# Sales Prospectus – Special Section
DWS Eurorenta
Investor profile	Income-oriented

#### Fund currency	EUR
Fund manager	DWS Investment GmbH
Inception date	Inception date of the fund November 16, 1987
Initial issue price	DEM 80 ,– (incl. initial sales charge)
Performance benchmark	Barclays Pan-European Aggregate, administered by Barclays Bank Plc
Reference portfolio	Barclays Capital Pan-European Aggregate EUR (unhedged) Constituents.

#### (risk benchmark)
Leverage	Maximum of five times the fund’s assets
Valuation date	Each bank business day in Luxembourg.
A bank business day is a day on which the commercial banks are open in Luxembourg and settle payments.
Order acceptance	All orders are submitted on the basis of an unknown net asset value per unit. Orders received by the Management Company or the paying agent at or before 1:30 PM Luxembourg local time on a valuation date are processed on the basis of the net asset value per unit on the next valuation date. Orders received after 1:30 PM Luxembourg local time are processed on the basis of the net asset value per unit on the valuation date immediately following that next valuation date.
Value date	In a purchase, the equivalent value is charged two bank business days after issue of the units.
The equivalent value is credited two bank business days after redemption of the units.
Distribution policy	Decided annually by the Management Company
Initial sales charge	Up to 3%

#### (payable by the investor)
Redemption fee	Up to 2.5%; currently 0%

#### (payable by the investor)
All-in fee*	Up to 0.85% p.a.

#### (payable by the fund)
Taxe d’abonnement	0.05% p.a.

#### (payable by the fund)
Maturity date	No fixed maturity
Decimal places	Up to three decimal places
Publication of the filing of	March 1, 2023

#### the Management Regulations in the Trade and Companies Register (RESA)
Entry into force of the	January 1, 2023

#### Management Regulations
*	The fund may also be charged with the expenses mentioned in the general section of the Sales Prospectus.

### Investment objective and investment policy

##### This fund promotes environmental and social characteristics and discloses information in accordance with article 8 (1) of Regulation
(EU) 2019/2088 on sustainability-related disclo- sures in the financial services sector (“SFDR”). Although the fund does not pursue a sustainable investment objective, it invests a minimum proportion of its assets in sustainable invest- ments as defined in article 2 (17) SFDR.
The objective of the investment policy of the fund DWS Eurorenta is to generate a return in euro. At least 70% of the fund’s assets are invested in bonds and other interest-bearing securities that are denominated in euro. No more than 25% of the fund’s assets may be invested in warrant-linked bonds and warrants, as well as in convertible debentures. No more than 10% of the fund’s assets may be invested in equities and other equity securities and participation rights.
In accordance with article 41 (1) of the Law of 2010, the fund may invest in money market instruments, in deposits with credit institutions and up to 10% in money market funds. The investment in money market instruments, depos- its with credit institutions, money market funds and the holding of liquid assets (as described below) may not altogether exceed 30% of the fund’s net assets. Under exceptionally unfavor- able market conditions, this limit of 30% may be temporarily exceeded if circumstances so require and where this appears justified with regard to the interests of the investors.

##### The fund may also hold liquid assets as described in article 4 B. (o) of the Management Regulations.
At least 51% of the fund’s net assets are invested in assets that comply with the DWS standards set out below with respect to environmental and social characteristics as well as corporate governance practices.
The portfolio management of this fund seeks to attain the promoted environmental and social characteristics by assessing potential invest- ments via a proprietary ESG assessment method- ology irrespective of economic prospects of success.
This methodology is based on the ESG database, which uses data from multiple ESG data providers, 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 dialogue on ESG matters and corporate decisions.
The ESG database derives “A” to “F” letter coded scores 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 deemed insufficient, the portfolio management is prohib- ited from investing in that issuer, even if it is eligible according to other categories. For exclu- sion purposes, each letter score in a category 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 pro- moted environmental and social characteristics, including:
DWS Climate and Transition Risk Assessment The DWS Climate and Transition Risk Assessment evaluates issuers in relation to climate change and environmental changes, e.g., with 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 higher scores. Issuers with an excessive climate risk profile (i.e., a letter score of “F”) are excluded as an investment.

##### DWS Norm Assessment
The DWS Norm Assessment evaluates the behavior of issuers, for example, within the framework of the principles of the United Nations Global Compact, the standards of the International Labour Organiza- tion, and behavior within generally accepted international standards and principles. The Norm Assessment examines, for example, human rights violations, violations of workers’ rights, child or forced labor, adverse environmental impacts and business ethics. Issuers with the highest severity of norm issues (i.e., a letter score of “F”) are excluded as an 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 an 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 distribu- tion of products in a controversial area (“contro- versial sectors”). Controversial sectors are defined, for example, as the civil firearms indus- try, the arms industry and tobacco. Other busi- ness areas and business activities are defined as relevant if they involve the production or distribu- tion of products in other areas. Other relevant sectors are, for example, coal mining and coal- based power generation.
Issuers are evaluated according to the proportion of total revenues they generate in controversial business areas and with controversial business activities. The lower the percentage of revenues from the controversial business areas and contro- versial business activities, the better the score.
As regards the exposure to tobacco 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 an investment.

##### As regards the exposure to the defense industry, issuers (excluding target funds) with high or excessive exposure (i.e., a letter score of “E” or “F”) are excluded as an investment.

##### As regards the exposure to 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 an investment.

##### Exposure to controversial weapons
The ESG database assesses a company’s expo- sure to controversial weapons. Controversial weapons include, for example, antipersonnel mines, cluster munitions, depleted uranium weapons, nuclear weapons, and chemical and biological weapons.
Issuers are assessed by their level of exposure to the production of controversial weapons (contro- versial weapons production, component produc- tion, etc.) irrespective of the total revenues they generate from this. Issuers (excluding target funds) with a moderate, high or excessive expo- sure (i.e., a letter score of “D”, “E” or “F”) are excluded as an investment.

##### DWS Use of Proceed Bond Assessment
In a departure from the above, bonds that conform to the DWS’ Use-of-proceeds bond assessment are eligible for investment even if the issuer of the bond does not fully comply with the ESG assessment methodology.

##### The financing of use-of-proceeds bonds is exam- ined in a two-stage procedure.
In the first stage, DWS checks whether a bond meets the requirements for a use-of-proceeds bond. A fundamental element of this is checking compliance with the ICMA Green Bond Principles, the ICMA Social Bond Principles or the ICMA Sustainability Bond Principles. The assessment focuses on the use of the proceeds, the selection of the projects financed with these proceeds, the management of the use of the proceeds and the annual reports to the investors about the use of the proceeds.

##### If a bond complies with these principles, the second stage assesses the ESG quality of the issuer of this bond with respect to defined mini- mum standards in relation to environmental,

##### social and corporate governance practices. This assessment is based on the ESG assessment methodology described above and excludes

##### ̶ Corporate issuers with poor ESG quality in comparison to their peer group (i.e., a letter score of “E” or “F”),

##### ̶ Sovereign issuers with high or excessive controversies regarding sovereign gover- nance (i.e., a letter score of “E” or “F”),

##### ̶ Issuers with the highest severity of norm issues (i.e., a letter score of “F”), or

##### ̶ Issuers with an excessive exposure to contro- versial weapons (i.e., a letter score of “D”, “E” or “F”)
To the extent that the fund seeks to attain the promoted environmental and social characteris- tics as well as the corporate governance practices also by means of an investment in target funds, the latter must meet the DWS standards on Climate and Transition Risk and Norm Assess- ment as outlined above.
Derivatives are currently not used to attain the environmental and social characteristics promoted by the fund, which is why they are not taken into account in the calculation of the minimum propor- tion of assets that fulfill these characteristics.

##### However, derivatives on individual issuers may be acquired for the fund if, and only if, the issuers of the underlyings fulfill the ESG assessment methodology.

##### The ESG assessment methodology is not used for liquid assets.
As part of the fund’s investment in assets that meet DWS standards with respect to environmen- tal and social characteristics as well as corporate governance practices as further described above, the fund management invests at least 5% of the fund’s net assets in sustainable investments as defined by article 2 (17) SFDR. These sustainable investments will contribute to at least one of the UN SDGs that have environmental and/or social goals, such as the following (the list is not exhaustive):

##### ̶ Goal 1: No poverty

##### ̶ Goal 2: Zero hunger

##### ̶ Goal 3: Good health and well-being

##### ̶ Goal 4: Quality education

##### ̶ Goal 5: Gender equality

##### ̶ Goal 6: Clean water and sanitation

##### ̶ Goal 7: Affordable and clean energy

##### ̶ Goal 10: Reduced inequalities

##### ̶ Goal 11: Sustainable cities and communities

##### ̶ Goal 12: Responsible consumption and production

##### ̶ Goal 13: Climate action

##### ̶ Goal 14: Life below water

##### ̶ Goal 15: Life on land

##### The extent of the contribution to the individual UN SDGs will vary depending on the actual investments in the portfolio.
DWS will determine the contribution to the UN SDGs on the basis of its Sustainability Investment Assessment, in which various criteria are used to assess the potential investments with regard to whether an economic activity can be classified as sustainable. As part of this assessment, the fund management assesses (1) whether an economic activity makes a contribution to one or more UN SDGs, (2) whether this economic activity or other economic activities of the company significantly harm these goals (“Do Not Significantly Harm” – DNSH assessment) and (3) whether the company itself complies with the DWS Safeguard Assessment.
The Sustainability Investment Assessment uses data from several data providers, public sources and internal assessments (based on a defined assessment and classification methodology) to determine whether an activity is sustainable.
Activities that make a positive contribution to the UN SDGs are assessed based on revenue, capital expenditure (CapEx) and/or operational expendi- ture (OpEx). Where a contribution is determined to be positive, the activity is deemed sustainable if the DNSH assessment and the DWS Safeguard Assessment for the company are positive.
Due to the lack of reliable data, the fund does not commit to targeting a minimum allocation of sustainable investments which are consistent with an environmental goal according to the EU taxonomy. For this reason, the current proportion of environmentally sustainable investments that conform to the EU taxonomy is 0% of the fund’s net assets. However, it may be the case that some of the economic activities that the invest- ments are based on are consistent with the EU taxonomy.

##### The fund management takes into account the following principal adverse impacts on sustain- ability factors from Annex I of the Commission Delegated Regulation (EU) 2022/1288 supple- menting the SFDR:

##### ̶ Carbon footprint (no. 2);

##### ̶ GHG intensity of investee companies (no. 3);

##### ̶ Exposure to companies active in the fossil fuel sector (no. 4);

##### ̶ Violation of UN Global Compact principles and OECD Guidelines for Multinational Enterprises (no. 10) and

##### ̶ Exposure to controversial weapons (no. 14)
The principal adverse impacts listed above are considered at product level through the exclusion strategy for the assets of the fund which meet the environmental and social characteristics when the proprietary ESG assessment methodology is applied. For sustainable investments, the princi- pal adverse impacts are also considered in the DNSH assessment.

##### This fund has not defined a benchmark for the achievement of the promoted environmental and/ or social characteristics.
In addition, the Management Company views active ownership as a very effective means of improving the governance, guidelines and pro- cesses and of working towards a better long-term performance on the part of the investee compa- nies. Active ownership means using the position of unitholder to make an impact on the activities or the behavior of the investee companies. With the investee companies, constructive dialogue can be initiated regarding matters such as strat- egy, financial and non-financial performance, risk, capital structure, social and environmental impact as well as corporate governance, including topics such as disclosure, culture and remuneration.
Dialogue can be entered into by means of issuer meetings or engagement letters, for example. In the event of equity capital investments, interac- tion with the company is also possible by means of exercising voting rights (proxy voting) or attending general shareholders’ meetings.

##### More information about the environmental and social characteristics promoted by this fund is annexed to this Sales Prospectus.

##### The fund may not invest in contingent convertibles.

##### The fund intends to use securities financing transactions under the conditions and to the extent further described in the general section of the Sales Prospectus.

##### The respective risks associated with the invest- ment assets are presented in the general section of the Sales Prospectus.

### Benchmark
The fund is actively managed with reference to a benchmark or a combination of benchmarks, as more particularly described in the table relating to the specific fund. All benchmarks and their admin- istrators are registered with the European Securi- ties and Markets Authority (ESMA) in the official register of benchmark administrators or in the official register of benchmarks of a third country.
The vast majority of the fund’s securities or their issuers are likely to be a component of the bench- mark and it is expected that the portfolio will have a similar weighting to the benchmark. The fund management will use its own discretion to invest in securities and sectors not contained in the benchmark in order to take advantage of particular investment opportunities. The fund’s positioning may deviate to a limited extent from the benchmark (e.g., due to positioning outside of the benchmark and underweighting or over- weighting), whereby the actual degree of devia- tion is normally relatively low. Even if the invest- ment objective of the fund is to exceed the benchmark’s returns with its investment result, the potential outperformance may be limited, depending on the prevailing market environment (e.g., less volatile framework conditions) and the actual positioning compared with the benchmark.

### Risk management

##### The relative value-at-risk (VaR) approach is used to limit market risk for the fund.

##### In addition to the provisions in the general section of this Sales Prospectus, the potential market risk of the fund is measured against a reference port- folio that does not contain any derivatives

##### (risk benchmark).
The precise composition of the reference port- folio is available from the Management Company on request. The leverage effect is not expected to exceed five-times the value of the fund’s assets. However, the expected leverage indicated is not to be considered as an additional risk limit for the fund.

### Investment in units of target funds

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

### Stock exchanges and markets

##### The Management Company may have the units of the fund admitted for listing on a stock exchange or traded in regulated markets; currently the Management Company is not availing itself of this option.
The possibility of the units also being traded in other markets without the Management Compa- ny’s consent cannot be ruled out. A third party can, without the consent of the Management Company, arrange for the units to be included in the open market or in other over-the-counter trading.
The market price underlying stock exchange trading or trading in other regulated markets is not determined exclusively by the value of the assets held in the fund. Supply and demand are also contributing factors. The market price may therefore deviate from the calculated net asset value per unit.
What environmental and/or social characteristics are promoted by this financial product?
Pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable investment means an investment in an economic activity that contributes to
an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices.
Product name:	DWS Eurorenta
Legal entity identifier: 549300HXCBZYNNORGQ47
ISIN: LU0003549028
Environmental and/or social characteristics
The EU Taxonomy is a classification system laid down in Regulation (EU) 2020/852,
establishing a list of environmentally sustainable economic activities. That Regulation does not lay down a list of socially sustainable economic activities. Sustainable investments with an environmental objective might be aligned with the Taxonomy or not.
| Does this financial product have a sustainable investment objective? |
| --- |
| Yes |  X  No |
| It will make a minimum of sustainable investments with an environmental objective: % in economic activities that qualify as environmentally sustainable under the EU Taxonomy in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy It will make a minimum of sustainable investments with a social objective: % |  X   It promotes Environmental/Social (E/S) characteristics and while it does not have as its objective a sustainable investment, it will have a minimum proportion of 5% of sustainable investments with an environmental objective in economic activities that qualify as environmentally sustainable under the EU Taxonomy  X   with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy  X   with a social objective It promotes E/S characteristics, but will not make any sustainable investments |

This fund promotes environmental and social characteristics related to climate, governance and social norms as well as sovereign matters through the avoidance of (1) issuers exposed to excessive climate and transition risks, (2) issuers exposed to highest severity of norm issues (i.e. as regards compliance with international standards of corporate governance, human rights and labour rights, customer and environment safety and business ethics), (3) sovereign issuers with high or excessive controversies regarding political and civil liberties, (4) issuers moderately, highly or excessively exposed to controversial sectors and controversial activities, and/or (5) issuers involved in controversial weapons. This fund further promotes a minimum proportion of sustainable investments with a positive contribution to one or several of the United Nations Sustainable Development Goals (UN SDGs).
This fund has not designated a reference benchmark for the purpose of attaining the environmental
and/or social characteristics promoted.
What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?
Sustainability indicators measure how the environmental or social characteristics promoted by the financial product are attained.
The attainment of the promoted environmental and social characteristics as well as the sustainable investment is assessed via the application of a proprietary ESG assessment methodology as further described in section “What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?”. The methodology applies a variety of assessment categories that are used as sustainability indicators to assess the attainment of the promoted environmental and social characteristics, which are as follows:
- DWS Climate and Transition Risk Assessment is used as indicator for an issuer’s exposure to climate and transition risks
- DWS Norm Assessment is used as indicator for an issuer’s exposure to norm-related issues
- DWS Sovereign Assessment is used as indicator for a sovereign issuer’s extent of controversies regarding governance, such as political and civil liberties
- Exposure to controversial sectors is used as indicator for an issuer’s involvement in controversial sectors and controversial activities
- Involvement in controversial weapons is used as indicator for an issuer’s involvement in controversial weapons
- Sustainability Investment Assessment is used as indicator to measure the proportion of sustainable investmentsWhat are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

The fund will partially invest in sustainable investments according to article 2(17) SFDR. Such sustainable investments will contribute to at least one of the UN SDGs that relate to environmental and/or social objectives, such as the following (non-exhaustive list):
- Goal 1: No poverty
- Goal 2: Zero hunger
- Goal 3: Good health and well-being
- Goal 4: Quality education
- Goal 5: Gender equality
- Goal 6: Clean water and Sanitation
- Goal 7: Affordable and clean energy
- Goal 10: Reduced inequality
- Goal 11: Sustainable cities and communities
- Goal 12: Responsible consumption
- Goal 13: Climate action
- Goal 14: Life below water
- Goal 15: Life on landThe extent of contribution to individual UN SDGs will vary based on the actual investments in the portfolio.

DWS will measure the contribution to the UN SDGs via its sustainability investment assessment which evaluates potential investments in relation to different criteria to conclude that an economic activity can be considered as sustainable. Via this assessment, the fund management evaluates (1) whether an economic activity contributes to one or several of the UN SDGs, (2) whether the economic activity or other economic activities of that company significantly harm any of these objectives (Do Not Significantly Harm (DNSH) assessment) and (3) whether the company as such is in line with the DWS safeguard assessment.
The sustainability investment assessment uses data from multiple data providers, public sources and internal assessments (based on a defined assessment and classification methodology) to determine if an activity is sustainable. Activities that contribute positively to the UN SDGs are measured in terms of revenues, capital expenditure (CapEx) and/or operational expenditure (OpEx). If a positive contribution is determined, the activity will be considered sustainable if the company passes the DNSH assessment and complies with the DWS safeguard assessment as detailed in the section “How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights?”.
The fund will currently not commit to target a minimum proportion of sustainable investments with an environmental objective aligned with the EU Taxonomy.
How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?
The DNSH assessment is integral part of the sustainability investment assessment and evaluates whether an economic activity with a contribution to an UN SDG causes significant harm to any of these objectives. In case that a significant harm is identified, the economic activity fails the DNSH assessment and cannot be considered as sustainable economic activity.
How have the indicators for adverse impacts on sustainability factors been taken into account?
As part of the DNSH assessment under article 2(17) SFDR, the sustainability investment assessment systematically integrates all mandatory principal adverse indicators from Table 1 and relevant indicators from Tables 2 and 3 of Annex I of the Commission Delegated Regulation (EU) 2022/1288 supplementing the Sustainable Finance Disclosure Regulation (SFDR). Taking into account these adverse impacts, DWS has established quantitative thresholds and/or qualitative values to determine if an investment significantly harms any of the environmental or social objectives. These values are set based upon various external and internal factors, such as data availability or market developments and may be adapted going forward.
How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
As part of its sustainability investment assessment, DWS further evaluates through its safeguard assessment the alignment of a company with international norms. This includes checks in relation to adherence to international norms, for example, the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, the principles of the United Nations Global Compact and the standards of the International Labour Organization. Companies with assessed and reconfirmed highest violations of one of the international norms are considered as non-compliant to the safeguards and their economic activities cannot be considered sustainable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Principal adverse impacts are the most significant negative impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters.
Does this financial product consider principal adverse impacts on sustainability factors?
 X  
Yes, the fund management considers the following principle adverse impacts on sustainability factors from Annex I of the Commission Delegated Regulation (EU) 2022/1288 supplementing the Sustainable Finance Disclosure Regulation:
- Carbon footprint (no. 2);
- GHG intensity of investee companies (no. 3);
- Exposure to companies active in the fossil fuel sector (no. 4);
- Violation of UN Global Compact principles and OECD Guidelines for multinational enterprises (no. 10); and
- Exposure to controversial weapons (no. 14).

The above principal adverse impacts are considered at product level through the exclusion strategy for the fund’s assets that are aligned with environmental and social characteristics via the proprietary ESG assessment methodology as detailed in section “What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?”.
For sustainable investments, the principal adverse impacts are further considered in the DNSH assessment as described above in section “How have the indicators for adverse impacts on sustainability factors been taken into account?”.
Further information on principal adverse impacts will be provided in an annex to the fund’s annual report.
No
The Investment strategy guides investment decisions based on factors such as investment objectives and risk tolerance.
What investment strategy does this financial product follow?
This fund follows a bond strategy as the principal investment strategy. Here, at least 70% of the net assets shall be invested in bonds and other interest-bearing securities that are denominated in euro. No more than 25% of the fund’s assets may be invested in warrant-linked bonds and warrants, as well as in convertible debentures. Please refer to the special section of the Sales Prospectus for further details of the principal investment strategy. The net assets shall be primarily invested in assets that fulfill the defined standards for the promoted environmental or social characteristics, as set out in the following sections. The strategy of the fund in relation to the promoted environmental or social characteristics is an integral part of the ESG assessment methodology and is continuously monitored through the investment guidelines of the fund.
What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?
ESG assessment methodology
The portfolio management of this fund seeks to attain the promoted environmental and social characteristics by assessing potential investments 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, public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore constituted by 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 deemed insufficient, the portfolio management is prohibited from investing in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score in a category 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 characteristics, including amongst others:
- DWS Climate and Transition Risk AssessmentThe DWS Climate and Transition Risk Assessment evaluates issuers in relation to climate change and environmental 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 an investment.
- DWS Norm AssessmentThe 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 an investment.
- DWS Sovereign AssessmentThe DWS Sovereign 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 an investment.
- Exposure to controversial sectorsThe 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 civil firearms industry, military defence and tobacco. 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, 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 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 an investment.
As regards the involvement in the military defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as an investment.
As regards the involvement in coal mining and coal-based power generation or other controversial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as an investment.
- Involvement in controversial weaponsThe ESG database assesses a company’s involvement in the business of controversial weapons. Controversial weapons include for example anti-personnel mines, cluster munitions, depleted uranium weapons,nuclear weapons, chemical and biological weapons.

Issuers are assessed based on their degree of involvement (production of controversial weapons, component production, etc) in the manufacturing of controversial weapons, regardless of total revenues they generate from controversial weapons. Issuers (with the exception of target funds) with medium, high or excessive involvement (i.e., a letter score of "D", "E" or "F") are excluded as an investment.
- DWS Use of Proceeds Bond AssessmentIn a departure from the above, bonds that conform to the DWS’ Use-of-proceeds bond assessment are eligible for investment even if the issuer of the bond does not fully comply with the ESG assessment methodology.

The financing of use-of-proceeds bonds is examined in a two-stage procedure.
In the first stage, DWS checks whether a bond meets the requirements for a use-of-proceeds bond. A fundamental element of this is checking compliance with the ICMA Green Bond Principles, the ICMA Social Bond Principles or the ICMA Sustainability Bond Principles. The assessment focuses on the use of the proceeds, the selection of the projects financed with these proceeds, the management of the use of the proceeds and the annual reports to the investors about the use of the proceeds.
If a bond complies with these principles, the second stage assesses the ESG quality of the issuer of this bond with respect to defined minimum standards in relation to ecological, social and corporate governance practices. This assessment is based on the ESG assessment methodology described above and excludes
- Corporate issuers with poor ESG quality in comparison to their peer group (i.e., a letter score of “E” or “F”),
- Sovereign issuers with high or excessive controversies regarding sovereign governance (i.e., a letter score of “E” or “F”),
- Issuers with the highest severity of norm issues (i.e., a letter score of “F”), or
- Issuers with an excessive exposure to controversial weapons (i.e., a letter score of “D”, “E” or “F”).

To the extent that the fund seeks to attain the promoted environmental and social characteristics as well as the corporate governance practices also by means of an investment in target funds, the latter must meet the DWS standards on Climate and Transition Risk and Norm Assessment as outlined above.
Derivatives are currently not used to attain the environmental and social characteristics promoted by the fund, which is why they are not taken into account in the calculation of the minimum proportion of assets that fulfill these characteristics. However, derivatives on individual issuers may be acquired for the fund if, and only if, the issuers of the underlyings fulfill the ESG assessment methodology.
The ESG assessment methodology is not used for liquid assets.
Sustainability investment assessment methodology
Further, for the proportion of sustainable investments DWS will measure the contribution to one or several UN SDGs via its sustainability investment assessment which evaluates potential investments in relation to different criteria to conclude that an economic activity can be considered as sustainable as further detailed in section “What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?”
What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?
The applied ESG investment strategy does not pursue a committed minimum reduction of the scope of the investments.
What is the policy to assess good governance practices of the investee companies?
The procedure to assess the good governance practices of the investee companies is based on the DWS Norm Assessment, as further detailed in the dedicated section “What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?”. Accordingly, the assessed investee companies follow good governance practices.
Good governance practices include sound management structures, employee relations, remuneration of staff and tax compliance.
Further, the management company considers active ownership as a strong driver to improve governance, policies and practices, and thus for a better long-term performance of investee companies. Active ownership means using the position as shareholders to influence the activities or behaviour of the investee companies. An engagement activity can be initiated with the investee companies 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 disclosure, culture and remuneration. The engagement activity can be undertaken via, e.g., issuer meetings or engagement letters. Furthermore, for equity investments it could also be an interaction with the company resulting from proxy voting activities or participation at general meetings.
What is the asset allocation planned for this financial product?
This fund invests at least 51% of its net assets in investments that are aligned with the promoted environmental and social characteristics (#1 Aligned with E/S characteristics). Within this category, at least 5% of the fund’s assets qualify as sustainable investments (#1A Sustainable).
Up to 49% of the investments are not aligned with these characteristics (#2 Other). A more detailed description of the specific asset allocation of this fund can be found in the Special Section of the Sales Prospectus.
Asset allocation describes the share of investments in specific assets.
Enabling activities directly enable other activities to make a substantial contribution to an environmental objective.
Transitional activities are activities for which low-carbon alternatives are not yet available and among others have greenhouse gas emission levels corresponding to the best performance.
Taxonomy-aligned activities are expressed as a share of:
- turnoverreflecting the share of revenue from green activities of investee companies
- capital expenditure (CapEx) showing the green investments made by investee companies, e.g. for a transition to a green economy.
- operational expenditure(OpEx) reflecting green operational activities of investee companies.

Derivatives are currently not used to attain the environmental or social characteristics promoted by the fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
Due to a lack of reliable data the fund does not commit to invest a minimum proportion of sustainable investments with an environmental objective aligned with the EU Taxonomy. Therefore, the minimum percentage of environmentally sustainable investments aligned with the EU Taxonomy is 0% of the fund’s net assets. However, it may occur that part of the investments’ underlying economic activities are aligned with the EU Taxonomy.
What is the minimum share of investments in transitional and enabling activities?
The fund does not have a minimum share of investments in transitional and enabling activities, as it does not commit to a minimum proportion of environmentally sustainable investments aligned with the EU Taxonomy.
What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
The fund does not intend to make a minimum allocation to environmentally or socially sustainable investments pursuant to Article 2(17) SFDR. However, the minimum share of environmentally and socially sustainable investments shall in total be at least 5% of the net assets of the fund.
What is the minimum share of socially sustainable investments?
The fund does not intend to make a minimum allocation to environmentally or socially sustainable investments pursuant to Article 2(17) SFDR. However, the minimum share of environmentally and socially sustainable investments shall in total be at least 5% of the net assets of the fund.
What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental or social safeguards?
This fund promotes a predominant asset allocation in investments that are aligned with environmental and social characteristics (#1 Aligned with E/S characteristics). In addition, and on an ancillary basis, this fund will invest into investments that are not considered aligned with the promoted characteristics (#2 Other). These remaining investments can include all asset classes as foreseen in the specific investment policy including cash and derivatives.
In line with the market positioning of this fund, the purpose of these remaining investments is to provide investors with an exposure to non-ESG aligned investments while at the same time ensuring a predominant exposure to environmentally and socially aligned investments. Remaining investments can be used by the portfolio management for performance, diversification, liquidity and hedging purposes.
Reference benchmarks are indexes to measure whether the financial product attains the environmental or social characteristics that they promote.
This fund does not consider any minimum environmental or social safeguards on these remaining investments.
Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
This fund has not designated a reference benchmark to determine whether it is aligned with the environmental and/or social characteristics that it promotes.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://funds.dws.com/en- lu/bond-funds/LU0003549028/ as well as on your local country website www.dws.com/fundinformation.
-

Translation (ENDE, 2023-01-01):
# Verkaufsprospekt – Besonderer Teil
DWS Eurorenta
Anlegerprofil	Renditeorientiert

#### Fondswährung	EUR
Fondsmanager	DWS Investment GmbH Auflegungsdatum	Auflegungsdatum des Fonds 16.11.1987 Erstausgabepreis	DM 80,– (inkl. Ausgabeaufschlag)
Performance-Benchmark	Barclays Pan-European Aggregate, administriert durch Barclays Bank Plc
Referenzportfolio	Barclays Capital Pan-European Aggregate EUR (unhedged) Constituents.

#### (Risiko-Benchmark)
Hebelwirkung	Maximal das Fünffache des Fondsvermögens
Bewertungstag	Jeder Bankarbeitstag in Luxemburg.
Bankarbeitstag bezeichnet einen Tag, an dem in Luxemburg die Geschäftsbanken geöffnet sind und Zahlungen abwickeln.
Orderannahme	Alle Aufträge erfolgen auf Grundlage eines unbekannten Anteilwertes. Aufträge, die bis spätestens
13.30 Uhr Ortszeit Luxemburg an einem Bewertungstag bei der Verwaltungsgesellschaft oder Zahlstelle ein- gegangen sind, werden auf der Grundlage des Anteilwertes des nächstfolgenden Bewertungstages abgerech- net. Aufträge, die nach 13.30 Uhr Ortszeit Luxemburg eingehen, werden auf der Grundlage des Anteilwertes des übernächsten Bewertungstages abgerechnet.
Valuta	Beim Kauf erfolgt die Belastung des Gegenwertes zwei Bankarbeitstage nach der Anteilausgabe. Die Gutschrift des Gegenwertes erfolgt zwei Bankarbeitstage nach der Rücknahme der Anteile.
Ertragsverwendung	Jährliche Entscheidung der Verwaltungsgesellschaft
Ausgabeaufschlag	Bis zu 3%

#### (vom Anleger zu tragen)
Rücknahmeabschlag	Bis zu 2,5%; derzeit 0%

#### (vom Anleger zu tragen)
Kostenpauschale*	Bis zu 0,85% p.a.

#### (vom Fonds zu tragen)
Taxe d’abonnement	0,05% p.a.

#### (vom Fonds zu tragen)
Laufzeitende	Unbefristet
Dezimalstellen	Bis zu drei Nachkommastellen
Veröffentlichung der	1.3.2023

#### der Hinterlegung

#### des Verwaltungsreglements im Handels- und Firmenregister (RESA)
Inkrafttreten des	1.1.2023

#### Verwaltungsreglements
*	Dem Fonds können zusätzlich die im Allgemeinen Teil des Verkaufsprospekts genannten Aufwendungen belastet werden.

### Anlageziel und Anlagepolitik
Dieser Fonds bewirbt ökologische und soziale Merkmale und berichtet gemäß Artikel 8 Absatz 1 der Verordnung (EU) 2019/2088 über nachhaltig­ keitsbezogene Offenlegungspflichten im Finanz­ dienstleistungssektor („SFDR“). Obwohl der Fonds kein nachhaltiges Anlageziel verfolgt, legt er einen Mindestanteil seiner Vermögenswerte in nachhalti­ gen Anlagen gemäß Artikel 2 Absatz 17 SFDR an.
Ziel der Anlagepolitik des Fonds DWS Eurorenta ist die Erwirtschaftung einer Rendite in Euro. Das Fondsvermögen wird mindestens zu 70% in Anlei­ hen und sonstigen verzinslichen Wertpapieren angelegt, die auf Euro lauten. Maximal 25% des Wertes des Fondsvermögens können in Options­ anleihen und ­scheine sowie Wandelschuldver­ schreibungen angelegt werden. Maximal 10% des

##### Wertes des Fondsvermögens können in Aktien und andere Beteiligungswertpapiere und ­rechte ange­ legt werden.
Im Einklang mit Artikel 41(1) des Gesetzes von 2010 kann der Fonds in Geldmarktinstrumente, in Einlagen bei Kreditinstituten und bis zu 10% in Geldmarktfonds investieren. Die Anlage in Geld­ marktinstrumente, Einlagen bei Kreditinstituten,
Geldmarktfonds und das Halten flüssiger Mittel (wie nachstehend beschrieben) dürfen insgesamt 30% des Nettovermögens des Fonds nicht über­ schreiten. Unter außergewöhnlich ungünstigen Marktbedingungen ist eine vorübergehende Überschreitung dieser Grenze von 30% zulässig, wenn die Umstände dies erfordern und soweit dies im Hinblick auf die Interessen der Anleger gerechtfertigt erscheint.

##### Der Fonds kann daneben flüssige Mittel halten, wie in Artikel 4 B. o) des Verwaltungsreglements beschrieben.
Mindestens 51% des Nettofondsvermögens werden in Vermögensgegenstände angelegt, die nachfol­ gend dargestellte DWS­Standards in Bezug auf ökologische und soziale Merkmale sowie Corporate Governance Praktiken erfüllen.
Das Portfoliomanagement dieses Fonds strebt an, die beworbenen ökologischen und sozialen Merkmale zu erreichen, indem potenzielle Anla­ gen unabhängig von deren wirtschaftlichen Erfolgsaussichten anhand einer proprietären ESG­Bewertungsmethodik bewertet werden.
Diese Methodik basiert auf der ESG­Datenbank, die Daten mehrerer ESG­Datenanbieter, öffentliche Quellen sowie interne Bewertungen (auf Grund­ lage einer definierten Bewertungs­ und Klassifizie­ rungsmethodik) nutzt, um abgeleitete Gesamtbe­ wertungen zu erzielen. Die ESG­Datenbank beruht daher zum einen auf Daten und Zahlen und zum anderen auf internen Beurteilungen, die Faktoren berücksichtigen, die über die verarbeiteten Zahlen und Daten hinausgehen, wie zum Beispiel zukünf­ tig erwartete ESG­Entwicklungen, Plausibilität der Daten im Hinblick auf vergangene oder zukünftige Ereignisse, Dialogbereitschaft zu ESG­Themen und unternehmerische Entscheidungen des Emittenten.
Wie nachfolgend näher beschrieben, leitet die ESG­Datenbank innerhalb verschiedener Bewer­ tungsansätze anhand der Buchstaben „A“ bis „F“ codierte Bewertungen ab. Innerhalb einzelner Bewertungsansätze erhalten Emittenten eine von sechs möglichen Bewertungen, wobei „A“ die höchste Bewertung und „F“ die niedrigste Bewer­ tung darstellt. Wird die Bewertung eines Emitten­ ten entsprechend einem Bewertungsansatz als nicht ausreichend erachtet, ist es dem Portfolio­ management untersagt, in diesen Emittenten zu investieren, auch wenn dieser entsprechend den anderen Bewertungsansätzen grundsätzlich investierbar wäre. In diesem Sinne wird jede Bewertung innerhalb eines Bewertungsansatzes individuell betrachtet und kann zum Ausschluss eines Emittenten führen.

##### Die ESG­Datenbank nutzt zur Beurteilung, ob die beworbenen ökologischen und sozialen Merkmale bei Emittenten vorliegen, eine Vielzahl unter­ schiedlicher Bewertungsansätze, darunter unter anderem:
DWS Klima- und Transitionsrisiko-Bewertung Die DWS Klima­ und Transitionsrisiko­Bewertung beurteilt Emittenten im Zusammenhang mit dem Klimawandel und Umweltveränderungen, zum Beispiel in Bezug auf die Reduzierung von Treib­ hausgasen und Wasserschutz. Dabei werden Emittenten, die zum Klimawandel und anderen negativen Umweltveränderungen weniger beitra­ gen, beziehungsweise die diesen Risiken weniger ausgesetzt sind, besser bewertet. Emittenten mit einem exzessiven Klimarisikoprofil (d.h. einer

##### „F“­Bewertung) sind als Anlage ausgeschlossen.

##### DWS Norm-Bewertung
Die DWS Norm­Bewertung beurteilt das Verhalten von Emittenten zum Beispiel im Rahmen der Prinzipien des United Nations Global Compact, der Standards der International Labour Organisa­ tion sowie das Verhalten im Rahmen allgemein anerkannter internationaler Normen und Grund­ sätze. Die Norm­Bewertung prüft zum Beispiel Menschenrechtsverletzungen, Verletzungen von Arbeitnehmerrechten, Kinder­ oder Zwangsarbeit, nachteilige Umweltauswirkungen und Geschäfts­ ethik. Emittenten mit dem höchsten Schweregrad von Norm­Verstößen (d.h. einer „F“­Bewertung) sind als Anlage ausgeschlossen.

##### DWS Staaten-Bewertung
Die DWS Staaten­Bewertung beurteilt die Bewer­ tung von politischen und bürgerlichen Freiheiten. Staatliche Emittenten mit hohen oder exzessiven Kontroversen in Bezug auf politische und bürger­ liche Freiheiten (d.h. einer „E“­ oder „F“­Bewer­ tung) sind als Anlage ausgeschlossen.

##### Beteiligung an umstrittenen Sektoren
Die ESG­Datenbank definiert bestimmte Ge­ schäftsbereiche und Geschäftstätigkeiten als relevant. Als relevant werden Geschäftsbereiche und Geschäftstätigkeiten definiert, die die Pro­ duktion oder den Vertrieb von Produkten in einem umstrittenen Bereich betreffen („kontroverse Sektoren“). Als kontroverse Sektoren sind zum
Beispiel die zivile Schusswaffenindustrie, die Rüstungsindustrie und Tabakwaren definiert. Als relevant werden weitere Geschäftsbereiche und Geschäftstätigkeiten definiert, die die Produktion oder den Vertrieb von Produkten in anderen Bereichen betreffen. Weitere relevante Bereiche sind zum Beispiel der Abbau von Kohle und die kohlebasierte Energiegewinnung.
Emittenten werden nach ihrem Anteil am Ge­ samtumsatz bewertet, den sie in kontroversen Geschäftsbereichen und kontroversen Geschäfts­ tätigkeiten erzielen. Je niedriger der prozentuale Anteil des Umsatzes aus den kontroversen Ge­ schäftsbereichen und kontroversen Geschäfts­ tätigkeiten ist, desto besser ist die Bewertung.

##### Hinsichtlich der Beteiligung an Tabakwaren und zivilen Schusswaffen sind Emittenten (mit Aus­ nahme von Zielfonds) mit mittlerer, hoher oder exzessiver Beteiligung (d.h. einer „D“­, „E“­ oder

##### „F“­Bewertung) als Anlage ausgeschlossen.
Hinsichtlich einer Beteiligung in der Rüstungs­ industrie sind Emittenten (mit Ausnahme von Zielfonds) mit hoher und exzessiver Beteiligung (d.h. einer „E“­ oder „F“­Bewertung) als Anlage ausgeschlossen.
Hinsichtlich einer Beteiligung an Abbau von Kohle und kohlebasierter Energiegewinnung oder anderer kontroverser Sektoren und kontroverser Geschäftspraktiken sind Emittenten (mit Ausnah­ me von Zielfonds) mit exzessiver Beteiligung (d.h. einer „F“­Bewertung) als Anlage ausgeschlossen.

##### Beteiligung an kontroversen Waffen
Die ESG­Datenbank bewertet die Beteiligung eines Unternehmens an kontroversen Waffen. Zu kontroversen Waffen gehören beispielsweise Antipersonenminen, Streumunition, Waffen aus abgereichertem Uran, Nuklearwaffen, chemische und biologische Waffen.
Emittenten werden nach dem Grad ihrer Beteili­ gung (Produktion von kontroversen Waffen, Produktion von Bauteilen usw.) bei der Herstel­ lung von kontroversen Waffen unabhängig von dem Gesamtumsatz, den sie daraus erzielen, bewertet. Emittenten (mit Ausnahme von Ziel­ fonds) mit mittlerer, hoher oder exzessiver Beteili­ gung (d.h. einer „D“­, „E“­ oder „F“­Bewertung) sind als Anlage ausgeschlossen.
DWS Use of Proceed Bond Bewertung Abweichend von den obigen Ausführungen sind Anleihen, die der DWS­Bewertung der Erlösverwen­ dung (Use­of­proceeds) entsprechen, auch dann investierbar, wenn der Emittent der Anleihe die ESG­Bewertungsmethodik nicht vollständig erfüllt.

##### Die Finanzierung von Use of Proceed Bonds wird in einem zweistufigen Verfahren geprüft.

##### Auf der ersten Stufe prüft die DWS, ob eine Anleihe die Voraussetzungen für einen Use of Proceed Bonds erfüllt. Ein wesentliches Element ist dabei die Prüfung der Übereinstimmung mit
den ICMA Green Bond Principles, den ICMA Social Bond Principles oder den ICMA Sustainabi- lity Bond Principles. Die Bewertung konzentriert sich auf die Verwendung der Erlöse, die Auswahl der mit diesen Erlösen finanzierten Projekte, die Verwaltung der Erlösverwendung sowie die jährliche Berichterstattung an die Anleger über die Erlösverwendung.
Wenn eine Anleihe diese Grundsätze erfüllt, wird auf der zweiten Stufe die ESG-Qualität des Emit- tenten dieser Anleihe in Bezug auf definierte Mindeststandards in Bezug auf ökologische, soziale und Corporate Governance Praktiken bewertet. Diese Bewertung basiert auf der oben beschriebenen ESG-Bewertungsmethodik und schließt

##### ̶ Unternehmensemittenten mit schlechter ESG-Qualität im Vergleich zu ihrer Vergleichs- gruppe (d.h. eine „E“- oder „F“-Bewertung),

##### ̶ staatliche Emittenten mit hohen oder exzessi- ven Kontroversen in Bezug auf Regierungsfüh- rung (d.h. einer „E“- oder „F“-Bewertung),

##### ̶ Emittenten mit dem höchsten Schweregrad von Norm-Verstößen (d.h. einer „F“-Bewer- tung), oder

##### ̶ Emittenten mit exzessiver Beteiligung an kontroversen Waffen (d.h. einer „D“-, „E“- oder

##### „F“-Bewertung) aus.
Soweit der Fonds die beworbenen ökologischen und sozialen Merkmale sowie die Corporate Governance-Praktiken auch durch Anlagen in Zielfonds anstrebt, müssen letztere die vorstehen- den DWS-Standards in Bezug auf Klima- und Transitionsrisiko- und Norm-Bewertung erfüllen.
Derivate werden derzeit nicht eingesetzt, um die von dem Fonds beworbenen ökologischen und sozialen Merkmale zu erreichen und werden somit bei der Berechnung des Mindestanteils von Vermö- genswerten, die diese Merkmale erfüllen, nicht berücksichtigt. Derivate auf einzelne Emittenten dürfen jedoch nur dann für den Fonds erworben werden, wenn die Emittenten der Basiswerte die ESG-Bewertungsmethodik erfüllen.

##### Flüssige Mittel werden nicht mittels der ESG- Bewertungsmethode beurteilt.
Als Bestandteil der oben dargestellten Anlage des Fonds in Vermögensgegenstände, die die DWS- Standards in Bezug auf ökologische und soziale Merkmale sowie Corporate Governance Praktiken erfüllen, investiert das Fondsmanagement min- destens 5% des Nettofondsvermögens in nach- haltige Anlagen gemäß Artikel 2 Absatz 17 SFDR. Diese nachhaltigen Anlagen werden mindestens zu einem der UN-SDGs beitragen, die ökologische und/oder soziale Zielsetzungen haben, wie bei- spielsweise folgende (nicht abschließende Liste):

##### ̶ Ziel 1: Keine Armut

##### ̶ Ziel 2: Kein Hunger

##### ̶ Ziel 3: Gesundheit und Wohlergehen

##### ̶ Ziel 4: Hochwertige Bildung

##### ̶ Ziel 5: Geschlechtergleichheit

##### ̶ Ziel 6: Sauberes Wasser und

##### Sanitäreinrichtungen

##### ̶ Ziel 7: Bezahlbare und saubere Energie

##### ̶ Ziel 10: Weniger Ungleichheit

##### ̶ Ziel 11: Nachhaltige Städte und Gemeinden

##### ̶ Ziel 12: Nachhaltige/r Konsum und Produktion

##### ̶ Ziel 13: Maßnahmen zum Klimaschutz

##### ̶ Ziel 14: Leben unter Wasser

##### ̶ Ziel 15: Leben an Land

##### Der Umfang des Beitrags zu den einzelnen UN- SDGs wird je nach den tatsächlichen Anlagen im Portfolio variieren.
Die DWS wird den Beitrag zu den UN-SDGs mittels ihrer Nachhaltigkeitsbewertung von Anlagen ermitteln, bei der potenzielle Anlagen anhand verschiedener Kriterien dahingehend beurteilt werden, ob eine Wirtschaftstätigkeit als nachhaltig eingestuft werden kann. Im Rahmen dieser Bewertung beurteilt das Fondsmanage- ment, (1) ob eine Wirtschaftstätigkeit einen Beitrag zu einem oder mehreren UN-SDGs leistet,
(2) ob diese Wirtschaftstätigkeit oder andere wirtschaftliche Aktivitäten des Unternehmens diese Ziele erheblich beeinträchtigen („Do Not Significantly Harm“ – DNSH-Bewertung), und (3) ob das Unternehmen selbst mit dem DWS Safe- guard Assessment im Einklang steht.
In die Nachhaltigkeitsbewertung von Anlagen fließen Daten von mehreren Datenanbietern, aus öffentlichen Quellen und internen Bewertungen (auf Grundlage einer festgelegten Bewertungs- und Klassifizierungsmethodik) ein, um festzustel- len, ob eine Tätigkeit nachhaltig ist. Tätigkeiten, die einen positiven Betrag zu den UN-SDGs leisten, werden nach Umsatz, Investitionsauf- wendungen (CapEx) und/oder betrieblichen Aufwendungen (OpEx) bewertet. Wird ein positi- ver Beitrag festgestellt, gilt die Tätigkeit als nachhaltig, wenn das Unternehmen positiv bei der DNSH-Bewertung abschneidet und das DWS Safeguard Assessment erfolgreich durchläuft.
Aufgrund des Mangels an verlässlichen Daten verpflichtet sich der Fonds nicht dazu, einen Mindestanteil an nachhaltigen Anlagen anzustre- ben, die mit einem Umweltziel gemäß der EU- Taxonomie im Einklang stehen. Daher beträgt der aktuelle Anteil ökologisch nachhaltiger Anlagen, die mit der EU-Taxonomie konform sind, 0% des Nettofondsvermögens. Es kann jedoch vorkom- men, dass ein Teil der den Anlagen zugrunde liegenden Wirtschaftstätigkeiten mit der EU- Taxonomie im Einklang steht.
Das Fondsmanagement berücksichtigt die folgen- den wichtigsten nachteiligen Auswirkungen auf Nachhaltigkeitsfaktoren aus Anhang I der Dele- gierten Verordnung (EU) 2022/1288 der Kommis- sion zur Ergänzung der SFDR:

##### ̶ CO2-Fußabdruck (Nr. 2);

##### ̶ THG-Intensität der Beteiligungsunternehmen (Nr. 3);

##### ̶ Beteiligung in Unternehmen, die im Bereich der fossilen Brennstoffe tätig sind (Nr. 4);

##### ̶ Verstoß gegen die Prinzipien des UN Global Compact und die OECD-Leitsätze für multi- nationale Unternehmen (Nr. 10) und

##### ̶ Beteiligung an kontroversen Waffen (Nr. 14)
Die vorstehenden wichtigsten nachteiligen Auswirkungen werden auf Produktebene durch die Ausschlussstrategie für die Vermögenswerte des Fonds berücksichtigt, die nach Anwendung der proprietären ESG-Bewertungsmethode die ökologischen und sozialen Merkmale erfüllen. Für nachhaltige Anlagen werden die wichtigsten nachteiligen Auswirkungen darüber hinaus auch in der DNSH-Bewertung berücksichtigt.

##### Dieser Fonds hat keinen Referenzwert für die Erreichung der beworbenen ökologischen und/ oder sozialen Merkmale bestimmt.
Darüber hinaus hält die Verwaltungsgesellschaft eine aktive Eigentümerschaft für ein sehr effekti- ves Mittel, um die Unternehmensführung, Richt- linien und Verfahren zu verbessern und auf eine bessere langfristige Leistung der Beteiligungsun- ternehmen hinzuwirken. Aktive Eigentümerschaft bedeutet, die Position als Anteilseigner zur Einflussnahme auf die Tätigkeiten oder das Verhalten der Beteiligungsunternehmen zu nutzen. Mit den Beteiligungsunternehmen kann ein konstruktiver Dialog zu Themen wie Strategie, finanzielle und nichtfinanzielle Leistung, Risiko, Kapitalstruktur, soziale und ökologische Auswir- kungen sowie Corporate Governance, einschließ- lich Themenfeldern wie Offenlegung, Kultur und Vergütung, eingeleitet werden. Ein Dialog kann beispielsweise über Emittententreffen oder Mandatsvereinbarungen ausgeübt werden. Bei Kapitalbeteiligungen ist auch eine Interaktion mit dem Unternehmen durch Stimmrechtsausübung (Proxy Voting) oder die Teilnahme an Hauptver- sammlungen möglich.

##### Weitere Informationen über die von diesem Fonds beworbenen ökologischen und sozialen Merkmale sind im Anhang zu diesem Verkaufsprospekt enthalten.

##### Der Fonds darf nicht in Contingent Convertibles investieren.

##### Der Fonds beabsichtigt, Wertpapierfinanzierungs- geschäfte unter den Bedingungen und in dem Umfang zu nutzen, wie dies im Allgemeinen Teil des Verkaufsprospekts näher ausgeführt wird.

##### Die jeweiligen mit den Anlagegegenständen verbundenen Risiken sind im Allgemeinen Teil des Verkaufsprospekts dargestellt.

### Benchmark
Der Fonds wird aktiv unter Bezugnahme auf einen Referenzwert oder eine Kombination von Referenz- werten (Benchmark) verwaltet, wie in der fonds- spezifischen Tabelle näher dargelegt ist. Alle Benchmarks bzw. deren Administratoren sind bei der ESMA im öffentlichen Register der Administra-

##### toren von Benchmarks oder im öffentlichen Regis- ter der Benchmarks eines Drittstaats registriert.
Der überwiegende Teil der Wertpapiere des Fonds oder deren Emittenten wird voraussichtlich Bestandteil der Benchmark sein und es wird erwartet, dass das Portfolio eine ähnliche Ge- wichtung wie die Benchmark aufweist. Das Fondsmanagement wird nach eigenem Ermessen in nicht in der Benchmark enthaltene Wertpapiere und Sektoren investieren, um besondere Anlage- chancen zu nutzen. Die Positionierung des Fonds kann in begrenztem Umfang (z.B. durch eine Positionierung außerhalb der Benchmark sowie eine Unter- oder Übergewichtung) von der Bench- mark abweichen, wobei der tatsächliche Abwei- chungsgrad normalerweise relativ gering ist.
Auch wenn das Anlageziel des Fonds darin besteht, mit seinem Anlageergebnis die Rendite der Benchmark zu übertreffen, kann die mögliche Outperformance je nach vorherrschendem Marktumfeld (z.B. weniger volatilen Rahmenbe- dingungen) und der tatsächlichen Positionierung gegenüber der Benchmark begrenzt sein.

### Risikomanagement

##### Für das Fondsvermögen wird als Methode für die Marktrisikobegrenzung der relative Value-at-Risk (VaR)-Ansatz verwendet.
Zusätzlich zu den Bestimmungen im Allgemeinen Teil dieses Verkaufsprospekts wird das potenzielle Marktrisiko des Fonds an einem Referenzportfolio gemessen, das keine Derivate enthält (Risiko- Benchmark).
Die genaue Zusammensetzung des Vergleichsver- mögens kann auf Nachfrage bei der Verwaltungs- gesellschaft angefordert werden. Die Hebelwir- kung wird voraussichtlich nicht den fünffachen Wert des Fondsvermögens überschreiten. Die angegebene erwartete Hebelwirkung ist jedoch nicht als zusätzliche Risikogrenze für den Fonds anzusehen.

### Anlage in Anteilen an Zielfonds

##### Ergänzend zu den Angaben im Allgemeinen Teil des Verkaufsprospekts gilt für diesen Fonds:
Bei der Anlage in verbundene Zielfonds wird die Kostenpauschale für den auf Anteile an verbunde- nen Zielfonds entfallenden Teil um die von den erworbenen Zielfonds berechnete Kostenpau- schale/Verwaltungsvergütung gekürzt, gegebe- nenfalls bis zu ihrer gesamten Höhe (Differenz- methode).

### Börsen und Märkte
Die Verwaltungsgesellschaft kann die Anteile des Fondsvermögens an einer Börse zur Notierung zulassen oder an geregelten Märkten handeln lassen; derzeit macht die Verwaltungsgesellschaft von dieser Möglichkeit keinen Gebrauch.
Es kann nicht ausgeschlossen werden, dass die Anteile ohne Zustimmung der Verwaltungsgesell- schaft an anderen Märkten gehandelt werden. Ein Dritter kann ohne Zustimmung der Verwaltungs- gesellschaft veranlassen, dass die Anteile in den Freiverkehr oder einen anderen außerbörslichen Handel einbezogen werden.
Der dem Börsenhandel oder Handel an sonstigen geregelten Märkten zugrunde liegende Marktpreis wird nicht ausschließlich durch den Wert der im Fondsvermögen gehaltenen Vermögensgegen- stände, sondern auch durch Angebot und Nach- frage bestimmt. Daher kann dieser Marktpreis von dem ermittelten Anteilwert abweichen.
What environmental and/or social characteristics are promoted by this financial product?
Pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable investment means an investment in an economic activity that contributes to
an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices.
Product name: DWS Eurorenta
Legal entity identifier: 549300HXCBZYNNORGQ47
ISIN: LU0003549028
Environmental and/or social characteristics
The EU Taxonomy is a classification system laid down in Regulation (EU) 2020/852,
establishing a list of environmentally sustainable economic activities. That Regulation does not lay down a list of socially sustainable economic activities. Sustainable investments with an environmental objective might be aligned with the Taxonomy or not.
| Does this financial product have a sustainable investment objective? |
| --- |
| Yes |  X  No |
| It will make a minimum of sustainable investments with an environmental objective: % in economic activities that qualify as environmentally sustainable under the EU Taxonomy in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy It will make a minimum of sustainable investments with a social objective: % |  X   It promotes Environmental/Social (E/S) characteristics and while it does not have as its objective a sustainable investment, it will have a minimum proportion of 5% of sustainable investments with an environmental objective in economic activities that qualify as environmentally sustainable under the EU Taxonomy  X   with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy  X   with a social objective It promotes E/S characteristics, but will not make any sustainable investments |

This fund promotes environmental and social characteristics related to climate, governance and social norms as well as sovereign matters through the avoidance of (1) issuers exposed to excessive climate and transition risks, (2) issuers exposed to highest severity of norm issues (i.e. as regards compliance with international standards of corporate governance, human rights and labour rights, customer and environment safety and business ethics), (3) sovereign issuers with high or excessive controversies regarding political and civil liberties, (4) issuers moderately, highly or excessively exposed to controversial sectors and controversial activities, and/or (5) issuers involved in controversial weapons. This fund further promotes a minimum proportion of sustainable investments with a positive contribution to one or several of the United Nations Sustainable Development Goals (UN SDGs).
This fund has not designated a reference benchmark for the purpose of attaining the environmental
and/or social characteristics promoted.
What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?
Sustainability indicators measure how the environmental or social characteristics promoted by the financial product are attained.
The attainment of the promoted environmental and social characteristics as well as the sustainable investment is assessed via the application of a proprietary ESG assessment methodology as further described in section “What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?”. The methodology applies a variety of assessment categories that are used as sustainability indicators to assess the attainment of the promoted environmental and social characteristics, which are as follows:
- DWS Climate and Transition Risk Assessment is used as indicator for an issuer’s exposure to climate and transition risks
- DWS Norm Assessment is used as indicator for an issuer’s exposure to norm-related issues
- DWS Sovereign Assessment is used as indicator for a sovereign issuer’s extent of controversies regarding governance, such as political and civil liberties
- Exposure to controversial sectors is used as indicator for an issuer’s involvement in controversial sectors and controversial activities
- Involvement in controversial weapons is used as indicator for an issuer’s involvement in controversial weapons
- Sustainability Investment Assessment is used as indicator to measure the proportion of sustainable investmentsWhat are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?

The fund will partially invest in sustainable investments according to article 2(17) SFDR. Such sustainable investments will contribute to at least one of the UN SDGs that relate to environmental and/or social objectives, such as the following (non-exhaustive list):
- Goal 1: No poverty
- Goal 2: Zero hunger
- Goal 3: Good health and well-being
- Goal 4: Quality education
- Goal 5: Gender equality
- Goal 6: Clean water and Sanitation
- Goal 7: Affordable and clean energy
- Goal 10: Reduced inequality
- Goal 11: Sustainable cities and communities
- Goal 12: Responsible consumption
- Goal 13: Climate action
- Goal 14: Life below water
- Goal 15: Life on landThe extent of contribution to individual UN SDGs will vary based on the actual investments in the portfolio.

DWS will measure the contribution to the UN SDGs via its sustainability investment assessment which evaluates potential investments in relation to different criteria to conclude that an economic activity can be considered as sustainable. Via this assessment, the fund management evaluates (1) whether an economic activity contributes to one or several of the UN SDGs, (2) whether the economic activity or other economic activities of that company significantly harm any of these objectives (Do Not Significantly Harm (DNSH) assessment) and (3) whether the company as such is in line with the DWS safeguard assessment.
The sustainability investment assessment uses data from multiple data providers, public sources and internal assessments (based on a defined assessment and classification methodology) to determine if an activity is sustainable. Activities that contribute positively to the UN SDGs are measured in terms of revenues, capital expenditure (CapEx) and/or operational expenditure (OpEx). If a positive contribution is determined, the activity will be considered sustainable if the company passes the DNSH assessment and complies with the DWS safeguard assessment as detailed in the section “How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights?”.
The fund will currently not commit to target a minimum proportion of sustainable investments with an environmental objective aligned with the EU Taxonomy.
How do the sustainable investments that the financial product partially intends to make, not cause significant harm to any environmental or social sustainable investment objective?
The DNSH assessment is integral part of the sustainability investment assessment and evaluates whether an economic activity with a contribution to an UN SDG causes significant harm to any of these objectives. In case that a significant harm is identified, the economic activity fails the DNSH assessment and cannot be considered as sustainable economic activity.
How have the indicators for adverse impacts on sustainability factors been taken into account?
As part of the DNSH assessment under article 2(17) SFDR, the sustainability investment assessment systematically integrates all mandatory principal adverse indicators from Table 1 and relevant indicators from Tables 2 and 3 of Annex I of the Commission Delegated Regulation (EU) 2022/1288 supplementing the Sustainable Finance Disclosure Regulation (SFDR). Taking into account these adverse impacts, DWS has established quantitative thresholds and/or qualitative values to determine if an investment significantly harms any of the environmental or social objectives. These values are set based upon various external and internal factors, such as data availability or market developments and may be adapted going forward.
How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
As part of its sustainability investment assessment, DWS further evaluates through its safeguard assessment the alignment of a company with international norms. This includes checks in relation to adherence to international norms, for example, the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, the principles of the United Nations Global Compact and the standards of the International Labour Organization. Companies with assessed and reconfirmed highest violations of one of the international norms are considered as non-compliant to the safeguards and their economic activities cannot be considered sustainable.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Principal adverse impacts are the most significant negative impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters.
Does this financial product consider principal adverse impacts on sustainability factors?
 X  
Yes, the fund management considers the following principle adverse impacts on sustainability factors from Annex I of the Commission Delegated Regulation (EU) 2022/1288 supplementing the Sustainable Finance Disclosure Regulation:
- Carbon footprint (no. 2);
- GHG intensity of investee companies (no. 3);
- Exposure to companies active in the fossil fuel sector (no. 4);
- Violation of UN Global Compact principles and OECD Guidelines for multinational enterprises (no. 10); and
- Exposure to controversial weapons (no. 14).

The above principal adverse impacts are considered at product level through the exclusion strategy for the fund’s assets that are aligned with environmental and social characteristics via the proprietary ESG assessment methodology as detailed in section “What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?”.
For sustainable investments, the principal adverse impacts are further considered in the DNSH assessment as described above in section “How have the indicators for adverse impacts on sustainability factors been taken into account?”.
Further information on principal adverse impacts will be provided in an annex to the fund’s annual report.
No
The Investment strategy guides investment decisions based on factors such as investment objectives and risk tolerance.
What investment strategy does this financial product follow?
This fund follows a bond strategy as the principal investment strategy. Here, at least 70% of the net assets shall be invested in bonds and other interest-bearing securities that are denominated in euro. No more than 25% of the fund’s assets may be invested in warrant-linked bonds and warrants, as well as in convertible debentures. Please refer to the special section of the Sales Prospectus for further details of the principal investment strategy. The net assets shall be primarily invested in assets that fulfill the defined standards for the promoted environmental or social characteristics, as set out in the following sections. The strategy of the fund in relation to the promoted environmental or social characteristics is an integral part of the ESG assessment methodology and is continuously monitored through the investment guidelines of the fund.
What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?
ESG assessment methodology
The portfolio management of this fund seeks to attain the promoted environmental and social characteristics by assessing potential investments 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, public sources and internal assessments (based on a defined assessment and classification methodology) to derive combined scores. The ESG database is therefore constituted by 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 deemed insufficient, the portfolio management is prohibited from investing in that issuer, even if it is eligible according to other categories. For exclusion purposes, each letter score in a category 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 characteristics, including amongst others:
- DWS Climate and Transition Risk AssessmentThe DWS Climate and Transition Risk Assessment evaluates issuers in relation to climate change and environmental 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 an investment.
- DWS Norm AssessmentThe 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 an investment.
- DWS Sovereign AssessmentThe DWS Sovereign 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 an investment.
- Exposure to controversial sectorsThe 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 civil firearms industry, military defence and tobacco. 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, 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 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 an investment.
As regards the involvement in the military defence industry, issuers (excluding target funds) with high or excessive exposure (i.e. a letter score of “E” or “F”) are excluded as an investment.
As regards the involvement in coal mining and coal-based power generation or other controversial sectors and controversial business practices, issuers (excluding target funds) with excessive exposure (i.e. a letter score “F”) are excluded as an investment.
- Involvement in controversial weaponsThe ESG database assesses a company’s involvement in the business of controversial weapons. Controversial weapons include for example anti-personnel mines, cluster munitions, depleted uranium weapons,nuclear weapons, chemical and biological weapons.

Issuers are assessed based on their degree of involvement (production of controversial weapons, component production, etc) in the manufacturing of controversial weapons, regardless of total revenues they generate from controversial weapons. Issuers (with the exception of target funds) with medium, high or excessive involvement (i.e., a letter score of "D", "E" or "F") are excluded as an investment.
- DWS Use of Proceeds Bond AssessmentIn a departure from the above, bonds that conform to the DWS’ Use-of-proceeds bond assessment are eligible for investment even if the issuer of the bond does not fully comply with the ESG assessment methodology.

The financing of use-of-proceeds bonds is examined in a two-stage procedure.
In the first stage, DWS checks whether a bond meets the requirements for a use-of-proceeds bond. A fundamental element of this is checking compliance with the ICMA Green Bond Principles, the ICMA Social Bond Principles or the ICMA Sustainability Bond Principles. The assessment focuses on the use of the proceeds, the selection of the projects financed with these proceeds, the management of the use of the proceeds and the annual reports to the investors about the use of the proceeds.
If a bond complies with these principles, the second stage assesses the ESG quality of the issuer of this bond with respect to defined minimum standards in relation to ecological, social and corporate governance practices. This assessment is based on the ESG assessment methodology described above and excludes
- Corporate issuers with poor ESG quality in comparison to their peer group (i.e., a letter score of “E” or “F”),
- Sovereign issuers with high or excessive controversies regarding sovereign governance (i.e., a letter score of “E” or “F”),
- Issuers with the highest severity of norm issues (i.e., a letter score of “F”), or
- Issuers with an excessive exposure to controversial weapons (i.e., a letter score of “D”, “E” or “F”).

To the extent that the fund seeks to attain the promoted environmental and social characteristics as well as the corporate governance practices also by means of an investment in target funds, the latter must meet the DWS standards on Climate and Transition Risk and Norm Assessment as outlined above.
Derivatives are currently not used to attain the environmental and social characteristics promoted by the fund, which is why they are not taken into account in the calculation of the minimum proportion of assets that fulfill these characteristics. However, derivatives on individual issuers may be acquired for the fund if, and only if, the issuers of the underlyings fulfill the ESG assessment methodology.
The ESG assessment methodology is not used for liquid assets.
Sustainability investment assessment methodology
Further, for the proportion of sustainable investments DWS will measure the contribution to one or several UN SDGs via its sustainability investment assessment which evaluates potential investments in relation to different criteria to conclude that an economic activity can be considered as sustainable as further detailed in section “What are the objectives of the sustainable investments that the financial product partially intends to make and how does the sustainable investment contribute to such objectives?”
What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?
The applied ESG investment strategy does not pursue a committed minimum reduction of the scope of the investments.
What is the policy to assess good governance practices of the investee companies?
The procedure to assess the good governance practices of the investee companies is based on the DWS Norm Assessment, as further detailed in the dedicated section “What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?”. Accordingly, the assessed investee companies follow good governance practices.
Good governance practices include sound management structures, employee relations, remuneration of staff and tax compliance.
Further, the management company considers active ownership as a strong driver to improve governance, policies and practices, and thus for a better long-term performance of investee companies. Active ownership means using the position as shareholders to influence the activities or behaviour of the investee companies. An engagement activity can be initiated with the investee companies 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 disclosure, culture and remuneration. The engagement activity can be undertaken via, e.g., issuer meetings or engagement letters. Furthermore, for equity investments it could also be an interaction with the company resulting from proxy voting activities or participation at general meetings.
What is the asset allocation planned for this financial product?
This fund invests at least 51% of its net assets in investments that are aligned with the promoted environmental and social characteristics (#1 Aligned with E/S characteristics). Within this category, at least 5% of the fund’s assets qualify as sustainable investments (#1A Sustainable).
Up to 49% of the investments are not aligned with these characteristics (#2 Other). A more detailed description of the specific asset allocation of this fund can be found in the Special Section of the Sales Prospectus.
Asset allocation describes the share of investments in specific assets.
To comply with the EU Taxonomy, the criteria for fossil gas include limitations on emissions and switching to renewable power or
low-carbon fuels by the end of 2035. For nuclear energy, the criteria include comprehensive safety and waste management rules.
br>Enabling activities directly enable other activities to make a substantial contribution to an environmental objective.
Transitional activities are activities for which low-carbon alternatives are not yet available and among others have greenhouse gas emission levels corresponding to the best performance.
Taxonomy-aligned activities are expressed as a share of:
- turnoverreflecting the share of revenue from green activities of investee companies
- capital expenditure (CapEx) showing the green investments made by investee companies, e.g. for a transition to a green economy.
- operational expenditure(OpEx) reflecting green operational activities of investee companies.

Derivatives are currently not used to attain the environmental or social characteristics promoted by the fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
Due to a lack of reliable data the fund does not commit to invest a minimum proportion of sustainable investments with an environmental objective aligned with the EU Taxonomy. Therefore, the minimum percentage of environmentally sustainable investments aligned with the EU Taxonomy is 0% of the fund’s net assets. However, it may occur that part of the investments’ underlying economic activities are aligned with the EU Taxonomy.
What is the minimum share of investments in transitional and enabling activities?
The fund does not have a minimum share of investments in transitional and enabling activities, as it does not commit to a minimum proportion of environmentally sustainable investments aligned with the EU Taxonomy.
What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
The fund does not intend to make a minimum allocation to environmentally or socially sustainable investments pursuant to Article 2(17) SFDR. However, the minimum share of environmentally and socially sustainable investments shall in total be at least 5% of the net assets of the fund.
What is the minimum share of socially sustainable investments?
The fund does not intend to make a minimum allocation to environmentally or socially sustainable investments pursuant to Article 2(17) SFDR. However, the minimum share of environmentally and socially sustainable investments shall in total be at least 5% of the net assets of the fund.
What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental or social safeguards?
This fund promotes a predominant asset allocation in investments that are aligned with environmental and social characteristics (#1 Aligned with E/S characteristics). In addition, and on an ancillary basis, this fund will invest into investments that are not considered aligned with the promoted characteristics (#2 Other). These remaining investments can include all asset classes as foreseen in the specific investment policy including cash and derivatives.
In line with the market positioning of this fund, the purpose of these remaining investments is to provide investors with an exposure to non-ESG aligned investments while at the same time ensuring a predominant exposure to environmentally and socially aligned investments. Remaining investments can be used by the portfolio management for performance, diversification, liquidity and hedging purposes.
Reference benchmarks are indexes to measure whether the financial product attains the environmental or social characteristics that they promote.
This fund does not consider any minimum environmental or social safeguards on these remaining investments.
Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
This fund has not designated a reference benchmark to determine whether it is aligned with the environmental and/or social characteristics that it promotes.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://funds.dws.com/en- lu/bond-funds/LU0003549028/ as well as on your local country website www.dws.com/fundinformation.
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