du prospectus de vente.
Méthodologie CROCI
La méthodologie CROCI (Cash Return On Capital Invested) est fondée sur l’opinion selon laquelle les données utilisées dans les évaluations clas- siques (c’est-à-dire les données comptables) n’évaluent pas avec précision les actifs, ne prennent pas en compte tous les passifs ou ne représentent pas la valeur réelle d’une société. Cette situation tient au fait que les règles comp- tables ne sont pas toujours conçues spécifique- ment pour les investisseurs et utilisent souvent des normes très différentes qui peuvent rendre difficile la mesure de la valeur liquidative réelle des sociétés. Par exemple, il est difficile de comparer le ratio cours / bénéfice de l’action d’un construc- teur automobile à celui d’une action de secteur technologique et tout aussi difficile de comparer une société de services publics japonaise à une société de services publics des États-Unis.
La méthodologie CROCI cherche à générer des données qui permettront des comparaisons d’évaluation sur une base cohérente, pour donner lieu à un processus de sélection d’actions efficace et efficient visant des investissements en valeur réelle. La stratégie d’investissement utilisera principalement le ratio cours / bénéfice CROCI Economic, qui est une mesure propre au CROCI pour l’évaluation d’entreprises utilisant les mêmes corrélations entre évaluation et rendement que le ratio cours / bénéfice comptable (c’est-à-dire capitalisation boursière / valeur comptable divisé par la rentabilité des capitaux propres).
Toutefois, le ratio cours / bénéfice CROCI Econo- mic remplace les entrées de calcul alternatives comme suit :
- Plutôt que le cours (capitalisation boursière), c’est la valeur d’entreprise CROCI qui est utilisée en tant que mesure économique de la valeur de marché d’une société. Cela com- prend non seulement les passifs financiers (par exemple les dettes) mais aussi les passifs d’exploitation (par ex. garanties, sous-capitali- sation des régimes de retraite, obligations découlant d’un bail et provisions spécifiques).
- CROCI Net Capital Invested est utilisé à la place de la valeur comptable en tant que mesure économique de la valeur comptable d’une société. Il s’agit d’une évaluation de la valeur des actifs nets ajustée de l’inflation.
- À la place de la rentabilité des capitaux propres, le rendement en liquidités du capital investi ou CROCI (Cash Return on Capital Invested) est utilisé en tant que mesure économique de la rentabilité des capitaux propres. Il s’agit d’une mesure du rendement des flux de trésorerie (ou rendement en espèces) qui est standardisée pour toutes les sociétés, indépendamment de leur secteur d’activité ou de leur emplacement géogra- phique.

Stratégies CROCI
Les stratégies CROCI (désignées chacune comme
« stratégie » et ensemble comme « stratégies ») sont conçues par le groupe d’investissement
et d’évaluation CROCI, qui fait partie de DWS
Investments UK Limited (« CROCI »), et ont fait l’objet d’une licence d’utilisation par DWS Invest. CROCI est une marque déposée de DWS. Les compartiments CROCI de DWS Invest SICAV (les
« compartiments ») ne sont pas parrainés ou vendus par DWS CROCI, et DWS CROCI n’a aucune obligation ni responsabilité en matière d’administration, de commercialisation ou de négociation des compartiments. DWS CROCI ne fait aucune déclaration, garantie ou condition, expresse ou implicite, concernant les comparti- ments, et DWS CROCI ne peut être tenu respon- sable vis-à-vis d’une quelconque partie pour toute perte ou tous frais liés à un compartiment. DWS CROCI n’a aucune obligation de prendre en considération les besoins de ses détenteurs de licences ou des propriétaires des compartiments lors de la détermination ou de la composition des stratégies.
DWS CROCI n’effectue aucune gestion de fortune discrétionnaire ou non discrétionnaire et ne fait aucune suggestion ou recommandation
(y compris, sans s’y limiter, une recommandation d’investissement), expresse ou implicite, en relation avec les instruments financiers, les émetteurs, les compartiments ou les stratégies, et n’exprime aucune opinion quant à la valeur présente ou future, ni quant aux prix des instru- ments financiers. L’inclusion d’un instrument financier dans une stratégie ne constitue pas une recommandation de la part de CROCI d’acheter, de vendre ou de détenir ledit instrument, et ne doit pas non plus être considérée comme du conseil en investissement ou une recommanda- tion de quelque manière ou sous quelque forme que ce soit.
DWS CROCI ne fournit aucune déclaration ou garantie expresse ou implicite quant à l’exactitude, l’adéquation, l’actualité, l’exhaustivité ou la perti- nence pour un usage particulier des stratégies ou des données ou informations qui s’y rattachent, ni quant aux résultats obtenus par leurs utilisateurs. DWS CROCI ne saurait en aucun cas être tenu responsable des erreurs, inexactitudes, omissions ou retards liés aux stratégies ou à toute donnée connexe et n’a aucune obligation de mettre à jour, modifier ou amender toute stratégie ou toute donnée connexe dans le cas où elle s’avérerait inexacte.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’investis- sement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché
potentiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commission de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Emerging Markets Corporates
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | JPM CEMBI Broad Diversified, administré par J. P. Morgan Securities LLC. |
| Portefeuille de référence (indice de référence des risques) | JPM CEMBI Broad Diversified |
| Effet de levier | Cinq fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| USD LD | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 20.11.2006 |
| USD LC | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 20.11.2006 |
| USD FC | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 20.11.2006 |
| NCH | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 16.11.2010 |
| LCH | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 16.11.2010 |
| LDH | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 16.11.2010 |
| FCH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 16.11.2010 |
| NDH | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 16.11.2010 |
| SGD LDMH | SGD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 2.10.2013 |
| USD LDM | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 2.10.2013 |
| PFCH | EUR | 0 % | 0,8 % maximum | 0 % | 0,05 % | 26.5.2014 |
| PFDQH | EUR | 0 % | 0,8 % maximum | 0 % | 0,05 % | 26.5.2014 |
| ND | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 3.11.2014 |
| CHF FCH | CHF | 0 % | 0,6 % maximum | 0 % | 0,05 % | 15.1.2015 |
| SEK LCH | SEK | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 1.12.2015 |
| NDQH | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 28.4.2017 |
| USD RC | USD | 0 % | 0,15 % maximum | 0 % | 0,01 % | 31.5.2017 |
| TFCH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFDH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFD | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Emerging Markets Corporates.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest Emer- ging Markets Corporates a pour objectif de générer un rendement supérieur à la moyenne pour le compartiment.
Au moins 70 % de l’actif du compartiment sont investis en titres de créances portant intérêts émis par des sociétés basées dans un pays émergent ou gérant leurs activités principales dans l’un de ces pays.
Les marchés émergents sont les pays qui font partie de l’indice « JPM Corporate Emerging Market Bond Index Broad (CEMBI Broad) » ou qui sont classés comme « marchés émergents et économies en voie de développement » par le Fonds Monétaire International (situation écono- mique mondiale). Les pays considérés comme à revenu faible ou moyen (y compris les revenus moyen inférieur et moyen supérieur) par la Banque mondiale détermineront si un pays est un marché émergent si ce pays ne figure pas dans l’indice CEMBI Broad et s’il n’est pas classé comme « marché émergent et économie en voie de développement » par le Fonds Monétaire International.
Les actifs libellés en renminbi ne peuvent pas être investis via les marchés chinois offshore et onshore.
Les investissements dans les titres domestiques via le marché chinois onshore s’effectueront dans des valeurs cotées ou via un accès direct au marché obligataire interbancaire (CIBM). Ces investissements pourront également s’effectuer via le programme d’investisseurs institutionnels étrangers qualifiés en renminbi (Renminbi Quali- fied Foreign Institutional, RQFII), qui implique l’octroi par la Commission chinoise de réglemen- tation des valeurs mobilières (China Securities Regulatory Commission, CSRC) d’une licence
R-QFII. En outre, l’Administration nationale du contrôle des changes (State Administration of Foreign Exchange, SAFE) peut devoir concéder au gérant du compartiment un quota d’investis- sement R-QFII.
Les dérivés du crédit tels que des credit default swaps sur des émetteurs et indices uniques ainsi que des tranches sur indices de CDS peuvent être acquis, à des fins de placement et de couverture, dans la mesure autorisée par la loi.
La plupart des actifs du compartiment sont libellés en dollar américain.
Un maximum de 30 % de l’actif du comparti- ment peut être investi dans des titres obliga- taires ne satisfaisant pas aux critères ci-dessus, des liquidités et des titres du marché monétaire.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré
individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation
de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la
distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres sec- teurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la produc- tion d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environnemen- tales et sociales promues par ce compartiment.
Des informations sur l’indice de référence sont disponibles sur www.jpmorgan.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y
compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En temps voulu dans le cadre d’une restructura- tion d’instruments à revenu fixe détenus par le compartiment, le gérant du compartiment peut également investir jusqu’à concurrence de 10 % au maximum de l’actif du compartiment dans des actions cotées ou non cotées. Le gérant du compartiment peut également participer aux augmentations de capital ou autres opérations sur titres (par exemple pour les obligations convertibles ou à warrant) qui entrent dans le cadre d’une restructuration ou sont effectuées après une restructuration.
En outre, le compartiment peut investir dans toutes les autres valeurs autorisées énumérées à l’article 2 de la Partie Générale du prospectus de vente.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart
reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Risque particulier
Les investissements en Chine, ou relatifs à la Chine, comportent des risques spécifiques. Il est fait référence ici aux facteurs de risque soulignés dans la Partie Générale du prospectus de vente.
Informations supplémentaires
Il convient de noter les éléments suivants lors de l’utilisation de total return swaps destinés à appliquer la stratégie d’investissement décrite ci-dessus :
La proportion d’actifs nets du compartiment soumis aux total return swaps, exprimée comme la somme des notionnels des total return swaps divisée par la valeur liquidative du compartiment, est censée atteindre jusqu’à 50 %, mais en fonction des conditions de marché respectives, en tenant compte d’une gestion de portefeuille efficace et dans l’intérêt des investisseurs, elle peut atteindre jusqu’à 100 %. Le calcul est réalisé conformément aux lignes directrices du CESR/10-788. L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.
Des informations complémentaires sur les total return swaps figurent, entre autres, au para- graphe « Techniques de gestion efficace du portefeuille » dans la Partie Générale du pros- pectus de vente. Le choix des contreparties à tout total return swap est soumis aux principes décrits dans le paragraphe « Choix des contre- parties » du prospectus de vente. Le rapport annuel contient des informations complémen- taires concernant les contreparties. Pour une analyse des risques spécifiques liés aux total return swaps, les investisseurs sont invités à se reporter au paragraphe « Remarques générales sur les risques » et en particulier au paragraphe
« Risques liés aux opérations sur produits dérivés » du prospectus de vente.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché potentiel du compartiment est mesuré à l’aide
d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
Contrairement aux dispositions de la Partie Générale du prospectus de vente, il est prévu en raison de la stratégie d’investissement du com- partiment que l’effet de levier résultant du recours à des dérivés ne dépasse pas cinq fois la valeur de l’actif du compartiment.
L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposi- tion supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Enhanced Commodity Strategy
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investment Management Americas, Inc., 345 Park Avenue, New York, NY 10154, États-Unis. |
| Indice de référence de performance | Bloomberg Commodity Index Total Return, administré par Bloomberg Index Services Limited. |
| Portefeuille de référence (indice de référence des risques) | Bloomberg Commodity Index Total Return |
| Effet de levier | Cinq fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative Exchange (NYSE) | Chaque jour ouvré de banque à Luxembourg, qui est aussi un jour de fonctionnement normal du New York Stock |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion. Le plafond de dépenses appliqué aux classes de parts n’excédera pas 0,10 % par an selon la valeur liquidative de la classe de parts concernée. |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| JPY JC | JPY | 0 % | 0,75 % maximum | 0 % | 0,01 % | 15.10.2018 |
| JPY JCH (P) | JPY | 0 % | 0,75 % maximum | 0 % | 0,01 % | 15.10.2018 |
| USD IC | USD | 0 % | 0,65 % maximum | 0 % | 0,01 % | 15.10.2018 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.10.2018 |
| LCH | EUR | 5 % maximum | 1,2 % maximum | 0 % | 0,05 % | 15.3.2019 |
| TFCH | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.3.2019 |
| CHF IC | CHF | 0 % | 0,75 % maximum | 0 % | 0,01 % | 7.5.2019 |
| CHF LC | CHF | 5 % maximum | 1,2 % maximum | 0 % | 0,05 % | 7.5.2019 |
| IC | EUR | 0 % | 0,75 % maximum | 0 % | 0,01 % | 7.5.2019 |
| LC | EUR | 5 % maximum | 1,2 % maximum | 0 % | 0,05 % | 7.5.2019 |
| SDG LC | SGD | 5 % maximum | 1,2 % maximum | 0 % | 0,05 % | 7.5.2019 |
| USD LC | USD | 5 % maximum | 1,2 % maximum | 0 % | 0,05 % | 7.5.2019 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Enhanced Commodity Strategy.

#### Politique de placement
La politique de placement du compartiment DWS Invest Enhanced Commodity Strategy a pour objectif de réaliser une plus-value à long terme supérieure à celle de l’indice de référence Bloomberg Commodity Index Total Return en investissant principalement dans les marchés
des matières premières. Le compartiment obtiendra une exposition à une large variété de secteurs des matières premières, y compris mais sans s’y limiter : l’énergie, l’agriculture, les métaux industriels et les métaux précieux.
Le gérant de portefeuille attribuera généralement les investissements du compartiment liés aux matières premières à différents secteurs des matières premières. La gestion de portefeuille est basée sur trois principales stratégies quant à ses investissements liés aux matières premières : une
stratégie de valeur relative, une stratégie tactique et une stratégie d’« amélioration de la mise en œuvre ». Dans la mise en œuvre de la stratégie de valeur relative, le gérant de portefeuille emploiera une stratégie propriétaire, quantitative et basée sur des règles lors de la définition des pondéra- tions du secteur des matières premières du compartiment relativement à l’indice de référence. Le gérant de portefeuille réalise une compensa- tion des positions du secteur des matières pre- mières lorsqu’un secteur subit un « événement déclencheur » (c’est-à-dire une augmentation ou
une diminution du prix relativement aux tendances tarifaires historiques ou relativement au change- ment des prix d’autres matières premières), réduisant l’exposition du compartiment aux secteurs des matières premières considérés comme « onéreux » et augmentant son exposi- tion aux secteurs considérés comme « peu onéreux ». La stratégie tactique se concentre sur la direction générale des marchés des matières premières. Le gérant de portefeuille emploiera une formule propriétaire quantitative pour ajuster l’exposition des matières premières en fonction des rendements des 12 derniers mois, positifs ou négatifs. Ces indicateurs sont ensuite combinés afin de déterminer l’exposition effective du com- partiment par rapport au Bloomberg Commodity Index. L’exposition sera réduite d’au moins 50 % et jusqu’à 130 % de la valeur liquidative du com- partiment, selon la somme des indicateurs posi- tifs. La formule exclura les secteurs de l’agricul- ture et du bétail, dans la mesure où les stratégies basées sur le rythme de croissances sont concer- nées. Dans l’application de la stratégie d’« amélio- ration de la mise en œuvre », le gérant de porte- feuille cherche à investir dans des contrats liés aux matières premières dont l’expiration est posté- rieure au mois suivant dans la « courbe des matières premières » afin d’éviter de continuelle- ment payer des primes pour remplacer les contrats arrivant à échéance. Les « contrats sur les matières premières » sont des contrats à terme sur les matières premières qui com- prennent les indices des matières premières dans lesquelles le compartiment peut investir. Un contrat à terme sur les matières premières est un accord standardisé pour acheter ou vendre une quantité définie d’une matière première telle que le pétrole ou l’or, à un prix et à une date prédéter- minés. Le gérant de portefeuille peut réduire l’exposition à tous les secteurs des matières premières lorsque les matières premières appa- raissent globalement surévaluées.
Le compartiment peut investir dans des dérivés financiers dont les sous-jacents comprennent des indices de matières premières. Ces indices de matières premières seront considérés comme indices financiers comprenant diverses matières premières non corrélées et suffisamment diversi- fiées conformément aux directives de l’AEMF (AEMF/2012/832). Le compartiment ne devra conclure aucun engagement concernant le trans- fert de matières premières physiques.
Le compartiment peut également investir dans des contrats à terme sur obligations.
Le compartiment peut également investir dans des contrats à terme de gré à gré sur devises dont l’échéance ne dépasse pas les 120 jours (NDF excepté).
Le compartiment peut également investir jusqu’à 100 % de son actif dans des investissements à revenu fixe de différents types et échéances notamment (i) des titres d’État, des bons du Trésor, des obligations sécurisées, des obligations d’entreprise, des obligations émises par des
institutions financières, des obligations indexées sur l’inflation, des ABS et des MBS (ii) des titres du marché monétaire (à l’exclusion des CP) et (iii) des avoirs et des CP arrivant à échéance sous
120 jours et (iv) des avoirs bancaires et des liquidi- tés. L’exposition à un seul émetteur d’investisse- ments à revenu fixe y compris (i) (ii) (iii) ci-dessus, excepté a) les avoirs et les CP arrivant à échéance dans les 120 jours, b) les obligations émises ou garanties par un gouvernement central / local, une banque centrale ou une organisation semi-gouver- nementale aux États-Unis et c) les obligations émises ou garanties par une organisation interna- tionale (à savoir la BIRD, l’ADB, l’IFC, l’ESM, l’EFSF) est de 10 % au maximum.
Relativement aux investissements à revenu fixe du compartiment, le gérant de portefeuille emploie le style de la valeur relative pour cher- cher à créer un portefeuille diversifié de valeurs à taux fixe. Pour ces investissements, le gérant de portefeuille vise normalement une durée de vie moyenne du portefeuille pondéré en dollar de trois ans ou moins, et il investit principalement dans des valeurs à taux fixe bénéficiant au minimum des notations BBB (notation de S&P et Fitch) ou Baa (notation de Moody’s) au moment de leur acquisition. En cas d’absence de nota- tion, la notation d’un conseiller de qualité simi- laire ou une notation interne s’applique.
Un maximum de 10 % de l’actif du compartiment peut être investi dans des titres de créance portant intérêt qui ne bénéficient pas du statut de premier ordre (non-investment grade status) au moment de leur acquisition. Les obligations qui ne bénéficient pas du statut de premier ordre englobent les obligations BB+ et de notation inférieure, y compris les obligations de notation D et les obligations non notées.
Le compartiment n’investira pas dans des instru- ments autres que ceux cités ci-avant.
L’équipe de gestion du compartiment prend en compte les critères ESG dans ses décisions d’investissement (« Critères ESG » fait référence aux termes Environnementaux, Sociaux et de Gouvernance). Afin de déterminer si et dans quelle mesure les actifs du compartiment répondent aux critères ESG, une base de données ESG propriétaire évalue les actifs selon les cri- tères ESG.
La base de données ESG traite les données de plusieurs fournisseurs de données ESG, de sources publiques et prend en compte les évalua- tions internes selon une méthodologie d’évalua- tion et de classification définie. La base de don- nées ESG est donc d’abord basée sur des données et des chiffres, mais également sur des évaluations internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue de l’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG et les décisions d’entreprise de l’émetteur.
La base de données ESG utilise plusieurs catégo- ries d’évaluation pour évaluer si les investisse- ments répondent aux critères ESG, notamment l’évaluation des normes de DWS, l’évaluation des risques climatiques de DWS, l’évaluation de la qualité ESG de DWS et l’exposition dans des secteurs controversés. Selon l’analyse de la base de données ESG, les investissements cibles reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et « F » étant le score le plus faible.
L’équipe de gestion du compartiment prend seulement en considération les évaluations portant sur risques climatiques et sur les normes.
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduction des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au change- ment climatique et à d’autres changements environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meil- leures évaluations. Les émetteurs présentant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Le compartiment ne promeut aucune caractéris- tique environnementale ou sociale ni aucune combinaison de ces caractéristiques. Les critères ESG ne sont pas pris en considération selon une politique de placement ESG ou durable dans les décisions de placement prenant la forme d’exclu- sions, comme décrites ci-dessus.
Ce qui suit est communiqué conformément à l’article 7 du règlement (UE) 2020/852 du
18 juin 2020 sur l’établissement d’un cadre visant à favoriser les investissements durables : Les investissements sous-jacents à ce produit finan- cier ne tiennent pas compte des critères de l’UE en matière d’activités économiques écologique- ment durables.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, les actifs du compartiment peuvent être investis dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mentionnés au paragraphe A., lettre j), dudit article.
Informations supplémentaires
Il convient de noter les éléments suivants lors de l’utilisation de total return swaps destinés à appliquer la stratégie d’investissement décrite ci-dessus :
La proportion d’actifs nets du compartiment soumis aux total return swaps, exprimée comme la somme des notionnels des total return swaps divisée par la valeur liquidative du compartiment, est censée atteindre jusqu’à 400 %, mais en fonction des conditions de marché respectives, en tenant compte d’une gestion de portefeuille efficace et dans l’intérêt des investisseurs, elle peut atteindre jusqu’à 500 %. Le calcul est réalisé conformément aux lignes directrices du CESR/10-788. L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.
Des informations complémentaires sur les total return swaps figurent, entre autres, au para- graphe « Techniques de gestion efficace du portefeuille » dans la Partie Générale du prospec- tus de vente. Le choix des contreparties à tout total return swap est soumis aux principes décrits dans le paragraphe « Choix des contre- parties » du prospectus de vente. Le rapport annuel contient des informations complémen- taires concernant les contreparties. Pour une analyse des risques spécifiques liés aux total return swaps, les investisseurs sont invités à se reporter au paragraphe « Remarques générales sur les risques » et en particulier au paragraphe
« Risques liés aux opérations sur produits déri- vés » du prospectus de vente.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des
agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majorité des titres du compartiment ou leurs émetteurs sont considérés comme des compo- sants de l’indice de référence et le portefeuille doit avoir une pondération similaire à celle de l’indice de référence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investissement spécifiques. Le positionnement du compartiment peut s’écarter de son indice de référence de manière limitée (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération), et la marge d’action est généra- lement relativement faible. Bien que le comparti- ment vise à surperformer le rendement de l’indice de référence, la surperformance poten- tielle peut être limitée selon l’environnement du marché prévalant (par exemple, un environne- ment de marché moins volatile) et le positionne- ment réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder cinq fois la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Asian Bonds
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et en tant que gérant secondaire DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong |
| Indice de référence de performance | J.P. Morgan JACI Investment Grade Total Return, administré par J. P. Morgan Securities LLC |
| Portefeuille de référence (indice de référence des risques) | J.P. Morgan JACI Investment Grade Total Return |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg qui est aussi un jour d’ouverture du Hong Kong Stock Exchange |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| ICH | EUR | 0 % | 0,4 % maximum | 0 % | 0,01 % | 31.10.2018 |
| TFCH | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 31.10.2018 |
| USD IC | USD | 0 % | 0,4 % maximum | 0 % | 0,01 % | 31.10.2018 |
| USD LC | USD | 5 % maximum | 1,1 % maximum | 0 % | 0,05 % | 31.10.2018 |
| USD TFC | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 31.10.2018 |
| USD FC100 | USD | 0 % | 0,2 % maximum | 0 % | 0,05 % | 28.2.2019 |
| USD IC500 | USD | 0 % | 0,15 % maximum | 0 % | 0,01 % | 16.8.2019 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Asian Bonds.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest ESG Asian Bonds a pour objectif de générer un rendement supérieur à l’indice de référence pour le compartiment.
Le compartiment investira principalement en titres de créances portant intérêts libellés en USD qui sont émis par des sociétés basées en Asie ou gérant leurs activités principales dans une juridic- tion asiatique. Les obligations en dollar américain sont des obligations d’État de l’Asie-Pacifique (administration, autorités locales, organisations supranationales et d’État) et des obligations d’entreprise (industrie, services publics, établisse- ments financiers, etc.).
Un maximum de 49 % de l’actif du comparti- ment peut être investi dans des titres portant intérêt ne satisfaisant pas aux critères ci-dessus, des liquidités et des titres du marché monétaire.
Les actifs du compartiment sont principalement investis dans des titres de créance portant intérêt
qui bénéficient du statut de premier ordre (invest- ment grade status) au moment de leur acquisition.
En principe, un élément doit être classifié comme étant de premier ordre si la deuxième meilleure notation accordée par les trois agences (S&P, Moody’s Fitch) est classifiée comme étant de premier ordre.
Si un titre est noté par seulement deux agences au lieu de trois, la notation la plus basse sera utilisée pour la classification. Si un titre fait l’objet d’une seule notation, cette notation unique sera utilisée. S’il n’existe aucune notation officielle, une notation interne sera appliquée conformé- ment aux règles internes DWS.
Un maximum de 10 % de l’actif du comparti- ment peut être investi dans des titres de créance portant intérêt qui ne bénéficient pas du statut de premier ordre et ont une notation de crédit minimum B3 (Moody’s) ou B- (S&P/Fitch) au moment de leur acquisition. En cas de notation fractionnée impliquant trois agences de notation, la deuxième meilleure notation sera prise en compte. Si un titre est noté par seulement
deux agences, la notation la plus basse sera utilisée pour la classification. Si un titre fait l’objet d’une seule notation, cette notation unique sera utilisée. S’il n’existe aucune notation officielle, une notation interne sera appliquée conformé- ment aux règles internes DWS.
Lorsque la notation d’un actif est révisée à la baisse au-dessous de B3 / B-, cet actif sera vendu dans les six mois.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appropriés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-starting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps. Dorénavant, le compartiment n’emploiera plus de total return swaps conformément au règlement SFTR.
Le compartiment n’investira pas dans des ABS ni dans des MBS.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, le compartiment peut investir dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une
méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies et des normes de l’Organisation internationale du travail, et en vertu des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les violations des droits de l’homme,
les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manque- ments vis-à-vis des normes (c’est-à-dire un score
« E ») sont limités à 5 % de l’actif net du com- partiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou exces- sives à l’égard de la gouvernance (c’est-à-dire un score « E » ou « F ») sont exclus des investisse- ments.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouver- nance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de conformité avec les normes de qualité ESG (hors évaluation des souverains) décrits ci-des- sus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur www.jpmorgan.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majorité des titres du compartiment ou leurs émetteurs sont considérés comme des compo- sants de l’indice de référence et le portefeuille doit avoir une pondération similaire à celle de l’indice de référence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investissement spécifiques. Le positionnement du compartiment peut s’écarter de son indice de référence de manière limitée (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération), et la marge d’action est généra- lement relativement faible. Bien que le comparti- ment vise à surperformer le rendement de l’indice de référence, la surperformance poten- tielle peut être limitée selon l’environnement du marché prévalant (par exemple, un environne- ment de marché moins volatile) et le positionne- ment réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions du prospectus de vente, le risque de marché potentiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compar- timent :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Climate Tech
| Profil de l’investisseur | Orienté vers la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | MSCI World AC Index |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.10.2018 |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.10.2018 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.10.2018 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.10.2018 |
| XC | EUR | 0 % | 0,35 % maximum | 0 % | 0,05 % | 1.10.2018 |
| NC | EUR | 3 % maximum | 2 % maximum | 0 % | 0,05 % | 14.12.2018 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 9.4.2019 |
| USD FC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 9.4.2019 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 9.4.2019 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 9.4.2019 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 7.2.2020 |
| JPY FC | JPY | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.4.2021 |
| USD LCH (P) | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 15.4.2021 |
| USD TFCH (P) | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.4.2021 |
| GBP D RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.9.2021 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Climate Tech.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, ali- néa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le sec- teur des services financiers.
La politique de placement du compartiment DWS Invest ESG Climate Tech a pour objectif de réaliser une plus-value supérieure à la moyenne du capital en euro.
Le compartiment peut acquérir des actions, des certificats d’actions, des titres participatifs, des bons de jouissance, des obligations convertibles et des warrants sur actions d’entreprises natio- nales et étrangères exerçant essentiellement leurs activités dans les domaines visant à limiter ou réduire le changement climatique et ses
conséquences ou à faciliter l’adaptation à ce changement, en particulier d’entreprises dont les produits, services et solutions contribuent à réduire les émissions ou à améliorer l’efficacité énergétique, mais également d’entreprises impliquées dans la gestion des impacts liés au changement climatique dans des domaines tels que la santé, l’eau ou la prévention des catas- trophes/le relèvement post-catastrophe.
Au moins 75 % des actifs du compartiment sont investis dans des actions de toutes les
capitalisations boursières, des certificats d’ac- tions, des titres participatifs et bons de jouis- sance, des obligations convertibles et des warrants sur actions d’entreprises nationales et étrangères.
Le compartiment peut investir jusqu’à 25 % de son actif dans des dépôts à court terme, des titres du marché monétaire et des avoirs ban- caires.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, l’actif du compartiment peut être placé dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mentionnés au para- graphe A., lettre j), dudit article.
Par dérogation au plafond d’investissement stipulé à l’article 2, paragraphe B., lettre n) concernant l’utilisation de produits dérivés, les plafonds d’investissement suivants s’applique- ront en tenant compte des restrictions d’inves- tissement alors en vigueur dans les différents pays de distribution :
Les produits dérivés constituant des positions courtes doivent en permanence présenter une garantie appropriée et ne peuvent être utilisés qu’à des fins de couverture. La limite de couver- ture est de 100 % de l’élément sous-jacent garantissant le produit dérivé. En revanche, 35 % au maximum de l’actif net du compartiment peuvent être investis dans des dérivés consti- tuant des positions longues et ne disposant pas d’une couverture correspondante.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des
facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduction des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au change- ment climatique et à d’autres changements envi- ronnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évalua- tions. Les émetteurs présentant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou excessives à l’égard de la gouvernance (c’est-à-dire un score
« E » ou « F ») sont exclus des investissements.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouvernance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de confor- mité avec les normes de qualité ESG (hors évalua- tion des souverains) décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Par dérogation au plafond d’investissement de 10 % stipulé à l’article 2, paragraphe B., lettre i), pour les placements dans des parts d’autres OPCVM et / ou d’autres OPC tels que définis à l’article 2, paragraphe A., lettre e), le présent compartiment sera soumis à un plafond d’inves- tissement de 5 %.
Aux fins d’une exonération fiscale partielle au sens de la Loi allemande sur la fiscalité des investissements et en complément des limites d’investissement décrites dans les statuts et le présent prospectus de vente (Fonds d’actions), au moins 60 % des actifs bruts du compartiment (déterminés comme étant la valeur des actifs du compartiment indépendamment des engage- ments) sont investis dans des actions cotées sur un commerce boursier officiel ou incluses ou admises à la négociation sur un autre marché réglementé, et ne représentant pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises àun impôt sur le revenu à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Dynamic Opportunities
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | 80 % MSCI WORLD ALL COUNTRY et 20 % iBoxx EUR Overall |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.10.2018 |
| IC | EUR | 0 % | 0,4 % maximum | 0 % | 0,01 % | 15.10.2018 |
| LC | EUR | 4 % maximum | 1,3 % maximum | 0 % | 0,05 % | 15.10.2018 |
| NC | EUR | 2 % maximum | 1,8 % maximum | 0 % | 0,05 % | 15.10.2018 |
| PFC | EUR | 0 % | 1,4 % maximum | 0 % | 0,05 % | 15.10.2018 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.10.2018 |
| USD FCH | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.10.2018 |
| FD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 30.11.2018 |

*  Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Dynamic Opportunities.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers (SFDR).
- Objectif d’investissement et politique de DWS Invest ESG Dynamic OpportunitiesLe DWS Invest ESG Dynamic Opportunities, fonds nourricier (le « fonds nourricier ») conforme aux directives, appartient au fonds maître OPCVM DWS ESG Dynamic Opportuni- ties (le « fonds maître »).

Par conséquent, le fonds nourricier investit de manière permanente au moins 85 % de l’actif du compartiment dans des parts du fonds maître. Le fonds maître est considéré comme un produit conformément à l’article 8, alinéa 1, du SFDR. En
raison de son investissement massif dans le fonds maître, le fonds nourricier partage cette qualification de produit conformément à l’ar- ticle 8, alinéa 1, du SFDR. La méthodologie ESG est décrite plus en détail dans la section 2.B.
Au moins 60 % de l’actif du fonds maître sont investis dans des actions.
L’objectif de la politique de placement du fonds nourricier est de permettre aux investisseurs de participer à la performance du fonds maître. Pour cette raison, l’équipe de gestion du fonds s’ef- force effectivement d’investir la valeur totale du
fonds nourricier dans le fonds maître pour per- mettre aux titulaires de certificats d’actions de participer presque entièrement à la performance du fonds maître.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Le fonds nourricier peut détenir jusqu’à 15 % de ses actifs dans des liquidités à titre accessoire, y compris des avoirs bancaires et liquidités ainsi que des dépôts bancaires à court terme, confor- mément aux dispositions de l’article 41, alinéa 2, de la Loi de 2010 et des instruments dérivés financiers, qui ne peuvent être utilisés qu’à des fins de couverture et d’investissement, unique- ment en vertu de l’article 41, alinéa 1, lettre g), et de l’article 42, alinéas 2 et 3, de la Loi de 2010.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Aux fins d’une exonération fiscale partielle au sens de la Loi allemande sur la fiscalité des investissements et en complément des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente, au moins 85 % des actifs bruts du compartiment nourricier (déterminés comme étant la valeur des actifs du compartiment indépendamment des engagements) sont investis dans des parts du fonds maître (fonds d’actions).
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.
Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.
- Le fonds maître
	- InformationsLe fonds maître, organisme de placement collectif à capital variable, a été constitué conformément à la directive 2009/65/CE du Parlement européen et du Conseil du 13 juillet 2009 portant sur la coordi- nation des dispositions légales, réglementaires et administratives concernant les organismes de placement collectif en valeurs mobilières (OPCVM). Elle a été très récemment modifiée par la directive 2014/91/UE du Parlement européen et du Conseil du 23 juillet 2014 modifiant la direc- tive 2009/65/CE portant sur la coordination des dispositions légales, réglementaires et administra- tives concernant les organismes de placement collectif en valeurs mobilières (OPCVM), pour cequi est des fonctions de dépositaire, des politiques de rémunération et des sanctions au sens du Code d’investissement allemand (KAGB). Le siège socialdu fonds maître se situe Mainzer Landstraße 17-19, 60329 Francfort-sur-le-Main, Allemagne.


La société de gestion du fonds maître est
DWS Investment GmbH, Mainzer Landstr. 11-17, 60329 Francfort-sur-le-Main, Allemagne.
La banque dépositaire du fonds maître est State Street Bank International GmbH, Brienner Straße 59, 80333 Munich, Allemagne.
Le prospectus de vente, le document d’informa- tions clés pour l’investisseur, les rapports annuels et semestriels et d’autres informations sur le fonds maître peuvent être obtenus sur demande auprès de la société de gestion, ainsi que l’accord maître-nourricier entre ce fonds nourricier et le fonds maître.
- Objectif d’investissement et politique de placement du fonds maîtreLa politique de placement du compartiment DWS ESG Dynamic Opportunities a pour objectif de réaliser une plus-value supérieure à la moyenne du capital en euro, en tenant compte des opportunités et des risques des marchés financiers internationaux.

Le fonds maître acquiert et vend les actifs autori- sés en vertu du Code d’investissement allemand (KAGB) et des modalités et conditions d’investis- sement, conformément à son évaluation des conditions économiques, des conditions du marché des capitaux et des perspectives des marchés boursiers.
Au moins 60 % de l’actif du fonds maître sont investis dans des actions.
Le fonds maître peut investir jusqu’à 40 % de son actif dans des titres portant intérêt. Les obligations convertibles et obligations à warrant ne constituent pas de titres portant intérêt. Les dérivés liés aux titres portant intérêt et n’étant pas destinés à des fins de couverture seront imputés à ce plafond en conséquence.
Le fonds maître peut investir jusqu’à 40 % de son actif dans des titres du marché monétaire, des dépôts à terme et des avoirs bancaires, respectivement.
Entre 5 % et 10 % de l’actif du fonds maître peuvent être investis en valeurs mobilières et titres du marché monétaire d’un même émetteur si la valeur totale des valeurs mobilières et des titres du marché monétaire de ces émetteurs n’excède pas 40 % de l’actif du fonds maître.
Le fonds maître peut investir un maximum de
10 % de son actif dans des unités d’autres fonds (« parts de fonds communs de placement »).
Au moins 75 % de l’actif net du fonds maître est investi dans des actifs d’émetteurs conformes aux normes ESG définies (« normes ESG » fait référence aux termes Environnemental, Social et de Gouvernance) en matière de caractéristiques
environnementales et sociales, ainsi que de bonne gouvernance d’entreprise (« Critères ESG »).
Afin de déterminer si, et dans quelle mesure, les actifs du fonds répondent aux normes ESG, une base de données ESG propriétaire évalue les actifs d’après les critères ESG, indépendamment des perspectives économiques de succès.
La base de données ESG traite les données de plusieurs fournisseurs de données ESG, de sources publiques et prend en compte les évalua- tions internes selon une méthodologie d’évaluation et de classification définie. La base de données ESG est donc d’abord basée sur des données et des chiffres, mais également sur des évaluations internes qui prennent en compte des facteurs
au-delà des données et des chiffres traités, tels que l’évolution future attendue de l’ESG, la plausi- bilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’enga- ger le dialogue sur les questions d’ESG et les décisions d’entreprise de l’émetteur.
Exclusion de secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
Évaluation de la qualité ESG
La base de données ESG établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, la base de données ESG compare les émetteurs en fonction de leur qualité ESG. L’évaluation de la qualité ESG prend en compte différents facteurs ESG lors de l’évaluation de l’émetteur, par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entre- prise. L’évaluation de la qualité ESG s’appuie sur l’approche dite « Best-in-class ». Dans le cadre de cette approche, les émetteurs se voient attribuer une note relative à leur groupe de pairs.
Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émet- teurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible.
Pour les émetteurs souverains, la base de don- nées ESG évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés poli- tiques et civiles.
Évaluation des risques climatiques
La base de données ESG examine le comporte- ment des émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations.
Évaluation de conformité avec les normes
La base de données ESG examine le comporte- ment des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internatio- nale du travail, et des normes et principes inter- nationaux généralement reconnus. Elle examine, par exemple, les violations des droits de l’homme, les violations des droits des travail- leurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires.
Évaluation d’actions de fonds de placement La base de données ESG note les actions des fonds d’investissement selon l’évaluation de la qualité ESG (hors évaluation des souverains),
l’évaluation des risques climatiques et l’évaluation de conformité avec les normes.
Les actifs des émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et « F » étant le plus faible. Les avoirs bancaires et les produits dérivés ne sont pas notés.
Les actifs répondent aux normes ESG s’ils reçoivent une note allant de A à D dans chacune des évaluations individuelles, de A à C dans l’exclusion des secteurs controversés et de A à D dans l’exclusion des secteurs controversés liés au charbon.
Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éli- gible, l’équipe de gestion du portefeuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories.
Jusqu’à 15 % de l’actif net du fonds maître peut être investi dans des actifs ayant obtenu un
« D » dans l’évaluation de la qualité ESG. Les émetteurs ayant obtenu un « E » dans l’évalua- tion de la qualité ESG sont exclus des investisse- ments.
Jusqu’à 5 % de l’actif net du fonds maître peut être investi dans des actifs ayant obtenu un « E » dans l’évaluation des risques climatiques.
Jusqu’à 5 % de l’actif net du fonds maître peut être investi dans des actifs ayant obtenu un « E » dans l’évaluation de conformité avec les normes.
Aucun investissement ne sera effectué dans des actifs ayant obtenu un « D » ou un « E » dans l’exclusion des secteurs controversés. Les émetteurs impliqués dans l’extraction du charbon et la production d’électricité à partir du charbon ayant obtenu un « D » sont autorisés.
Les émetteurs ayant obtenu un « F » sont exclus des investissements.
Jusqu’à 25 % de l’actif net du fonds maître peut être investis dans des actifs qui ne répondent pas aux normes ESG ou qui ne sont pas notés.
Le fonds maître ne doit pas investir dans des obligations contingentes convertibles.
En complément des limites d’investissement du fonds maître décrites ci-dessus et aux fins d’une exonération fiscale partielle au sens de la Loi allemande sur la fiscalité des investissements, au moins 60 % des actifs bruts du fonds maître (déterminés comme étant la valeur des actifs du fonds indépendamment des engagements) doivent être investis en fonds propres, selon les modalités définies dans l’article 2, alinéa 8 de la Loi allemande sur la fiscalité des investisse- ments, cotés sur un commerce boursier officiel ou inclus ou admis à la négociation sur un autre marché réglementé (fonds d’actions).
Aucune garantie ne peut être donnée quant à la réalisation des objectifs de la stratégie de place- ment.

#### Utilisation des total return swaps
Des total return swaps sont conclus pour le fonds maître pour une gestion efficace du porte- feuille. En principe, l’intégralité de l’actif du fonds maître peut faire l’objet de total return swaps.
Jusqu’à 200 % de l’actif peut faire l’objet de telles transactions. La société de gestion du fonds maître prévoit que moins de 100 % des actifs du fonds maître feront l’objet de total return swaps dans les cas généraux. Cependant, il ne s’agit que d’une valeur estimée qui peut être dépassée dans des cas spécifiques. Le revenu provenant de total return swaps, après déduction des frais de transaction, échoit au fonds maître dans son intégralité. La part stipu- lée des actifs nets du fonds maître ne doit pas
être considérée comme un plafond d’investisse- ment supplémentaire pour celui-ci.
- Accords spéciauxLa société de gestion du fonds nourricier et la société de gestion du fonds maître ont conclu une convention de partage de l’information conformé- ment à la Loi de 2010. Elle détermine, entre autres, les documents et les catégories d’informa- tions à être couramment partagées entre la société de gestion et la société de gestion du fonds maître, les informations qui seront trans- mises par la société de gestion du fonds maître à la société de gestion, en cas de manquement par le fonds maître à l’une de ses obligations légales ou contractuelles, à la transmission des ordres de souscription et de rachat et à la suspension des souscriptions et rachats.

Les actionnaires peuvent obtenir des informa- tions complémentaires sur le fonds maître et la convention de partage de l’information gratuite- ment et sur demande auprès du siège social de la société d’investissement.
L’agence dépositaire du fonds nourricier et l’agence dépositaire du fonds maître ont conclu une convention de partage de l’information conformément à la Loi de 2010. Elle détermine, entre autres, les documents et les catégories d’informations à être couramment partagées entre les deux agences dépositaires et celles qui doivent être disponibles sur demande, les moda- lités et l’échéancier de la transmission, la coordi- nation de l’implication de chaque agence déposi- taire dans les questions opérationnelles compte tenu de leurs fonctions et en vertu de leur légis- lation nationale, la coordination des procédures de fin d’exercice, les infractions à signaler com- mises par le fonds maître, la procédure à des fins de couverture et afin d’atteindre l’objectif d’investissement, des demandes ponctuelles d’assistance et des évènements particuliers occasionnels à signaler ponctuellement.
Les réviseurs d’entreprises du fonds nourricier et du fonds maître ont conclu une convention de partage de l’information conformément à la Loi de 2010. Elle détermine, entre autres, les docu- ments et les catégories d’informations à être couramment partagées entre les réviseurs d’entreprises et celles qui doivent être dispo- nibles sur demande, les modalités et l’échéan- cier de la transmission des informations, la coordination de l’implication de chaque réviseur d’entreprises dans les procédures de fin d’exer- cice du fonds nourricier et du fonds maître, les irrégularités à signaler identifiées dans le fonds maître, et des arrangements types pour des demandes ponctuelles d’assistance.
- Profil de risque du fonds maîtreLa performance du fonds maître est particulière- ment déterminée par les facteurs suivants, ce qui peut donner lieu à des opportunités et à des risques :
- risque de fluctuation des actions ;
- volatilité élevée.

En outre, le fonds maître peut temporairement se concentrer plus ou moins intensivement sur des secteurs, des pays ou des segments de marché particuliers. Ceci, peut aussi donner lieu à des opportunités et des risques.
Veuillez consulter le prospectus du fonds maître pour une description plus détaillée de ces risques et des risques généraux décrits dans la section « Facteurs de risques » du prospectus du fonds maître.
- Frais et dépenses supportés par le fonds nourricier lors de l’investissement dans le fonds maîtreLes frais et dépenses des actions du fonds maître détenues dans le fonds nourricier doivent être facturés dans le fonds nourricier. Les frais facturés au fonds nourricier par la société de gestion du fonds maître comprennent :
- les frais forfaitaires du fonds maître de 0,40 %.

Les frais supplémentaires suivants peuvent également s’appliquer :
Outre les frais forfaitaires payables à la société de gestion du fonds maître, les dépenses supplé- mentaires suivantes peuvent être facturées au fonds nourricier :
- les frais liés à l’acquisition et à la vente d’actifs ;
- les taxes imposées relativement aux frais payables à la société de gestion du fonds maître, à la banque dépositaire et à des tiers, ainsi que les dépenses mentionnées ci-des- sus, y compris les taxes découlant de l’admi- nistration et de la conservation ;
- les coûts supportés par la société de gestion du fonds maître pour revendiquer et faire valoir des droits juridiques pour le compte du fonds maître, ainsi que pour contester une réclama- tion dirigée contre la société de gestion du fonds maître au détriment du fonds maître ;
- les frais engagés pour informer les investis- seurs par l’intermédiaire d’un support durable, à l’exception des frais engagés pour informer les investisseurs par l’intermédiaire d’un support durable dans le cas
	- de fusions de fonds, ainsi que
	- de mesures relatives à des erreurs comp- tables survenues lors de la détermination de la valeur liquidative par part, ou encore de violations des plafonds d’investisse- ment.


D’autres frais peuvent être engagés lors d’opéra- tions sur les prêts de titres et d’opérations de prises en pension de titres, comme :
Le fonds maître a droit aux revenus nets résul- tant d’opérations sur les prêts de titres et d’opé- rations de prises en pension de titres. La société de gestion du fonds maître peut notamment
percevoir comme commission forfaitaire, pour la mise en œuvre, la préparation et la mise en place des opérations de prêts de titres (y compris de prêts de titres synthétiques) et des opérations de prise en pension de titres, jusqu’à un tiers des revenus résultant de ces opérations pour le compte du compartiment. Cette commission peut aller jusqu’à 50 % des revenus résultant de ces opérations. Des frais supplémentaires peuvent être engagés lors d’opérations sur les prêts de titres et d’opérations de prises en pension de titres, comme :
- les frais de banque dépositaire ;
- les droits de garde conformément aux pra- tiques bancaires normales (y compris, le cas échéant, les frais normaux engagés pour la conservation de titres étrangers à l’étranger) ; et
- les frais payables aux fournisseurs de services externes mandatés par la société de gestion du fonds maître pour mener les opérations (veuillez également consulter la section consacrée aux opérations sur les prêts de titres et opérations de prises en pension de titres plus haut dans le présent prospectus de vente).

Ces frais de transaction supplémentaires sont supportés par la société de gestion du fonds maître.
D’autres frais et dépenses à régler au niveau du fonds maître sont décrits dans le prospectus et dans les modalités et conditions d’investisse- ment du fonds maître.
La société de gestion du fonds maître n’a pas le droit d’imposer des droits d’entrée ni des frais de rachat au moment de l’acquisition ou du rachat des actions du fonds maître. Les rapports annuels et semestriels comporteront la rémunération facturée au fonds nourricier comme les frais forfaitaires pour les actions du fonds maître par la société de gestion concernée. En outre, le rapport annuel comporte une explication des frais asso- ciés déduits du fonds nourricier et du fonds maître.
Outre les frais engagés suite à l’investissement du fonds nourricier dans le fonds maître, les frais du fonds nourricier mentionnés dans le tableau ci-dessus seront imputables aux actionnaires.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels
(somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Performance du fonds nourricier et du fonds maître
Les performances du fonds nourricier et du fonds maître seront similaires mais non iden- tiques du fait des frais et dépenses encourus et des liquidités détenues par le fonds nourricier.

#### Incidences fiscales
Répercussions fiscales d’un investissement réalisé dans un fonds maître au niveau du fonds nourricier.
Pour un fonds nourricier luxembourgeois acqué- rant des parts ou des actions d’un fonds maître allemand, les dispositions suivantes s’appliquent :
Aucune retenue à la source n’est prélevée sur les revenus des placements au sens de l’ar- ticle 16 de la loi fiscale allemande sur les inves- tissements (distributions, montant forfaitaire anticipé (« Vorabpauschale »), plus-values sur le rachat ou la vente de parts et d’actions dans le fonds maître ) qui sont transférés du fonds maître au fonds nourricier ou qui sont attri- buables au fonds nourricier.
Le remboursement au niveau du fonds maître de tout impôt sur les sociétés lié aux revenus de participation nationaux (« inländische Beteili- gungseinnahmen ») et aux autres revenus
nationaux au sens de l’impôt limité sur le revenu, à l’exception des plus-values émanant de la vente d’actions de sociétés, est exclu pour les investisseurs du fonds nourricier.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Emerging Markets Equities
| Profils d’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et en tant que gérant secondaire DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | MSCI EM (Emerging Markets) |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg qui est aussi un jour d’ouverture du Hong Kong Stock Exchange |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des infor- mations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action incon- nue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évaluation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxem- bourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 29.3.2005 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 29.3.2005 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 29.3.2005 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 29.3.2005 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.11.2006 |
| USD FC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 20.11.2006 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD LD | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 31.8.2018 |
| LCH (P) | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.10.2018 |
| TFCH (P) | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.10.2018 |
| GBP FD50 | GBP | 0 % | 0,5 % maximum | 0 % | 0,05 % | 30.8.2019 |
| USD FD50 | USD | 0 % | 0,5 % maximum | 0 % | 0,05 % | 30.8.2019 |
| GBP TFD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 13.3.2020 |

| Ajustement de dilution (supporté par l’actionnaire)** | PFC : Un ajustement de dilution d’un maximum de 3 %, calculé sur la base du prix de rachat brut, pourra être facturé. Veuillez consulter la Partie Générale pour plus de détails. |
| --- | --- |
| Frais de courtage (supportés par l’actif du compartiment) | PFC : Un maximum de 3 % pour le compte du distributeur. Veuillez consulter la Partie Générale pour plus de détails. |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Emerging Markets Equities.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest ESG Emerging Markets Equities a pour objectif d’obtenir un rendement supérieur à la moyenne.
Le compartiment investit au moins 70 % de son actif dans des actions de sociétés immatriculées dans des pays émergents ou exerçant leur activité de façon prépondérante dans des pays émer- gents, ou, s’il s’agit de holdings, détenant essen- tiellement des participations dans des sociétés immatriculées dans des pays émergents. Les valeurs mobilières émises par ces sociétés peuvent être cotées sur des Bourses chinoises (notamment Shenzhen-Hong Kong et Shan-
ghai-Hong Kong Stock Connect) ou d’autres Bourses étrangères, ou être négociées sur d’autres marchés réglementés reconnus, ouverts au public et fonctionnant de manière régulière dans un État membre de l’Organisation de coopé- ration et de développement économiques (OCDE).
Une société est considérée comme exerçant son activité de façon prépondérante dans des pays émergents si une part significative de son chiffre d’affaires ou de son bénéfice provient de son activité dans ces pays.
Sont considérés comme marchés émergents les pays figurant dans l’indice MSCI Emerging Markets ou dans la base de données Standard & Poor’s Emerging Markets Database (EMDB). En outre, les pays indiqués à revenu faible ou moyen (y compris les revenus moyen inférieur et moyen supérieur) par la Banque mondiale seront considérés comme des pays émergents même s’ils ne figurent ni dans l’indice MSCI Emerging Markets ni dans la base de données EMDB ; cependant, ils ne doivent pas être inclus dans l’indice MSCI World.
Actuellement, les pays émergents les plus importants pour le compartiment sont situés principalement, mais pas exclusivement, en Asie, en Europe de l’Est et en Amérique du Sud et comprennent, entre autres, l’Afrique du Sud, le Brésil, la Chine, la Corée, l’Inde, l’Indonésie, la Malaisie, le Mexique, la Russie, Taïwan, la Thaï- lande et la Turquie.
Si l’on réalise des investissements dans des pays ne disposant pas de marchés financiers régle- mentés, ces titres sont considérés comme des instruments financiers non cotés.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour atteindre l’objectif d’investisse- ment et mettre en œuvre la stratégie d’investis- sement, ce qui comprend notamment, sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options ou des swaps d’actions.
Les placements dans les valeurs mobilières susmentionnées peuvent aussi s’effectuer via des Global Depository Receipts (GDR) ainsi que via des American Depository Receipts (ADR) admis à la cote de Bourses et de marchés recon- nus, émis par des établissements financiers internationaux.
Le fonds peut investir plus de 10 % de l’actif net du compartiment dans des valeurs mobilières négociées sur le MICEX-RTS.
Un maximum de 30 % des actifs du comparti- ment peut être investi dans des actions, certifi- cats d’actions, titres participatifs et bons de jouissance, obligations convertibles et warrants sur actions d’émetteurs ne répondant pas aux exigences des paragraphes précédents.
Le compartiment peut investir jusqu’à 30 % de son actif dans des dépôts à court terme, des titres du marché monétaire et des avoirs ban- caires. Par dérogation au plafond d’investisse- ment de 10 % stipulé à l’article 2, para-
graphe B., lettre i), pour les placements dans des parts d’autres Organismes de Placement Collectif en Valeurs Mobilières et / ou d’autres organismes de placement collectif tels que définis au paragraphe A., lettre e), le présent compartiment sera soumis à un plafond d’inves- tissement de 5 %.
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de
classe B, des obligations et d’autres titres cotés et négociés en Chine continentale.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur
une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
DWS Climate Risk Assessment
La catégorie DWS Climate Risk Assessment évalue les émetteurs par rapport au changement climatique et aux changements environnemen- taux, par exemple en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus en tant qu’investissement. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
DWS Norm Assessment
La catégorie DWS Norm Assessment évalue le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail et des normes et prin- cipes internationaux largement acceptés. Elle examine, par exemple, les violations des droits de l’homme, les violations des droits des travail- leurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs présentant les problèmes de respect des normes les plus graves (c’est-à-dire un score « F ») sont exclus en tant qu’investissement. Les émetteurs res- ponsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou exces- sives à l’égard de la gouvernance (c’est-à-dire un score « E » ou « F ») sont exclus des investisse- ments.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive
(c’est-à-dire un score « D », « E » ou « F ») sont exclus des investissements.
À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouver- nance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de conformité avec les normes de qualité
ESG (hors évaluation des souverains) décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’inves- tissement ESG, son intégration dans le proces- sus d’investissement, la description des scores A à F dans les différentes catégories d’évalua- tion ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/ esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Les restrictions d’investissement suivantes s’appliquent au compartiment en raison d’un éventuel enregistrement en Corée :
Le compartiment doit investir plus de 70 % de son actif net dans des valeurs mobilières libel- lées dans une devise autre que le won coréen.
En outre, les actifs du compartiment peuvent être placés dans tous les autres instruments autorisés spécifiés à l’article 2 de la Partie Géné- rale du prospectus de vente, y compris ceux mentionnés au paragraphe A., lettre j), dudit article.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code
allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatil) et le positionnement réel par rapport à l’indice de référence.

#### Risques particuliers
Les Bourses et les marchés des pays émergents sont soumis à d’importantes fluctuations. Les opportunités offertes par un placement sont donc contrebalancées par des risques élevés.
Des bouleversements politiques, des restrictions de change, un contrôle boursier, des taxes, des limitations relatives aux investissements et aux
rapatriements de capitaux étrangers, etc. peuvent aussi avoir des répercussions sur la performance de l’investissement.
Des informations détaillées relatives au risque de dépositaire et d’enregistrement en Russie sont fournies dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Emerging Markets Top Dividend
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | MSCI EM (Emerging Markets) en EUR |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 14.1.2008 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 14.1.2008 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 14.1.2008 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.7.2008 |
| USD FC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.9.2008 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| PFD | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| ND | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 28.4.2017 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFD | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |

*  Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
**  La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Emerging Markets Top Dividend.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le sec- teur des services financiers.
La politique de placement du compartiment DWS Invest ESG Emerging Markets Top Dividend a pour objectif de réaliser une plus-value supérieure à la moyenne du capital en euro.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Le compartiment peut investir dans des actions, des titres portant intérêt, des obligations conver- tibles, des obligations à warrant, des bons de jouissance, des certificats sur indices et des instruments financiers matérialisés par des titres d’émetteurs bien établis basés dans les pays émergents.
Après déduction des liquidités, le compartiment doit investir au moins 70 % de son actif dans des actions d’entreprises immatriculées dans des pays émergents ou exerçant leur activité de façon prépondérante dans des pays émergents, ou, s’il s’agit de holdings, détenant essentielle- ment des participations dans des sociétés immatriculées dans des pays émergents, pou- vant être susceptibles de dégager un taux de rendement supérieur à la moyenne. Sont consi- dérés comme marchés émergents les pays figurant dans l’indice MSCI Emerging Markets ou dans la base de données Standard & Poor’s Emerging Markets Database (EMDB). En outre, les pays indiqués à revenu faible ou moyen (y compris les revenus moyen inférieur et moyen supérieur) par la Banque mondiale seront consi- dérés comme des pays émergents même s’ils ne figurent ni dans l’indice MSCI Emerging Markets ni dans la base de données EMDB ; cependant, ils ne doivent pas être inclus dans l’indice MSCI World.
Les critères suivants sont décisifs pour la sélec- tion des actions : taux de rendement supérieur à la moyenne du marché, constance du taux de rendement et de la croissance, croissance passée et future des bénéfices, ratio cours / bénéfice attractif. En plus de ces critères, le gérant de portefeuille applique un processus éprouvé de sélection de valeurs (stock-picking). En d’autres termes, il analyse les fondamentaux d’une entre- prise (par ex. qualité des bilans, capacités de gestion, rentabilité, position concurrentielle et notation) et en tient compte lors de la prise de décision. Ces critères et ces fondamentaux peuvent recevoir des pondérations différentes et ne sont pas nécessairement tous présents en même temps.
Après déduction des liquidités, l’actif du com- partiment peut être investi jusqu’à 30 % dans des actions, d’autres titres de participation et instruments de fonds propres non titrisés qui ne satisfont pas aux critères du paragraphe précé- dent, ainsi que dans tous les autres actifs autori- sés mentionnés à l’article 2 de la Partie Générale du prospectus de vente.
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négociés en Chine continentale.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce comparti- ment cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classification définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des fac- teurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les décisions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement
climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou excessives à l’égard de la gouvernance (c’est-à-dire un score
« E » ou « F ») sont exclus des investissements.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouver- nance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de conformité avec les normes de qualité ESG (hors évaluation des souverains) décrits ci-des- sus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la
structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui nesont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Equity Income
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | MSCI World High Dividend Yield TR net |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 7 7, 2017 |
| FD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 7 7, 2017 |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 7 7, 2017 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 7 7, 2017 |
| XC | EUR | 0 % | 0,35 % maximum | 0 % | 0,05 % | 7 7, 2017 |
| XD | EUR | 0 % | 0,35 % maximum | 0 % | 0,05 % | 7 7, 2017 |
| LCH (P) | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 29.1.2018 |
| NC | EUR | 3 % maximum | 2 % maximum | 0 % | 0,05 % | 29.1.2018 |
| NCH (P) | EUR | 3 % maximum | 2 % maximum | 0 % | 0,05 % | 15.2.2018 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 15.2.2018 |
| PFCH (P) | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 15.2.2018 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2018 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2018 |
| WFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 30.5.2018 |
| GBP D RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.6.2018 |
| USD FCH (P) | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2019 |
| USD LCH (P) | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 15.2.2019 |
| TFCH (P) | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.5.2019 |
| USD IC | USD | 0 % | 0,5 % maximum | 0 % | 0,01 % | 31.7.2019 |
| IC | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 30.9.2019 |
| ID | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 30.9.2019 |
| ND | EUR | 3 % maximum | 2 % maximum | 0 % | 0,05 % | 7.2.2020 |
| PFD | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 7.2.2020 |
| CHF LCH (P) | CHF | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 30.9.2020 |
| CHF LDH (P) | CHF | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 30.9.2020 |
| ID100 | EUR | 0 % | 0,25 % maximum | 0 % | 0,01 % | 30.10.2020 |
| CHF TFCH (P) | CHF | 0 % | 0,75 % maximum | 0 % | 0,05 % | 16.8.2021 |

*  Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Equity Income.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest ESG Equity Income a pour objectif d’obtenir un rendement supérieur à la moyenne.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Au moins 70 % de l’actif du compartiment sont investis en actions d’émetteurs internationaux, susceptibles de dégager un taux de rendement supérieur à la moyenne.
Les critères suivants sont décisifs pour la sélec- tion des actions : taux de rendement supérieur à la moyenne du marché, constance du taux de rendement et de la croissance, croissance passée et future des bénéfices, ratio cours / bénéfice.
En plus de ces critères, le gérant de portefeuille applique un processus éprouvé de sélection de valeurs (stock-picking). En d’autres termes, il analyse les données fondamentales d’une entre- prise (par exemple, la qualité des bilans, les capacités de gestion, la rentabilité, la position concurrentielle et la notation).
Ces critères peuvent recevoir des pondérations différentes et ne sont pas nécessairement tous présents en même temps.
Conformément à l’article 2, paragraphe B. de la Partie Générale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’inves- tissement, ce qui comprend notamment des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Dans ce contexte, le compartiment pourrait constituer des positions anticipant une baisse des cours des actions et des niveaux des indices.
Conformément à l’interdiction stipulée à l’ar- ticle 2, paragraphe F., de la Partie Générale du prospectus de vente, la vente à découvert de titres n’est pas autorisée.
Des positions courtes sont constituées à l’aide d’instruments dérivés titrisés et non titrisés.
Les placements dans les valeurs mobilières susmentionnées peuvent aussi s’effectuer via des Global Depository Receipts (GDR) admis à la cote de Bourses et de marchés reconnus, ainsi
que via des American Depository Receipts (ADR) émis par des établissements financiers interna- tionaux.
Un maximum de 30 % de l’actif du comparti- ment peut être investi dans des instruments ne satisfaisant pas aux critères ci-dessus.
Le compartiment peut investir jusqu’à 30 % de son actif dans des titres du marché monétaire et des avoirs bancaires.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, les actifs du compartiment peuvent être investis dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mentionnés au paragraphe A., lettre j), dudit article.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories.
Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émetteurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à-dire un
score « E » ou « F ») sont exclus des investisse- ments.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou exces- sives à l’égard de la gouvernance (c’est-à-dire un score « E » ou « F ») sont exclus des investisse- ments.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouvernance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de confor- mité avec les normes de qualité ESG (hors évalua- tion des souverains) décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques envi- ronnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur www.msci.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’inves- tissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du compartiment sans prise en compte de ses engagements) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investisse- ment, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distribu- tions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles pro- cèdent à des distributions, à moins que ces distributions soient soumises à l’imposition à hauteur de 15 % minimum et que le comparti- ment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou(ii) qui ne sont pas des sociétés immobilières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique euro- péen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exoné- rées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % mini- mum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et confor- mément à la définition donnée par le code alle- mand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipulation contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Euro Bonds (Short)
| Profil de l’investisseur | Orienté sur le rendement |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | iBoxx Euro overall 1-3Y, administré par IHS Markit Benchmark Administration Limited. |
| Portefeuille de référence (indice de référence des risques) | (VaR absolue) |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évaluation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 7,5 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 3.6.2002 |
| LD | EUR | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 3.6.2002 |
| NC | EUR | 1,5 % maximum | 1,1 % maximum | 0,1 % | 0,05 % | 3.6.2002 |
| FC | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 3.6.2002 |
| PFC | EUR | 0 % | 0,3 % maximum | 0 % | 0,05 % | 26.5.2014 |
| PFDQ | EUR | 0 % | 0,3 % maximum | 0 % | 0,05 % | 26.5.2014 |
| SEK LCH | SEK | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 14.1.2016 |
| NDQ | EUR | 1,5 % maximum | 0,6 % maximum | 0,1 % | 0,05 % | 28.4.2017 |
| TFC | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 5.12.2017 |
| IC100 | EUR | 0 %*** | 0,15 % maximum | 0 % | 0,01 % | 15.5.2018 |

*  Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
**  La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
*** À la différence de l’article 1 de la Partie Générale, la classe d’actions IC100 n’est pas exclusivement proposée sous la forme d’actions nominatives.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Euro Bonds (Short).

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest ESG Euro Bonds (Short) a pour objectif de générer un rendement supérieur à la moyenne pour le compartiment. Le compartiment peut acquérir des titres portant intérêt, des obligations conver- tibles et des obligations à warrant, des titres participatifs et bons de jouissance, des actions et des warrants sur actions.
Au moins 70 % de l’actif du compartiment sont investis dans des titres portant intérêt libellés en euro. Au moins 70 % de l’actif du compartiment sont négociés sur des Bourses ou sur d’autres
marchés réglementés, reconnus, ouverts au public et en fonctionnement régulier dans un État membre de l’Organisation de coopération et de développement économiques (OCDE). En outre, au moins 70 % des actifs du compartiment avec des titres doivent avoir des échéances classées à court terme. « Court terme » se réfère à un terme d’échéance pour des investissements notés entre zéro et trois ans.
Les obligations convertibles et les obligations à warrant ne peuvent constituer plus de 25 % de l’actif du compartiment ; les titres participatifs et
bons de jouissance, les actions et les warrants sur actions ne peuvent constituer plus de 10 %.
Un maximum de 30 % de la totalité de l’actif du compartiment peut être investi dans des titres de créance ou d’autres titres d’autres pays ne satisfaisant pas aux critères ci-dessus.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
De plus, l’actif du compartiment peut être investi dans tous les autres actifs autorisés.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou
excessives à l’égard de la gouvernance (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouvernance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de confor- mité avec les normes de qualité ESG (hors évalua- tion des souverains) décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environne- mentales et sociales promues par ce comparti- ment. Des informations sur l’indice de référence sont disponibles sur www.ihsmarkit.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus
d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) absolue est utilisée pour limiter le risque de marché pour les actifs du compartiment.
Compte tenu de la limitation de l’exposition globale du compartiment avec l’approche de value-at-risk (VaR) absolue, il se peut que le profil de risque du compartiment diffère significative- ment du profil de risque de l’indice de référence de performance.
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Euro Corporate Bonds
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | iBoxx EUR Corporates, administré par IHS Markit Benchmark Administration Limited |
| Portefeuille de référence (indice de référence des risques) | iBoxx EUR Corporates |
| Effet de levier | Cinq fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 15.7.2019 |
| LC | EUR | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 15.7.2019 |
| TFC | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 15.7.2019 |
| XC | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 15.7.2019 |
| IC100 | EUR | 0 % | 0,2 % maximum | 0 % | 0,01 % | 15.10.2020 |

*  Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion, ce compartiment présente une volatilité sensiblement plus élevée, c’est- à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Euro Corporate Bonds.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest ESG Euro Corporate Bonds a pour objectif de générer un rendement supérieur à la moyenne pour le compartiment.
Le compartiment peut acquérir des titres por- tant intérêt libellés en euro à taux fixe et / ou à taux variable, des obligations convertibles et des obligations à warrant, des titres participatifs
et bons de jouissance, des actions et des warrants sur actions. Au moins 70 % de l’actif du compartiment sont investis dans des obliga- tions d’entreprise libellées en euro offrant des rendements supérieurs à ceux des obligations d’État comparables ; les investissements sont volontairement concentrés pratiquement exclu- sivement sur les émetteurs dont la solvabilité est considérée par le marché comme relative- ment bonne mais pas de premier ordre (invest- ment grade bonds). La société d’investissement achètera, pour le compartiment, uniquement les titres pour lesquels, après une analyse appro- priée, elle pourra estimer que les obligations de remboursement du capital et des intérêts seront respectées. Toutefois, le risque d’une perte totale de la valeur de certains titres acquis pour le compartiment ne peut être totalement exclu. Afin de prendre en compte les risques résiduels, il convient de répartir les investisse- ments parmi les émetteurs.
Si une plus-value est attendue sur la base des modifications de notation, les actifs du comparti- ment peuvent alors comporter des obligations à rendement élevé, mais uniquement de manière limitée.
Le compartiment peut également conclure des credit default swaps. Ces produits peuvent non seulement être employés comme instruments de couverture de l’actif du compartiment, mais également comme éléments de la stratégie de placement.
Les obligations convertibles et les obligations à warrant ne peuvent constituer plus de 25 % de l’actif du compartiment ; les titres participatifs et bons de jouissance, les actions et les warrants sur actions ne peuvent constituer plus de 10 %.
Les investissements du compartiment en titres adossés à des actifs (asset backed securities) et en obligations hypothécaires (mortgage backed
securities) seront limités à 20 % de la valeur de l’actif du compartiment.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B. de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appro- priés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-star- ting swaps, des inflation swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le comparti- ment peut faire appel à des instruments finan- ciers dérivés pour optimiser son objectif d’inves- tissement.
Ces dérivés peuvent uniquement être utilisés conformément à la politique de placement et à l’objectif d’investissement de DWS Invest ESG Euro Corporate Bonds. La performance du compartiment dépend donc, outre d’autres facteurs, de la proportion d’instruments dérivés (swaps, par exemple) dans l’actif total du com- partiment.
Pour mettre en œuvre la politique de placement et atteindre l’objectif d’investissement, ces instruments dérivés seront acquis avec une notation minimale BBB3 (Moody’s) / BBB- (S&P, Fitch) des organismes financiers spécialisés dans ce type de transaction. Ces contrats de gré à gré sont des contrats normalisés.
Il est important de noter le risque de contrepartie associé aux opérations de gré à gré. Le risque de contrepartie du compartiment résultant de l’utilisa- tion de total return swaps sera totalement garanti. L’utilisation de swaps peut entraîner d’autres risques spécifiques qui sont expliqués dans les remarques générales sur les risques.
Le compartiment peut être investi, en totalité ou en partie, dans une ou plusieurs opérations de gré à gré négociées auprès d’une contrepartie, aux conditions habituelles du marché. Le com- partiment peut ainsi être investi, en totalité ou en partie, dans une ou plusieurs opérations.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou exces- sives à l’égard de la gouvernance (c’est-à-dire un score « E » ou « F ») sont exclus des investisse- ments.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine controversé (« secteurs controversés »). Les secteurs controversés sont définis, par
exemple, comme le secteur des armes, l’arme- ment, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres sec- teurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la pro- duction d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouver- nance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de conformité avec les normes de qualité
ESG (hors évaluation des souverains) décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environne- mentales et sociales promues par ce comparti- ment. Des informations sur l’indice de référence sont disponibles sur www.ihsmarkit.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investis- sement ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différents critères de sélection de catégories d’évaluation ainsi que dans nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
En outre, l’actif du compartiment peut être investi dans tous les autres éléments d’actifs autorisés spécifiés à l’article 2 de la Partie Géné- rale du prospectus de vente, y compris ceux mentionnés dans l’article 2, paragraphe A., lettre j).
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Risques particuliers
Le compartiment acquiert volontairement les titres d’émetteurs dont la solvabilité est considé- rée par le marché comme relativement bonne mais pas de premier ordre (investment grade bonds). Les opportunités résultant des taux d’intérêt plus élevés par rapport aux obligations d’État sont ainsi contrebalancées par des risques
correspondants. Malgré un examen attentif des conditions économiques et financières et des capacités de bénéfices des émetteurs, le risque d’une perte totale de la valeur de certains titres acquis pour le compartiment ne peut être totale- ment exclu.
Les opportunités offertes par un placement de ce type sont donc contrebalancées par des risques significatifs.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
Contrairement aux dispositions de la Partie Générale du prospectus de vente, il est prévu en raison de la stratégie d’investissement du compartiment que l’effet de levier résultant du recours à des dérivés ne dépasse pas cinq fois la valeur de l’actif du compartiment. L’effet de
levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Euro High Yield
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | Bank of America, indice Merrill Lynch Euro High Yield BB-B Constrained, administré par Merrill Lynch International |
| Portefeuille de référence (indice de référence des risques) | Bank of America, indice Merrill Lynch Euro High Yield BB-B Constrained |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action incon- nue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évaluation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxem- bourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 14.2.2020 |
| FD | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 14.2.2020 |
| LC | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 14.2.2020 |
| LD | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 14.2.2020 |
| TFC | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 14.2.2020 |
| TFD | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 14.2.2020 |
| XC | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 14.2.2020 |
| XD | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 14.2.2020 |
| IC | EUR | 0 % | 0,45 % maximum | 0 % | 0,01 % | 15.11.2021 |
| IC50 | EUR | 0 % | 0,35 % maximum | 0 % | 0,01 % | 15.11.2021 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Euro High Yield.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest ESG Euro High Yield a pour objectif de générer un rendement supérieur à la moyenne pour le compartiment.
Au moins 70 % de la valeur de l’actif du comparti- ment sont investis, au niveau mondial, dans des obligations d’entreprise (y compris financières) qui ne bénéficient pas du statut de premier ordre (investment grade bonds) au moment de leur acquisition. Les obligations qui ne bénéficient pas du statut de premier ordre englobent les obliga- tions BB+ et de notation inférieure, y compris les obligations de notation D et les obligations non notées. En cas de notation fractionnée impliquant trois agences de notation, la deuxième meilleure notation sera prise en compte. Si un titre est noté par seulement deux agences, la notation la plus basse sera utilisée pour la classification. Si un titre fait l’objet d’une seule notation, cette notation unique sera utilisée. S’il n’existe aucune notation officielle, une notation interne sera appliquée conformément aux règles internes DWS.
Un maximum de 30 % de l’actif du comparti- ment peut être investi dans des obligations d’entreprise ne satisfaisant pas aux critères ci-dessus.
Le gérant du compartiment a pour objectif de couvrir le portefeuille contre tout risque de change vis-à-vis de l’euro.
En temps voulu dans le cadre d’une restructura- tion d’instruments à revenu fixe détenus par le compartiment, le gérant du compartiment peut également investir jusqu’à concurrence de 10 % au maximum de l’actif du compartiment dans des actions cotées ou non cotées. Le gérant du compartiment peut également participer aux augmentations de capital ou autres opérations sur titres (par exemple pour les obligations
convertibles ou à warrant) qui entrent dans le cadre d’une restructuration ou sont effectuées après une restructuration.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B. de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appropriés.
Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normali- sés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-starting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
De plus, l’actif du compartiment peut être investi dans tous les autres actifs autorisés.
Dans des situations de marché extrêmes, le gérant du portefeuille peut modifier la stratégie d’investissement ci-dessus pour éviter une crise de liquidité. Jusqu’à 100 % de l’actif du compar- timent peuvent être temporairement investis dans des titres portant intérêt et des titres du marché monétaire autorisés par la direc-
tive 2009/65/CE du Parlement européen et du Conseil du 13 juillet 2009 portant coordination des dispositions législatives, réglementaires et administratives concernant certains Organismes de Placement Collectif en Valeurs Mobilières (OPCVM).
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur
une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’in- vestir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou exces- sives à l’égard de la gouvernance (c’est-à-dire un score « E » ou « F ») sont exclus des investisse- ments.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 25 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus
des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouvernance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de confor- mité avec les normes de qualité ESG (hors évalua- tion des souverains) décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environne- mentales et sociales promues par ce comparti- ment. Des informations sur l’indice de référence sont disponibles sur www.theice.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit
dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille).
L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au comparti- ment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG European Small/Mid Cap
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Type d’actions | Actions nominatives ou actions au porteur matérialisées par un certificat global |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | 50 % STOXX Europe Mid 200 Net et 50 % STOXX Europe Small 200 Net |
| Effet de levier | Jusqu’à deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Plafond de charges | 15 % de la commission de la société de gestion |
| Fractions d’actions | Jusqu’à trois décimales |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.10.2018 |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.10.2018 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.10.2018 |
| XC | EUR | 0 % | 0,35 % maximum | 0 % | 0,05 % | 1.10.2018 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2019 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2019 |
| NC | EUR | 3 % maximum | 2 % maximum | 0 % | 0,05 % | 15.7.2021 |
| ID | EUR | 0 % | 0,65 % maximum | 0 % | 0,01 % | 24.8.2021 |
| USD LCH | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 24.8.2021 |

*  Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG European Small/Mid Cap.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif d’investissement du compartiment est de réaliser la plus-value la plus importante pos- sible du capital en euro avec le versement d’un dividende annuel raisonnable.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Au moins 80 % de l’actif du compartiment sont investis dans des actions.
Au moins 51 % de l’actif du compartiment seront investis en actions issues de petits et moyens émetteurs européens (mid caps et small caps).
On entend par émetteurs européens les socié- tés ayant soit leur siège dans un État membre de l’Union européenne, au Royaume-Uni, soit dans un autre État signataire de l’accord sur l’Espace économique européen ou négociées sur un autre marché réglementé dans l’un de
ces États susmentionnés. Les petites et moyennes entreprises telles que définies
ci-dessus sont des entreprises comprises dans un indice de marché pour petites et moyennes entreprises (par exemple, les indices 50 % STOXX Europe Mid 200 Net et 50 % STOXX Europe Small 200 Net) ou présentant une capitalisation boursière comparable.
Un maximum de 20 % de l’actif du comparti- ment peut être investi dans des actions ne satisfaisant pas aux critères ci-dessus.
Tous les titres pris en pension portant la dénomi- nation spécifiée dans les paragraphes précé- dents seront imputés aux plafonds
d’investissement spécifiés à l’article 2, para- graphe B. de la Partie Générale du prospectus de vente.
Le compartiment peut investir jusqu’à 20 % de son actif dans des titres portant intérêt. Les obligations convertibles et obligations à warrant ne constituent pas des titres portant intérêt comme indiqué dans la phrase 1.
Les dérivés liés aux titres portant intérêt et n’étant pas destinés à des fins de couverture seront imputés au plafond d’investissement applicable aux titres portant intérêt.
Le compartiment peut investir jusqu’à 20 % de son actif dans des titres du marché monétaire. Les titres du marché monétaire pris en pension seront imputés aux plafonds d’investissement spécifiés à l’article 2, paragraphe B. de la Partie Générale du prospectus de vente.
Un maximum de 20 % de l’actif du comparti- ment peut être détenu dans des avoirs ban- caires.
Un maximum de 10 % de l’actif du comparti- ment peut être placé dans toutes les parts de fonds communs de placement autorisées, conformément à l’article 2, paragraphe B.,
lettre i). La portion dépassant 5 % de la valeur de l’actif du compartiment peut uniquement être constituée d’unités de fonds du marché moné- taire.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres
traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou excessives à l’égard de la gouvernance (c’est-à-dire un score
« E » ou « F ») sont exclus des investissements.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouvernance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de confor- mité avec les normes de qualité ESG (hors évalua- tion des souverains) décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 80 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur le revenu à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises àl’imposition à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Floating Rate Notes
| Profil de l’investisseur | Orienté sur la sécurité |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | (VaR absolue) |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg et à Francfort-sur-le-Main |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative par part du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée deux jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée deux jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 7,5 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,105 % maximum | 0 % | 0,05 % | 5.4.2019 |
| GBP ICH | GBP | 0 % | 0,087 % maximum | 0 % | 0,01 % | 5.4.2019 |
| IC | EUR | 0 % | 0,087 % maximum | 0 % | 0,01 % | 5.4.2019 |
| LC | EUR | 1 % maximum | 0,175 % maximum | 0 % | 0,05 % | 5.4.2019 |
| TFC | EUR | 0 % | 0,105 % maximum | 0 % | 0,05 % | 5.4.2019 |
| USD ICH | USD | 0 % | 0,087 % maximum | 0 % | 0,01 % | 5.4.2019 |
| USD TFCH | USD | 0 % | 0,105 % maximum | 0 % | 0,05 % | 5.4.2019 |
| CHF TFCH | CHF | 0 % | 0,105 % maximum | 0 % | 0,05 % | 28.6.2019 |
| CHF RCH | CHF | 0 % | 0,07 % maximum | 0 % | 0,05 % | 31.10.2019 |
| GBP CH RD | GBP | 0 % | 0,105 % maximum | 0 % | 0,05 % | 15.11.2019 |
| GBP LCH | GBP | 1 % maximum | 0,175 % maximum | 0 % | 0,05 % | 15.11.2019 |
| USD LCH | USD | 1 % maximum | 0,175 % maximum | 0 % | 0,05 % | 15.11.2019 |
| CHF ICH | CHF | 0 % | 0,087 % maximum | 0 % | 0,01 % | 20.1.2020 |
| LD | EUR | 1 % maximum | 0,175 % maximum | 0 % | 0,05 % | 30.6.2020 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
Pour le compartiment DWS Invest ESG Floating Rate Notes, les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le sec- teur des services financiers.
La politique de placement du compartiment DWS Invest ESG Floating Rate Notes a pour objectif de générer un rendement en euro. Au moins 70 % de l’actif du compartiment devront être investis, au niveau mondial, dans des obligations à taux variable. En outre, l’actif du compartiment peut
être investi dans des obligations convertibles ou en obligations à taux fixe négociées sur des marchés de change ou d’autres marchés régle- mentés reconnus, ouverts au public et en fonc- tionnement régulier dans un État membre de l’Organisation de coopération et de développe- ment économiques (OCDE), du G20, de l’Union européenne ou à Singapour.
Les titres du marché monétaire, tels que les billets de trésorerie, les certificats de dépôt et les dépôts à terme, ne doivent pas nécessaire- ment être admis à la négociation sur un com- merce boursier ou inclus sur un marché régle- menté.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Au moins 10 % de l’actif du compartiment doivent être investis dans des actifs dont l’échéance résiduelle dépasse 24 mois.
Un maximum de 10 % de l’actif du comparti- ment peut être investi dans des titres adossés à des actifs / à des crédits hypothécaires et des obligations adossées à des actifs. Ces place- ments doivent bénéficier d’une notation de premier ordre. Un instrument de placement est classifié comme étant de premier ordre si la notation la plus basse accordée par les trois agences de notation (S&P, Moody’s et Fitch) est classifiée comme étant de premier ordre. Si la notation du placement est révisée à la baisse
au-dessous de Baa3 (notation de Moody’s) ou de BBB- (notation de S&P et Fitch), le titre doit être vendu sous six mois.
Jusqu’à 5 % de l’actif du compartiment peuvent être investis dans des titres qui ne bénéficient pas d’une notation de premier ordre au moment de leur acquisition.
Si les trois agences de notation accordent des notations différentes, la plus basse doit être appliquée. S’il n’existe aucune notation officielle, une notation interne sera appliquée conformé- ment aux règles internes DWS.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou
excessives à l’égard de la gouvernance (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouver- nance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de conformité avec les normes de qualité
ESG (hors évaluation des souverains) décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
En outre, les actifs du compartiment peuvent être placés dans tous les autres instruments autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mentionnés au paragraphe A., lettre (j) dudit article.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) absolue est utilisée pour limiter le risque de marché pour les actifs du fonds.
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. Cepen- dant, l’effet de levier attendu ne doit pas être considéré comme une limite de risque supplé- mentaire au fonds.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Multi Asset Income
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | Indice MSCI AC World (55 %), indice Barclays U.S. High Yield 2% Issuer Cap couvert en EUR (35 %), JP Morgan GBI EM Global Composite (10 %) |
| Effet de levier | Cinq fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Internet de la société de gestion www.dws.com. |
| Acceptation des ordres | Pour la classe d’actions LDH (P) : Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par part inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. Pour toutes les autres classes d’actions : Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évaluation sont traités sur la base de la valeur liquidative dudit jour d’évaluation. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LD | EUR | 4 % maximum | 1,2 % maximum | 0 % | 0,05 % | 4.6.2014 |
| ND | EUR | 1 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 4.6.2014 |
| LC | EUR | 4 % maximum | 1,2 % maximum | 0 % | 0,05 % | 16.3.2015 |
| NC | EUR | 1 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 16.3.2015 |
| FC | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 16.3.2015 |
| PFD | EUR | 0 % | 0,8 % maximum | 0 % | 0,05 % | 19.1.2016 |
| TFD | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| LDH (P) | EUR | 4 % maximum | 1,2 % maximum | 0 % | 0,05 % | 15.3.2018 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Multi Asset Income.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du compartiment DWS Invest ESG Multi Asset Income a pour objectif de réaliser une performance positive à moyen ou long terme, en tenant compte des opportunités et des risques des marchés finan- ciers internationaux. La priorité de placement du compartiment est généralement orientée sur des titres à revenu fixe tels que des titres portant intérêt et des actions.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Le compartiment peut investir dans des titres portant intérêt, des actions, des certificats entre autres d’actions, d’obligations, indiciels, basés sur des matières premières et métaux précieux, dans des obligations convertibles, des obligations à warrant dont le warrant sous-jacent est lié à des valeurs mobilières, des warrants sur actions, des titres participatifs et bons de jouissance, fonds d’actions, fonds obligataires et fonds monétaires, fonds de placement reproduisant la performance d’un indice, dans des produits dérivés ainsi que des titres du marché monétaire, des dépôts et des liquidités.
Le compartiment investira au maximum 75 % de son actif dans des titres portant intérêt, des obligations convertibles, des fonds obligataires, des certificats sur obligations ou des indices obligataires et des obligations à warrant.
Jusqu’à 65 % de l’actif du compartiment seront investis en actions, fonds d’actions, certificats sur actions ou indices boursiers et sur warrants sur actions.
Les investissements du compartiment en titres adossés à des actifs (asset backed securities) et en obligations hypothécaires (mortgage backed securities) seront limités à 20 % de la valeur de l’actif du compartiment.
Un maximum de 10 % de l’actif du comparti- ment peut être investi dans des fonds communs de placement.
Le compartiment peut investir au maximum 10 % de son actif dans des certificats basés sur des matières premières, des indices de matières premières, des métaux précieux et des indices de métaux précieux, ainsi que dans des fonds.
Conformément à l’article 2, paragraphe A., lettre j), un placement dans les certificats mentionnés ici
n’est autorisé que s’il s’agit de certificats 1:1 portant le statut de valeurs mobilières. Lors de l’utilisation d’indices financiers, les dispositions légales s’appliquent conformément à l’article 44, alinéa 1, de la Loi de 2010 et de l’article 9 de l’Ordonnance du Grand-Duché de Luxembourg du 8 février 2008. Le compartiment n’investit pas dans des contrats à terme sur des denrées agri- coles, par exemple le coton, le sucre, le riz et le blé, ainsi que sur toute sorte de bétail.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduction des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au
changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présentant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou exces- sives à l’égard de la gouvernance (c’est-à-dire un score « E » ou « F ») sont exclus des investisse- ments.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouver- nance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de conformité avec les normes de qualité ESG (hors évaluation des souverains) décrits ci-des- sus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être
exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appro- priés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-star- ting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
La politique de placement décrite peut aussi être mise en œuvre en recourant à des Synthetic Dynamic Underlyings (SDU).
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opéra- tions de financement sur titres dans les condi- tions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, le compartiment peut investir dans tous les autres éléments d’actifs autorisés énumérés à l’article 2 de la Partie Générale du prospectus de vente.
Aux fins d’une exonération fiscale partielle au sens de la Loi allemande sur la fiscalité des investissements et en complément des limites d’investissement décrites dans les statuts et le présent prospectus de vente (fonds mixtes), au moins 25 % des actifs bruts du compartiment (déterminés comme étant la valeur des actifs du compartiment indépendamment des engage- ments) sont investis dans des actions cotées sur un commerce boursier officiel ou incluses ou admises à la négociation sur un autre marché réglementé, et ne représentant pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investisse- ment, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distribu- tions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles pro- cèdent à des distributions, à moins que ces distributions soient soumises à l’imposition à hauteur de 15 % minimum et que le comparti- ment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou(ii) qui ne sont pas des sociétés immobilières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique euro- péen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exoné- rées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entre- prises.

Aux fins de cette politique de placement et confor- mément à la définition donnée par le code alle- mand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipulation contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.
Informations supplémentaires
Il convient de noter les éléments suivants lors de l’utilisation de total return swaps destinés à appliquer la stratégie d’investissement décrite
ci-dessus :
La proportion d’actifs nets du compartiment soumis aux total return swaps, exprimée comme la somme des notionnels des total return swaps divisée par la valeur liquidative du compartiment, est censée atteindre jusqu’à 30 %, mais en fonction des conditions de marché respectives, en tenant compte d’une gestion de portefeuille efficace et dans l’intérêt des investisseurs, elle peut atteindre jusqu’à 60 %. Le calcul est réa-
lisé conformément aux lignes directrices du CESR/10-788. L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.
Des informations complémentaires sur les total return swaps figurent, entre autres, au para- graphe « Techniques de gestion efficace du portefeuille » dans la Partie Générale du prospec- tus de vente. Le choix des contreparties à tout total return swap est soumis aux principes décrits dans le paragraphe « Choix des contre- parties » du prospectus de vente. Le rapport annuel contient des informations complémen- taires concernant les contreparties. Pour une analyse des risques spécifiques liés aux total return swaps, les investisseurs sont invités à se reporter au paragraphe « Remarques générales sur les risques » et en particulier au paragraphe
« Risques liés aux opérations sur produits déri- vés » du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché pour les actifs du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
Contrairement aux dispositions de la Partie Générale du prospectus de vente, il est prévu en raison de la stratégie d’investissement du com- partiment que l’effet de levier résultant du recours à des dérivés ne dépasse pas cinq fois la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Next Generation Infrastructure
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire RREEF America LLC, 222 S. Riverside Plaza, Floor 24, Chicago, IL 60606, États-Unis d’Amérique |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | 70 % de l’indice MSCI World Infrastructure ; 30 % de l’indice FTSE EPRA/NAREIT Developed |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative par part du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.5.2020 |
| FD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.5.2020 |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 15.5.2020 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 15.5.2020 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.5.2020 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.5.2020 |
| USD XC | USD | 0 % | 0,375 % maximum | 0 % | 0,05 % | 15.5.2020 |
| USD XD | USD | 0 % | 0,375 % maximum | 0 % | 0,05 % | 15.5.2020 |
| XC | EUR | 0 % | 0,375 % maximum | 0 % | 0,05 % | 15.5.2020 |
| XD | EUR | 0 % | 0,375 % maximum | 0 % | 0,05 % | 15.5.2020 |
| NC | EUR | 3 % maximum | 2 % maximum | 0 % | 0,05 % | 29.1.2021 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 29.1.2021 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Next Generation Infrastructure.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, ali- néa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le sec- teur des services financiers.
L’objectif d’investissement du compartiment DWS Invest ESG Next Generation Infrastructure
consiste à générer une plus-value à long terme en investissant en euro. Next Generation Infrastruc- ture est un ensemble de changements architectu- raux clés dans l’infrastructure, par exemple, les télécommunications, l’informatique et l’énergie.
Il se concentre plus précisément sur les habitudes de consommation changeantes et sur la demande émanant des nouveaux consommateurs, et s’occupe de l’évolution au sein de l’infrastructure concernant les solutions « intelligentes » basées sur les progrès technologiques (villes, maisons, bâtiments, etc. intelligents).
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Le compartiment investit essentiellement dans les actions de sociétés cotées en Bourse déte- nant, développant ou gérant des biens immobi- liers, sous réserve que ces actions sont considé- rées comme des valeurs mobilières au sens de l’article 41, alinéa 1, de la Loi de 2010, et dans des actions et autres instruments d’émetteurs du secteur des « infrastructures mondiales ».
Le compartiment peut acquérir des actions, des titres portant intérêt, des obligations conver- tibles, des obligations à warrant dont le warrant sous-jacent porte sur des titres, des warrants sur actions et des titres participatifs. De plus, l’actif du compartiment peut être investi dans
des certificats sur indices boursiers reconnus. En utilisant des indices financiers, les disposi- tions légales s’appliquent conformément à l’article 44, alinéa 1, de la Loi de 2010 et de l’article 9 de l’Ordonnance du Grand-Duché de Luxembourg du 8 février 2008.
Au moins 70 % de l’actif total du compartiment sont investis :
- dans des actions de sociétés immobilières ou de sociétés de placement immobilier, y compris des sociétés d’investissement immobilier à capital fixe (REIT) de quelque forme juridique que ce soit ;
- dans des titres semblables aux actions, tels que des titres participatifs et bons de jouis- sance de sociétés conformément à la lettre a) précédente ;
- dans des instruments financiers dérivés dont les instruments sous-jacents, directement ou indirectement, (par exemple via des indices boursiers) constituent des investissements conformément à la lettre a) ; et
- des actions, autres titres de participation et instruments de fonds propres non titrisés d’émetteurs qui n’opèrent pas principalement dans le secteur des « infrastructures mon- diales ».

Les infrastructures mondiales comprennent :
- les transports (routes, aéroports, ports mari- times, voies ferrées)
- l’énergie (transport, distribution et production du gaz et de l’électricité)
- l’eau (irrigation, eau potable, traitement des déchets)
- les communications (radiodiffusion / tours mobiles, satellites, câbles à fibre optique et câbles de cuivre)Lorsque des actifs liquides couvrent des engage- ments découlant d’instruments financiers déri- vés conformément à lettre c) ci-dessus, ces actifs liquides sont imputés sur ce plafond de70 %. Les investissements réalisés conformé- ment aux lettres a) et b) présents ne doivent pas comprendre des fonds immobiliers ouverts considérés comme des organismes de place- ment collectif par la loi luxembourgeoise.

Les entreprises spécialisées dans les infrastruc- tures selon la lettre d) fournissent un produit ou un service indispensable à un segment de la popula- tion à un moment et à des coûts donnés et conservent souvent ces caractéristiques pour une période prolongée. L’avantage compétitif et straté- gique des actifs liés à l’infrastructure est souvent protégé par d’importantes barrières à l’entrée posées par d’autres fournisseurs. Ces barrières peuvent prendre plusieurs formes différentes, y compris :
- les exigences prévues par la législation et / ou la réglementation ;
- les barrières naturelles telles que planification ou restrictions environnementales, ou disponi- bilité de pays ;
- les coûts élevés relatifs aux nouveaux déve- loppements, tels que les coûts de construc- tion de routes ;
- les concessions exclusives à long terme et les contrats conclus avec les clients ;
- les gains d’efficacité fournis par les écono- mies d’échelle, comme les réductions dans les dépenses de marketing et d’autres ser- vices.

Ces barrières d’entrée élevées ont pour effet de protéger les flux générés par ces actifs liés à l’infrastructure, du fait que les services fournis comme les parkings, les routes et les tours de communication ne peuvent généralement être fournis que par des actifs physiques relativement importants et coûteux et à proximité immédiate des clients. Il s’agit d’une différence essentielle entre l’infrastructure et les autres industries.
Après déduction des liquidités, le compartiment peut investir jusqu’à 30 % de son actif dans
- des actions et / ou titres semblables aux actions émises par des sociétés à l’échelle mondiale ne répondant pas aux exigences des lettres a), b) et d) susmentionnées ;
- des titres portant intérêt, des obligations convertibles et des obligations à warrant émis par des entreprises du secteur des infrastructures mondiales ou par des émet- teurs conformes à la lettre a) ci-dessus et qui sont libellés dans une devise librement convertible.

Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Le compartiment n’investira pas dans des ABS ni dans des MBS.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de
classification définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évaluations internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future atten- due d’un émetteur en matière d’ESG, la plausibi- lité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les décisions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou excessives à l’égard de la gouvernance (c’est-à-dire un score
« E » ou « F ») sont exclus des investissements.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication
dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouver- nance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de conformité avec les normes de qualité ESG (hors évaluation des souverains) décrits ci-des- sus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
En outre, le compartiment peut investir dans toutes les autres valeurs autorisées énumérées à l’article 2 de la Partie Générale du prospectus de vente.
Conformément à l’article 2 de la Partie Générale du prospectus de vente, la politique de place- ment peut être mise en œuvre en faisant appel à des instruments financiers dérivés appropriés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des swaps négociés de gré à gré sur n’importe quel type d’instrument financier.
En particulier, des dérivés basés sur des actions, des obligations, des devises ou des indices finan- ciers reconnus peuvent être acquis.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment
(déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Risques particuliers
La performance du compartiment sera largement déterminée par les facteurs suivants, ce qui peut donner lieu à des éventualités de reprise et de baisse :
- la performance des marchés des actions internationaux ;
- les facteurs sectoriels et propres à l’entre- prise ;
- les variations de taux de change des devises autres que l’euro vis-à-vis de l’euro.

Le compartiment peut concentrer ses investisse- ments sur différents sous-secteurs, pays et segments de marché pendant un certain temps et sur une base variable. En outre, le comparti- ment peut utiliser des produits dérivés. Ces investissements sont susceptibles d’entraîner davantage de performance et de risques.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Qi US Equity
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS International GmbH, Mainzer Landstr. 11–17, 60329 Francfort-sur-le-Main, Allemagne |
| Indice de référence de performance | MSCI USA TR net, administré par MSCI Limited. |
| Portefeuille de référence | MSCI USA TR net (indice de référence de risque) |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg, à Francfort-sur-le-Main et à Cologne qui est aussi un jour d’ouverture du Tokyo Stock Exchange |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| USD IC | USD | 0 % | 0,2 % maximum | 0 % | 0,01 % | 30.4.2019 |
| USD RC | USD | 0 % | 0,5 % maximum | 0 % | 0,05 % | 30.4.2019 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESGQi Qi US Equity.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest ESG Qi US Equity a pour objectif d’obtenir une
plus-value à long terme au-delà de son indice de référence.
Le compartiment acquiert et vend les actifs conformément à son évaluation des conditions économiques, des conditions du marché des capitaux et des perspectives des marchés bour- siers.
Au moins 75 % de l’actif du compartiment sont investis globalement dans des actions aux États-Unis.
Les actions individuelles sont principalement sélec- tionnées conformément aux critères d’analyse fondamentale ; leurs pondérations prennent en compte un équilibre entre les opportunités et les risques. Le compartiment ne pourra acquérir que des actifs susceptibles de générer en combinaison des revenus et / ou de la croissance ou d’améliorer le profil de risque du portefeuille global. Dans ces placements, le gérant du compartiment veille à garantir une pondération flexible des priorités de placement.
Le processus de sélection des actions repose sur une approche propriétaire en matière de placement quantitatif gérée par le groupe de placements quantitatifs (Qi). Les décisions de placement résultent d’un compromis entre les opportunités de placement identifiées en analy- sant les fondamentaux et des données tech- niques, mais également en s’appuyant sur des considérations de risque et de coût.
Le compartiment peut investir jusqu’à 25 % de son actif respectivement dans des instruments du marché monétaire, des dépôts à terme et des liquidités.
Par dérogation au plafond d’investissement de 10 % stipulé à l’article 2, paragraphe B., lettre i), pour les placements dans des parts d’autres OPCVM et / ou d’autres OPC tels que définis à l’article 2, paragraphe A., lettre e), le présent compartiment sera soumis à un plafond d’inves- tissement de 5 %.
Tenant compte des plafonds d’investissement définis dans l’article 2, paragraphe B., lettre n), la politique de placement peut également être mise en œuvre en faisant appel à des dérivés, ce qui comprend notamment des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Il est également possible d’établir des positions anticipant une baisse des cours des actions et des niveaux des indices.
Conformément à l’article 2, paragraphe F., de la Partie Générale du prospectus de vente, la vente à découvert de titres n’est pas autorisée. Des positions courtes sont constituées à l’aide d’instruments dérivés titrisés et non titrisés.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont
moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou exces- sives à l’égard de la gouvernance (c’est-à-dire un score « E » ou « F ») sont exclus des investisse- ments.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouver- nance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de conformité avec les normes de qualité ESG (hors évaluation des souverains) décrits ci-des- sus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environ- nementales et sociales promues par ce com- partiment. Des informations sur l’indice de référence sont disponibles sur www.msci.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la
structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
En outre, l’actif du compartiment peut être placé dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mentionnés au para- graphe A., lettre j), dudit article.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Aux fins d’une exonération fiscale partielle au sens de la Loi allemande sur la fiscalité des investissements et en complément des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), au moins 60 % des actifs bruts du compartiment (déterminés comme étant la valeur des actifs du compartiment indépendamment des engagements) sont investis dans des actions cotées sur un com- merce boursier officiel ou incluses ou admises à la négociation sur un autre marché réglementé, et ne représentant pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majorité des titres du compartiment ou leurs émetteurs sont considérés comme des compo- sants de l’indice de référence et le portefeuille doit avoir une pondération similaire à celle de l’indice de référence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportuni- tés d’investissement spécifiques. Le position- nement du compartiment peut s’écarter de son indice de référence de manière limitée (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une
sous-pondération ou surpondération), et la marge d’action est généralement relativement faible. Bien que le compartiment vise à surper- former le rendement de l’indice de référence, la
surperformance potentielle peut être limitée selon l’environnement du marché prévalant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest ESG Top Euroland
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | Euro Stoxx 50, administré par STOXX Ldt. |
| Portefeuille de référence (indice de référence des risques) | Euro Stoxx 50 |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative par part du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur Fractions d’actions | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 3.6.2002 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 3.6.2002 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 3.6.2002 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 3.6.2002 |
| USD LCH | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 29.11.2013 |
| GBP D RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 6.12.2013 |
| IC | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 25.4.2014 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| SGD LCH (P) | SGD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 16.6.2014 |
| USD FCH | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 14.8.2014 |
| FD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.9.2014 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest ESG Top Euroland.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement de DWS Invest ESG Top Euroland a pour objectif d’obtenir un rende- ment supérieur à la moyenne. Au moins 75 % des actifs du compartiment sont investis en actions d’émetteurs dont le siège est basé dans un État membre de l’Union économique et monétaire européenne (UEM).
Le compartiment se concentre sur des sociétés à forte capitalisation. Par ailleurs, l’objectif du gérant est de constituer un portefeuille resserré, 40 à 60 actions différentes, par exemple. En fonction de la situation du marché, il est possible de s’écarter de l’objectif de diversification men- tionné.
Un maximum de 25 % de l’actif du comparti- ment peut être investi dans des actions d’émet- teurs ne satisfaisant pas aux critères ci-dessus.
Le compartiment peut investir jusqu’à 25 % de son actif dans des dépôts à court terme, des titres du marché monétaire et des avoirs ban- caires.
Par dérogation au plafond d’investissement stipulé à l’article 2, paragraphe B., lettre n), concernant l’utilisation de produits dérivés, les plafonds d’investissement suivants s’applique- ront en tenant compte des restrictions d’investis- sement alors en vigueur dans les différents pays de distribution :
Les produits dérivés constituant des positions courtes doivent en permanence présenter une garantie appropriée et ne peuvent être utilisés qu’à des fins de couverture. La limite de couver- ture est de 100 % de l’élément sous-jacent garantissant le produit dérivé. En revanche, 35 % au maximum de l’actif net du compartiment peuvent être investis dans des dérivés consti- tuant des positions longues et ne disposant pas d’une couverture correspondante.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, le compartiment peut investir dans tous les autres éléments d’actifs autorisés
énumérés à l’article 2 de la Partie Générale du prospectus de vente.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’in- vestir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs présentant un
profil de risque climatique élevé (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « E ») sont limités à 5 % de l’actif net du compartiment.
Évaluation de la qualité ESG de DWS
L’évaluation de la qualité ESG de DWS établit une distinction entre les émetteurs d’une entreprise et les émetteurs souverains.
Pour les émetteurs d’entreprise, l’évaluation de la qualité ESG de DWS permet une comparaison des groupes de pairs qui s’appuie sur un consen- sus entre fournisseurs portant sur l’ensemble
de l’évaluation ESG (approche « Best-in-class »), par exemple, en ce qui concerne la gestion des changements environnementaux, la sécurité des produits, la direction du personnel ou l’éthique de l’entreprise. Le groupe de pairs est composé d’émetteurs du même secteur et de la même région. Les émetteurs les mieux notés dans cette comparaison de groupe de pairs reçoivent un score plus élevé, tandis que les moins bien notés reçoivent un score plus faible. Les émet- teurs des entreprises ayant obtenu un faible score par rapport à leur groupe de pairs (c’est-à- dire un score « E » ou « F ») sont exclus des investissements.
Pour les émetteurs souverains, l’évaluation de la qualité ESG de DWS évalue la gouvernance d’un pays dans une perspective holistique en tenant compte, entre autres, de l’évaluation des libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses vives ou exces- sives à l’égard de la gouvernance (c’est-à-dire un score « E » ou « F ») sont exclus des investisse- ments.
En outre, les émetteurs dont le score correspond à la lettre « D » dans l’évaluation de la qualité ESG de DWS sont limités à 15 % des actifs nets du compartiment.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et
les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes. D’autres secteurs d’activité et activités commerciales qui affectent la production ou la distribution de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’électricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
Les émetteurs (hors fonds cibles) dont l’exposi- tion est modérée, élevée ou excessive (c’est-à- dire un score « D », « E » ou « F ») sont exclus des investissements. À l’égard de l’implication dans l’extraction du charbon et de la production d’électricité à partir du charbon, les émetteurs (hors fonds cibles) dont l’exposition est élevée ou excessive (c’est-à-dire un score « E » ou
« F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en matière de caractéristiques environnementales et sociales et de principes de bonne gouvernance d’entreprise grâce un placement dans des fonds cibles, ces derniers doivent répondre aux critères d’évaluation des risques climatiques et de confor- mité avec les normes de qualité ESG (hors évalua- tion des souverains) décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environ- nementales et sociales promues par ce com- partiment. Des informations sur l’indice de référence sont disponibles sur www.qontigo.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la
culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et
ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’intermédiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux dispositions légales ou à leurs conditions d’investissement, si ces entreprises, associa- tions de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distributions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exoné- rées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directe- ment ou indirectement, des parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exoné- rées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ouen sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capi- taux (KAGB), un marché réglementé est, sauf stipulation contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Compatibilité avec le PEA
Un placement dans le compartiment peut être fait dans le cadre d’un PEA (Plan d’Épargne en Actions), ce qui représente un avantage fiscal pour les investisseurs français.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Euro Corporate Bonds
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | iBoxx EUR Corporates, administré par IHS Markit Benchmark Administration Limited |
| Portefeuille de référence (risque de référence) | iBoxx EUR Corporates |
| Effet de levier | Cinq fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action incon- nue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évaluation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxem- bourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 21.5.2007 |
| NC | EUR | 1,5 % maximum | 1,2 % maximum | 0,1 % | 0,05 % | 21.5.2007 |
| FC | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 21.5.2007 |
| LD | EUR | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 30.10.2009 |
| PFC | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| PFDQ | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| IC | EUR | 0 % | 0,4 % maximum | 0 % | 0,01 % | 1.7.2014 |
| GBP CH RD | GBP | 0 % | 0,6 % maximum | 0 % | 0,05 % | 1.12.2015 |
| SEK LCH | SEK | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 1.12.2015 |
| IC100 | EUR | 0 % | 0,2 % maximum | 0 % | 0,01 % | 30.9.2016 |
| CHF FCH | CHF | 0 % | 0,6 % maximum | 0 % | 0,05 % | 31.10.2016 |
| USD FCH | USD | 0 % | 0,6 % maximum | 0 % | 0,05 % | 31.10.2016 |
| NDQ | EUR | 1,5 % maximum | 1,2 % maximum | 0,1 % | 0,05 % | 28.4.2017 |
| ID100 | EUR | 0 % | 0,2 % maximum | 0 % | 0,01 % | 14.7.2017 |
| TFC | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 5.12.2017 |
| FC10 | EUR | 0 % | 0,4 % maximum | 0 % | 0,05 % | 16.7.2018 |

| Ajustement de dilution (supporté par l’actionnaire)** | PFC et PFDQ : Un ajustement de dilution d’un maximum de 3 %, calculé sur la base du prix de rachat brut, pourra être facturé. Veuillez consulter la Partie Générale pour plus de détails. |
| --- | --- |
| Frais de courtage (supportés par l’actif du compartiment) | PFC et PFDQ : Un maximum de 3 % pour le compte du distributeur. Veuillez consulter la Partie Générale pour plus de détails. |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Euro Corporate Bonds.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest Euro Corporate Bonds a pour objectif de générer un rendement supérieur à la moyenne pour le compartiment.
La majorité des titres du compartiment ou leurs émetteurs sont considérés comme des composants de l’indice de référence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans, par exemple, des titres, des secteurs et des taux non inclus dans l’in- dice de référence pour saisir des opportunités d’investissement spécifiques. La stratégie offre aux investisseurs un accès à une partie impor- tante du marché EUR Corporate Bond. En ce qui concerne l’indice de référence, le position- nement du compartiment peut considérable- ment dévier (par exemple, par un positionne- ment hors indice de référence, ou par sous/ surpondération importante). En raison des caractéristiques de la stratégie du comparti- ment mentionnées précédemment, l’écart entre le portefeuille et l’indice de référence est relativement élevé. Bien que le compartiment ait pour objectif de surperformer l’indice de référence, la surperformance potentielle peut être limitée selon l’environnement du marché prévalant (par exemple, un environnement moins volatil), et le positionnement réel par rapport à l’indice de référence.
Le compartiment peut acquérir des titres portant intérêt libellés en euro à taux fixe et / ou à taux variable, des obligations convertibles et des obligations à warrant, des titres participatifs et bons de jouissance, des actions et des warrants sur actions. Au moins 70 % de l’actif du comparti- ment sont investis dans des obligations d’entre- prise libellées en euro offrant des rendements supérieurs à ceux des obligations d’État compa- rables ; les investissements sont volontairement concentrés pratiquement exclusivement sur les émetteurs dont la solvabilité est considérée par le marché comme relativement bonne mais pas de premier ordre (investment grade bonds). La société d’investissement achètera, pour le com- partiment, uniquement les titres pour lesquels, après une analyse appropriée, elle pourra estimer que les obligations de remboursement du capital et des intérêts seront respectées. Toutefois, le risque d’une perte totale de la valeur de certains titres acquis pour le compartiment ne peut être totalement exclu. Afin de prendre en compte les risques résiduels, il convient de répartir les inves- tissements parmi les émetteurs.
Si une plus-value est attendue sur la base des modifications de notation, les actifs du fonds peuvent alors comporter des obligations à rende- ment élevé, mais uniquement de manière limitée.
Le compartiment peut également conclure des credit default swaps. Ces produits peuvent non seulement être employés comme instruments de couverture de l’actif du fonds, mais égale- ment comme éléments de la stratégie de place- ment.
Les obligations convertibles et les obligations à warrant ne peuvent constituer plus de 25 % de l’actif du compartiment ; les titres participatifs et bons de jouissance, les actions et les warrants sur actions ne peuvent constituer plus de 10 %.
Les investissements du compartiment en titres adossés à des actifs (asset backed securities) et en obligations hypothécaires (mortgage backed securities) seront limités à 20 % de la valeur de l’actif du compartiment.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appro- priés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward- starting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le comparti- ment peut faire appel à des instruments finan- ciers dérivés pour optimiser son objectif d’inves- tissement.
Ces dérivés peuvent uniquement être utilisés conformément à la politique de placement et à l’objectif d’investissement de DWS Invest Euro Corporate Bonds. La performance du comparti- ment dépend donc, outre d’autres facteurs, de la proportion d’instruments dérivés (swaps, par ex.) dans l’actif total du compartiment.
Pour mettre en œuvre la politique de placement et atteindre l’objectif d’investissement, ces instruments dérivés seront acquis avec une notation minimale BBB3 (Moody’s) / BBB- (S&P, Fitch) des organismes financiers spécialisés dans ce type de transaction. Ces contrats de gré à gré sont des contrats normalisés.
Il est important de noter le risque de contre- partie associé aux opérations de gré à gré. Le risque de contrepartie du compartiment
résultant de l’utilisation de total return swaps sera totalement garanti. L’utilisation de swaps peut entraîner d’autres risques spécifiques qui sont expliqués dans les remarques générales sur les risques.
Le compartiment peut être investi, en totalité ou en partie, dans une ou plusieurs opérations de gré à gré négociées auprès d’une contrepar- tie, aux conditions habituelles du marché. Le compartiment peut ainsi être investi, en totalité ou en partie, dans une ou plusieurs opérations.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce com- partiment cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements
environnementaux, par exemple, en ce qui concerne la réduction des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres changements environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présentant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds
cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environ- nementales et sociales promues par ce compar- timent. Des informations sur l’indice de réfé- rence sont disponibles sur www.ihsmarkit.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, l’actif du compartiment peut être investi dans tous les autres actifs autorisés
spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mention- nés au paragraphe A., lettre j), dudit article.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Risques particuliers
Le compartiment acquiert volontairement les titres d’émetteurs dont la solvabilité est considé- rée par le marché comme relativement bonne mais pas de premier ordre (investment grade bonds). Les opportunités résultant des taux d’intérêt plus élevés par rapport aux obligations d’État sont ainsi contrebalancées par des risques correspondants. Malgré un examen attentif des conditions économiques et financières et des
capacités de bénéfices des émetteurs, le risque d’une perte totale de la valeur de certains titres acquis pour le compartiment ne peut être totale- ment exclu.
Les opportunités offertes par un placement de ce type sont donc contrebalancées par des risques significatifs.
Informations supplémentaires
Il convient de noter les éléments suivants lors de l’utilisation de total return swaps destinés à appliquer la stratégie d’investissement décrite ci-dessus :
La proportion d’actifs nets du compartiment soumis aux total return swaps, exprimée comme la somme des notionnels des total return swaps divisée par la valeur liquidative du compartiment, est censée atteindre jusqu’à 50 %, mais en fonction des conditions de marché respectives, en tenant compte d’une gestion de portefeuille efficace et dans l’intérêt des investisseurs, elle peut atteindre jusqu’à 100 %. Le calcul est
réalisé conformément aux lignes directrices du CESR/10-788. L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.
Des informations complémentaires sur les total return swaps figurent, entre autres, au paragraphe « Techniques de gestion efficace du portefeuille » dans la Partie Générale du pros- pectus de vente. Le choix des contreparties à tout total return swap est soumis aux principes décrits dans le paragraphe « Choix des contre- parties » du prospectus de vente. Le rapport annuel contient des informations complémen- taires concernant les contreparties. Pour une analyse des risques spécifiques liés aux total
return swaps, les investisseurs sont invités à se reporter au paragraphe « Remarques générales sur les risques » et en particulier au paragraphe
« Risques liés aux opérations sur produits dérivés » du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
Contrairement aux dispositions de la Partie Générale du prospectus de vente, il est prévu en raison de la stratégie d’investissement du compartiment que l’effet de levier résultant du recours à des dérivés ne dépasse pas cinq fois la valeur de l’actif du compartiment. L’effet de
levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne
servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Euro High Yield Corporates
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | Bank of America Merrill Lynch Euro BB-B Non-Financial Fixed & FRN HY Constrained, administré par Merrill Lynch International. |
| Portefeuille de référence (indice de référence des risques) | Bank of America, Merrill Lynch Euro BB-B Non-Financial Fixed & FRN HY Constrained |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action incon- nue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évaluation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxem- bourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 30.7.2012 |
| LC | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 30.7.2012 |
| LD | EUR | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 30.7.2012 |
| NC | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 3.12.2012 |
| FD | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 8.4.2013 |
| ND | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 31.1.2014 |
| PFC | EUR | 0 % | 0,8 % maximum | 0 % | 0,05 % | 26.5.2014 |
| PFDQ | EUR | 0 % | 0,8 % maximum | 0 % | 0,05 % | 26.5.2014 |
| USD LCH | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 21.7.2014 |
| USD FCH | USD | 0 % | 0,65 % maximum | 0 % | 0,05 % | 21.7.2014 |
| SEK LCH | SEK | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 1.12.2015 |
| USD LDMH | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 16.2.2015 |
| CHF FCH | CHF | 0 % | 0,65 % maximum | 0 % | 0,05 % | 15.6.2016 |
| ID50 | EUR | 0 % | 0,35 % maximum | 0 % | 0,01 % | 15.7.2016 |
| IC50 | EUR | 0 % | 0,35 % maximum | 0 % | 0,01 % | 31.10.2016 |
| NDQ | EUR | 1,5 % maximum | 1,4 % maximum | 0,1 % | 0,05 % | 28.4.2017 |
| IC | EUR | 0 % | 0,45 % maximum | 0 % | 0,01 % | 28.4.2017 |
| TFC | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFCH | USD | 0 % | 0,65 % maximum | 0 % | 0,05 % | 5.12.2017 |
| RDQ | EUR | 0 % | 0,2 % maximum | 0 % | 0,01 % | 30.4.2018 |
| ID | EUR | 0 % | 0,45 % maximum | 0 % | 0,01 % | 15.10.2019 |
| CHF ICH50 | CHF | 0 % | 0,35 % maximum | 0 % | 0,01 % | 31.7.2020 |
| PFD | EUR | 0 % | 0,8 % maximum | 0 % | 0,05 % | 15.2.2021 |
| CHF TFCH | CHF | 0 % | 0,65 % maximum | 0 % | 0,05 % | 30.7.2021 |

| Ajustement de dilution (supporté par l’actionnaire)** | PFC et PFDQ : Un ajustement de dilution d’un maximum de 3 %, calculé sur la base du prix de rachat brut, pourra être facturé. Veuillez consulter la Partie Générale pour plus de détails. |
| --- | --- |
| Frais de courtage (supportés par l’actif du compartiment) | PFC et PFDQ : Un maximum de 3 % pour le compte du distributeur. Veuillez consulter la Partie Générale pour plus de détails. |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Euro High Yield Corporates.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest Euro High Yield Corporates a pour objectif de générer un rendement supérieur à la moyenne pour le compartiment.
Au moins 70 % de la valeur de l’actif du compar- timent sont investis, au niveau mondial, dans des obligations d’entreprise qui ne bénéficient pas du statut de premier ordre (investment grade bonds) au moment de leur acquisition. Les obligations qui ne bénéficient pas du statut de premier ordre englobent les obligations BB+ et de notation inférieure, y compris les obligations de notation D et les obligations non notées. En cas de notation fractionnée impliquant trois agences de notation, la deuxième meilleure notation sera prise en compte. Si un titre est noté par seule- ment deux agences, la notation la plus basse sera utilisée pour la classification. Si un titre fait l’objet d’une seule notation, cette notation unique sera utilisée. S’il n’existe aucune notation officielle, une notation interne sera appliquée conformément aux règles internes DWS.
Un maximum de 30 % de l’actif du comparti- ment peut être investi dans des obligations d’entreprise ne satisfaisant pas aux critères ci-dessus.
Le gérant du compartiment a pour objectif de couvrir le portefeuille contre tout risque de change vis-à-vis de l’euro.
En temps voulu dans le cadre d’une restructura- tion d’instruments à revenu fixe détenus par le compartiment, le gérant du compartiment peut également investir jusqu’à concurrence de 10 % au maximum de l’actif du compartiment dans des actions cotées ou non cotées. Le gérant du compartiment peut également participer aux
augmentations de capital ou autres opérations sur titres (par exemple pour les obligations convertibles ou à warrant) qui entrent dans le cadre d’une restructuration ou sont effectuées après une restructuration.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B. de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appropriés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-starting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négo- ciés en Chine continentale.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce com- partiment cherche à atteindre les caractéris- tiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG proprié- taire, quelles que soient les perspectives éco- nomiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/ solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodo- logie d’évaluation et de classification définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données
et des chiffres ainsi que sur des évaluations internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les décisions d’en- treprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégo- rie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est consi- déré individuellement et peut entraîner l’exclu- sion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux générale- ment reconnus. Elle examine, par exemple, les
violations des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnemen- taux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manque- ments vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance
d’entreprise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques envi- ronnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur www.theice.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
De plus, l’actif du compartiment peut être investi dans tous les autres actifs autorisés.
Dans des situations de marché extrêmes, le gérant du portefeuille peut modifier la stratégie d’investissement ci-dessus pour éviter une crise de liquidité. Jusqu’à 100 % de l’actif du compar- timent peuvent être temporairement investis dans des titres portant intérêt et des titres du marché monétaire autorisés par la direc-
tive 2009/65/CE du Parlement européen et du Conseil du 13 juillet 2009 portant coordination des dispositions législatives, réglementaires et administratives concernant certains Organismes de Placement Collectif en Valeurs Mobilières (OPCVM).
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.
Informations supplémentaires
Il convient de noter les éléments suivants lors de l’utilisation de total return swaps destinés à appliquer la stratégie d’investissement décrite ci-dessus :
La proportion d’actifs nets du compartiment soumis aux total return swaps, exprimée comme la somme des notionnels des total return swaps divisée par la valeur liquidative du compartiment, est censée atteindre jusqu’à 50 %, mais en fonction des conditions de marché respectives, en tenant compte d’une gestion de portefeuille efficace et dans l’intérêt des investisseurs, elle peut atteindre jusqu’à 100 %. Le calcul est réalisé conformément aux lignes directrices du CESR/10-788. L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.
Des informations complémentaires sur les total return swaps figurent, entre autres, au para- graphe « Techniques de gestion efficace du portefeuille » dans la Partie Générale du prospec- tus de vente. Le choix des contreparties à tout total return swap est soumis aux principes décrits dans le paragraphe « Choix des contre- parties » du prospectus de vente. Le rapport annuel contient des informations complémen- taires concernant les contreparties. Pour une analyse des risques spécifiques liés aux total return swaps, les investisseurs sont invités à se reporter au paragraphe « Remarques générales sur les risques » et en particulier au paragraphe
« Risques liés aux opérations sur produits déri- vés » du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de réfé- rence pour saisir des opportunités d’investisse- ment spécifiques. Le positionnement du comparti- ment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est générale- ment relativement élevée. Un écart reflète géné- ralement l’évaluation de l’environnement de
marché spécifique par le gérant du compartiment, ce qui peut conduire à un positionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de référence, la surperfor- mance potentielle peut être limitée selon l’envi- ronnement du marché prévalant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Euro-Gov Bonds
| Profil de l’investisseur | Orienté sur le rendement |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | iBoxx Sovereign Eurozone Overall, administré par IHS Markit Benchmark Administration Limited |
| Portefeuille de référence (indice de référence des risques) | iBoxx Sovereign Eurozone |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action incon- nue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évaluation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxem- bourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 3.6.2002 |
| LD | EUR | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 3.6.2002 |
| NC | EUR | 1,5 % maximum | 1,1 % maximum | 0,1 % | 0,05 % | 3.6.2002 |
| FC | EUR | 0 % | 0,35 % maximum | 0 % | 0,05 % | 3.6.2002 |
| IC | EUR | 0 % | 0,3 % maximum | 0 % | 0,01 % | 15.3.2016 |
| TFC | EUR | 0 % | 0,35 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,35 % maximum | 0 % | 0,05 % | 5.12.2017 |
| IC100 | EUR | 0 % | 0,15 % maximum | 0 % | 0,01 % | 30.5.2018 |
| ID100 | EUR | 0 % | 0,15 % maximum | 0 % | 0,01 % | 31.1.2020 |

*  Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest
Euro-Gov Bonds.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement du compar- timent DWS Invest Euro-Gov Bonds est de géné- rer un rendement supérieur à la moyenne en euro.
Après déduction des liquidités, au moins 70 % de l’actif du compartiment sont investis dans des titres de créance portant intérêt libellés en euro et émis par des États de l’Espace économique européen ou par le Royaume-Uni, par des orga- nismes gouvernementaux au sein de ces pays ou par des organismes publics supranationaux dont un ou plusieurs États de l’Espace
économique européen ou du Royaume-Uni sont membres.
Après déduction des liquidités, un maximum de 30 % de l’actif total du compartiment peut être investi dans d’autres titres de créance portant intérêt émis par d’autres États, des organismes gouvernementaux et des organismes publics supranationaux de pays ne satisfaisant pas aux critères ci-dessus.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le comparti- ment peut faire appel à des instruments finan- ciers dérivés pour optimiser son objectif d’inves- tissement.
Les dérivés peuvent uniquement être utilisés conformément à la politique de placement et à l’objectif d’investissement de DWS Invest Euro- Gov Bonds. La performance du compartiment dépend donc, outre d’autres facteurs, de la proportion d’instruments dérivés (swaps, par ex.) dans l’actif total du compartiment.
Pour mettre en œuvre la politique de placement et atteindre l’objectif d’investissement, ces instru- ments dérivés seront acquis avec une notation minimale BBB3 (Moody’s) / BBB- (S&P, Fitch) des organismes financiers spécialisés dans ce type de transaction. Ces contrats de gré à gré sont des contrats normalisés.
Il est important de noter le risque de contrepartie associé aux opérations de gré à gré. Le risque de contrepartie du compartiment résultant de l’utilisation de total return swaps sera totalement garanti. L’utilisation de swaps peut entraîner d’autres risques spécifiques qui sont expliqués dans les remarques générales sur les risques.
Le compartiment peut être investi, en totalité ou en partie, dans une ou plusieurs opérations de gré à gré négociées auprès d’une contrepartie, aux conditions habituelles du marché. Le com- partiment peut ainsi être investi, en totalité ou en partie, dans une ou plusieurs opérations.
Au moins 51 % des actifs nets du comparti- ment sont investis dans des actifs d’émetteurs
répondant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du
Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités
commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environne- mentales et sociales promues par ce comparti- ment. Des informations sur l’indice de référence sont disponibles sur www.ihsmarkit.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, le compartiment peut investir dans tous les autres actifs autorisés énumérés à l’article 2 de la Partie Générale du prospectus de vente.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique
au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest European Equity High Conviction
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | MSCI EUROPE en EUR, administré par MSCI Limited |
| Portefeuille de référence (indice de référence des risques) | MSCI EUROPE en EUR |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 3.6.2002 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 3.6.2002 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 3.6.2002 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 3.6.2002 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.11.2006 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |

*  Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest European Equity High Conviction.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du compartiment DWS Invest European Equity High Conviction a pour objectif de réaliser une appréciation aussi importante que possible du capital investi en euro. Le compartiment peut acquérir des actions, des titres portant intérêt, des obligations conver- tibles et des obligations à warrant, des titres participatifs et bons de jouissance, des warrants
sur actions et des certificats sur indices. Au moins 75 % de l’actif du compartiment sont investis en actions d’émetteurs dont le siège est basé dans un État membre de l’Union euro- péenne, au Royaume-Uni, en Norvège et / ou en Islande.
Le terme « High Conviction » fait référence au concept du compartiment. High Conviction suppose que, sur la base d’une décision d’inves- tissement prise par l’équipe de gestion du portefeuille, les actions individuelles sont appli- quées avec une pondération supérieure et une diversification inférieure par rapport à un produit de référence. « Conviction » signifie que les posi- tions des actions individuelles peuvent avoir une pondération significative supérieure à 5 %. La conviction doit dévier clairement de l’indice de référence avec la pondération des actions indivi- duelles, si une action est considérée comme étant attractive. Ainsi, le portefeuille aura moins
de positions et sa diversification sera réduite. Bien qu’il n’y ait pas de restrictions concernant la pondération dans un quelconque pays ou sec- teur, il est possible que certains secteurs ou régions n’aient pas de pondération ou que
celle-ci soit plus faible si des actions plus attrac- tives provenant d’autres secteurs / régions ont été identifiées, en raison de l’approche par conviction.
Les caractéristiques spécifiques aux sociétés sont soulignées dans la sélection des actions (approche ascendante). L’accent est mis sur les sociétés bénéficiant d’une bonne position de marché, de produits orientés vers l’avenir et d’une gestion compétente. En outre, les sociétés devraient se concentrer sur leurs forces, visant à atteindre des utilisations de ressources privilégiant le rende- ment ainsi qu’une croissance des bénéfices durable et supérieure à la moyenne. En plus de ces critères, les sociétés devraient disposer de
politiques d’information centrées sur l’actionnaire incluant la présentation de comptes détaillés ainsi qu’un contact régulier avec les investisseurs. En conséquence, il faudra souscrire aux actions de sociétés susceptibles d’obtenir des résultats
et / ou des cours d’actions se situant au-delà de la moyenne par rapport à l’ensemble du marché.
Le compartiment peut investir jusqu’à 25 % de son actif dans des titres portant intérêt. Les obligations convertibles et obligations à warrant ne constituent pas de titres portant intérêt aux fins de la politique de placement de ce comparti- ment.
Le compartiment peut investir jusqu’à 25 % de son actif dans des titres du marché monétaire et des avoirs bancaires.
Un maximum de 10 % de l’actif du comparti- ment peut être investi dans des unités d’autres fonds (parts de fonds communs de placement). La proportion des unités de fonds dépassant 5 % de l’actif du compartiment peut uniquement être constituée d’unités de fonds du marché moné- taire.
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négo- ciés en Chine continentale.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie,
les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques envi- ronnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur www.msci.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la
structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui nesont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessai- rement faire partie de l’indice de référence et le
portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à
surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest German Equities
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | CDAX (RI), administré par STOXX Ltd. |
| Portefeuille de référence (indice de référence des risques) | CDAX (RI) |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg et à Francfort-sur-le-Main |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative par part du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.8.2012 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.8.2012 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 20.8.2012 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 20.8.2012 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 11.2.2013 |
| USD LCH | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 5.8.2013 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| USD FCH | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 30.4.2015 |
| GBP CH RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.12.2015 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest German Equities.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest Ger- man Equities a pour objectif d’obtenir un rende- ment supérieur à la moyenne.
Au moins 75 % de l’actif du compartiment sont investis en actions, certificats d’investissement, warrants sur actions, warrants liés à des actions et droits de souscription d’émetteurs allemands. Par émetteurs allemands, on entend des entre- prises dont le siège se situe en Allemagne.
Conformément à l’article 2. B. de la Partie Géné- rale du prospectus de vente, le compartiment peut, à des fins de couverture et pour atteindre l’objectif d’investissement, recourir à des instru- ments et techniques dérivés appropriés, ce qui comprend notamment, sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Les instruments ne remplissant pas les condi- tions du paragraphe précédent et tous les autres actifs autorisés stipulés dans l’article 2 de la Partie Générale du prospectus de vente, y com- pris ceux mentionnés au paragraphe A., lettre j), dudit article, ne peuvent constituer plus de 25 % des actifs du compartiment.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des
facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environ- nementales et sociales promues par ce com- partiment. Des informations sur l’indice de référence sont disponibles sur www.qontigo.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Aucune garantie ne peut être donnée que les objectifs de la politique de placement seront atteints par le compartiment.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’intermédiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de
référence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Compatibilité avec le PEA
Un placement dans le compartiment peut être fait dans le cadre d’un PEA (Plan d’Épargne en Actions), ce qui représente un avantage fiscal pour les investisseurs français.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Global Agribusiness
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | Indice S&P Global Agribusiness Equity |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg qui est aussi un jour d’ouverture du New York Stock Exchange (NYSE) |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 20.11.2006 |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.11.2006 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 20.11.2006 |
| USD FC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 20.11.2006 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.11.2006 |
| GBP LD DS | GBP | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 21.12.2007 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.7.2008 |
| GBP D RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.9.2009 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| USD IC | USD | 0 % | 0,5 % maximum | 0 % | 0,01 % | 31.3.2015 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| SGD LC | SGD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 30.9.2019 |
| IC | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 15.10.2019 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Global Agribusiness.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du compartiment DWS Invest Global Agribusiness a pour objectif de réaliser une plus-value aussi importante que possible du capital investi.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Au moins 70 % de la valeur de l’actif du com- partiment sont investis en actions, certificats d’actions, obligations convertibles et obligations à warrant dont le warrant sous-jacent porte sur des valeurs mobilières, titres participatifs et bons de jouissance, et en warrants sur actions d’émetteurs nationaux et étrangers ayant leurs activités principales dans le secteur agricole ou en bénéficiant. Les entreprises concernées opèrent dans la chaîne de valeur agroalimen- taire multicouche. Cela comprend des sociétés engagées dans la culture, la récolte, la planifica- tion, la production, la transformation, le service et la distribution de produits agricoles (entre- prises du secteur agricole et forestier, fabricants de machines et outils agricoles, entreprises du secteur alimentaire telles que les producteurs transformateurs de vin, de bétail et de viande, les supermarchés et les entreprises de chimie).
Les placements dans les valeurs mobilières susmentionnées peuvent aussi s’effectuer via des Global Depository Receipts (GDR) ainsi que via des American Depository Receipts (ADR) admis à la cote de Bourses et de marchés recon- nus, émis par des établissements financiers internationaux.
L’actif total du compartiment peut être investi à hauteur de 30 % dans des actions, certificats d’actions, obligations convertibles et obligations à warrant dont le warrant sous-jacent porte sur des valeurs mobilières, titres participatifs et bons de jouissance d’émetteurs nationaux et étrangers ne répondant pas aux exigences du paragraphe pré- cédent.
Le compartiment peut investir jusqu’à 30 % de son actif dans des dépôts à court terme, des titres du marché monétaire et des avoirs bancaires.
Par dérogation au plafond d’investissement stipulé à l’article 2, paragraphe B., lettre n), concernant l’utilisation de produits dérivés, les plafonds d’investissement suivants s’appliqueront en tenant compte des restrictions d’investissement
alors en vigueur dans les différents pays de distribution.
Les produits dérivés constituant des positions courtes doivent en permanence présenter une garantie appropriée et ne peuvent être utilisés qu’à des fins de couverture. La limite de couver- ture est de 100 % de l’élément sous-jacent garantissant le produit dérivé. En revanche, 35 % au maximum de l’actif net du compartiment peuvent être investis dans des dérivés consti- tuant des positions longues et ne disposant pas d’une couverture correspondante.
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négo- ciés en Chine continentale.
Par dérogation au plafond d’investissement de 10 % stipulé à l’article 2, paragraphe B., lettre i), pour les placements dans des parts d’autres Organismes de Placement Collectif en Valeurs Mobilières et / ou d’autres organismes de place- ment collectif tels que définis au paragraphe A., lettre e), le présent compartiment sera soumis à un plafond d’investissement de 5 %.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie,
les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, les actifs du compartiment peuvent être investis dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mentionnés au paragraphe A., lettre j), dudit article.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui nesont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Global Bonds
| Profil de l’investisseur | Orienté sur le rendement |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | (VaR absolue) |
| Effet de levier | Cinq fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action incon- nue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évaluation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxem- bourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 22.12.2011 |
| LD | EUR | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 17.2.2014 |
| PFC | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| PFDQ | EUR | 0 % | 0,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| LC | EUR | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 4.6.2014 |
| NC | EUR | 1,5 % maximum | 1,3 % maximum | 0,1 % | 0,05 % | 4.6.2014 |
| GBP IDH | GBP | 0 % | 0,35 % maximum | 0 % | 0,01 % | 16.6.2014 |
| GBP DH RD | GBP | 0 % | 0,5 % maximum | 0 % | 0,05 % | 21.7.2014 |
| USD LCH | USD | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 8.9.2014 |
| USD FCH | USD | 0 % | 0,5 % maximum | 0 % | 0,05 % | 1.12.2014 |
| IC | EUR | 0 % | 0,35 % maximum | 0 % | 0,01 % | 30.1.2015 |
| FD | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 16.3.2015 |
| CHF FCH | CHF | 0 % | 0,5 % maximum | 0 % | 0,05 % | 30.4.2015 |
| CHF LCH | CHF | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 30.4.2015 |
| GBP CH RD | GBP | 0 % | 0,5 % maximum | 0 % | 0,05 % | 17.8.2015 |
| SEK LCH | SEK | 3 % maximum | 0,9 % maximum | 0 % | 0,05 % | 30.9.2015 |
| NDQ | EUR | 1,5 % maximum | 1,3 % maximum | 0,1 % | 0,05 % | 28.4.2017 |
| TFC | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFCH | USD | 0 % | 0,5 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Global Bonds.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement du com- partiment DWS Invest Global Bonds est de générer un rendement supérieur à la moyenne.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
L’actif du compartiment peut être investi, au niveau mondial, dans les instruments suivants :
- titres obligataires émis par des organismes souverains (banques centrales, administra- tions d’État et administrations supranatio- nales) de pays développés ou de marchés émergents ;
- obligations d’entreprises émises par des sociétés venant de pays développés ou de marchés émergents, qui peuvent bénéficier ou non du statut de premier ordre (investment grade bonds) au moment de leur acquisition ;
- obligations sécurisées ;
- obligations convertibles ;
- obligations subordonnées ;
- titres adossés à des actifs (asset-backed securities).

Chacun des actifs mentionnés ci-dessus peut donner lieu à un investissement du comparti- ment pouvant représenter jusqu’à 100 % de la valeur de l’actif du compartiment. En outre, les dérivés liés à des actions peuvent être utilisés pour atteindre les objectifs du compartiment. Des dérivés peuvent être utilisés à des fins de placement et de couverture.
95 % au moins de l’actif du compartiment seront investis en EUR ou couverts dans cette devise.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appropriés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-starting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce com- partiment cherche à atteindre les caractéris- tiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG proprié- taire, quelles que soient les perspectives éco- nomiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/ solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodo- logie d’évaluation et de classification définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évaluations internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les décisions d’en- treprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégo- rie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est consi- déré individuellement et peut entraîner l’exclu- sion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du change- ment climatique et des changements environ- nementaux, par exemple, en ce qui concerne la réduction des gaz à effet de serre et la préser- vation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres changements environnementaux négatifs ou qui sont moins exposés à de tels risques béné- ficient de meilleures évaluations. Les émetteurs présentant un profil de risque climatique exces- sif (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités
commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et
pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
De plus, l’actif du compartiment peut être investi dans tous les autres actifs autorisés.
Les titres adossés à des actifs (asset-backed securities) sont des titres de créance portant intérêt adossés à un ensemble de créances
et / ou de titres, en particulier des créances sur cartes de crédit, des crédits hypothécaires commerciaux, des crédits aux particuliers, des crédits-bails sur véhicule, des prêts aux petites entreprises, des obligations hypothécaires, des obligations structurées adossées à des prêts et des titres adossés à des obligations.
Le terme « titre adossé à des actifs » (asset- backed securities) est toujours utilisé dans son sens large, c’est-à-dire qu’il inclut les obligations hypothécaires (mortgage backed securities) et les obligations structurées adossées à des emprunts (collateralized debt obligations).
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Clause d’exclusion de responsabilité
Le compartiment peut investir dans différents types de titre adossé à des actifs. Les investisse- ments peuvent porter, entre autres, sur des titres qui peuvent faire l’objet d’une forte volatilité, comme les obligations structurées adossées à des emprunts (collateralized debt obliga-
tions / CDO) et les obligations structurées ados- sées à des prêts (collateralized loan obliga- tions / CLO). Dans certains cas, ces titres peuvent s’avérer particulièrement illiquides au
cours des périodes d’incertitude des marchés et se négocient uniquement avec une décote. Dans ces situations de marché extrêmes, certains titres peuvent perdre la totalité de leur valeur ou subir une dépréciation significative. Des
moins-values importantes au niveau du comparti- ment ne peuvent donc pas être exclues.

#### Gestion des risques
L’approche de value-at-risk (VaR) absolue est utilisée pour limiter le risque de marché au sein du compartiment.
Contrairement aux dispositions de la Partie Générale du prospectus de vente, il est prévu en raison de la stratégie d’investissement du compartiment que l’effet de levier résultant du
recours à des dérivés ne dépasse pas cinq fois la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Global High Yield Corporates
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investment Management Americas Inc., 345 Park-Avenue, New York, NY 10154, États-Unis |
| Indice de référence de performance | ICE BoA ML Global High Yield Developed Markets Non-Fin Constrained couvert en USD administré par ICE Data Indices, LLC. |
| Portefeuille de référence (indice de référence des risques) | ICE BoA ML Global High Yield Developed Markets Non-Fin Constrained couvert en USD |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| CHF XCH | CHF | 0 % | 0,2 % maximum | 0 % | 0,05 % | 15.12.2016 |
| FCH | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 15.12.2016 |
| USD FC | USD | 0 % | 0,65 % maximum | 0 % | 0,05 % | 15.12.2016 |
| USD LD | USD | 3 % maximum | 1,1 % maximum | 0 % | 0,05 % | 15.12.2016 |
| USD XC | USD | 0 % | 0,2 % maximum | 0 % | 0,05 % | 15.12.2016 |
| XCH | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 15.12.2016 |
| TFCH | EUR | 0 % | 0,65 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,65 % maximum | 0 % | 0,05 % | 5.12.2017 |
| CHF ICH 50 | CHF | 0 % | 0,35 % maximum | 0 % | 0,01 % | 31.7.2019 |
| ICH | EUR | 0 % | 0,45 % maximum | 0 % | 0,01 % | 31.7.2019 |
| USD IC | USD | 0 % | 0,45 % maximum | 0 % | 0,01 % | 31.7.2019 |
| USD IC50 | USD | 0 % | 0,35 % maximum | 0 % | 0,01 % | 31.7.2019 |
| GBP TFDQH | GBP | 0 % | 0,65 % maximum | 0 % | 0,05 % | 14.2.2020 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Global High Yield Corporates.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest Global High Yield Corporates a pour objectif de générer un rendement supérieur à la moyenne pour le compartiment.
Au moins 70 % de la valeur de l’actif du compar- timent sont investis, au niveau mondial, dans des obligations d’entreprise qui ne bénéficient pas du statut de premier ordre (investment grade bonds) au moment de leur acquisition.
Un maximum de 30 % de l’actif du comparti- ment peut être investi dans des obligations
d’entreprise ne satisfaisant pas aux critères
ci-dessus, des titres du marché monétaire et des liquidités.
Le compartiment peut investir jusqu’à 20 % de son actif dans des actions, des certificats d’ac- tions et des bons de jouissance.
Les investissements du compartiment en titres adossés à des actifs (asset backed securities) et en obligations hypothécaires (mortgage backed securities) seront limités à 20 % de la valeur de l’actif du compartiment.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B. de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appropriés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-starting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur diffé- rentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnemen- tales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation
de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environne- mentales et sociales promues par ce comparti- ment. Des informations sur l’indice de référence sont disponibles sur www.theice.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En temps voulu dans le cadre d’une restructura- tion d’instruments à revenu fixe détenus par le compartiment, le gérant du compartiment peut également investir jusqu’à concurrence de 10 % au maximum de l’actif du compartiment dans des actions cotées ou non cotées. Le gérant du compartiment peut également participer aux augmentations de capital ou autres opérations sur titres (par exemple pour les obligations convertibles ou à warrant) qui entrent dans le cadre d’une restructuration ou sont effectuées après une restructuration.
De plus, l’actif du compartiment peut être investi dans tous les autres actifs autorisés.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Global Infrastructure
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire RREEF America LLC, 222 S. Riverside Plaza, Floor 24, Chicago, IL 60606, États-Unis d’Amérique |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | Indice Dow Jones Brookfield Global Infrastructure |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur Fractions d’actions | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 14.1.2008 |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 14.1.2008 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 14.1.2008 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.7.2008 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.7.2008 |
| CHF LCH | CHF | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 29.11.2013 |
| USD FC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 24.3.2014 |
| GBP D RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 4.6.2014 |
| FCH (P) | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 14.11.2014 |
| SGD LDMH (P) | SGD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 16.2.2015 |
| FD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.5.2015 |
| FDH (P) | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.5.2015 |
| GBP DH (P) RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.5.2015 |
| IDH (P) | EUR | 0 % | 0,6 % maximum | 0 % | 0,01 % | 15.5.2015 |
| USD LCH (P) | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 15.5.2015 |
| CHF FDH (P) | CHF | 0 % | 0,75 % maximum | 0 % | 0,05 % | 14.9.2015 |
| LDH (P) | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 14.9.2015 |
| SEK FCH (P) | SEK | 0 % | 0,75 % maximum | 0 % | 0,05 % | 14.9.2015 |
| SEK LCH (P) | SEK | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 14.9.2015 |
| USD FDM | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 14.9.2015 |
| USD ID | USD | 0 % | 0,6 % maximum | 0 % | 0,01 % | 14.9.2015 |
| USD LD | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 14.9.2015 |
| USD LDMH (P) | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 14.9.2015 |
| IC | EUR | 0 % | 0,6 % maximum | 0 % | 0,01 % | 16.8.2016 |
| ID | EUR | 0 % | 0,6 % maximum | 0 % | 0,01 % | 16.8.2016 |
| LCH (P) | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 15.2.2017 |
| SEK FDH (P) | SEK | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2017 |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 31.7.2017 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFCH (P) | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| ND | EUR | 3 % maximum | 2 % maximum | 0 % | 0,05 % | 7.5.2019 |
| USD IDQ | USD | 0 % | 0,6 % maximum | 0 % | 0,01 % | 7.5.2019 |
| USD IC250 | USD | 0 % | 0,35 % maximum | 0 % | 0,01 % | 16.9.2019 |
| USD ID250 | USD | 0 % | 0,35 % maximum | 0 % | 0,01 % | 16.9.2019 |
| USD ICH (P)100 | USD | 0 % | 0,45 % maximum | 0 % | 0,01 % | 15.4.2020 |
| PFD | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 31.8.2020 |
| USD TFCH (P) | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2021 |
| SEK FC1000 | SEK | 0 % | 0,45 % maximum | 0 % | 0,05 % | 15.4.2021 |
| USD IC | USD | 0 % | 0,6 % maximum | 0 % | 0,01 % | 15.7.2021 |

| Ajustement de dilution (supporté par l’actionnaire)** | PFC : Un ajustement de dilution d’un maximum de 3 %, calculé sur la base du prix de rachat brut, pourra être facturé. Veuillez consulter la Partie Générale pour plus de détails. |
| --- | --- |
| Frais de courtage (supportés par l’actif du compartiment) | PFC : Un maximum de 3 % pour le compte du distributeur. Veuillez consulter la Partie Générale pour plus de détails. |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Global Infrastructure.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif d’investissement du compartiment DWS Invest Global Infrastructure consiste à générer une plus-value à long terme en euro en investissant dans des sociétés prometteuses du secteur des « infrastructures mondiales ».
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Au moins 70 % de l’actif du compartiment (déduction faite des actifs liquides) sont investis dans des actions, autres titres de participation et instruments de fonds propres non titrisés d’émetteurs du secteur des « infrastructures mondiales ».
Les entreprises spécialisées dans les infrastruc- tures fournissent un produit ou un service indis- pensable à un segment de la population à un moment et à des coûts donnés et conservent
souvent ces caractéristiques pour une période prolongée.
L’avantage compétitif et stratégique des actifs liés à l’infrastructure est souvent protégé par d’importantes barrières à l’entrée posées par d’autres fournisseurs. Ces barrières peuvent prendre plusieurs formes différentes, y compris :
- les exigences prévues par la législation et / ou la réglementation ;
- les barrières naturelles telles que planification ou restrictions environnementales, ou disponi- bilité de pays ;
- les coûts élevés relatifs aux nouveaux déve- loppements, tels que les coûts de construc- tion de routes ;
- les concessions exclusives à long terme et les contrats conclus avec les clients ;
- les gains d’efficacité fournis par les écono- mies d’échelle, comme les réductions dans les dépenses de marketing et d’autres ser- vices.

Ces barrières d’entrée élevées ont pour effet de protéger les flux générés par ces actifs liés à l’infrastructure, du fait que les services fournis comme les parkings, les routes et les tours de communication ne peuvent généralement être fournis que par des actifs physiques relativement importants et coûteux et à proximité immédiate des clients. Il s’agit d’une différence essentielle entre l’infrastructure et les autres industries.
Le gérant du compartiment établit une distinc- tion entre l’infrastructure sociale et l’infrastruc- ture économique. Le compartiment accordera plus d’attention sur la dernière. Par « infrastruc- ture économique », le gérant du compartiment entend les services pour lesquels l’utilisateur est prêt à payer, comme le transport, le gaz, l’électri- cité, l’eau et les communications. Du fait de sa taille, des coûts et, souvent, des caractéristiques semblables à un monopole de ces actifs, l’in- frastructure a été historiquement financée, construite, possédée et gérée par l’État. L’in- frastructure comprend :
- les transports (routes, aéroports, ports maritimes, voies ferrées) ;
- l’énergie (transport de gaz et d’électricité, production et distribution) ;
- l’eau (irrigation, eau potable, traitement des déchets) ;
- les communications (radiodiffusion / tours mobiles, satellites, câbles à fibre optique et câbles de cuivre).

L’univers des placements potentiels comprend plus de 400 actions, représentant globalement tous les actifs d’infrastructure mentionnés dans le monde.
L’infrastructure sociale comprend par exemple des sociétés du secteur de la santé (hôpitaux, maisons de repos).
Après déduction des liquidités, le compartiment peut investir jusqu’à 30 % de son actif dans
- des actions, autres titres de participation et instruments de fonds propres non titrisés d’émetteurs internationaux qui n’opèrent pas principalement dans le secteur des infrastruc- tures mondiales ;
- des titres portant intérêt, des obligations convertibles et des obligations à warrant émis par des entreprises du secteur des infrastructures mondiales ou par des émet- teurs conformes à la lettre a) ci-dessus et qui sont libellés dans une devise librement convertible.

Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négo- ciés en Chine continentale.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités
commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, le compartiment peut investir dans tous les autres actifs autorisés spécifiés à
l’article 2 de la Partie Générale du prospectus de vente.
Par dérogation au plafond d’investissement stipulé à l’article 2, paragraphe B., lettre n) concernant l’utilisation de produits dérivés, les plafonds d’investissement suivants s’appliqueront en tenant compte des restrictions d’investissement alors en vigueur dans les différents pays de distribution :
Les produits dérivés constituant des positions courtes doivent en permanence présenter une garantie appropriée et ne peuvent être utilisés qu’à des fins de couverture. La limite de couver- ture est de 100 % de l’élément sous-jacent garantissant le produit dérivé. En revanche, 35 % au maximum de l’actif net du compartiment peuvent être investis dans des dérivés consti- tuant des positions longues et ne disposant pas d’une couverture correspondante.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économiqueeuropéen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Risques particuliers
La performance du compartiment sera largement déterminée par les facteurs suivants, ce qui peut donner lieu à des éventualités de reprise et de baisse :
- la performance des marchés des actions internationaux ;
- les facteurs sectoriels et propres à l’entre- prise ;
- les variations de taux de change des devises autres que l’euro vis-à-vis de l’euro.

Le compartiment peut concentrer ses investisse- ments sur différents sous-secteurs, pays et segments de marché pendant un certain temps et sur une base variable. En outre, le comparti- ment peut utiliser des produits dérivés. Ces investissements sont susceptibles d’entraîner davantage de performance et de risques.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Global Real Estate Securities
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | RREEF America LLC, 222 S. Riverside Plaza, Floor 24, Chicago, IL 60606, États-Unis. RREEF America LLC a partielle- ment délégué ses services de gestion de portefeuille aux gérants de compartiments DWS Alternatives Global Limited et DWS Investments Australia Limited. |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | Indice FTSE EPRA/NAREIT Developed |
| Effet de levier | Cinq fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 15.11.2010 |
| USD FC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.11.2010 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.7.2013 |
| CHF LDH (P) | CHF | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.4.2015 |
| FDH (P) | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 18.11.2015 |
| GBP DH (P) RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 18.11.2015 |
| USD LDMH (P) | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 18.11.2015 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.8.2016 |
| FD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.8.2016 |
| USD ID | USD | 0 % | 0,6 % maximum | 0 % | 0,01 % | 1.8.2016 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| CHF ICH (P)100 | CHF | 0 % | 0,4 % maximum | 0 % | 0,01 % | 15.4.2020 |
| USD FC100 | USD | 0 % | 0,4 % maximum | 0 % | 0,05 % | 1.12.2020 |
| CHF TFCH (P) | CHF | 0 % | 0,75 % maximum | 0 % | 0,05 % | 14.12.2020 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Global Real Estate Securities.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest Global Real Estate Securities a pour objectif de générer un rendement supérieur à la moyenne pour le compartiment.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Le compartiment investit essentiellement dans les actions de sociétés cotées en Bourse déte- nant, développant ou gérant des biens immobi- liers, sous réserve que ces actions sont considé- rées comme des valeurs mobilières au sens de l’article 41, alinéa 1, de la Loi de 2010 sur les Organismes de Placement Collectif.
En particulier, le compartiment peut acquérir des actions, des titres portant intérêt, des obligations convertibles, des obligations à warrant dont le warrant sous-jacent porte sur des titres, des warrants sur actions et des titres participatifs. De plus, l’actif du compartiment peut être investi dans des certificats sur indices boursiers recon- nus.
Au moins 70 % de l’actif total du fonds sont investis
- dans des actions de sociétés immobilières ou de sociétés de placement immobilier, y compris des sociétés d’investissement immobilier à capital fixe (REIT) de quelque forme juridique que ce soit, ainsi que
- dans des titres semblables aux actions, tels que des titres participatifs et bons de jouis- sance de sociétés conformément à la lettre a) précédente, et
- dans des instruments financiers dérivés dont les instruments sous-jacents, directement ou indirectement, (par exemple via des indices boursiers) constituent des investissements conformément à la lettre a).

Lorsque des actifs liquides couvrent des engage- ments découlant d’instruments financiers déri- vés conformément à la lettre c) ci-dessus, ces actifs liquides sont imputés sur ce plafond de
70 %. Les investissements réalisés conformé- ment aux lettres a) et b) présents ne doivent pas comprendre des fonds immobiliers ouverts considérés comme des organismes de place- ment collectif par la loi luxembourgeoise.
Conformément à l’article 2 de la Partie Générale du prospectus de vente, la politique de place- ment peut être mise en œuvre en faisant appel à des instruments financiers dérivés appropriés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des swaps négociés de gré à gré sur n’importe quel type d’instrument financier.
En particulier, des dérivés basés sur des actions, des obligations, des devises ou des indices finan- ciers reconnus peuvent être acquis.
Le compartiment peut investir jusqu’à 30 % de son actif dans des actions et / ou titres sem- blables aux actions émises par des sociétés à l’échelle mondiale ne répondant pas aux exi- gences des lettres a) et b) susmentionnées.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités
commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, le compartiment peut investir dans tous les autres actifs autorisés spécifiés à
l’article 2 de la Partie Générale du prospectus de vente.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
Contrairement aux dispositions de la Partie Générale du prospectus de vente, il est prévu en raison de la stratégie d’investissement du com- partiment que l’effet de levier résultant du recours à des dérivés ne dépasse pas cinq fois la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Gold and Precious Metals Equities
| Profil de l’investisseur | Orienté sur le risque |
| --- | --- |
| Devise du compartiment | USD |
| Gérant du compartiment | DWS Investment GmbH et comme gérant secondaire DWS Investment Management Americas, Inc., 345 Park Avenue, New York, NY 10154, États-Unis. |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | Indice S&P – Gold & Precious Metals Mining |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg qui est aussi un jour d’ouverture du New York Stock Exchange (NYSE) |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.11.2006 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 20.11.2006 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 20.11.2006 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.11.2006 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.7.2008 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps. Le compartiment s’adresse donc exclusivement à des investisseurs expérimentés, conscients non seulement des opportunités mais aussi des risques de volatilité des placements et capables de supporter momentanément des pertes élevées.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Gold and Precious Metals Equities.

#### Politique de placement
La politique de placement du compartiment DWS Invest Gold and Precious Metals Equities a pour objectif de réaliser une plus-value aussi importante que possible, en dollar américain, du capital investi, en investissant au niveau mondial dans des sociétés du secteur des métaux pré- cieux considérées comme prometteuses.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Ainsi, au moins 70 % de la valeur de l’actif du compartiment sont investis dans des actions
d’émetteurs nationaux et étrangers dont les bénéfices ou le chiffre d’affaires ont été générés principalement dans les domaines de l’explora- tion, ainsi que dans l’extraction et le traitement de l’or, de l’argent, du platine ou d’autres métaux précieux. Les sociétés ciblées peuvent être actives dans l’exploration, l’extraction, la produc- tion, le traitement et la vente.
Conformément à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le compartiment peut recourir à des instruments et techniques dérivés appropriés pour mettre en œuvre la stratégie d’investissement et atteindre l’objectif d’investissement, ce qui comprend notamment, sans s’y limiter, des contrats à terme de gré à gré, des contrats à terme norma- lisés, des contrats à terme sur actions, des options et des swaps d’actions. Lorsque des
actifs liquides couvrent des engagements décou- lant d’instruments financiers dérivés, ces actifs liquides sont imputés sur ce plafond de 70 %.
En outre, le compartiment entend également établir occasionnellement une exposition maxi- male de 25 % de l’actif du compartiment aux marchés internationaux des métaux précieux (incluant une exposition à l’or, à l’argent, au palladium et au platine). Cependant, cette limite peut être utilisée pour établir une exposition à un seul métal précieux. Dans ce but et dans cette limite de 25 %, le compartiment peut acquérir des instruments financiers dérivés dont les instruments sous-jacents sont des indices
et des sous-indices, conformément à l’Ordon- nance 2008, représentatifs de métaux précieux, ainsi que des certificats 1:1 (y compris des Exchange Traded Commodities (ETC)) dont le
sous-jacent se compose de métaux précieux uniques et qui remplissent les exigences en matière de valeurs mobilières visées à l’article 2, paragraphe A, lettre j) de la Partie Générale du prospectus de vente.
Le compartiment ne devra conclure aucun engagement concernant le transfert de matières premières physiques.
Les instruments ne remplissant pas les condi- tions des paragraphes précédents et tous les autres actifs autorisés stipulés dans l’article 2 de la Partie Générale du prospectus de vente ne peuvent constituer plus de 30 % des actifs du compartiment.
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négociés en Chine continentale.
L’équipe de gestion du compartiment prend en compte les critères ESG dans ses décisions d’investissement (« Critères ESG » fait référence aux termes Environnementaux, Sociaux et de Gouvernance). Afin de déterminer si et dans quelle mesure les actifs du compartiment répondent aux critères ESG, une base de don- nées ESG propriétaire évalue les actifs selon les critères ESG.
La base de données ESG traite les données de plusieurs fournisseurs de données ESG, de sources publiques et prend en compte les évalua- tions internes selon une méthodologie d’évalua- tion et de classification définie. La base de don- nées ESG est donc d’abord basée sur des données et des chiffres, mais également sur des évaluations internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue de l’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG et les décisions d’entreprise de l’émetteur. La base de données ESG utilise plusieurs catégo- ries d’évaluation pour évaluer si les investisse- ments répondent aux critères ESG, notamment l’évaluation des normes de DWS, l’évaluation des risques climatiques de DWS, l’évaluation de la qualité ESG de DWS et l’exposition dans des secteurs controversés. Selon l’analyse de la base de données ESG, les investissements cibles reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et « F » étant le score le plus faible.
L’équipe de gestion du compartiment prend seulement en considération les évaluations portant sur risques climatiques et sur les normes.
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduction
des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au change- ment climatique et à d’autres changements environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meil- leures évaluations. Les émetteurs présentant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements et ne conviennent pas au compartiment.
Le compartiment ne promeut aucune caractéris- tique environnementale ou sociale ni aucune combinaison de ces caractéristiques. Les critères ESG ne sont pas pris en considération selon une politique de placement ESG ou durable dans les décisions de placement prenant la forme d’exclu- sions, comme décrites ci-dessus.
Ce qui suit est communiqué conformément à l’article 7 du règlement (UE) 2020/852 du
18 juin 2020 sur l’établissement d’un cadre visant à favoriser les investissements durables : Les investissements sous-jacents à ce produit financier ne tiennent pas compte des critères de l’UE en matière d’activités économiques écologiquement durables.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et
ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’intermédiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence des risques »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Green Bonds
| Profil de l’investisseur | Orienté sur le rendement |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence de risque) | 70 % ICE BofA Merrill Lynch Green Bond Index Euro hedged ; 20 % ICE BofA Merrill Lynch Global Corporate Index Euro hedged ; 10 % ICE BofA Merrill Lynch Global High Yield Index Euro hedged. |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative par part | Chaque jour ouvré de banque à Luxembourg et à Francfort-sur-le-Main |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FD | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 15.10.2018 |
| LD | EUR | 3 % maximum | 0,7 % maximum | 0 % | 0,05 % | 15.10.2018 |
| XD | EUR | 0 % | 0,2 % maximum | 0 % | 0,05 % | 15.10.2018 |
| ND | EUR | 1,5 % maximum | 1,1 % maximum | 0 % | 0,05 % | 14.12.2018 |
| TFC | EUR | 0 % | 0,5 % maximum | 0 % | 0,05 % | 15.3.2019 |
| LC | EUR | 3 % maximum | 0,7 % maximum | 0 % | 0,05 % | 15.5.2019 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
Pour le compartiment DWS Invest Green Bonds, les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente.

#### Politique de placement
Ce compartiment a pour objectif l’investissement durable et est classé comme produit conformé- ment à l’article 9 du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement du com- partiment DWS Invest Green Bonds est de générer un rendement supérieur à la moyenne.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
L’actif du compartiment est majoritairement investi dans des titres de créance portant intérêt émis par des émetteurs des secteurs public, privé et semi-privé dans le monde entier, et
finançant des projets ESG (environnement, social et gouvernance d’entreprise) spéciaux. Cela couvre principalement les Green Bonds, des titres de créance pour lesquels l’utilisation des produits est limitée aux projets présentant des avantages pour l’environnement et / ou le climat.
L’équipe de gestion du compartiment investit au moins 80 % des actifs du compartiment dans des activités économiques contribuant à des objectifs environnementaux et / ou sociaux.
L’équipe de gestion du compartiment cherche à atteindre son objectif de durabilité en évaluant les investissements potentiels via une méthodologie d’investissement ESG propriétaire. Cette métho- dologie intègre des normes d’investissement selon une base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG de premier plan ainsi que des sources internes et publiques pour obtenir des scores combinés propriétaires sur plusieurs objectifs environnementaux et sociaux. La méthodologie
attribue l’un des six scores propriétaires potentiel à chaque émetteur possible. Ces scores englobent des évaluations pour (i) les secteurs controversés (qui incluent le charbon, le tabac, le secteur de la défense, la pornographie, les jeux d’argent et l’énergie nucléaire), (ii) l’implication dans des armes controversées (armes nucléaires, uranium détérioré, armes à sous-munitions et mines antipersonnel) ou (iii) violation des normes internationalement acceptées, mais permettent également une sélection active d’émetteurs sur la base de catégories telles que le risque climatique et de transition, la conformité aux normes ou les meilleures évaluations ESG au regard des objec- tifs environnementaux et / ou sociaux susmen- tionnés. La méthodologie attribue l’un des
six scores propriétaires potentiels à chaque émetteur possible sur la base d’une lettre de notation allant de A à F, les émetteurs avec des scores A et B étant considérés comme leaders dans leurs catégories et les émetteurs avec des scores C étant considérés comme faisant partie de la moyenne supérieure de leur catégorie. Ces
lettres de notation peuvent provenir des revenus générés par des secteurs controversés ou du degré d’implication dans des armes controver- sées, du degré de gravité auquel un émetteur peut être impliqué dans la violation des normes internationales, de l’évaluation du risque clima- tique et de transition, qui est basée sur, par exemple, le facteur d’émission carbone ou le risque d’actifs irrécupérables, ou sur des évalua- tions ESG de premier ordre.
Le gérant du compartiment prend en compte, dans sa répartition du portefeuille, les scores issus de la base de données ESG. Au moins 80 % des actifs du compartiment sont investis dans des émetteurs classés dans les trois scores les plus élevés (allant des notes A à C) du score ESG propriétaire issu de l’application de la méthodolo- gie d’investissement ESG.
La performance environnementale, sociale et de gouvernance d’un émetteur est évaluée indépen- damment des résultats financiers selon différents facteurs. Ces facteurs comprennent, par exemple, les centres d’intérêt suivants :
Environnement
- conservation de la flore et de la faune ;
- protection des ressources naturelles, de l’atmosphère et des eaux littorales ;
- limitation de la dégradation du pays et du changement climatique ;
- prévention de l’empiètement sur les écosystèmes et de la perte de biodiversité.

Social
- droits de l’homme en général ;
- interdiction du travail des enfants et du travail forcé ;
- non-discrimination impérative ;
- santé et sécurité sur le lieu de travail ;
- lieu de travail équitable et rémunération convenable.

Gouvernance d’entreprise
- principes mondiaux de l’International Corporate Governance Network en matière de gouver- nance d’entreprise ;
- principes du Pacte Mondial contre la corruption.

Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Au moins 80 % de l’actif du compartiment doivent être investis au niveau mondial dans des titres de créance portant intérêt, libellés en euro ou couverts contre le risque de change vis-à-vis de l’euro, et bénéficiant du statut de premier ordre (investment grade status) au moment de leur acquisition. Un maximum de 20 % de l’actif du compartiment peut être investi dans des titres de créance libellés en euro ou couverts contre le risque de change vis-à-vis de l’euro, portant intérêt de la catégorie à haut risque et ayant une notation de crédit minimum de B3 (notation de Moody’s) ou B- (notation de S&P et Fitch) au moment de leur acquisition. En cas de notation fractionnée entre trois agences, la notation la plus basse des deux meilleures notations sera appliquée. En cas de notation fractionnée entre deux agences, la notation la plus basse sera appliquée. En cas d’absence de notation, une notation interne peut s’appliquer. Lorsque la notation d’un actif est révisée à la baisse au-dessous de B3 / B-, cet actif sera vendu dans les six mois.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, les actifs du compartiment peuvent être investis dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mention- nés au paragraphe A., lettre j), dudit article.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment. Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché potentiel du compartiment est mesuré à l’aide d’un portefeuille de réfé- rence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du fonds. Cependant, l’effet de levier attendu ne doit pas être considéré comme une limite de risque supplémentaire au fonds.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce fonds :
En cas d’investissement dans des fonds cibles associés au fonds, les frais forfaitaires impu- tables aux unités des fonds cibles associés seront minorés du montant de la commission de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest SDG Global Equities
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | MSCI World AC Index |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évaluation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxem- bourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évalua- tion suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 2.11.2018 |
| FD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 2.11.2018 |
| IC | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 2.11.2018 |
| ID | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 2.11.2018 |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 2.11.2018 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 2.11.2018 |
| XC | EUR | 0 % | 0,35 % maximum | 0 % | 0,05 % | 2.11.2018 |
| XD | EUR | 0 % | 0,35 % maximum | 0 % | 0,05 % | 2.11.2018 |
| NC | EUR | 3 % maximum | 2 % maximum | 0 % | 0,05 % | 14.12.2018 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2019 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2019 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 30.10.2020 |
| USD LCH (P) | USD | 5% | 1,5 % maximum | 0 % | 0,05 % | 15.2.2021 |
| USD TFCH (P) | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.2.2021 |
| USD IC50 | USD | 0 % | 0,45 % maximum | 0 % | 0,01 % | 26.2.2021 |
| GBP D RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.9.2021 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Pour le compartiment DWS Invest SDG Global Equities, les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente.

#### Politique de placement
Ce compartiment a pour objectif l’investissement durable et est classé comme produit conformé- ment à l’article 9 du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement de DWS Invest SDG Global Equities consiste à générer une performance d’investissement à moyen et long termes en investissant dans des sociétés considérées par l’équipe de gestion du comparti- ment comme étant en mesure de profiter des tendances et thèmes présents et futurs au niveau géopolitique, social et économique contri- buant à atteindre les objectifs de développement durable définis dans l’Agenda 2030 de l’ONU.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Au moins 80 % de la valeur de l’actif du compar- timent sont investis dans des actions d’émet- teurs nationaux et étrangers qui opèrent dans un domaine d’activité compris dans les thèmes centraux privilégiés en fonction de la situation du marché, qui tirent parti de tendances sélection- nées ou sont actifs dans un secteur industriel qui contribue directement ou indirectement à l’un des objectifs de développement durable de l’Agenda 2030. Les placements dans les valeurs mobilières susmentionnées peuvent aussi s’effectuer via des Global Depository Receipts (GDR) et des American Depository Receipts
(ADR) admis à la cote de bourses et de marchés reconnus, et émis par des établissements financiers internationaux.
Le compartiment peut investir jusqu’à 20 % de ses actifs dans des dépôts à court terme, des titres du marché monétaire et des avoirs ban- caires.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
L’équipe de gestion du compartiment investit au moins 80 % des actifs du compartiment dans des activités économiques qui contribuent à des objectifs environnementaux et / ou sociaux et à au moins un des objectifs de développement durable (« ODD ») de l’ONU.
L’équipe de gestion du compartiment cherche à atteindre son objectif de durabilité en évaluant les investissements potentiels via une méthodologie d’investissement ESG propriétaire. Cette métho- dologie intègre des normes d’investissement selon une base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG de premier plan ainsi que des sources internes et publiques pour obtenir des scores combinés propriétaires sur plusieurs objectifs environnementaux et sociaux. La méthodologie attribue l’un des six scores propriétaires potentiel à chaque émetteur possible. Ces scores englobent des évaluations pour (i) les secteurs controversés (qui incluent le charbon, le tabac, le secteur de la défense, la pornographie, les jeux d’argent et l’énergie nucléaire), (ii) l’implication dans des armes controversées (armes nucléaires, uranium détérioré, armes à sous-munitions et mines antipersonnel) ou (iii) violation des normes internationalement acceptées, mais permettent également une sélection active d’émetteurs sur la base de catégories telles que le risque climatique et de transition, la conformité aux normes ou les meilleures évaluations ESG au regard des objec- tifs environnementaux et / ou sociaux susmen- tionnés. La méthodologie attribue l’un des
six scores propriétaires potentiels à chaque émetteur possible sur la base d’une lettre de notation allant de A à F, les émetteurs avec des scores A et B étant considérés comme leaders dans leurs catégories et les émetteurs avec des scores C étant considérés comme faisant partie de la moyenne supérieure de leur catégorie. Ces lettres de notation peuvent provenir des revenus générés par des secteurs controversés ou du degré d’implication dans des armes controver- sées, du degré de gravité auquel un émetteur peut être impliqué dans la violation des normes internationales, de l’évaluation du risque clima- tique et de transition, qui est basée sur, par exemple, le facteur d’émission carbone ou le risque d’actifs irrécupérables, ou sur des évalua- tions ESG de premier ordre.
La contribution ODD d’un émetteur sera mesu- rée par des scores SDG dédiés, qui sont le résultat d’un algorithme à deux niveaux dans la méthodologie d’investissement ESG. Dans la première couche, les émetteurs sont identifiés et notés en fonction des revenus qu’ils génèrent qui peuvent être liés aux ODD (contribution positive) et lorsque ces revenus, en comparai- son, dépassent les mesures correspondantes d’autres émetteurs. Le deuxième niveau confirme la qualité ESG de ces émetteurs au regard des normes minimales définies en ce qui concerne les facteurs environnementaux, sociaux et de gouvernance d’entreprise. En outre, à côté de leur contribution aux ODD, les émetteurs seront évalués pour s’assurer qu’ils n’entravent pas l’objectif ODD (avec une contri- bution nette totale négative aux ODD).
Le gérant du compartiment prend en compte, dans sa répartition du portefeuille, les scores issus de la base de données ESG. Au moins 80 % des actifs du compartiment sont investis
dans des émetteurs classés dans les trois scores les plus élevés (allant des notes A à C) du score SDG propriétaire issu de l’application de la méthodologie d’investissement ESG.
Les performances ESG et ODD d’un émetteur sont évaluées indépendamment des résultats financiers selon différents facteurs. Ces facteurs comprennent, par exemple, les centres d’intérêt suivants :
Environnement
- conservation de la flore et de la faune ;
- protection des ressources naturelles, de l’atmosphère et des eaux littorales ;
- limitation de la dégradation du pays et du changement climatique ;
- prévention de l’empiètement sur les écosys- tèmes et de la perte de biodiversité.

Social
- droits de l’homme en général ;
- interdiction du travail des enfants et du travail forcé ;
- non-discrimination impérative ;
- santé et sécurité sur le lieu de travail ;
- lieu de travail équitable et rémunération convenable.

Gouvernance d’entreprise
- principes mondiaux de l’International Corpo- rate Governance Network en matière de gouvernance d’entreprise ;
- principes du Pacte Mondial contre la corrup- tion.

Objectifs de développement durable de l’ONU
- Changement climatique
- Rareté de l’eau
- Gestion des déchets
- Disponibilité alimentaire
- Santé et bien-être
- Amélioration de la qualité de vie et des don- nées démographiquesAu moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.

Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investis- sement ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site
Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
En outre, l’actif du compartiment peut être placé dans tous les autres éléments d’actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mention- nés au paragraphe A., lettre j), dudit article.
Par dérogation au plafond d’investissement stipulé à l’article 2, paragraphe B., lettre n), concernant l’utilisation de produits dérivés, les plafonds d’investissement suivants s’appliqueront en tenant compte des restrictions d’investissement alors en vigueur dans les différents pays de distribution :
Les produits dérivés constituant des positions courtes doivent en permanence présenter une garantie appropriée et ne peuvent être utilisés qu’à des fins de couverture. La limite de couver- ture est de 100 % de l’élément sous-jacent garantissant le produit dérivé. En revanche, 35 % au maximum de l’actif net du compartiment peuvent être investis dans des dérivés constituant des positions longues et ne disposant pas d’une couverture correspondante.
Par dérogation au plafond d’investissement de 10 % stipulé à l’article 2, paragraphe B., lettre i), pour les placements dans des parts d’autres OPCVM et / ou d’autres OPC tels que définis à l’article 2, paragraphe A., lettre e), le présent
compartiment sera soumis à un plafond d’investis- sement de 5 %.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’inves- tissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du compartiment sans prise en compte de ses engagements) sont investis en
actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investisse- ment, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distribu- tions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles pro- cèdent à des distributions, à moins que ces distributions soient soumises à l’imposition à hauteur de 15 % minimum et que le comparti- ment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou(ii) qui ne sont pas des sociétés immobilières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique euro- péen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exoné- rées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % mini- mum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et confor- mément à la définition donnée par le code alle- mand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipulation contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Short Duration Credit
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | iBoxx Euro Corporates 1-3 Y, administré par IHS Markit Benchmark Administration Limited |
| Portefeuille de référence (indice de référence des risques) | (VaR absolue) |
| Effet de levier | Cinq fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’évalua- tion, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00 heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 27.2.2006 |
| NC | EUR | 1,5 % maximum | 1,1 % maximum | 0,1 % | 0,05 % | 27.2.2006 |
| FC | EUR | 0 % | 0,45 % maximum | 0 % | 0,05 % | 27.2.2006 |
| LD | EUR | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 31.1.2014 |
| IC | EUR | 0 % | 0,3 % maximum | 0 % | 0,01 % | 14.10.2016 |
| ID | EUR | 0 % | 0,3 % maximum | 0 % | 0,01 % | 14.10.2016 |
| PFC | EUR | 0 % | 0,3 % maximum | 0 % | 0,05 % | 14.10.2016 |
| IC50 | EUR | 0 % | 0,2 % maximum | 0 % | 0,01 % | 28.4.2017 |
| ID50 | EUR | 0 % | 0,2 % maximum | 0 % | 0,01 % | 28.4.2017 |
| TFC | EUR | 0 % | 0,45 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,45 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Short Duration Credit.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8,
alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du DWS Invest Short Duration Credit a pour objectif de générer un rendement supérieur à la moyenne.
L’actif du compartiment peut être investi, au niveau mondial, dans les instruments suivants :
- obligations d’entreprises émises par des sociétés venant de pays développés ou de marchés émergents, qui peuvent bénéficier ou non du statut de premier ordre (investment grade bonds) au moment de leur acquisition,
- obligations sécurisées,
- obligations convertibles,
- obligations subordonnées,
- titres adossés à des actifs (asset-backed securities).

Les investissements du compartiment en obliga- tions subordonnées seront limités à 30 % de la valeur de l’actif du compartiment. Les investisse- ments du compartiment en titres adossés à des actifs (asset backed securities) seront limités à 20 % de la valeur de l’actif du compartiment.
La durée de vie moyenne du portefeuille global ne doit pas excéder trois ans. Le gérant du compartiment a pour objectif de couvrir le porte- feuille contre tout risque de change vis-à-vis de l’euro.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre en faisant appel à des instruments financiers dérivés appropriés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-starting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, le comparti- ment peut faire appel à des instruments finan- ciers dérivés pour optimiser son objectif d’inves- tissement.
Les dérivés peuvent uniquement être utilisés conformément à la politique de placement et à l’objectif d’investissement de DWS Invest Short Duration Credit. La performance du comparti- ment dépend donc, outre d’autres facteurs, de la proportion d’instruments dérivés (swaps par ex.) dans l’actif total du compartiment.
Pour mettre en œuvre la politique de placement et atteindre l’objectif d’investissement, ces instruments dérivés seront acquis avec une notation minimale BBB3 (Moody’s) / BBB- (S&P, Fitch) des organismes financiers spécialisés dans ce type de transaction. Ces contrats de gré à gré sont des contrats normalisés.
Il est important de noter le risque de contrepartie associé aux opérations de gré à gré. Le risque de contrepartie du compartiment résultant de l’utilisation de total return swaps sera totalement garanti. L’utilisation de swaps peut entraîner d’autres risques spécifiques qui sont expliqués dans les remarques générales sur les risques.
Le compartiment peut être investi, en totalité ou en partie, dans une ou plusieurs opérations de gré à gré négociées auprès d’une contrepartie, aux conditions habituelles du marché. Le comparti- ment peut ainsi être investi, en totalité ou en partie, dans une ou plusieurs opérations.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles,
« A » étant le score le plus élevé et « F » étant le plus faible. Si le score d’un émetteur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du portefeuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs
présentant un profil de risque climatique excessif (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux générale- ment reconnus. Elle examine, par exemple, les violations des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnemen- taux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manque- ments vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive
(c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des critères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environne- mentales et sociales promues par ce comparti- ment. Des informations sur l’indice de référence sont disponibles sur www.ihsmarkit.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, l’actif du compartiment peut être placé dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mentionnés au para- graphe A., lettre j), dudit article.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Risques particuliers
L’utilisation de credit default swaps peut présen- ter des risques plus élevés que des investisse- ments directs dans des titres de créance.
Le marché des credit default swaps peut être quelquefois moins liquide que les marchés des titres de créance. L’utilisation de swaps peut entraîner d’autres risques spécifiques qui sont expliqués plus en détail dans les « Remarques ».
Informations supplémentaires
Il convient de noter les éléments suivants lors de l’utilisation de total return swaps destinés à appli- quer la stratégie d’investissement décrite ci-des- sus :
La proportion d’actifs nets du compartiment soumis aux total return swaps, exprimée comme la somme des notionnels des total return swaps divisée par la valeur liquidative du compartiment, est censée atteindre jusqu’à 50 %, mais en fonction des conditions de marché respectives, en tenant compte d’une gestion de portefeuille efficace et dans l’intérêt des investisseurs, elle peut atteindre jusqu’à 100 %. Le calcul est réalisé conformément aux lignes directrices du CESR/10-788. L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.
Des informations complémentaires sur les total return swaps figurent, entre autres, au para- graphe « Techniques de gestion efficace du portefeuille » dans la Partie Générale du prospec- tus de vente. Le choix des contreparties à tout total return swap est soumis aux principes décrits dans le paragraphe « Choix des contre- parties » du prospectus de vente. Le rapport annuel contient des informations complémen- taires concernant les contreparties. Pour une analyse des risques spécifiques liés aux total return swaps, les investisseurs sont invités à se reporter au paragraphe « Remarques générales sur les risques » et en particulier au paragraphe
« Risques liés aux opérations sur produits déri- vés » du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) absolue est utilisée pour limiter le risque de marché pour les actifs du compartiment.
Contrairement aux dispositions de la Partie Géné- rale du prospectus de vente, il est prévu, en raison de la stratégie de placement du compartiment, que l’effet de levier résultant du recours à des dérivés ne dépasse pas cinq fois la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Short Duration Income
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | Barclays Global Aggregate 1-3y (couvert en EUR), administré par Barclays Bank Plc. |
| Portefeuille de référence (indice de référence des risques) | – (VaR absolue) |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| FC | EUR | 0 % | 0,45 % maximum | 0 % | 0,05 % | 12.10.2020 |
| FD | EUR | 0 % | 0,45 % maximum | 0 % | 0,05 % | 12.10.2020 |
| IC50 | EUR | 0 % | 0,18 % maximum | 0 % | 0,01 % | 12.10.2020 |
| ID50 | EUR | 0 % | 0,2 % maximum | 0 % | 0,01 % | 12.10.2020 |
| LC | EUR | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 12.10.2020 |
| LD | EUR | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 12.10.2020 |
| NC | EUR | 1,5 % maximum | 1,1 % maximum | 0 % | 0,05 % | 12.10.2020 |
| PFC | EUR | 0 % | 0,3 % maximum | 0 % | 0,05 % | 12.10.2020 |
| TFC | EUR | 0 % | 0,45 % maximum | 0 % | 0,05 % | 12.10.2020 |
| TFD | EUR | 0 % | 0,45 % maximum | 0 % | 0,05 % | 12.10.2020 |
| USD FCH | USD | 0 % | 0,45 % maximum | 0 % | 0,05 % | 12.10.2020 |
| USD LCH | USD | 3 % maximum | 0,6 % maximum | 0 % | 0,05 % | 12.10.2020 |
| USD TFCH | USD | 0 % | 0,45 % maximum | 0 % | 0,05 % | 12.10.2020 |
| CHF ICH25 | CHF | 0 % | 0,23 % maximum | 0 % | 0,01 % | 15.10.2021 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Short Duration Income.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
L’objectif de la politique de placement du com- partiment DWS Invest Short Duration Income est
de générer un rendement supérieur à la moyenne.
Le compartiment peut acquérir des titres portant intérêt, des obligations convertibles et des obliga- tions à warrant, des titres participatifs et bons de jouissance, des instruments du marché monétaire et des actifs liquides.
Au moins 70 % de l’actif du compartiment sont investis dans des titres portant intérêt ayant une échéance classée à court terme. « Court terme » se réfère à un terme d’échéance ou un terme à taux fixe pour des investissements notés entre zéro et trois ans. Au moins 25 % de l’actif du
compartiment sont investis dans des actifs dont l’échéance résiduelle dépasse 24 mois.
Ce compartiment ne respecte pas les disposi- tions du règlement 2017/1131 de l’UE relatif aux fonds monétaires et ne pourra donc pas être considéré comme un fonds monétaire.
Un maximum de 30 % de la totalité de l’actif du compartiment peut être investi dans des titres de créance ou d’autres titres ne satisfaisant pas aux critères ci-dessus.
Les obligations convertibles et les obligations à warrant ne peuvent constituer plus de 25 % de
l’actif du compartiment ; les titres participatifs et bons de jouissance ne peuvent constituer plus de 10 %.
Les investissements du compartiment en titres adossés à des actifs (asset backed securities) et en obligations hypothécaires (mortgage backed securities) seront limités à 20 % de la valeur de l’actif du compartiment.
90 % au moins de l’actif du compartiment seront investis en EUR ou couverts dans cette devise.
Les investissements dans les titres domestiques via le marché chinois onshore s’effectueront dans des valeurs cotées, via un accès direct au mar- ché obligataire interbancaire (CIBM) ou via le programme Bond Connect. Tel que défini à l’article 41, alinéa 2, lettre a) de la Loi de 2010, le plafond d’investissement de 10 % doit être respecté en cas d’investissement via le pro- gramme Bond Connect.
Ces investissements peuvent également s’effec- tuer via le programme d’investisseurs institution- nels étrangers qualifiés en renminbi (Renminbi Qualified Foreign Institutional, RQFII), qui implique l’octroi par la Commission chinoise de réglementation des valeurs mobilières (China Securities Regulatory Commission, CSRC) d’une licence R-QFII. En outre, l’Administration natio- nale du contrôle des changes (State Administra- tion of Foreign Exchange, SAFE) peut devoir concéder au gérant du compartiment un quota d’investissement R-QFII.
Étant donné que les placements réalisés par le compartiment et les revenus qu’il reçoit pourront être libellés en renminbi, les investisseurs doivent être conscients de la possibilité de dépréciation de cette devise.
Conformément aux plafonds d’investissement spécifiés à l’article 2, paragraphe B., de la Partie Générale du prospectus de vente, la politique de placement peut être mise en œuvre, entre autres, en faisant appel aux instruments finan- ciers dérivés. Ces instruments financiers dérivés peuvent inclure, entre autres, des options, des contrats à terme de gré à gré (forwards), des contrats à terme normalisés (futures), des contrats à terme sur instruments financiers et des options sur de tels contrats, de même que des contrats négociés de gré à gré sur n’importe quel type d’instrument financier, y compris des swaps, des forward-starting swaps, des inflation swaps, des total return swaps, des excess return swaps, des swaptions, des constant maturity swaps et des credit default swaps.
Les investissements du compartiment en obliga- tions contingentes convertibles seront limités à 10 % de la valeur de l’actif du compartiment.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales
et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de
l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques environnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur www.bloomberg.com
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
De plus, l’actif du compartiment peut être investi dans tous les autres actifs autorisés.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit
dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de réfé- rence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Gestion des risques
L’approche de value-at-risk (VaR) absolue est utilisée pour limiter le risque de marché pour les actifs du compartiment.
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.
Informations supplémentaires
Il convient de noter les éléments suivants lors de l’utilisation de total return swaps destinés à appliquer la stratégie d’investissement décrite ci-dessus :
La proportion d’actifs nets du compartiment soumis aux total return swaps, exprimée comme la somme des notionnels des total return swaps divisée par la valeur liquidative du compartiment, est censée atteindre jusqu’à 50 %, mais en fonction des conditions de marché respectives, en tenant compte d’une gestion de portefeuille efficace et dans l’intérêt des investisseurs, elle peut atteindre jusqu’à 100 %. Le calcul est réalisé conformément aux lignes directrices du CESR/10- 788. L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.
Des informations complémentaires sur les total return swaps figurent, entre autres, au paragraphe
« Techniques de gestion efficace du portefeuille » dans la Partie Générale du prospectus de vente. Le choix des contreparties à tout total return swap est soumis aux principes décrits dans le para- graphe « Choix des contreparties » du prospectus de vente. Le rapport annuel contient des informa- tions complémentaires concernant les contrepar- ties. Pour une analyse des risques spécifiques liés aux total return swaps, les investisseurs sont invités à se reporter au paragraphe « Remarques générales sur les risques » et en particulier au paragraphe « Risques liés aux opérations sur produits dérivés » du prospectus de vente.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Top Asia
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH et en tant que gérant secondaire DWS Investments Hong Kong Limited, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. |
| Indice de référence de performance | Indice MSCI AC Asia ex Japan EUR Nt (MAASJ Index), administré par MSCI Limited |
| Portefeuille de référence (indice de référence des risques) | Indice MSCI AC Asia ex Japan EUR Nt (MAASJ Index) |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg qui est aussi un jour d’ouverture du Hong Kong Stock Exchange |
| Swing Pricing | Le compartiment peut appliquer le Swing Pricing. S’il est mis en œuvre, cela sera indiqué dans la rubrique des informations relatives à ce fonds sur le site Web de la société de gestion www.dws.com. |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 3.6.2002 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 3.6.2002 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 3.6.2002 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 3.6.2002 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 20.11.2006 |
| USD FC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 20.11.2006 |
| GBP D RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 19.1.2009 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| USD TFC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Top Asia.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement du compartiment DWS Invest Top Asia a pour objectif de réaliser une appréciation aussi importante que possible
du capital investi en euro. Le compartiment peut acquérir des actions, des titres portant intérêt, des obligations convertibles et des obligations à warrant, des titres participatifs et bons de jouissance et des warrants sur actions. Au moins 70 % de l’actif du compartiment sont investis en actions de sociétés ayant leur siège ou exerçant l’essentiel de leur activité en Asie (hors Japon). Une société est considérée comme exerçant son activité de façon prépon- dérante en Asie (hors Japon) si la majorité de son chiffre d’affaires ou de son bénéfice pro- vient de son activité sur ce continent. Les sociétés considérées comme émetteurs asia- tiques (hors Japon) ont leur siège ou exercent leur activité de façon prépondérante à Hong
Kong, en Inde, en Indonésie, au Japon, en Corée, en Malaisie, aux Philippines, à Singa- pour, à Taïwan, en Thaïlande et en République populaire de Chine. Les valeurs mobilières émises par ces sociétés peuvent être cotées sur des Bourses chinoises (notamment Shenzhen-Hong Kong et Shanghai-Hong Kong Stock Connect) ou d’autres Bourses étrangères, ou être négociées sur d’autres marchés régle- mentés reconnus, ouverts au public et fonction- nant de manière régulière dans un État membre de l’Organisation de coopération et de dévelop- pement économiques (OCDE). Les critères suivants sont décisifs pour la sélection des actions :
- position forte sur le marché d’un émetteur dans son domaine d’activités,
- ratios financiers solides en fonction de la situation,
- mode de gestion supérieur à la moyenne et axé sur des bénéfices solides à long terme,
- orientation stratégique de la société,
- politiques d’information centrées sur l’action- naire.

En conséquence, le compartiment souscrit aux actions de sociétés dont il s’attend à obtenir des résultats et / ou des cours d’actions se situant au-delà de la moyenne conformément à l’en- semble du marché.
Après déduction des liquidités, l’actif du compar- timent peut être investi jusqu’à 30 % dans des actions d’émetteurs nationaux et étrangers qui ne répondent pas aux exigences de la phrase précédente.
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négo- ciés en Chine continentale.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du
portefeuille s’interdit d’investir dans cet émet- teur, même s’il est éligible selon d’autres catégo- ries. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du changement climatique et des changements environnemen- taux, par exemple, en ce qui concerne la réduc- tion des gaz à effet de serre et la préservation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres change- ments environnementaux négatifs ou qui sont moins exposés à de tels risques bénéficient de meilleures évaluations. Les émetteurs présen- tant un profil de risque climatique excessif
(c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire
ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcen- tage de revenus provenant de domaines d’acti- vité controversés et d’activités commerciales controversées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
L’indice de référence de ce compartiment n’est pas cohérent avec les caractéristiques envi- ronnementales et sociales promues par ce compartiment. Des informations sur l’indice de référence sont disponibles sur www.msci.com.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concer- nant des questions telles que la stratégie, la performance financière et non financière, le risque, la structure du capital, l’impact social et environnemental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération.
Le dialogue peut être exercé, par exemple, par
vote par procuration, réunions d’entreprise ou lettres de mission.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
De plus, l’actif du compartiment peut être investi dans tous les autres actifs autorisés.
Par dérogation au plafond d’investissement de 10 % stipulé à l’article 2, paragraphe B., lettre i), pour les placements dans des parts d’autres Organismes de Placement Collectif en Valeurs Mobilières et / ou d’autres organismes de place- ment collectif tels que définis à l’article 2, para-
graphe A., lettre e), le présent compartiment sera soumis à un plafond d’investissement de 5 %.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.
Les restrictions d’investissement suivantes s’appliquent au compartiment en raison d’un éventuel enregistrement en Corée :
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Le compartiment doit investir plus de 70 % de son actif net dans des valeurs mobilières libel- lées dans une devise autre que le won coréen.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Indice de référence
Le compartiment est géré activement et est géré sur la base d’un ou plusieurs indices de réfé- rence, comme détaillé dans le tableau spécifique au compartiment. Tous les indices de référence, ou leurs agents administratifs, sont enregistrés auprès de l’AEMF, soit dans le registre public des agents administratifs d’indices de référence, soit dans le registre public des indices de référence de pays tiers.
La majeure partie des titres du compartiment ou de leurs émetteurs ne doivent pas nécessaire- ment faire partie de l’indice de référence et le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l’indice de
référence. L’équipe de gestion du compartiment investira de façon discrétionnaire dans des titres et des secteurs non inclus dans l’indice de référence pour saisir des opportunités d’investis- sement spécifiques. Le positionnement du compartiment peut s’écarter considérablement de son indice de référence (par exemple, en raison d’un positionnement en dehors de l’indice de référence ou d’une sous-pondération ou surpondération importante), et la marge d’action est généralement relativement élevée. Un écart reflète généralement l’évaluation de l’environne- ment de marché spécifique par le gérant du compartiment, ce qui peut conduire à un posi- tionnement défensif et plus proche de l’indice de référence, ou plus actif et plus éloigné de l’indice de référence. Bien que le compartiment vise à surperformer le rendement de l’indice de réfé- rence, la surperformance potentielle peut être limitée selon l’environnement du marché préva- lant (par exemple, un environnement de marché moins volatile) et le positionnement réel par rapport à l’indice de référence.

#### Risques particuliers
S’étant spécialisé dans une zone géographique particulière, le compartiment offre des opportuni- tés élevées qui sont toutefois contrebalancées par des risques élevés.
Le compartiment se concentre sur des investis- sements en Asie. Les Bourses et les marchés asiatiques sont quelquefois soumis à d’impor- tantes fluctuations. Les fluctuations de taux de change des devises locales contre l’euro peuvent aussi avoir un effet sur la performance de l’inves- tissement. Ainsi, même si les instruments à acheter sont soigneusement sélectionnés, il ne peut pas être totalement exclu qu’il existe un risque de crédit lié à un investissement dans des titres, à savoir que des pertes soient engendrées en raison de la défaillance d’émetteur. Des bouleversements politiques, des restrictions de change, un contrôle boursier, des taxes, des limitations relatives aux investissements et aux rapatriements de capitaux étrangers, etc. peuvent aussi avoir des répercussions sur la performance de l’investissement.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’exposition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).

## DWS Invest Top Dividend
| Profil de l’investisseur | Orienté sur la croissance |
| --- | --- |
| Devise du compartiment | EUR |
| Gérant du compartiment | DWS Investment GmbH |
| Indice de référence de performance | – |
| Portefeuille de référence (indice de référence des risques) | MSCI WORLD HIGH DIVIDEND YIELD |
| Effet de levier | Deux fois la valeur de l’actif du compartiment |
| Calcul de la valeur liquidative | Chaque jour ouvré de banque à Luxembourg |
| Acceptation des ordres | Tous les ordres de souscription, de rachat et d’échange s’effectuent sur la base d’une valeur liquidative par action inconnue. Les ordres reçus par l’agent de transfert au plus tard à 16 h 00, heure de Luxembourg un jour d’éva- luation, sont traités sur la base de la valeur liquidative du jour d’évaluation suivant. Les ordres reçus après 16 h 00, heure de Luxembourg sont traités sur la base de la valeur liquidative du jour d’évaluation immédiatement postérieur au jour d’évaluation suivant. |
| Date de valeur | Lors d’un achat, la contre-valeur est débitée trois jours ouvrés de banque après l’émission des actions. Lors d’une vente, la contre-valeur est créditée trois jours ouvrés de banque après le rachat des actions. La date de valeur pour les ordres d’achat et de vente en certaines devises peut varier d’un jour par rapport à la date de valeur spécifiée dans la dénomination des classes d’actions de la Partie Générale du prospectus de vente. |
| Fractions d’actions | Jusqu’à trois chiffres après la décimale |
| Plafond de charges | 15 % maximum de la commission de la société de gestion |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| LC | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.7.2010 |
| LD | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.7.2010 |
| FC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.7.2010 |
| GBP LD DS | GBP | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 1.7.2010 |
| NC | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 1.7.2010 |
| USD LC | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 13.9.2010 |
| ND | EUR | 3 % maximum | 2 % maximum | 0,2 % | 0,05 % | 16.11.2010 |
| SGD LDQ | SGD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 16.8.2011 |
| CHF FCH (P) | CHF | 0 % | 0,75 % maximum | 0 % | 0,05 % | 21.10.2011 |
| CHF LCH (P) | CHF | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 21.10.2011 |
| SGD LC | SGD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 24.4.2012 |
| SGD LCH (P) | SGD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 24.4.2012 |
| USD LCH (P) | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 30.5.2012 |
| USD LDH (P) | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 28.1.2013 |
| FD | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.3.2013 |
| GBP D RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 27.5.2013 |
| USD FC | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 24.6.2013 |
| SGD LDQH (P) | SGD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 23.9.2013 |
| USD LDQ | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 23.9.2013 |
| PFC | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| PFD | EUR | 0 % | 1,6 % maximum | 0 % | 0,05 % | 26.5.2014 |
| LDQH (P) | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 4.6.2014 |
| USD LDM | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 11.8.2014 |
| LCH (P) | EUR | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 11.12.2014 |
| GBP C RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 30.9.2015 |
| USD LDQH (P) | USD | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 30.9.2015 |
| SEK LCH (P) | SEK | 5 % maximum | 1,5 % maximum | 0 % | 0,05 % | 30.9.2015 |

| Classe d’actions | Devise de la classe d’actions | Droit d’entrée (supporté par l’investisseur) | Commission de la société de gestion p.a. (supportée par le compartiment)* | Commission de service p.a. (supportée par le compartiment)* | Taxe d’abonnement p.a. (supportée par le compartiment) | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| USD FCH (P) | USD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 30.6.2016 |
| GBP DH (P) RD | GBP | 0 % | 0,75 % maximum | 0 % | 0,05 % | 1.9.2016 |
| IC | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 1.9.2016 |
| IDQ | EUR | 0 % | 0,5 % maximum | 0 % | 0,01 % | 13.4.2017 |
| TFC | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 5.12.2017 |
| TFCH (P) | EUR | 0 % | 0,75 % maximum | 0 % | 0,05 % | 30.4.2019 |
| AUD TFCH (P) | AUD | 0 % | 0,75 % maximum | 0 % | 0,05 % | 15.5.2020 |
| CHF TFCH (P) | CHF | 0 % | 0,75 % maximum | 0 % | 0,05 % | 16.8.2021 |

| Ajustement de dilution (supporté par l’actionnaire)** | PFC et PFD : Un ajustement de dilution d’un maximum de 3 %, calculé sur la base du prix de rachat brut, pourra être facturé. Veuillez consulter la Partie Générale pour plus de détails. |
| --- | --- |
| Frais de courtage (supportés par l’actif du compartiment) | PFC et PFD : Un maximum de 3 % pour le compte du distributeur. Veuillez consulter la Partie Générale pour plus de détails. |

* Pour les autres frais, voir l’article 12 de la Partie Générale du prospectus de vente.
** La société de gestion peut partiellement ou complètement renoncer à l’ajustement de dilution, à son entière et absolue discrétion.
En raison de sa composition et des techniques employées par l’équipe de gestion du fonds, le compartiment présente une volatilité sensiblement plus élevée, c’est-à-dire que les cours des actions peuvent subir des variations massives tant à la hausse qu’à la baisse, même dans un court laps de temps.
Les dispositions suivantes complètent les règles contenues dans la Partie Générale du prospectus de vente pour le compartiment DWS Invest Top Dividend.

#### Politique de placement
Ce compartiment promeut les caractéristiques environnementales et sociales et est classé comme produit conformément à l’article 8, alinéa 1, du règlement (UE) 2019/2088 sur les informations relatives à la durabilité pour le secteur des services financiers.
La politique de placement de DWS Invest Top Dividend a pour objectif d’obtenir un rendement supérieur à la moyenne.
Le compartiment est géré de façon active, et non par rapport à un indice de référence.
Au moins 70 % de l’actif du compartiment sont investis en actions d’émetteurs internationaux, susceptibles de dégager un taux de rendement supérieur à la moyenne.
Les critères suivants sont décisifs pour la sélection des actions : taux de rendement supé- rieur à la moyenne du marché, constance du taux de rendement et de la croissance, crois- sance passée et future des bénéfices, ratio cours / bénéfice. En plus de ces critères, le gérant de portefeuille applique un processus éprouvé de sélection de valeurs (stock-picking). En d’autres termes, il analyse les données fondamentales d’une entreprise (par exemple, la qualité des bilans, les capacités de gestion, la rentabilité, la position concurrentielle et la
notation). Ces critères peuvent recevoir des pondérations différentes et ne sont pas néces- sairement tous présents en même temps.
Conformément à l’article 2 B. de la Partie Géné- rale du prospectus de vente, le compartiment peut recourir à des techniques dérivées pour mettre en œuvre l’objectif d’investissement, ce qui comprend notamment des contrats à terme de gré à gré, des contrats à terme normalisés, des contrats à terme sur actions, des options et des swaps d’actions.
Dans ce contexte, le compartiment pourrait constituer des positions anticipant une baisse des cours des actions et des niveaux des indices.
Conformément à l’interdiction stipulée à l’ar- ticle 2, paragraphe F., de la Partie Générale du prospectus de vente, la vente à découvert de titres n’est pas autorisée. Des positions courtes sont constituées à l’aide d’instruments dérivés titrisés et non titrisés.
Les placements dans les valeurs mobilières susmentionnées peuvent aussi s’effectuer via des Global Depository Receipts (GDR) ainsi que via des American Depository Receipts (ADR) admis à la cote de Bourses et de marchés recon- nus, émis par des établissements financiers internationaux.
Un maximum de 30 % de l’actif du comparti- ment peut être investi dans des instruments ne satisfaisant pas aux critères ci-dessus.
Le compartiment peut investir jusqu’à 30 % de son actif dans des titres du marché monétaire et des avoirs bancaires.
Un maximum de 20 % des actifs du comparti- ment peut être investi dans des titres tels que des actions de classe A, des actions de classe B, des obligations et d’autres titres cotés et négo- ciés en Chine continentale.
Le compartiment n’investira pas dans des obliga- tions contingentes convertibles.
Le compartiment entend recourir aux opérations de financement sur titres dans les conditions et dans la mesure décrites plus en détail dans la Partie Générale du prospectus de vente.
En outre, les actifs du compartiment peuvent être investis dans tous les autres actifs autorisés spécifiés à l’article 2 de la Partie Générale du prospectus de vente, y compris ceux mention- nés au paragraphe A., lettre j), dudit article.
Au moins 51 % des actifs nets du compartiment sont investis dans des actifs d’émetteurs répon- dant à des normes minimales définies en matière de caractéristiques environnementales et sociales ainsi que de pratiques de bonne gouvernance.
L’équipe de gestion du portefeuille de ce compar- timent cherche à atteindre les caractéristiques environnementales et sociales promues en évaluant les investissements potentiels via une méthodologie d’évaluation ESG propriétaire, quelles que soient les perspectives économiques
de réussite. Cette méthodologie repose sur la base de données ESG, qui utilise les données de plusieurs fournisseurs de données ESG (une liste de fournisseurs de données est disponible sur www.dws.com/solutions/esg), des sources publiques et des évaluations internes (basées sur une méthodologie d’évaluation et de classifica- tion définie) pour dériver des scores combinés. La base de données ESG est donc basée sur des données et des chiffres ainsi que sur des évalua- tions internes qui prennent en compte des facteurs au-delà des données et des chiffres traités, tels que l’évolution future attendue d’un émetteur en matière d’ESG, la plausibilité des données par rapport à des événements passés ou futurs, la volonté d’un émetteur d’engager le dialogue sur les questions d’ESG ou les déci- sions d’entreprise.
La base de données ESG dérive des évaluations codées A à F dans différentes catégories, comme détaillé ci-après. Dans chaque catégorie, les émetteurs reçoivent l’un des six scores possibles, « A » étant le score le plus élevé et
« F » étant le plus faible. Si le score d’un émet- teur dans une catégorie n’est pas considéré comme éligible, l’équipe de gestion du porte- feuille s’interdit d’investir dans cet émetteur, même s’il est éligible selon d’autres catégories. Aux fins d’exclusion, chaque score est considéré individuellement et peut entraîner l’exclusion d’un émetteur.
La base de données ESG s’appuie sur différentes catégories d’évaluation pour évaluer l’atteinte des caractéristiques environnementales et sociales promues, notamment :
Évaluation des risques climatiques de DWS L’évaluation des risques climatiques de DWS examine les émetteurs à l’égard du change- ment climatique et des changements environ- nementaux, par exemple, en ce qui concerne la réduction des gaz à effet de serre et la préser- vation de l’eau. Les émetteurs qui contribuent moins au changement climatique et à d’autres changements environnementaux négatifs ou qui sont moins exposés à de tels risques béné- ficient de meilleures évaluations. Les émetteurs présentant un profil de risque climatique exces- sif (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation de conformité avec les normes de DWS
L’évaluation de conformité avec les normes de
DWS examine le comportement des émetteurs, par exemple, dans le cadre des principes du Pacte mondial des Nations Unies, des normes de l’Organisation internationale du travail, et des normes et principes internationaux généralement reconnus. Elle examine, par exemple, les viola- tions des droits de l’homme, les violations des droits des travailleurs, le travail des enfants ou le travail forcé, les impacts environnementaux négatifs et l’éthique des affaires. Les émetteurs responsables de graves manquements vis-à-vis
des normes (c’est-à-dire un score « F ») sont exclus des investissements.
Évaluation des souverains de DWS
L’évaluation des souverains de DWS examine les libertés politiques et civiles. Les émetteurs souverains faisant l’objet de controverses éle- vées ou excessives concernant les libertés politiques et civiles (c’est-à-dire un score « E » ou « F ») sont exclus des investissements.
Exposition à des secteurs controversés
La base de données ESG définit certains domaines d’activité et activités commerciales comme pertinents. Les domaines d’activité et les activités commerciales sont définis comme pertinents s’ils impliquent la production ou la distribution de produits dans un domaine contro- versé (« secteurs controversés »). Les secteurs controversés sont définis, par exemple, comme le secteur des armes, l’armement, le tabac et les divertissements pour adultes.
D’autres secteurs d’activité et activités commer- ciales qui affectent la production ou la distribu- tion de produits dans d’autres secteurs sont définis comme pertinents. D’autres secteurs pertinents sont, par exemple, l’énergie nucléaire ou l’extraction du charbon et la production d’élec- tricité au charbon.
Les émetteurs sont évalués en fonction de la part des revenus totaux qu’ils génèrent dans des domaines d’activité controversés et des activités commerciales controversées. Plus le pourcentage de revenus provenant de domaines d’activité controversés et d’activités commerciales contro- versées est faible, meilleur est le score.
En ce qui concerne l’implication dans les sec- teurs du tabac, des armes controversées et des armes à feu civiles, les émetteurs (hors fonds cibles) ayant une exposition modérée, élevée ou excessive (c’est-à-dire un score « D », « E » ou
« F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’industrie de la défense, les émetteurs (hors fonds cibles) ayant une exposition élevée ou excessive (c’est- à-dire un score « E » ou « F ») sont exclus des investissements.
En ce qui concerne l’implication dans l’extraction du charbon et la production d’électricité au charbon ou d’autres secteurs controversés et pratiques commerciales controversées, les émetteurs (hors fonds cibles) ayant une exposi- tion excessive (c’est-à-dire un score « F ») sont exclus des investissements.
Dans la mesure où le compartiment cherche à atteindre les normes minimales promues en termes de caractéristiques environnementales et sociales et de pratiques de gouvernance d’entre- prise au moyen d’un investissement dans des fonds cibles, ces derniers doivent répondre aux critères en matière de risques climatiques et d’évaluation des normes décrits ci-dessus.
Au moins 90 % des avoirs en portefeuille du compartiment seront examinés selon des cri- tères non financiers.
Vous trouverez de plus amples informations sur le fonctionnement de la méthodologie d’investisse- ment ESG, son intégration dans le processus d’investissement, la description des scores A à F dans les différentes catégories d’évaluation ainsi que nos politiques liées à l’ESG sur notre site Internet www.dws.com/solutions/esg/esg-engine.
De plus, une activité d’engagement peut être initiée avec les émetteurs individuels concernant des questions telles que la stratégie, la perfor- mance financière et non financière, le risque, la structure du capital, l’impact social et environne- mental ainsi que la gouvernance d’entreprise, y compris des sujets tels que la divulgation, la culture et la rémunération. Le dialogue peut être exercé, par exemple, par vote par procuration, réunions d’entreprise ou lettres de mission.
Dans le but d’obtenir une exonération fiscale partielle au sens de la loi allemande sur l’impôt sur les investissements et en plus des limites d’investissement décrites dans les statuts de la Société et dans le présent Prospectus de vente (fonds d’actions), il est stipulé en plus qu’au moins 51 % des actifs bruts du compartiment (déterminés par la valeur des actifs du comparti- ment sans prise en compte de ses engage- ments) sont investis en actions admises au négoce officiel d’une Bourse ou incluses ou admises sur un autre marché réglementé, et ne représentent pas :
- des parts de fonds de placement ;
- des actions détenues indirectement par l’inter- médiaire de sociétés de personnes ;
- des parts d’entreprises, d’associations de personnes ou de successions représentant au moins 75 % des actifs bruts, constitués de biens immeubles conformément aux disposi- tions légales ou à leurs conditions d’investis- sement, si ces entreprises, associations de personnes ou successions sont soumises à un impôt sur les sociétés à hauteur de 15 % minimum sans exonération, ou si leurs distri- butions sont soumises à un impôt à hauteur de 15 % minimum et que le compartiment n’est pas exonéré de ladite imposition ;
- des parts d’entreprises exonérées de l’impôt sur les sociétés dans la mesure où elles procèdent à des distributions, à moins que ces distributions soient soumises à l’imposi- tion à hauteur de 15 % minimum et que le compartiment ne soit pas exonéré de ladite imposition ;
- des parts d’entreprises dont les revenus proviennent, directement ou indirectement, à hauteur de 10 % minimum, de parts d’entre- prises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobi- lières, mais qui (a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties àl’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées ;
- des parts d’entreprises détenant, directement ou indirectement, des parts d’entreprises, qui sont (i) des sociétés immobilières ou (ii) qui ne sont pas des sociétés immobilières, mais qui(a) sont domiciliées dans un État membre de l’Union européenne ou dans un État membre de l’Espace économique européen et qui ne sont pas assujetties à l’impôt sur les sociétés ou en sont exonérées ou (b) sont domiciliées dans un État tiers et ne sont pas assujetties à l’impôt sur les sociétés à hauteur de 15 % minimum ou en sont exonérées si la valeur de marché réelle des parts de ces entreprises est supérieure à 10 % de la valeur de marché réelle de ces entreprises.

Aux fins de cette politique de placement et conformément à la définition donnée par le code allemand relatif aux placements de capitaux (KAGB), un marché réglementé est, sauf stipula- tion contraire, un marché reconnu, ouvert au public et qui fonctionne correctement. Un tel marché réglementé répond aux critères de l’article 50 de la Directive OPCVM.
Les risques associés aux investissements dans ce compartiment sont indiqués dans la Partie Générale du prospectus de vente.

#### Intégration des risques de durabilité
L’équipe de gestion du compartiment intègre les risques de durabilité dans ses décisions d’inves- tissement au moyen de l’intégration ESG. Vous trouverez de plus amples informations sur la manière dont les risques de durabilité sont pris en compte dans les décisions d’investissement dans la Partie Générale du prospectus de vente.

#### Gestion des risques
L’approche de value-at-risk (VaR) relative est utilisée pour limiter le risque de marché au sein du compartiment.
Outre les dispositions de la Partie Générale du prospectus de vente, le risque de marché poten- tiel du compartiment est mesuré à l’aide d’un portefeuille de référence qui ne contient pas de dérivés (« indice de référence de risque »).
L’effet de levier ne devra pas excéder le double de la valeur de l’actif du compartiment. L’effet de levier est la somme de l’approche des notionnels (somme absolue (notionnel) de chaque position dérivée divisée par la valeur actuelle nette du portefeuille). L’effet de levier attendu indiqué ne servira pas de limite d’expo- sition supplémentaire au compartiment.

#### Investissement dans des parts de fonds cibles
En plus des informations contenues dans la Partie Générale du prospectus de vente, les éléments suivants sont applicables à ce compartiment :
En cas d’investissement dans des fonds cibles associés au compartiment, la part de la commis- sion de gestion revenant aux parts de ces fonds cibles sera minorée du montant de la commis- sion de gestion / des frais forfaitaires facturé par le fonds cible acquis et, le cas échéant, dans sa totalité (méthode de calcul de la différence).