DWS Invest - HSBC · * The Fund DWS Invest Multi Asset Balance was renamed as DWS Invest DYMOND...

DWS InvestSales ProspectusAn investment company with variable capital incorporated under Luxembourg law

April 1, 2012

* The Fund DWS Invest Multi Asset Balance was renamed as DWS Invest DYMOND effective April 1, 2012

** The Fund DWS Invest Multi Asset Momentum was renamed as DWS Concept ets effective April 1, 2012

*** The Fund DWS Invest Top Dividend Europe was renamed as DWS Invest European Value effective April 1, 2012

Table of Contents

Summary of Tax Regulations 5

A. Sales Prospectus – 1General section

Sub-fund product annexesDWS Invest Africa 41DWS Invest Alpha Opportunities 46DWS Invest Alpha Strategy 48DWS Invest Arabia 50DWS Invest AsiaPacific ex-Japan 52DWS Invest Asian Convertibles 53DWS Invest Asian High Income Bond Fund 54DWS Invest Asian Small/Mid Cap 55DWS Invest Brazilian Bonds 57DWS Invest Brazilian Equities Select 58DWS Invest BRIC Plus 60DWS Invest China Bonds 62DWS Invest China Consumption 64DWS Invest Chinese Equities 65DWS Invest Clean Tech 67DWS Invest Commodity Optimizer 69DWS Invest Commodity Plus 71DWS Concept ets (formerly DWS Invest Multi Asset Momentum)** 73DWS Invest Convertibles 75DWS Invest Covered Bonds 78DWS Invest Diversified Fixed Income Strategy 79DWS Invest DYMOND (formerly DWS Invest Multi Asset Balance)* 81DWS Invest Emerging Markets Corporates 83

DWS Invest Emerging Markets Satellites 85DWS Invest Emerging Markets Strategy 87DWS Invest Emerging Markets Top Dividend Plus 89DWS Invest Enceladus 91DWS Invest Energy Evolution 93DWS Invest Euro Bonds (Premium) 94DWS Invest Euro Bonds (Short) 96DWS Invest Euro Corporate Bonds 97DWS Invest Euro High Yield Corporates 99DWS Invest Euro-Gov Bonds 100DWS Invest European Bonds 101DWS Invest European Equities 102DWS Invest European Small/Mid Cap 104DWS Invest European Value (formerly DWS Invest Top Dividend Europe)*** 106DWS Invest German Equities 108DWS Invest Global Agribusiness 109DWS Invest Global Bonds 111DWS Invest Global Emerging Markets 112DWS Invest Global Equities 113DWS Invest Global ex Japan (USD) 114DWS Invest Global Inflation Strategy 115DWS Invest Global Infrastructure 117DWS Invest Global Thematic 119DWS Invest Global Value 121DWS Invest Gold and Precious Metals Equities 122DWS Invest Government Liquidity Fund 124DWS Invest Hyperion 126DWS Invest Income Strategy Conservative 128

B. Sales Prospectus 41Special section

DWS Invest Income Strategy Currency 130DWS Invest Income Strategy Plus 132DWS Invest Income Strategy Systematic 134DWS Invest Italian Equities 135DWS Invest Japanese Equities 136DWS Invest Local Emerging Markets Bonds 138DWS Invest Multi Asset Allocation 140DWS Invest Multi Asset Defensive 142DWS Invest Multi Asset Dynamic 143DWS Invest New Resources 144DWS Invest Real Assets 146DWS Invest Responsibility 148DWS Invest RREEF Asia-Pacific Real Estate Securities 149DWS Invest RREEF Global Real Estate Securities 151DWS Invest Russian Bonds 153DWS Invest Russian Equities Select 154DWS Invest Short Duration Credit 156DWS Invest Short Duration Emerging Markets FX 158DWS Invest Small/Mid Cap Value 160DWS Invest Sovereigns Plus 161DWS Invest StepIn Akkumula 163DWS Invest Tarvos 164DWS Invest Titan 166DWS Invest Top 50 Asia 168DWS Invest Top Dividend 170DWS Invest Top Dividend Growth 172DWS Invest Top Dividend Premium 174DWS Invest Top Euroland 176DWS Invest US Value Equities 178DWS Invest US-Gov Bonds 180

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A. Sales Prospectus – general section

Investment Company

DWS Invest2, Boulevard Konrad Adenauer1115 Luxembourg, Luxembourg

Management and Administration

Promoter, Management Company and head office Transfer Agent, Registrar and Main Distributor

DWS Investment S.A.2, Boulevard Konrad Adenauer1115 Luxembourg, Luxembourg

Investment Company Board of Directors

Klaus-Michael VogelChairmanManaging member of the Board of Directors ofDWS Investment S.A., LuxembourgMember of the Board of Directors ofDeutsche Bank Luxembourg S.A., Luxembourg

Manfred Bauer Member of the Management ofDWS Investment S.A., Luxembourg

Silvia WagnerDWS Finanz-Service GmbH, Frankfurt/Main, Germany

Michael Koschatzki DWS Investment GmbH, Frankfurt/Main, Germany

Management Company Board of Directors (cont.)

Dorothee WetzelDWS Investment GmbHFrankfurt/Main, Germany

Jochen Wiesbach Member of the Management of DWS Finanz-Service GmbH, Frankfurt/Main, Germany

Management Company management

Klaus-Michael VogelManaging member of the Board of Directors of DWS Investment S.A., LuxembourgMember of the Board of Directors ofDeutsche Bank Luxembourg S.A., Luxembourg

Manfred Bauer Member of the Management ofDWS Investment S.A., Luxembourg

Markus KohlenbachMember of the Management ofDWS Investment S.A., Luxembourg

Doris MarxMember of the Management ofDWS Investment S.A., Luxembourg

Ralf Rauch Member of the Management ofDWS Investment S.A., Luxembourg

Management Company Board of Directors

Wolfgang MatisChairmanDWS Investment GmbHFrankfurt/Main, Germany

Ernst Wilhelm ContzenManaging member of the Board of Directors ofDeutsche Bank Luxembourg S.A., Luxembourg

Heinz-Wilhelm FesserMember of the Board of Directors ofDWS Investment S.A., Luxembourg

Frank Kuhnke Member of the Board of Directors ofDWS Investment S.A., Luxembourg

Klaus-Michael VogelManaging member of the Board of Directors ofDWS Investment S.A., LuxembourgManaging member of the Board of Directors ofDeutsche Bank Luxembourg S.A., Luxembourg

Fund Managers

For the sub-funds DWS Invest Asian Small/Mid Cap (effective April 12, 2012), DWS Invest Energy Evolution and DWS Invest New Resources (effective April 1, 2012):DWS Investment GmbHMainzer Landstr. 178–19060327 Frankfurt/Main, Germany

Acting as sub-fund manager for these sub-funds: Deutsche Asset Management (Asia) Ltd One Raffles Quay, #15-00 South TowerSingapore 048583

For the sub-funds DWS Invest Chinese Equities, DWS Invest China Consumption and DWS Invest China Bonds:Harvest Global Investments Limited, Suites 1301–1304, Two Exchange Square8 Connaught PlaceHong Kong

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Fund Managers (continued)

For the sub-fund DWS Invest RREEF Global Real Estate Securities:RREEF America LLC875 N. Michigan Avenue, 41st FloorChicago, Illinois 60611–1901United States of America

Acting as sub-fund managers for this sub-fund:For the management of the European portion of the portfolio:Deutsche Alternative Asset Management (UK) Limited1 Appold StreetLondon EC2A 2UUUnited Kingdom

For the management of the Australia and New Zealand portion of the portfolio:Deutsche Asset Management (Australia) Limited,Deutsche Bank PlaceCnr. Hunter and Phillip StreetsSydney NSW 2000Australia

For the management of the Asian portion of the portfolio:Deutsche Asset Management (Hong Kong) LimitedLevel 52International Commerce Centre1 Austin Road WestKowloonHongkong, China

For the sub-fund DWS Invest US Value Equities:DWS Investment GmbH,Mainzer Landstr. 178–190,60327 Frankfurt/Main, Germany

Acting as sub-fund manager for this sub-fund: Deutsche Asset Management (Australia) LtdDeutsche Bank PlaceCnr. Hunter and Phillip StreetsSydney NSW 2000Australia

For all other sub-funds:DWS Investment GmbHMainzer Landstr. 178 –19060327 Frankfurt/Main, Germany

Fund Managers (continued)

For the sub fund DWS Invest Clean Tech (effective April 12, 2012):DWS Investment GmbH,Mainzer Landstr. 178–190,60327 Frankfurt/Main, Germany

Acting as sub-fund manager for this sub-fund: Deutsche Alternative Asset Management (UK) LtdOne Appold StreetLondon EC2A 2UUUnited Kingdom

For the sub-funds DWS Invest Global Thematic, DWS Invest Global Agribusiness and DWS Invest Global ex Japan (USD):Global Thematic Partners, LLC681 Fifth Avenue12th Floor New York, NY 10022United States of America

For the sub-funds DWS Invest Gold and Precious Metals Equities and DWS Invest Commodity Plus:Deutsche Investment Management Americas Inc.345 Park Avenue,New York, NY 10154United States of America

For the sub-fund DWS Invest Diversified Fixed Income Strategy:Deutsche Asset Management (UK) LimitedOne Appold StreetLondon EC2A 2UUUnited Kingdom

For the sub-fund DWS Invest RREEF Asia-Pacific Real Estate Securities:RREEF America LLC875 N. Michigan Avenue, 41st FloorChicago, Illinois 60611–1901United States of America

Acting as sub-fund manager for this sub-fund:Deutsche Asset Management (Hong Kong) LimitedLevel 52International Commerce Centre1 Austin Road WestKowloonHongkong, China

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Investment Advisors

Investment advisor to DWS Investment GmbH for the fund management of the sub-funds DWS Invest Alpha Opportunities, DWS Invest Alpha Strategy and DWS Invest Sovereigns Plus:

QS Investors, LLC880 Third AvenueNew York, NY 10022United States

Investment advisor to DWS Investment S.A. for the fund management of the sub-fund DWS Concept ets (formerly DWS Invest Multi Asset Momentum):

Expert Timing Systems International, EAFI,Ronda de la Buganvilla del Rey, 13128023 Madrid,Spain

Sales, Information and Paying Agents

LuxembourgDeutsche Bank Luxembourg S.A.2, Boulevard Konrad Adenauer1115 Luxembourg, Luxembourg

GermanyDeutsche Bank AGTaunusanlage 1260325 Frankfurt/Main, Germanyand its branches

Deutsche Bank Privat- und Geschäftskunden AGTheodor-Heuss-Allee 7260486 Frankfurt/Main, Germanyand its branches

BelgiumDeutsche Bank NV/S.A.13–15, Avenue Marnix1000 Bruxelles, Belgium

FranceSociété Générale29, Boulevard Haussmann75009 Paris, France

Sales, Information and Paying Agents (continued)

SpainDeutsche Bank S.A.E.Ronda General Mitre 72–7408017 Barcelona, Spain

ItalyDeutsche Bank S.p.A.Piazza del Calendario 320126 Milano, Italy

Finanza & Futuro Banca S.p.A.Piazza del Calendario 120126 Milano, Italy

Deutsche Bank AG – Filiale di MilanoVia Santa Margherita 420121 Milano, Italy

SwitzerlandDeutsche Bank (Suisse) S.A.3, Place des Bergues1211 Genève, Switzerland

Deutsche Bank (Schweiz) AGHardstrasse 201 8005 Zürich, Switzerland

Deutsche Bank (Svizzera) S.A.Via Ferruccio Pelli 16901 Lugano, Switzerland

PortugalDeutsche Bank (Portugal) S.A.Rua Castilho, n. 201250-069 Lisboa, Portugal

NetherlandsDeutsche Bank AGAmsterdam BranchHerengracht 450–4541017 CA Amsterdam, The Netherlands

AustriaDeutsche Bank Österreich AGStock-im-Eisen-Platz 31010 Wien, Austria

SingaporeSingapore RepresentativeDeutsche Asset Management (Asia) LimitedOne Raffles Quay#17-10Singapore 048583, Singapore

KoreaKorea Investment and Securities Company27-1 Youido-dong, Youngdungpo-guSeoul, Korea 150–745

Auditor

KPMG Luxembourg S.à.r.l.9, Allée Scheffer2520 Luxembourg, Luxembourg

Custodian and Administrator

State Street Bank Luxembourg S.A.49, Avenue J.F. Kennedy1855 Luxembourg, Luxembourg

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Sales, Information and Paying Agents (continued)

SwedenSKANDINAVISKA ENSKILDA BANKEN AB (publ)through ist entitySEB Merchant BankingRissneleden 110SE-106 40 Stockholm

Hong KongHong Kong RepresentativeDeutsche Asset Management (Hong Kong) Limited

Level 52,International Commerce Centre1 Austin Road WestKowloonHong Kong

United KingdomTilney Investment ManagementRoyal Liver BuildingPier HeadLiverpoolMerseysideL3 1NY

5

General pointsThe statements on tax regulations only apply to investors who are subject, without limitation, to taxation in Germany. We recommend that, prior to acquiring units of the investment fund described in this sales prospectus, the foreign investor individually discuss with his tax advisor any possible tax consequences in his country of residence arising from the acquisition of units.

This foreign investment fund is generally not sub-ject to corporate income tax or trade tax in Ger-many. However, the taxable income of the invest-ment fund is taxable for the individual investor as income from capital assets, which is subject to income tax, provided that it exceeds the flat-rate saver’s allowance of EUR 801 p.a. (for single persons or spouses assessed separately) or EUR 1,602 (for spouses assessed jointly) when added to any other capital gains.

Income from capital assets is generally subject to a 25% withholding tax (plus solidarity surcharge and, where applicable, church tax). Income from capital assets also includes income distributed by the investment fund, income equivalent to distri-butions, the interim profits, as well as any gains from the sale or purchase of fund units, provided the units were or are acquired after Decem-ber 31, 2008.

In general, for the individual investor, the with-holding tax acts as a final payment (so-called “final withholding tax”), so that, as a rule, income from capital assets is not to be declared in the income tax return. For the individual investor, the domestic institution maintaining the custody account usually offsets income subject to with-holding against losses and deductible foreign withholding taxes.

The withholding tax does not act as a final pay-ment, however, if the investor’s personal tax rate is lower than the final withholding tax of 25%. In this case, income from capital assets may be declared in the income tax return. The tax office then applies the lower personal tax rate and off-sets the tax withheld against the personal tax liability (so-called “reduced rate test”).

Where income from capital assets was not sub-ject to any tax deduction (because capital gains from the sale of fund units accrue in a foreign custody account, for example), this is to be speci-fied in the tax return. Within the tax assessment, any income from capital assets is then also sub-ject to the final withholding tax of 25%, or else to the lower personal tax rate.

Despite tax withholding and a higher personal tax rate, income from capital assets may still have to be declared if deductions for unusual costs or special expenses (e.g., charitable donations) are claimed in the income tax return.

If units are held as business assets, the income is considered taxable as operating income. In this case, the withholding tax does not act as a final payment; the institution maintaining the custody account does not offset against any losses. In determining taxable income and income subject

to investment income tax, tax legislation requires that certain distinctions be made with regard to the income components.

Units held as personal assets I (German tax residents)

Interest and income equivalent to 1. interest, domestic and foreign dividends

Interest, income equivalent to interest and domestic and foreign dividends are generally taxable for the investor. This applies irrespec-tive of whether such income is reinvested or distributed.

Distributed interest and income equivalent to interest, as well as domestic and foreign divi-dends of the investment fund are usually sub-ject to the 25% withholding tax (plus solidarity surcharge and, where applicable, church tax).

In the case of a reinvesting investment fund according to tax law, the 25% withholding (plus solidarity surcharge) is not applied at the time of the reinvestment. However, the income sub-ject to withholding is accrued and withholding will be applied on the total so-called “accrued income equivalent to distributions” by a domes-tic institution maintaining the custody account when the investment fund units are redeemed or sold.

2. Gains from the sale of securities, gains from forward transactions and income from option writer premiums

Gains from the sale of equities, dividend rights similar to equities and investment fund units, as well as gains from forward transactions and income from option writer premiums that are realized at the level of the investment fund do not affect the investor as long as they are not distributed. Nor shall any gains from the sale of the debt instruments listed in article 1 (3), sen-tence 3, no. 1 (a) through (f), of the Investment Tax Act (Investmentsteuergesetz; InvStG) affect the investor if they are not distributed.

They include the following debt instruments:

debt instruments that have an issuing yield, a) debt instruments with fixed or variable b)

coupons in which repayment of the principal is agreed or effected in the amount in which it was made available (e.g., normal bonds, floaters, reverse floaters or down-rating bonds),

risk certificates representing an individual c) stock or a published index for multiple equities at a 1:1 ratio,

reverse convertible bonds, exchangeable d) bonds and convertible bonds,

income bonds and debt dividend rights e) traded flat, i.e., without a separate recording of the accrued interest, and

cum-warrant bonds. f) If gains from the sale of the securities and debt instruments listed above, gains from forward transactions, as well as income from option writer premiums are distributed, they are gen-erally taxable and usually subject to the 25% withholding tax (plus solidarity surcharge and, where applicable, church tax). However, distrib-

uted gains from the sale of securities and gains from forward transactions are tax-exempt if the securities are purchased at the level of the invest-ment fund before January 1, 2009, or the forward trans actions are executed before January 1, 2009. Investors acquiring units of an investment fund after December 31, 2008, receive a notional allo-cation of these untaxed distributed gains when capital gains are determined (see I 5 below).

Gains from the sale of debt instruments not con-tained in the above list shall be treated as interest for tax purposes (see I 1 above).

Negative income for tax purposes3. If negative income remains after offsetting with similar positive income at the level of the invest-ment fund, that negative income is carried for-ward for tax purposes at the level of the invest-ment fund. It may be offset at the level of the investment fund against future similar positive taxable income in subsequent years. Direct allo-cation of negative taxable income to the inves-tor is not possible. In this way, these negative amounts only affect the investor for income tax purposes in the tax year in which the fiscal year of the investment fund ends or in which the dis-tribution for the fiscal year of the investment fund occurred for which the negative taxable income is offset at the level of the investment fund. Earlier consideration in the investor’s income tax is not possible.

Distributions of non-income assets4. Distributions of non-income assets are not sub-ject to tax. However, distributions of non-income assets received by the investor during his holding period must be added to the taxable gain from the sale of the fund units; the total taxable gain is thus increased.

Capital gains at investor level5. If units of an investment fund that were pur-chased after December 31, 2008, are sold by an individual investor, the capital gains are subject to the final withholding tax of 25% (plus solidarity surcharge and, where applicable, church tax).

For the sale of the units purchased before January 1, 2009, the gains are not taxed for indi-vidual investors.

When determining the capital gains for final with-holding tax purposes, the interim profits at the time of purchase must be subtracted from the cost of purchasing the units, and the interim prof-its and sales proceeds at the time of selling the units must be subtracted from the selling price to prevent double income taxation of interim profits (see below). The sales proceeds must further be reduced by the amount of reinvested income the investor has already reported for taxes, thereby also preventing double taxation in this instance. An addition to the sales proceeds takes place in the respective amounts of foreign tax as defined by article 4 (2) InvStG paid, less any credits claimed, and investment income tax as defined by article 7 (3) and (4) InvStG paid, pro-vided such taxes relate to the reinvested income generated during the holding period, as well as in the amount of the income equivalent to distri-

Summary of tax regulations of importance to the investor

Investment funds organized under Luxembourg law

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butions generated in the fiscal years before the holding period and distributed during the holding period. If the investor acquired units of an invest-ment fund after December 31, 2008, untaxed distributions of gains from forward transactions after January 1, 2009, as well as gains from the sale of securities, must be added to the gain from the sale.

The gain from the sale of fund units acquired after December 31, 2008, is tax-exempt insofar as it is attributable to income deemed tax-exempt under the DTC that was generated in the fund during the holding period but not yet recognized at investor level (so-called “pro-rata real property gain”). A prerequisite for this is that the capital investment company publishes the real estate profit as a per-centage of the value of the investment unit on each valuation date.

If a minimum investment of EUR 100,000 or more is required in order to participate in the fund (or in a unit class, in the case of particular unit classes), or if the participation of natural persons is dependent on the knowledge of investors, the following applies to the sale or redemption of units acquired after November 9, 2007, and before January 1, 2009: The gain from the sale or redemption of such units is generally subject to the final withholding tax of 25%. However, in this case the taxable capital gain from the sale or redemption of the units is limited to the amount of the gains reinvested at fund level from the sale of securities acquired after December 31, 2008, and the gains reinvested at fund level from forward transactions executed after December 31, 2008. Such limitation of taxable capital gain requires the corresponding amount to be documented.

In the opinion of the German Federal Ministry of Finance (ministerial letter of October 22, 2008), it can be assumed, for investors whose investment does in fact amount to at least EUR 100,000, that the EUR 100,000 minimum investment is a pre-requisite and that particular investor knowledge is required whenever the major portion of the assets of an investment fund is held by a small number of up to ten investors.

Units held as business assets II (German tax residents)

Interest income, income equivalent 1. to interest

Interest and income equivalent to interest is generally taxable for the investor. This applies irrespective of whether such income is rein-vested or distributed. According to article 2 (2a) InvStG, taxable interest is subject to the interest deduction ceiling of article 4h of the Income Tax Act (Einkommensteuergesetz; EStG).

Distributed interest and income equivalent to interest is generally subject to the 25% withhold-ing tax plus solidarity surcharge.

In the case of a reinvesting investment fund according to tax law, the 25% withholding (plus solidarity surcharge) is not applied at the time of the reinvestment. However, the income subject to withholding is accrued and withholding will be applied on the total so-called “accrued income equivalent to distributions” by a domestic institu-tion maintaining the custody account when the investment fund units are redeemed or sold.

Gains from the sale of securities, gains 2. from forward transactions and income from option writer premiums

Gains from the sale of equities, dividend rights similar to equities and investment fund units, as well as gains from forward transactions and income from option writer premiums that are realized at the level of the investment fund do not affect the investor as long as they are not distributed. Nor shall any gains from the sale of the debt instruments listed in article 1 (3), sen-tence 3, no. 1 (a) through (f), of the Investment Tax Act (Investmentsteuergesetz; InvStG) affect the investor if they are not distributed.

They include the following debt instruments:

debt instruments that have an issuing yield, a) debt instruments with fixed or variable b)

coupons in which repayment of the principal is agreed or effected in the amount in which it was made available (e.g., normal bonds, floaters, reverse floaters or down-rating bonds),

risk certificates representing an individual c) stock or a published index for multiple equities at a 1:1 ratio,

reverse convertible bonds, exchangeable d) bonds and convertible bonds,

income bonds and debt dividend rights e) traded flat, i.e., without a separate recording of the accrued interest, and

cum-warrant bonds. f) If these gains are distributed, they have to be considered at investor level for tax purposes. For investors that are corporate entities, capital gains on equities are generally tax-exempt, but 5% constitute non-deductible operating expenses. In the case of other business investors (e.g., sole proprietorships), 40% of capital gains on equi-ties are tax-exempt (partial-income procedure). Capital gains from bonds and debt instruments, as well as gains from forward transactions and option writer premiums, on the other hand, are fully taxable.

Gains from the sale of debt instruments not con-tained in the above list shall be treated as interest for tax purposes (see II1 above).

Domestic and foreign dividends3. Except for those governed by the German REIT Act, dividends from domestic and foreign cor-porations that are distributed on or reinvested in units held as business assets are generally tax-exempt for corporate entities (5% of these dividends, however, constitute non-deductible operating expenses). In the case of other busi-ness investors (e.g., sole proprietorships), 40% of this income is tax-exempt (partial-income procedure).

Domestic and foreign dividends are generally subject to the 25% withholding tax plus solidar-ity surcharge.

In the case of a reinvesting investment fund according to tax law, the 25% withholding (plus solidarity surcharge) is not applied at the time of the reinvestment. However, the income sub-ject to withholding is accrued and withholding will be applied on the total so-called “accrued income equivalent to distributions” by a domes-tic institution maintaining the custody account when the investment fund units are redeemed or sold.

For investors subject to trade tax, this dividend income partially exempted from (corporate) income tax must be added back when deter-mining income for trade-tax purposes, and not deducted again. In the opinion of the tax authorities, dividends from foreign corporations can only be tax exempt as so-called intercorpo-rate dividends to the full extent if the investor is a (capital) company as defined in the relevant double taxation convention and it is established that the investor has a sufficiently high (intercor-porate) stockholding.

Negative income for tax purposes4. If negative income remains after offsetting with similar positive income at the level of the invest-ment fund, that negative income is carried for-ward for tax purposes at the level of the invest-ment fund. It may be offset at the level of the investment fund against future similar positive taxable income in subsequent years. Direct allo-cation of negative taxable income to the inves-tor is not possible. In this way, these negative amounts only affect the investor for (corporate) income tax purposes in the tax year in which the fiscal year of the investment fund ends or in which the distribution for the fiscal year of the investment fund occurred for which the negative taxable income is offset at the level of the invest-ment fund. Earlier consideration in the investor’s (corporate) income tax is not possible.

Distributions of non-income assets5. Distributions of non-income assets are not subject to tax. For an investor who keeps a tax account, this means that the distributions of non-income assets are to be recognized as income in the commercial balance sheet; in the tax balance sheet, an adjustment item on the lia-bilities side is to be formed related to expenses, and thus technically the historic acquisition costs are reduced in a tax-neutral manner. Alter-natively, the amortized costs can be reduced by the pro-rata amount of the distribution of non-income assets.

Capital gains at investor level6. Gains from the sale of units held as business assets are tax-exempt for business inves-tors insofar as they are attributable to income deemed tax-exempt under the DTC that was generated in the fund during the holding period but not yet recognized at investor level (so-called “pro-rata real property gain”). A prerequisite for this is that the capital investment company pub-lishes the real estate profit as a percentage of the value of the investment unit on each valu-ation date.

Gains from the sale of units held as business assets are also tax-exempt for corporate enti-ties, provided the gains emanate from dividends that have not yet accrued or are deemed to have not yet accrued and from realized and unreal-ized capital gains of the investment fund from domestic and foreign equities (so-called equity gain). However, 5% of the equity gain consti-tutes non-deductible operating expenses. In the case of other business investors (e.g., sole proprietorships), 40% of this income is tax-ex-empt (partial-income procedure). A prerequisite for this is that the capital investment company publishes the equity gain as a percentage of the value of the investment unit on each valuation date.

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Exemption from withholding and refund III of investment income tax withheld

German tax residents1. If a resident individual investor has units of an investment fund held in domestic custody by the investment company or by another credit institu-tion (custody arrangement), and if the individual investor submits an exemption form conforming to the official sample document and covering an adequate amount, or a non-assessment certifi-cate, in sufficient time, the following applies:

In the case of a (partially) distributing invest- –ment fund, the credit institution maintaining the custody account will, as paying agent, refrain from withholding and refund any investment income tax withheld by the investment company. In this case, the investor will be credited the full amount of the distribution.

The credit institution maintaining the cus- –tody account will refrain from withholding tax on the interim profits, the accrued income equiva-lent to distributions, and on gains from the sale of the investment fund units contained in the sales proceeds/redemption price.

If a resident investor holding units of an invest-ment fund as business assets has them held in domestic custody by the investment company or by another credit institution (custody arrange-ment), the credit institution maintaining the cus-tody account will refrain, as paying agent, from withholding and refund any investment income tax withheld by the investment company

if the investor submits an appropriate non- –assessment certificate in sufficient time (total or partial exemption from withholding/refund of tax withheld will depend on the type of the respec-tive non-assessment certificate),

for gains from the sale of securities, gains –from forward transactions, income from option writer premiums, foreign dividends, as well as gains from the sale of the investment fund units, even without a non-assessment certificate if the investor is a corporate entity subject, without limitation, to taxation in Germany or if the invest-ment income constitutes the operating income of a domestic business and the creditor informs the paying agent accordingly, using the official form.

If the exemption form or non-assessment certifi-cate is not submitted, or not submitted in time, the investor will upon request receive from the institu-tion maintaining the custody account a tax state-ment on the tax and solidarity surcharge withheld and not refunded. The investor may then offset the tax withheld against his personal/corporate tax liability in his (corporate) income tax assessment.

Non-resident taxpayers2. If a non-resident taxpayer has units of distributing investment funds held in custody by a domestic credit institution (custody arrangement), no tax will be withheld on interest and income equiva-lent to interest, on gains from the sale of securi-ties, on gains from forward transactions and on foreign dividends, as well as on the interim prof-its and on the gains from the sale of the invest-ment fund units contained in the sales proceeds/redemption price, provided that the taxpayer sub-mits proof of non-resident status.

If a foreign investor has units of reinvesting investment funds in custody by a domestic credit institution, no tax will be withheld on the interim profits contained in the sales proceeds/redemption price, on the accrued income equiva-lent to distributions, as well as on the gains from the sale of the investment fund units, provided that the taxpayer submits proof of non-resident status.

If the institution maintaining the custody account is not aware of the investor’s non-resident sta-tus, or if such status is not verified in time, the foreign investor must use the reimbursement procedure defined in article 37 (2) of the German Fiscal Code (Abgabenordnung; AO) to apply for a refund of the tax withheld. The tax office hav-ing jurisdiction over the business operations of the institution maintaining the custody account will be responsible for processing such a refund application.

Solidarity surchargeIV

A solidarity surcharge of 5.5% is levied on the amount of tax to be withheld in the case of distri-butions or reinvestment. The solidarity surcharge can be offset against income tax and corporate income tax.

If no tax is withheld, e.g., in the case of a sufficient exemption form, submission of a non-assessment certificate, or proof of non-resident status, no solidarity surcharge shall be withheld or it shall be credited in the case of a reinvestment.

Church taxV

Provided that income tax is already being with-held by a domestic institution maintaining the custody account (withholding agent), the church tax attributable will be withheld as a surcharge on the tax withheld at the church tax rate of the religious group to which the church tax payer belongs. For this purpose, the church tax payer may declare his religious affiliation to the with-holding agent in a written application. Spouses must also declare in the application the propor-tion of the investment income attributable to each spouse as related to the total investment income of the spouses, so that the church tax can be apportioned, retained and paid accordingly. If such a proportion is not declared, apportionment will be on a per-capita basis.

The deductibility of the church tax as a spe-cial expense is taken into account and used to reduce withholding.

Foreign withholding taxVI

Local withholding tax is in some cases levied on investment fund income generated abroad.

The investment company can deduct such credit-able withholding tax as income-related expenses at the level of the investment fund. In such a case, foreign withholding tax is neither creditable nor deductible at investor level.

If the investment company chooses not to exer-cise its option to deduct foreign withholding tax at fund level, the creditable withholding tax will be used to reduce withholding.

Providing documentation VII for taxation bases

If the Federal Tax Office (Bundeszentralamt für Steuern) requires it to do so, a foreign invest-ment company must, within three months after receiving the request, provide the Federal Tax Office with documentation about the bases of taxation in the case of (partial) distribution or rein-vestment, as well as about the income deemed to have accrued but on which no taxes have yet been withheld.

Should this require corrections to the amounts in the income statement, the correction amount must be included in the announcement notice for the fiscal year in which the disclosure request was received. Changes thus have a financial impact on those investors who are invested in the investment fund at the time of the change. The tax effects may be either positive or negative.

Taxation of interim profitsVIII

Interim profits consist of income from interest received or accrued and of gains from the sale of debt instruments not listed in article 1 (3), sentence 3, no. 1 (a) through (f), InvStG that are included in the sale or redemption price but have not yet been distributed or reinvested by the fund and have therefore not yet become taxable for the investor (somewhat comparable to accrued interest from fixed-rate securities). The interim profits earned from the investment fund are sub-ject to income tax if the units are redeemed or sold by German tax residents. The withholding tax on interim profits is 25% (plus solidarity sur-charge and, where applicable, church tax).

Interim profits paid during the purchase of units may be deducted by the individual investor in the year of payment for income tax purposes as neg-ative income if an income adjustment is carried out and this is pointed out both in the publication of the interim profit and within the scope of the tax data to be certified by the professionals. It is taken into account to reduce withholding for the individual investor. If actual interim profits are not published, 6% (pro rata temporis) of the amount paid for the redemption or sale of the investment fund unit must be assessed each year as interim profits. For business investors, the interim profit paid is an integral part of the acquisition costs, which are not to be corrected. Upon redemption or sale of the investment fund unit, the interim profit received forms an integral part of the sales proceeds. A correction should not be made.

Results of merging investment fundsIX

If investment funds are transferred to a different investment fund within the scope of a tax-neutral transfer as defined by article 17a in combination with article 14 of the Investment Tax Act (Invest-mentsteuergesetz; InvStG), a distributing invest-ment fund is, in its final fiscal year before the amalgamation, to be treated for tax purposes like a reinvesting investment fund. For the investors, the amalgamation does not result in the disclo-sure and taxation of the unrealized gains residing in the units of the transferred investment fund. In principle, both contract-type mutual funds (e.g., Luxembourg FCP) and mutual funds in the cor-porate legal form (e.g., Luxembourg SICAV) may be merged in a tax-neutral manner. Tax-neutral

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cross-border mergers are not possible. If invest-ment funds are merged in a non tax-neutral man-ner, for tax purposes it is considered that there is a redemption/sale of units for the transferring investment fund and an acquisition of units for the receiving investment fund.

Transparent, semi-transparent and X non-transparent taxation

The above taxation principles (termed transparent taxation) apply only if all taxation bases are made known as defined by article 5 (1) InvStG (termed the tax notification requirement). This also applies if the investment fund has acquired units of other domestic investment funds, EC investment fund units and foreign investment fund units that are not EC investment fund units (target fund as defined in article 10 InvStG) and these meet their tax notification obligations.

If the information pursuant to article 5 (1), no. 1 (c) or (f), InvStG is not provided, all income is tax-able in its entirety (so-called semi-transparent taxation).

If the notification requirement pursuant to arti-cle 5 (1) InvStG is violated and there is no instance of semi-transparent taxation, all distributions and the interim profit as well as 70% of the positive difference between the first and the last redemp-tion price of the investment fund unit determined in the calendar year shall be assessed for taxation at investor level; at least 6% of the last redemp-tion price determined in the calendar year shall be assessed (termed non-transparent taxation). If a target fund does not comply with its tax notifica-tion obligations pursuant to article 5 (1) InvStG, a taxable income amount, to be determined accord-ing to the principles described in the preceding, must be assessed for the respective target fund at the level of the investment fund.

EU Savings Tax Directive/Interest XI Information Regulation

The Interest Information Regulation (abbreviated IIR) via which Council Directive 2003/48/EC of June 3, 2003, Official Journal EU no. L 157, p. 38, is implemented, is intended to ensure effective cross-border taxation of interest payments to natural persons within the territory of the EU. The

EU has agreements in place with certain third countries (most notably Switzerland, Liechten-stein, the Channel Islands, Monaco and Andorra) that are largely consistent with the EU Savings Tax Directive.

The general process is that interest payments credited to a natural person resident in another European country or in certain third countries by a German credit institution (acting as the paying agent in this respect) are reported by the Ger-man credit institution to the Federal Tax Office and by that office ultimately to the respective foreign tax office of the recipient’s country of residence.

Conversely, interest payments credited to a natural person resident in Germany by a foreign credit institution in another European country or in certain third countries are ultimately reported by the foreign credit institution to the tax office of the recipient’s German residence. Alternatively, some foreign countries retain withholding taxes that are creditable in Germany.

Specifically affected therefore are individual inves-tors resident within the European Union and in the associated third countries that maintain their cash or securities accounts and earn interest in another EU country.

Among others, Luxembourg and Switzerland have undertaken to retain a 20% withholding tax (35% from July 1, 2011) on interest payments. As part of his tax documentation, the investor receives a tax certificate enabling him to have that withhold-ing tax credited in his income tax return.

Alternatively, the individual investor can avoid for-eign withholding by authorizing the foreign bank to make voluntary disclosures of his interest pay-ments, allowing the institution to refrain from withholding and instead report the payments to the tax authorities designated in the respective statutes.

If the assets of a fund consist of no more than 15% in claims as defined by the IIR, the paying agents that ultimately make use of the data dis-closed by the investment company need not file reports with the Federal Tax Office. Crossing the 15% threshold obligates the paying agents to

report to the Federal Tax Office the EU interest portion contained in the distribution.

If the 40% threshold (25% threshold from January 1, 2011) is crossed, the sales proceeds must be reported when fund units are redeemed or sold. In the case of a distributing fund, the EU interest portion contained in any distribution must additionally be reported to the Federal Tax Office. In the case of a reinvesting fund, reports are naturally only filed when fund units are redeemed or sold.

Note:

The information included here is based on our understanding of current tax laws. It is addressed to persons subject, without limita-tion, to income tax or corporate income tax in Germany. However, no responsibility can be assumed for potential changes in the tax structure through legislation, court decisions or the orders of the tax authorities.

Legal and tax risk

In the case of a correction with tax con-sequences that are essentially unfavor-able for the investor, changes to the fund’s taxation bases for preceding fiscal years made because these bases are found to be incorrect (e.g., based on a correspond-ing request by the Federal Tax Office (Bundeszentralamt für Steuern)) can result in the investor having to bear the tax bur-den resulting from the correction for pre-ceding fiscal years, even though he may not have held an investment in the invest-ment fund at the time. Conversely, the investor may fail to benefit from an essen-tially favorable correction for the current or preceding fiscal years during which he held an investment in the investment fund if the units are redeemed or sold before the correction takes place.

In addition, a correction of tax data can result in a situation where taxable income or tax benefits are actually assessed for tax in a dif-ferent assessment period to the applicable one and that this has a negative effect for the individual investor.

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General

The following provisions apply to all of the sub-funds set up under DWS Invest, SICAV. The respective special regulations for each of the individual sub-funds are contained in the special section of the Sales Prospectus.

Notes

The legal basis for the purchase of sub-fund shares is the current Sales Prospectus.

It is prohibited to provide any information or deliver any statements other than those of this Sales Prospectus. The Company shall not be lia-ble if such divergent information or explanations are supplied.

The Sales Prospectus, the Key Investor Informa-tion Document (“KIID”) and the annual and semi-annual reports may be obtained free of charge from the Company, the Management Company or the paying agents. Other important informa-tion will be communicated to shareholders in a suitable form by the Management Company.

General risk warnings

Investing in the shares of the Company involves risks. These can encompass or involve equity or bond market risks, interest rate, credit, default, liquidity and counterparty risks as well as ex change rate, volatility, or political risks. Any of these risks may also occur along with other risks. Some of these risks are addressed briefly below. Potential investors should possess experience of investing in instruments that are employed within the scope of the proposed investment policy. Investors should also have a clear picture of the risks involved in investing in the shares and should not make a deci-sion to invest until they have fully consulted their legal, tax and financial advisors, auditors or other advisors about (i) the suitability of investing in the shares, taking into account their personal financial and tax situation and other circumstances, (ii) the information contained in this Sales Prospectus, and (iii) the respective sub-fund’s investment policy.

It must be noted that investments made by a sub-fund also contain risks in addition to the opportunities for price increases. The fund’s shares are securities, the value of which is determined by the price fluctuations of the assets contained in the respective sub-fund. Accordingly, the value of the shares may rise or fall in comparison with the purchase price.

No assurance can therefore be given that the investment objectives will be achieved.

Market risk

The price or market performance of financial prod-ucts depends, in particular, on the performance of the capital markets, which in turn are affected by the overall economic situation and the general eco-nomic and political framework in individual coun-tries. Irrational factors such as sentiment, opinions and rumors have an effect on general price perfor-mance, particularly on an exchange.

Country or transfer risk

A country risk exists when a foreign borrower,

despite ability to pay, cannot make payments at all, or not on time, because of the inability or unwillingness of its country of domicile to execute transfers. This means that, for example, payments to which the respective sub-fund is entitled may not occur, or be in a currency that is no longer con-vertible due to restrictions on currency exchange.

Settlement risk

Especially when investing in unlisted securities, there is a risk that settlement via a transfer sys-tem is not executed as expected because a pay-ment or delivery did not take place in time or as agreed.

Legal and tax risk

The legal and tax treatment of the sub-funds may change in ways that cannot be predicted or influenced. In case of a correction with tax consequences that are essentially disadvanta-geous for the investor, changes to the sub-fund’s taxation bases for preceding fiscal years made because these bases are found to be incorrect can result in the investor having to bear the tax burden resulting from the correction of preceding fiscal years, even though he may not have had an investment in the sub-fund at the time. On the other hand, the investor may also not ben-efit from an essentially advantageous correction for the current or preceding fiscal years during which he had an investment in the sub-fund if the shares are redeemed or sold before the correc-tion takes place.

In addition, a correction of tax data can result in a situation where taxable income or tax benefits are actually assessed for tax in a different assess-ment period to the applicable one and that this has a negative effect on the individual investor.

Currency risk

To the extent that the Company’s assets are invested in currencies other than the respective sub-fund currency, the respective sub-fund will receive income, repayments and proceeds from such investments in these other currencies. If the value of this currency depreciates in relation to the sub-fund currency, the value of the sub-fund’s assets is reduced.

Sub-funds offering non-base currency share classes might be exposed to positive or negative currency impacts due to time lags attached to necessary order processing and booking steps.

Custody risk

The custody risk describes the risk resulting from the basic possibility that, in the event of insolvency, violation of due diligence or improper conduct on the part of the Custodian or any sub-custodian, the investments in custody may be removed in whole or in part from the Company’s access to its loss.

Concentration risk

Additional risks may arise from a concentration of investments in particular assets or markets. The Company assets then become particularly heavily dependent on the performance of these assets or markets.

Risk of changes in interest rates

Investors should be aware that investing in shares may involve interest rate risks. These risks may occur in the event of interest rate fluctuations in the denomination currency of the securities or the respective sub-fund.

Political risk/regulatory risk

The Company assets may invest abroad. This involves the risk of detrimental international politi-cal developments, changes in government policy, taxation and other changes in the legal status.

Inflation risk

All assets are subject to a risk of devaluation through inflation.

Key individual risk

The exceptionally positive performance of certain sub-funds during a particular period is also attrib-utable to the abilities of the individuals acting on behalf of such assets, and therefore to the cor-rect decisions made by their respective manage-ment. Fund management personnel can change, however. New decision-makers might not be as successful.

Change in the investment policy

The risk associated with the sub-fund’s assets may change in terms of content due to a change in the investment policy within the range of investments permitted for the respective sub-fund’s assets.

Changes to the Sales Prospectus; liquidation or merger

The Company reserves the right to change the Sales Prospectus for the respective sub-fund(s). In addition, the Company may, in accordance with the provisions of its by-laws and Sales Prospec-tus, liquidate the sub-fund entirely or merge it with another fund’s assets. For the investor, this entails the risk that the holding period planned by the investor will not be realized.

Credit risk

Investors should be absolutely clear that an investment of this type may involve credit risks. Bonds or debt instruments involve a credit risk with regard to the issuers, for which the issuer’s credit rating can be used as a benchmark. Bonds or debt instruments floated by issuers with a lower rating are generally viewed as securities with a higher credit risk and greater risk of default on the part of the issuer than those instruments that are floated by issuers with a better rating. If an issuer of bonds or debt instruments runs into financial or economic difficulties, this can affect the value of the bonds or debt instruments (this value could drop to zero) and the payments made on the basis of these bonds or debt instruments (these payments could drop to zero).

Risk of default

In addition to the general trends on capital mar-kets, the particular performance of each individ-ual issuer also affects the price of an investment. The risk of a decline in the assets of issuers, for

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example, cannot be eliminated even by the most careful selection of the securities.

Risks connected to derivative transactions

Buying and selling options, as well as the conclu-sion of futures contracts or swaps, involves the following risks:

Price changes in the underlying instrument –can cause a decrease in the value of the option or future contract, and even result in a total loss. Changes in the value of the asset underlying a swap can also result in losses for the respective sub-fund assets.

Any necessary back-to-back transactions –(closing of position) incur costs.

The leverage effect of options may alter the –value of a sub-fund’s assets more strongly than the direct purchase of the underlying instruments would.

The purchase of options entails the risk that –the options are not exercised because the prices of the underlying instruments do not change as expected, meaning that the sub-fund’s assets lose the option premium they paid. If options are sold, there is the risk that the sub-fund’s assets may be obliged to buy assets at a price that is higher than the current market price, or obliged to deliver assets at a price which is lower than the current market price. In that case, the sub-fund’s assets suffer a loss amounting to the price difference minus the option premium which had been received.

Futures contracts also entail the risk that –the sub-fund’s assets may make losses due to market prices not having developed as expected at maturity.

Risk connected to the acquisition of shares of investment funds

When investing in shares of constituent funds, it must be taken into consideration that the fund managers of the individual constituent funds act independently of one another and that therefore multiple constituent funds may follow investment strategies which are identical or contrary to one another. This can result in a cumulative effect of existing risks, and any opportunities might be offset.

Liquidity risk

Liquidity risks arise when a particular security is difficult to dispose of. In principle, acquisitions for a sub-fund must only consist of securities that can be sold again at any time. Nevertheless, it may be difficult to sell particular securities at the desired time during certain phases or in particular exchange segments. There is also the risk that securities traded in a rather narrow market segment will be subject to considerable price volatility.

Assets in the emerging markets

Investing in assets from the emerging markets generally entails a greater risk (potentially includ-ing considerable legal, economic and political risks) than investing in assets from the markets of industrialized countries.

Emerging markets are markets that are, by defini-tion, “in a state of transition” and are therefore exposed to rapid political change and economic declines. During the past few years, there have been significant political, economic and societal changes in many emerging-market countries. In many cases, political considerations have led to substantial economic and societal tensions, and in some cases these countries have experienced both political and economic instability. Political or economic instability can influence investor confi-dence, which in turn can have a negative effect on exchange rates, security prices or other assets in emerging markets.

The exchange rates and the prices of securities and other assets in the emerging markets are often extremely volatile. Among other things, changes to these prices are caused by inter-est rates, changes to the balance of demand and supply, external forces affecting the market (especially in connection with important trading partners), trade-related, tax-related or monetary policies, governmental policies as well as interna-tional political and economic events.

In most cases, the securities markets in the emerging markets are still in their primary stage of development. This may result in risks and practices (such as increased volatility) that usu-ally do not occur in developed securities markets and which may have a negative influence on the securities listed on the stock exchanges of these countries. Moreover, the markets in emerging-market countries are frequently characterized by illiquidity in the form of low turnover of some of the listed securities.

In comparison to other types of investment that carry a smaller risk, it is important to note that exchange rates, securities and other assets from emerging markets are more likely to be sold as a result of the “flight into quality” effect in times of economic stagnation.

Investments in Russia

If provided for in the respective product annex for a particular sub-fund, sub-funds may, within the scope of their respective investment poli-cies, invest in securities that are traded on the Russian Trading System Stock Exchange (RTS) or on the Moscow Interbank Currency Exchange (MICEX). These two exchanges are recognized and regulated markets as defined by Article 41 (1) of the Luxembourg law of December 17, 2010. Additional details are specified in the respective product annex.

Custody and registration risk in Russia

Even though commitments in the Russian –equity markets are well covered through the use of GDRs and ADRs, individual sub-funds may, in accordance with their investment pol-icies, invest in securities that might require the use of local depositary and/or custodial services. At present, the proof of legal owner-ship of equities in Russia is delivered in book-entry form.

The Shareholder Register is of decisive –importance in the custody and registration procedure. Registrars are not subject to any real government supervision, and the sub-

fund could lose its registration through fraud, negligence or just plain oversight. Moreover, in practice, there was and is no really strict adherence to the regulation in Russia under which companies having more than 1,000 shareholders must employ their own inde-pendent registrars who fulfill the legally pre-scribed criteria. Given this lack of indepen-dence, the management of a company may be able to exert potentially considerable influ-ence over the compilation of the sharehold-ers of the company.

Any distortion or destruction of the register –could have a material adverse effect on the interest held by the sub-fund in the corre-sponding shares of the company or, in some cases, even completely eliminate such a hold-ing. Neither the sub-fund nor the fund man-ager nor the Custodian nor the Management Company nor the Board of Directors nor any of the sales agents is in a position to make any representations or warranties or provide any guarantees with respect to the actions or services of the registrar. This risk is borne by the sub-fund.

At present, Russian law does not provide for the concept of the “good-faith acquirer” as it is usually the case in western legislation. As a result of this, under Russian law, an acquirer of securities (with the exception of cash instruments and bearer instruments), accepts such securities subject to possible restrictions of claims and ownership that could have existed with respect to the seller or previous owner of these securities. The Russian Federal Commission for Securities and Capital Markets is currently working on draft legislation to provide for the concept of the “good-faith acquirer”. However, there is no assurance that such a law will apply retroactively to purchases of shares pre-viously undertaken by the sub-fund. Accordingly, it is possible at this point in time that the ownership of equities by a sub-fund could be contested by a previous owner from whom the equities were acquired; such an event could have an adverse affect on the assets of that sub-fund.

Counterparty risk

When the respective sub-fund conducts over-the-counter (OTC) transactions, it may be exposed to risks relating to the credit standing of its counter-parties and to their ability to fulfill the conditions of the contracts it enters into with them. The respective sub-fund may consequently enter into futures, options and swap transactions or use other derivative techniques that will subject that sub-fund to the risk of a counterparty not fulfilling its obligations under a particular contract.

Investment policy

The respective sub-fund’s assets shall be invested in compliance with the principle of risk-spreading and pursuant to the investment policy principles laid down in the respective special section of the Sales Prospectus and in accordance with the investment options and restrictions of Article 2 of the Sales Prospectus – General section.

Use of derivatives

The respective sub-fund may – provided an appro-priate risk management system is in place – invest

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in any type of derivative that is derived from assets that may be purchased for the respective sub-fund or from financial indices, interest rates, exchange rates or currencies. In particular, this includes options, financial futures contracts and swaps, as well as combinations thereof. Their use need not be limited to hedging the sub-fund’s assets; they may also be part of the investment policy.

Trading in derivatives is conducted within the confines of the investment limits and provides for the efficient management of the sub-fund’s assets, while also regulating investment maturi-ties and risks.

Swaps

The Management Company may, amongst oth-ers conduct the following swap transactions for the account of the respective sub-fund within the scope of the investment principles:

interest-rate swaps –currency swaps –equity swaps –credit default swaps –total return swaps. –

Swap transactions are exchange contracts in which the parties swap the assets or risks under-lying the respective transaction.

Swaptions

Swaptions are options on swaps. A swaption is the right, but not the obligation, to conduct a swap transaction, the terms of which are pre-cisely specified, at a certain point in time or within a certain period.

Credit default swaps

Credit default swaps are credit derivatives that enable the transfer of a volume of potential credit defaults to other parties. As compensation for accepting the credit default risk, the seller of the risk (the protection buyer) pays a premium to its counterparty.

In all other aspects, the information for swaps applies accordingly.

Synthetic Dynamic Underlying (SDU)

The respective sub-fund may use SDU, if (i) an appropriate risk management system is in place and (ii) such investment is in compli-ance with the relevant investment policy and the investment restrictions of such sub-fund. In such case the relevant sub-fund may par-ticipate via specific instruments in accordance with Article 41 (1) g) of the Luxembourg Law dated December 17, 2010 such as swaps and forwards in the performance of a synthetic portfolio notionally comprised of certain cash instruments, credit derivative transactions and other investments. Should the synthetic port-folio comprise of any derivative components, it will be ensured that the relevant underly-ing of such derivative components will only contain eligible assets for a UCITS IV compli-ant investment fund. The synthetic portfolio will be managed by a first class financial insti-tution who determines the composition of the synthetic portfolio and who is bound by

clearly defined portfolio guidelines. The valua-tion of the synthetic assets will be ensured at or after cut-off time of the respective sub-fund and risk reports will be issued. Furthermore these investments are subject to Article 43 (1) of the Luxembourg Law dated December 17, 2010 and to Article 8 of the Ordinance of the Grand Duchy dated February 8, 2008.

Financial instruments certificated in securities

The respective sub-fund may also acquire the financial instruments described above if they are certificated in securities. The transactions pertaining to financial instruments may also be just partially contained in such securities (e.g. warrant-linked bonds). The statements on opportunities and risks apply accordingly to such certificated financial instruments, but with the condition that the risk of loss in the case of cer-tificated instruments is limited to the value of the security.

OTC derivative transactions

The respective sub-fund may conduct both those derivative transactions admitted for trading on an exchange or included in another regulated market and over-the-counter (OTC) transactions. It shall include a process for accurate and independent assessment of the value of OTC derivative instru-ments.

Risk management

The sub-funds shall include a risk management process that enables the Management Company to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of the portfolio.

The Management Company monitors every sub-fund in accordance with the requirements of Ordi-nance 10-04 of the Commission de Surveillance du Secteur Financier (“CSSF”) and in particular CSSF Circular 11-512 dated May 30, 2011 and the “Guidelines on Risk Measurement and the Calcu-lation of Global Exposure and Counterparty Risk for UCITS” by the Committee of European Securi-ties Regulators (CESR/10-788). The Management Company guarantees for every sub-fund that the overall risk associated with derivative financial instruments will comply with the requirements of Article 42 (3) of the Law of December 17, 2010. The market risk of the respective sub-fund does not exceed 200% of the market risk of the refer-ence portfolio that does not contain derivatives.

The risk management approach used for the respective sub-fund is indicated in the special section of the sales prospectus for the sub-fund in question.

The Management Company generally seeks to ensure that the level of investment of the subfund through the use of derivatives does not exceed twice the value of the investment subfund’s assets (hereinafter “leverage effect”) unless otherwise provided for in the special section of the sales prospectus. The leverage effect is cal-culated using the sum of the notional approach (Absolute (notional) amount of each derivative position divided by the net present value of the portfolio).

The leverage effect calculation considers deriva-tives of the portfolio. Any collateral is currently not re-invested and therefore not considered. It must be noted, that this leverage effect does fluctuate depending on market conditions and/or changes in positions (including hedging against unfavourable market movements, among other factors), and the targeted level may therefore be exceeded in spite of constant monitoring by the Management Company. The disclosed expected level of leverage is not intended to be an addi-tional exposure limit for the sub-fund.

In addition, the option to borrow 10% of net assets is available for the sub-fund, provided that this borrowing is temporary and the borrowing proceeds are not used for investment purposes.

An overall commitment thus increased can sig-nificantly increase both the opportunities and the risks associated with an investment (see in par-ticular the risk warnings in the “Risks connected to derivative transactions” section).

Potential conflicts of interest

The directors of the Investment Company, the Management Company, the fund manager, the designated sales agents and persons appointed to carry out sales activities, the Custodian, the Transfer Agent, the investment advisor, the shareholders, as well as all subsidiaries, affili-ated companies, representatives or agents of the aforementioned entities and persons (“Associ-ated Persons”) may:

conduct among themselves any and all kinds –of financial and banking transactions or other transactions or enter into the corresponding contracts, including those that are directed at investments in securities or at investments by an Associated Person in a company or undertaking, such investment being a constit-uent part of the respective sub-fund’s assets, or be involved in such contracts or transac-tions; and/or

for their own accounts or for the accounts of –third parties, invest in shares, securities or assets of the same type as the components of the respective sub-fund’s assets and trade in them; and/or

in their own names or in the names of third –parties, participate in the purchase or sale of securities or other investments from or to the Investment Company, through or jointly with the fund manager, the designated sales agents and persons appointed to carry out sales activities, the Custodian, the invest-ment advisor, or a subsidiary, an affiliated company, representative or agent of these.

Assets of the respective sub-fund in the form of liquid assets or securities may be deposited with an Associated Person in accordance with the legal provisions governing the Custodian. Liquid assets of the respective sub-fund may be invested in certificates of deposit issued by an Associated Person or in bank deposits offered by an Associated Person. Banking or comparable transactions may also be conducted with or through an Associated Person. Companies in the Deutsche Bank Group and/or employees, repre-sentatives, affiliated companies or subsidiaries

12

of companies in the Deutsche Bank Group (“DB Group Members”) may be counterparties in the Investment Company’s derivatives transactions or derivatives contracts (“Counterparty”). Fur-thermore, in some cases a Counterparty may be required to evaluate such derivatives transactions or derivatives contracts. Such evaluations may constitute the basis for calculating the value of particular assets of the respective sub-fund. The Board of Directors of the Investment Company is aware that DB Group Members may possibly be involved in a conflict of interest if they act as Counterparty and/or perform evaluations of this type. The evaluation will be adjusted and carried out in a manner that is verifiable. However, the Board of Directors of the Investment Company believes that such conflicts can be handled appro-priately and assumes that the Counterparty pos-sesses the aptitude and competence to perform such evaluations.

In accordance with the respective terms agreed, DB Group Members may act as directors, sales agents and sub-agents, custodians, fund man-agers or investment advisors, and may offer to provide sub-custodian services to the Investment Company. The Board of Directors of the Invest-ment Company is aware that conflicts of interest may arise due to the functions that DB Group Members perform in relation to the Investment Company. In respect of such eventualities, each DB Group Member has undertaken to endea-vour, to a reasonable extent, to resolve such conflicts of interest equitably (with regard to the Members’ respective duties and responsibilities), and to ensure that the interests of the Invest-ment Company and of the shareholders are not adversely affected. The Board of Directors of the Investment Company believes that DB Group Members possess the required aptitude and competence to perform such duties.

The Board of Directors of the Investment Com-pany believes that the interests of the Investment Company might conflict with those of the entities mentioned above. The Investment Company has taken reasonable steps to avoid conflicts of inter-est. In the event of unavoidable conflicts of inter-est, the Management Company of the Invest-ment Company will endeavour to resolve such conflicts in favour of the sub-fund(s).

For each sub-fund, transactions involving the respective sub-fund’s assets may be conducted with or between Associated Persons, provided that such transactions are in the best interests of the investors.

Combating money laundering

The Transfer Agent may demand such proof of identity as it deems necessary in order to com-ply with the laws applicable in Luxembourg for combating money laundering. If there is doubt regarding the identity of the investor or if the Transfer Agent does not have sufficient details to establish the identity, the Transfer Agent may demand further information and/or documenta-tion in order to be able to unequivocally establish the identity of the investor. If the investor refuses or fails to submit the requested information and/or documentation, the Transfer Agent may refuse or delay the transfer to the Company’s Register of Shareholders of the investor’s data. The informa-tion submitted to the Transfer Agent is obtained

solely to comply with the laws for combating money laundering.

The Transfer Agent is, in addition, obligated to examine the origin of money collected from a financial institution unless the financial institution in question is subject to a mandatory proof-of-identity procedure that is the equivalent of the proof-of-identity procedure provided for under Luxembourg law. The processing of subscription applications can be suspended until such a time as the Transfer Agent has properly established the origin of the money.

Initial or subsequent subscription applications for shares can also be made indirectly, i.e., via the sales agents. In this case, the Transfer Agent can forego the aforementioned required proof of identity under the following circumstances or under the circumstances deemed to be sufficient in accordance with the money laundering laws applicable in Luxembourg:

if a subscription application is being processed –via a sales agent that is under the supervision of the responsible authorities whose regula-tions provide for a proof-of-identity procedure for customers that is equivalent to the proof-of-identity procedure provided for under Lux-embourg law for combating money launder-ing, and the sales agent is subject to these regulations;

if a subscription application is being pro- –cessed via a sales agent whose parent com-pany is under the supervision of the responsi-ble authorities whose regulations provide for a proof of identity procedure for customers that is equivalent to the proof of identity proce-dure in accordance with Luxembourg law and serves to combat money laundering, and if the corporate policy or the law applicable to the parent company also imposes the equivalent obligations on its subsidiaries or branches.

In the case of countries that have ratified the rec-ommendations of the Financial Action Task Force (FATF), it is assumed that the respective respon-sible supervisory authorities in these countries have imposed regulations for implementing proof of identity procedures for customers on physical persons or legal entities operating in the financial sector and that these regulations are the equiva-lent of the proof of identity procedure required in accordance with Luxembourg law.

The sales agents can provide a nominee service to investors that acquire shares through them. Investors may decide at their own discretion whether or not to take up this service, which involves the nominee holding the shares in its name for and on behalf of investors; the latter are entitled to demand direct ownership of the shares at any time. Notwithstanding the preced-ing provisions, investors are free to make invest-ments directly with the Company without availing of the nominee service.

Data protection

The personal data of investors provided in the application forms, as well as the other infor-mation collected within the scope of the busi-ness relationship with the Company and/or the Transfer Agent are recorded, stored, compared,

transmitted and otherwise processed and used (“processed”) by the Company, the Transfer Agent, other businesses of DWS Investments, the Custodian and the financial intermediaries of the investors. The data is used for the purposes of account management, examination of money-laundering activities, determination of taxes pur-suant to EU Directive 2003/48/EC on the taxation of interest payments and for the development of business relationships.

For these purposes, the data may also be for-warded to businesses appointed by the Com-pany or the Transfer Agent in order to support the activities of the Company (for example, client communication agents and paying agents).

Acceptance of orders

All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Details are listed for each sub-fund in the Sales Prospectus – Special Section below.

Market timing and short term trading

The Investment Company prohibits all practices connected with market timing and short term trading and reserves the right to refuse sub-scription and exchange orders if it suspects that such practices are being applied. In such cases, the Investment Company will take all measures necessary to protect the other investors in the respective sub-fund.

Late trading

Late trading occurs when an order is accepted after the close of the relevant acceptance dead-lines on the respective valuation date, but is executed at that same day’s price based on the net asset value. The practice of late trading is not permitted as it violates the conditions of the sales prospectus of the fund, under which the price at which an order placed after the order acceptance deadline is executed is based on the next valid net asset value per unit.

Total expense ratio

The total expense ratio (TER) is defined as the proportion of each respective sub-fund’s expen-ditures to the average assets of the sub-fund, excluding accrued transaction costs. The effec-tive TER is calculated annually and published in the annual report.

Repayment to certain investors of management fees collected

The Management Company may, at its discre-tion, agree with individual investors the partial repayment to them of the management fees collected. This can be a consideration especially in the case of institutional investors who directly invest large amounts for the long term. The “Insti-tutional Sales” division at DWS Investment S.A. is responsible for these matters.

Buy and sell orders for securities and financial instruments

The Management Company shall submit buy and sell orders for securities and financial instruments

13

directly to brokers and traders for the account of the respective sub-fund. The Management Com-pany concludes agreements with these brokers and traders under customary market conditions that comply with first-rate execution standards. When selecting the broker or trader, the Manage-ment Company takes into account all relevant factors, such as the credit rating of the broker or trader and the quality of the market information, the analyses, as well as the execution capacities provided.

Moreover, the Management Company currently accepts and concludes agreements in which it can take advantage of and utilize valuable benefits offered by brokers and traders. The Management Company has the right to retain these services, which include services provided by brokers and traders directly (for more infor-mation, see Article 12 in the Sales Prospectus, which deals with the reimbursement of the fees and expenses). These direct services include special advice regarding the advisability of trad-ing an asset or its valuation, analyses and con-sultation services, economic and political analy-ses, portfolio analyses (including valuation and performance measurement), market analyses as well as indirect services, such as market and price information systems, information services, computer hardware and software or any other options for gathering information in the scope in which these are used to support the investment decision process, consultation or execution of research or analysis activities as well as custodial services regarding the sub-fund’s assets. That means brokerage services may not be limited to general analysis, but may also include special services such as Reuters and Bloomberg. Agree-ments with brokers and traders may include the condition that traders and brokers are to transfer to third parties immediately or later a portion of the commissions paid for the purchase or sale of assets; these commissions shall be provided by the Management Company for the services previously specified.

The Management Company shall comply with all valid regulatory and industry standards when taking advantage of these benefits (generally called “soft dollars”). In particular, the Manage-ment Company shall not accept nor conclude any agreements on obtaining such benefits if these agreements do not support the Management Company in its investment decision process according to reasonably prudent discretion. The prerequisite is that the Management Company shall always ensure that the transactions are exe-cuted while taking into account the appropriate market at the appropriate time for transactions of

the appropriate type and size at the best possible conditions and that no unnecessary business transactions are concluded to acquire the right to such benefits.

The goods and services received within the scope of soft-dollar agreements shall exclude travel, accommodations, entertainment, general administrative goods and services, general office equipment and office space, membership fees, employee salaries and direct cash payments.

Commission sharing

The Management Company may conclude agree-ments with selected brokers under which the respective broker transfers, either immediately or after a time delay, portions of the payments it receives under the relevant agreement from the Management Company for the purchase or sale of assets to third parties that will then provide research or analytical services to the Manage-ment Company. These agreements (called “com-mission-sharing agreements”) are used by the Management Company for the purpose of man-aging the sub-funds. To clarify: the Management Company shall use these services as specified in and only in accordance with the conditions set out in the “Buy and sell orders for securities and financial instruments” section.

Regular savings or withdrawal plans

Regular savings or withdrawal plans are offered in certain countries in which the respective sub-fund has been authorized. Additional information about these plans is available from the Manage-ment Company and from the respective sales agents in the distribution countries of the respec-tive sub-fund.

Mandate to the local paying agent

In some distribution countries the investors, through the share subscription form, appoint the respective local paying agent as their undisclosed agent so that the latter may, in its own name but on their behalf, send to the Company in grouped way any subscription, exchange and redemption orders in relation to the shares and perform all the necessary relevant administrative procedures.

Selling restrictions

The shares of the sub-funds that have been issued may be offered for sale or sold to the pub-lic only in countries where such an offer or such a sale is permissible. Provided that no permit for public distribution issued by the local supervisory

authorities has been acquired by the Company or a third party commissioned by the Company and is available to the Company, this Prospectus must not be regarded as a public offer for the acqui-sition of sub-fund shares and/or this Prospectus must not be used for the purpose of such a public offer.

The information contained herein and the shares of the sub-funds are not intended for distribution in the United States of America or to U.S. per-sons (individuals who are U.S. citizens or whose permanent place of residence is in the United States of America or partnerships or corporations established in accordance with the laws of the United States of America or of any state, territory or possession of the United States). Correspond-ingly, shares are neither offered nor sold in the United States of America nor for the account of US persons. Subsequent transfers of shares into the United States of America or to U.S. persons are prohibited.

This Prospectus may not be distributed in the United States of America. The distribution of this Prospectus and the offering of the shares may also be subject to restrictions in other legal sys-tems.

Investors that are considered “restricted per-sons” as defined in Rule 2790 of the National Association of Securities Dealers in the United States (NASD Rule 2790) must report their hold-ings in the sub- funds to the Management Com-pany without delay.

This Prospectus may be used for sales purposes only by persons who possess an explicit writ-ten permit from the Company (either directly or indirectly via correspondingly commissioned sales agents). Information or representations by third parties that are not contained in this Sales Prospectus or in the documents have not been authorized by the Company.

The Management Company may, on behalf of itself and the Investment Company, declare trans-lations into particular languages as legally binding versions with respect to those shares of the sub-funds sold to investors in countries where sub-fund’s shares may be offered for sale to the public and which declaration shall be mentioned in the country specific information for investors relating to distribution in certain countries. Otherwise, in the event of any inconsistency between the English language version of the Sales Prospectus and any translation, the English language version shall prevail.

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PerformancePast performance is not a guarantee of future results for the respective sub-fund. The returns

and the principal value of an investment may rise or fall, so investors must take into account

the possibility that they will not get back the original amount invested.

Investor ProfilesRisk-averseThe sub-fund is designed for safety-oriented investors with little inclination to risk, whose investment objective is to ensure a constant price performance but at a low level of interest. Moderate short-term fluctuations are possible, but no loss of capital is to be expected in the medium to long term.

Income-orientedThe sub-fund is intended for the income-oriented investor seeking higher returns from interest and from possible capital gains. Return expectations are offset by only moderate equity, interest-rate

and currency risks, as well as minor default risks. Loss of capital is thus improbable in the medium to long term.

Growth-orientedThe sub-fund is intended for the growth-oriented investor seeking returns higher than those from capital-market interest rates, with capital growth generated primarily through opportunities in the equity and currency markets. Security and liquid-ity are subordinate to potential high returns. This entails higher equity, interest-rate and currency risks, as well as default risks, all of which can result in loss of capital.

Risk-tolerantThe sub-fund is intended for the risk-tolerant investor who, in seeking investments that offer targeted opportunities to maximize return, can tolerate the unavoidable, and occasionally sub-stantial, fluctuations in the values of speculative investments. The high risks from volatility, as well as high credit risks, make it probable that the sub-fund will lose value from time to time, and expectations of high returns and tolerance of risk are offset by the possibility of incurring significant losses of capital invested.

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The Company1.

DWS Invest is an investment company with vari-able capital incorporated under the laws of Lux-embourg on the basis of the Law on Undertakings for Collective Investment and the Law on Trad-ing Companies of August 10, 1915, as a société d’investissement à capital variable (“SICAV”), hereinafter referred to as the “Investment Com-pany” or “Company”. The Company was estab-lished on the initiative of DWS Investment S.A., a management company under Luxembourg law, which, among other functions, acts as the main distributor for the Company. The by-laws of the Company were changed effective March 29, 2010.

The Company is organized under Part I of the Law of December 17, 2010, and conforms to the pro-visions of Directive 2009/65/EC, as well as the provisions of the Ordinance of the Grand Duchy dated February 8, 2008 pertaining to certain definitions of the amended law of December 20, 20021 on Undertakings for Collective Investment (“Ordinance of the Grand Duchy dated February 8, 2008”), via which Directive 2007/16/EC2 (“Direc-tive 2007/16/EC”) was implemented in Luxem-bourg law.

With regard to the provisions contained in Direc-tive 2007/16/EC and in the Ordinance of the Grand Duchy dated February 8, 2008, the guidelines of the Committee of European Securities Regulators (CESR) set out in the document “CESR’s guide-lines concerning eligible assets for investment by UCITS”, as amended, provide a set of additional explanations that are to be observed in relation to the financial instruments that are applicable for UCITS falling under Directive 2009/65/EC as amended.3

The by-laws were filed with the Luxembourg Register of Commerce under the number B 86.435, most recently on April 9, 2010, and can be inspected there. Upon request, copies can be obtained for a fee. The registered office of the Company is Luxembourg.

The capital of the Company is the sum of the total net asset values of the individual sub-funds. Changes in capital are not governed by the gen-eral rules of commercial law on publication and registration in the Register of Commerce in regard to increasing and reducing share capital.

The minimum capital of the Company is EUR 1,250,000, which was reached within six months after the establishment of the Com-pany. The original capital of the Company was EUR 31,000, divided into 310 shares with no nominal value.

If the Company’s capital falls below two thirds of the minimum capital, its Board of Directors must

propose to the shareholders’ meeting the disso-lution of the Company; the shareholders’ meet-ing will meet without attendance required and will make its resolutions by simple majority of the shares represented and actually voted at the shareholders’ meeting. The same applies if the Company’s capital falls below 25% of the mini-mum capital, except that in this case the dissolu-tion of the Company can be passed by 25% of the shares represented at the shareholders’ meeting.

Structure of the Company and share classes

The Company is what is known as an umbrella fund; that is, the investor can be offered one or more sub-funds at the sole discretion of the Com-pany. The aggregate of the sub-funds produces the umbrella fund. As regards the legal relationships of the shareholders among themselves, each sub-fund is treated as a separate entity. In relation to third parties, the assets of a sub-fund are only liable for the liabilities and payment obligations involving such sub-fund. Additional sub-funds may be estab-lished and/or one or more existing sub-funds may be dissolved or merged at any time in accordance with Article 15. If applicable, this shall entail an appropriate update to the sales documentation.

The share classes

The Board of Directors of the Company may elect to launch various classes of shares within a sub-fund.

All share classes of a sub-fund are invested col-lectively in line with the investment objectives of the sub-fund concerned, but they may vary particu-larly in terms of their fee structures, their minimum investment amounts required for initial and subse-quent subscriptions, their currencies, their distri-bution policies, the requirements to be fulfilled by investors or other special characteristics, such as hedging features (either as currency hedging on share class or portfolio level or duration hedging) and additional currency exposure to a basket of currencies, as specified in each case by the board of directors of the Management Company. The net asset value per share is calculated separately for each issued class of share of each sub-fund. No separate portfolio is maintained by a sub-fund for its individual share classes. In the case of cur-rency-hedged share classes (either on share class or portfolio level), and share classes that build up an additional currency exposure to a basket of cur-rencies, the sub-fund may become subject to obli-gations arising from currency hedging transactions or from currency exposure management entered into for one particular share class. In the case of duration-hedged share classes the sub-fund may become subject to obligations arising from dura-tion hedging transactions entered into for one par-ticular share class. The assets of the sub-fund are liable for such obligations. The different character-istics of the individual share classes available with respect to a sub-fund are described in detail in the respective product annex.

The Company reserves the right to offer only one or certain classes of shares for purchase by investors in certain jurisdictions in order to com-ply with the laws, traditions or business practices applicable there. The Company further reserves the right to establish principles to apply to certain investor categories or transactions with respect to the acquisition of certain share classes.

At this time, share classes denominated in Euro (currently BC, FC, FC (CE), FCH, FCH (D), FCHH (D), FCR, FD, FDH, IC, ID, IDH, IDQ, LC, LC (AC), LC (BRIC), LC (CC), LCH, LCH (D), LCH (P), LD (CE), LCHH (D), LD, LD (CC), LDF, LDH, LDQ, LS, NC, NC (BRIC), NC (CC), NCH, NCH (P), ND, NDH, NDQ), in U.S. dollar (A1, A1F, A1H, A1H (P), A1M, A1MH, A2, A2 (AC), A2 (BRIC), A2 (CC), A2H, A2H (P), E1, E1H, E1Q, E2, E2 (BRIC), E2 (CC), E2H, J5, K2, U5H, U6), in Singapore dollar (S1Q, S2, S2H, S2H (P)), in Great Britain pound (DS1, DS1H, DS5, DS5H, P2H, P4 and P6H), in Swiss franc (CH2, CH2H, CH3H, CH4H, CH2H(P), CH4H (P) and CH5H (P)), in New Zealand dollar (NZ2H and NZ5H), in Australian dollar (AU2H and AU5H), in Russian ruble (R2), in Japanese yen (Y1MH, Y2H and Y5H,), Canadian dollar (CAD2H), Norwegian krone (NOK2H), Swedish krona (SEK2H), Hong Kong dollar (HKD2) and Polish zloty (Z2)) are offered for the sub-funds.

Shares of share classes with the “I”, “5” or the “6” designator are reserved exclusively for institutional investors in accordance with Article 174 (2) of the Law of December 17, 2010 whereas shares of share class J5 will only be offered to schemes for collective investments. The Com-pany reserves the right to buy back shares from investors at the redemption price in so far as investors do not meet this requirement.

Institutional share classes (share classes with the “I”, “5” or “6” designator) are only offered in form of registered shares, unless otherwise provided for in the special section of the Sales Prospectus of the respective sub-fund.

Investors in euro share classes should note that for sub-funds whose currency is the U.S. dollar, the net asset value per share of the individual euro classes is calculated in U.S. dollars, the sub-fund currency, and then expressed in Euros using the USD/EUR exchange rate at the time of the calculation of the net asset value per share. Likewise, investors in U.S. dollar share classes should note that for sub-funds whose currency is the euro, the net asset value per share of the individual U.S. dollar classes is calculated in Euros, the sub-fund currency, and then expressed in U.S. dollars using the EUR/USD exchange rate at the time of the calculation of the net asset value per share.

Depending on the respective sub-fund currency, the same applies to investors in Singapore dollar share classes, Great Britain pound share classes, Australian dollar share classes, New Zealand dollar share classes, Swiss francs share classes, Russian ruble share classes, Japanese yen share, Cana-dian dollar share classes, Norwegian krone share classes, Swedish krona share classes, Hong Kong dollar share classes, Polish zloty share classes and all other share classes denominated in another currency than the respective sub-fund.

Exchange rate fluctuations are not system-atically hedged by the respective sub-funds, and such fluctuations can have an impact on the performance of the euro/U.S. dollar/Sin-gapore dollar/Great Britain pound/Austra-lian dollar/New Zealand dollar/Swiss francs/Russian ruble/Japanese yen/Canadian dollar/Norwegian krone/Swedish krona/Hong Kong dollar/Polish zloty share classes that is sepa-rate from the performance of the investments of the sub-funds.

1 replaced by the law of December 17, 2010.2 Directive 2007/16/EC adopted by the Commission on

March 19, 2007 for the purposes of implementing Coun-cil Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to certain undertakings for collective investment in trans-ferable securities (UCITS) in regard to the explanation of specific definitions (“Directive 2007/16/EC”).

3 See CSSF newsletter 08-339 as amended: CESR’s guidelines concerning eligible assets for investment by UCITS – March 2007, ref.: CESR/07-044; CESR’s guide-lines concerning eligible assets for investment by UCITS – The classification of hedge fund indices as financial indices – July 2007, ref.: CESR/07-434.

16

Sub-funds with non-base currency share classes – possible currency impacts

Investors in sub-funds offering non-base currency share classes, e.g. a euro denominated sub-fund offering a US dollar denominated share class, should note that possible currency impacts on the net asset value per share, which are attached to the processing and booking of orders of non-base currency shares and related time lags of the differ-ent necessary steps possibly leading to exchange rate fluctuations are not systematically hedged. In particular, this is true for redemption orders. These possible impacts on the net asset value per share could be of positive or negative nature and are not limited to the affected non-base currency share class, i.e. these influences could be borne by the respective sub-fund and all its share classes.

Description of denominators:

At present, the Company generally offers various share class features, whose denominators are described hereafter.

Allocation of income:

Share classes denoted with the denominator “C”, “2”, “4” and “6” offer a reinvestment of income (reinvesting or accumulating shares). Share classes with the denominator “D”, “1”, “3” and “5” indicate a distribution of income (distributing shares), while the letters “Q” and “M” further describe the frequency of distribution. The letter “Q” indicates a distribution on a quarterly basis, while the denominator “M” describes a monthly distribution.

Hedging features:

Furthermore, share classes may provide a hedge of currency or duration risks:

(i) Currency Hedging

Share class hedge: If the currency of the sub-fund differs from the currency of the respective hedged share class, the hedging can aim to reduce the risk to the share class that results from fluctuations in the exchange rate between the currency of the hedged share class and its sub-fund currency (denoted by the letter “H”).

Portfolio hedge: The hedging aims to reduce the risk to the hedged share class resulting from fluc-tuations in the exchange rate between the cur-rency of the hedged share class and each of the underlying currencies to which the hedged share class is exposed with respect to the sub-fund’s assets (denoted by the letters “H (P)”).

Under certain circumstances the hedging of cur-rency risks may not or only partially be imple-mented (e.g. small share class volume or small residual currency positions in the fund) or be imperfect (e.g. some currencies cannot be traded at any time, or must be approximated by another currency). In these circumstances the hedging may not or may only partially protect against changes of the yield of the underlying of the hedge. In addition attached to the processing and booking of orders in hedged share classes or in other share classes of the same sub-fund time lags in the hedging pro-cess possibly lead to exchange rate fluctuations that are not systematically hedged.

Share classes without the “H” or “H (P)” designa-tor are not hedged against currency risks. Refer-ences are listed in the respective product annex in the special section of the Sales Prospectus.

(ii) Duration Hedging

In addition, share classes (denoted by the desig-nator “H (D)”) may provide for Duration Hedging. In these cases the hedging aims to reduce the risk to the share class resulting from changes of government bond interest rates. This is trying to be achieved by engaging in transactions in govern-ment bond futures or other appropriate derivative instruments.

For share classes of sub-funds denominated in Euro derivatives on German government bonds will be used. For share classes of sub-funds denominated in USD derivatives on US govern-ment bonds will be used.

For share classes of sub-funds containing instru-ments in other currencies derivatives on other government bonds (e.g. on Japanese and British Government bonds) can be used. The portfolio management may decide whether to use the more liquid Euro or USD derivatives or others to hedge non Euro/non US assets.

For non Euro and non US assets the portfolio management will look for liquidity and a high cor-relation when choosing the appropriate derivative, but cannot guarantee a certain correlation level. In some circumstances these assets and the futures might not be correlated, and the hedge might not decrease the risk of the share class.

The different duration hedged share classes aim to help investors reduce their interest rate risk by offering fixed income investments with a tar-get duration of less than six months. In case of specific market conditions the duration hedging may have a negative impact on the performance of share classes offering duration hedging relative to the performance of comparable share classes of the same sub-fund that do not provide for duration hedging (e.g. in case of decreasing government yields). The performance of the hedged share class may suffer under interest rate increases caused by the widening of spreads between the bonds held by the fund and the underlying of the derivatives used for the duration hedging.

Under certain circumstances the duration hedg-ing may not or only partially be implemented (e.g. small share class volume) or be imperfect (e.g. distortion of yield curve). In these circumstances the hedging may not or may only partially protect against changes of the yield of the underlying of the hedge.

Share classes without the “H (D)” designator are not hedged against duration risks.

Currency overlay:

(i) Asian Countries Currencies share classes

The share classes marked (AC) for “Asian Coun-tries” aims to build up an additional currency exposure to a basket of currencies. This basket contains of the following currencies: Chinese Renminbi (CNY), Indonesian Rupiah (IDR), Indian Rupee (INR), Singapore Dollar (SGD), Malaysian

Ringgit (MYR), Taiwan Dollar (TWD) and South Korean Won (SKW).

The Management Company aims to keep the cur-rencies in this basket equally weighted. The Man-agement Company may change the weight of each currency at its sole discretion in case of extraordi-nary market circumstances.

Under certain circumstances the currency expo-sure may not or only partially be implemented (e.g. small share class volume or small residual currency positions in the fund) or imperfectly be implemented (e.g.: some currencies cannot be traded at any time, or must be approximated by another currency). In addition attached to the processing and booking of orders in these share classes time lags in the exposure management process can lead to a delay in the adaptation of the currency exposure to the new share class vol-ume. In case of exchange rate fluctuations this can impact the net asset value of the share class.

The Company offers two Asian Countries Curren-cies share classes within the capitalization cat-egory, a LC (AC) and an A2 (AC) share class. The LC (AC) share class is a Euro share class. The A2 (AC) share class is a USD share class.

(ii) BRIC Countries Currencies share classes

The share classes marked (BRIC) for “Brazilian, Russia, India and China Countries Currencies” aims to build up an additional currency exposure to a basket of currencies. This basket contains of the following currencies: Brazilian Real (BRL), Rus-sian Ruble (RUB), Indian Rupee (INR), and Chinese Renminbi (CNY).


Under certain circumstances the currency expo-sure may not or only partially be implemented (e.g. small share class volume or small residual currency positions in the fund) or imperfectly be implemented (e.g.: some currencies cannot be traded at any time, or must be approximated by another currency). In addition attached to the processing and booking of orders in these share classes time lags in the exposure management process can lead to a delay in the adaptation of the currency exposure to the new share class vol-ume. In case of exchange rate fluctuations this can impact the net asset value of the share class.

The Company offers four BRIC share classes within the capitalization category, an A2 (BRIC), an E2 (BRIC), a LC (BRIC) and a NC (BRIC) share class. The LC (BRIC) and NC (BRIC) share classes are Euro share classes. The A2 (BRIC) and E2 (BRIC) share classes are USD share classes.

(iii) Commodity Countries Currencies share classes

The share classes marked (CC) for “Commodity Countries” aims to build up an additional currency exposure to a basket of currencies. This basket contains of the following currencies: Australian Dollar (AUD), New Zealand Dollar (NZD), Canadian Dollar (CAD), Norwegian Krone (NOK), Russian

17

Ruble (RUB), Brazilian Real (BRL) and South Afri-can Rand (ZAR).


Under certain circumstances the currency expo-sure may not or only partially be implemented (e.g. small share class volume or small residual currency positions in the fund) or imperfectly be implemented (e.g.: some currencies cannot be traded at any time, or must be approximated by another currency). In addition attached to the processing and booking of orders in these share classes time lags in the exposure management process can lead to a delay in the adaptation of the currency exposure to the new share class volume. In case of exchange rate fluctua-tions this can impact the net asset value of the share class.

The Company offers five Commodity Countries share classes within the capitalization category, an A2 (CC), an E2 (CC), a LC (CC), a LD (CC) and a NC (CC) share class. The LC (CC), LD (CC) and NC (CC) share classes are Euro share classes. The A2 (CC) and E2 (CC) share classes are USD share classes.

(iv) Currency exposure share classes

The share classes marked (CE) for “Currency Exposure” aim to create for the share class cur-rency exposure equal to the currencies in which the assets in the sub-fund’s portfolio may be denominated.

Under certain circumstances the currency expo-sure may not or only partially be implemented by unwinding currency hedging position in the sub-fund (e.g. small share class volume or small resid-ual currency positions in the fund) or imperfectly be implemented (e.g.: some currencies cannot be traded at any time, or must be approximated by another currency). In addition attached to the processing and booking of orders in these share classes time lags in the exposure management process can lead to a delay in the adaptation of the currency exposure to the new share class volume. In case of exchange rate fluctuations this can impact the net asset value of the share class.

The Company offers two Currency Exposure share classes, a LD (CE) and FC (CE) share class. Both share classes are Euro share classes.

Currency share classes:

Euro share classes(i) Euro share classes had hitherto been issued at the discretion of the Board of Directors. At this time, the following share classes have been issued: BC, FC, FC (CE), FCH, FCH (D), FCHH (D), FCR, FD, FDH, IC, ID, IDH, IDQ, LC, LC (AC), LC (BRIC), LC (CC), LCH, LCH (D), LCH (P), LCHH (D), LD, LD (CC), LD (CE), LDF, LDH, LDQ, LS, NC, NC (BRIC), NC (CC), NCH, NCH (P), ND, NDH and NDQ.

For the description of the denominators “C”, “2”, “4”, “6”, “D”, “1”, “5”, “Q”, “M” “H”, “H (D)”, “H (P)”, “(AC)”, “(BRIC)” and “(CC)” and “(CE)” please refer to “Description of denominators” (see above).

The denominators “L”, “N”, “B”, “F” and “I” indi-cate the share class currency.

LC, LC (AC), LC (BRIC), LC (CC), LCH, LCH (D), LCH (P), LCHH (D), LD, LD (CC), LD (CE), LDF, LDH, LDQ, LS, NC, NC (BRIC), NC (CC), NCH, NCH (P), ND, NDH and NDQ shares are subject to a front-end load. BC, FC, FC (CE), FCH, FCH (D), FCHH (D), FCR, FD, FDH, IC, ID, IDH and IDQ shares are issued at their net asset value. BC shares are subject to a Contingent Deferred Sales Charge (“CDSC”). The amount of such fee depends upon the length of time for which the shares have been held. Share classes with the “B” designator are only offered through authorized distributors.

Share classes denoted by the designator “R” are restricted for investors which place their orders via a special portfolio of exclusive sales partners. At present the company offers one euro share class (FCR) which is restricted.

Additionally, share classes differing primarily in the structure of their distributions are provided for. The amount of the front-end load is regulated in the respective product annex in the special section of the Sales Prospectus.

Share classes denoted by the designator “F” are aiming to provide investors with a stable annual distribution amount per share. This distribution amount per share is not guaranteed. It is set under normal market circumstances and may be impacted to a considerable extent by unexpected market movements. The Company may lower the distribution amount per share at its own discre-tion at any time taking into consideration market movements.

The distribution amount per share will be commu-nicated via appropriate media.

At present the Company offers one euro share class aiming at providing a stable annual distribu-tion amount LDF.

In general, a minimum initial investment amount per sub-fund/share class of EUR 400,000 is required for the initial subscription of FC, FC (CE), FCH, FCH (D), FCHH (D), FCR, FD and FDH shares, unless otherwise provided for in the special section of the Sales Prospectus for the respective sub-fund. The minimum initial investment amount per sub-fund/share class amounts to EUR 200,000 for the FC, FC (CE), FCH, FCH (D), FCHH (D), FCR, FD and FDH share classes if the sub-fund is a money market fund, unless otherwise provided for in the special section of the Sales Prospectus of the respec-tive sub-fund. The Company reserves the right to deviate from this rule at its own discretion. Subse-quent purchases can be made in any amount.

A minimum initial investment amount per sub-fund of EUR 25,000,000 is required to pur-chase IC, ID, IDH and IDQ shares, unless other-wise provided for in the special section of the Sales Prospectus. The Company reserves the right to deviate from this rule at its own dis-cretion. Subsequent purchases can be made in any amount.

U.S. dollar share classes(ii) U.S. dollar share classes had hitherto been issued at the discretion of the Board of Directors. At

this time, the following share classes have been issued: A1, A1F, A1H, A1H (P), A1M, A1MH, A2, A2 (AC), A2 (BRIC), A2 (CC), A2H, A2H (P), E1, E1H, E1Q, E2, E2 (BRIC), E2 (CC), E2H, J5, K2, U5H and U6.

For the description of the denominators “C”, “2”, “4”, “6”, “D”, “1”, “5”, “Q”, “M” “H”, “H (D)”, “H (P)”, “(AC)”, “(BRIC)” and “(CC)” please refer to “Description of denominators” (see above).

The denominators “A”, “E”, “J”, “K” and “U” indi-cate the share class currency.

Share classes with the “A” and “K” designator are subject to a front-end load, except certain sub-funds as indicated in the special section of the Sales Prospectus. Shares of the share classes bearing the “E”, “J” and “U” designators are issued at their net asset value.

The characteristics of the K2 share class are basi-cally equivalent to those of the A2 share class, but it has an initial price per share of 10 USD. The different denomination of the K2 share class is due to varying market requirements in the distri-bution countries.

In general, a minimum initial investment amount per sub-fund/share class of USD 400,000 is required for the initial subscription of E1, E1H, E1Q, E2, E2 (BRIC), E2 (CC) and E2H, shares, unless otherwise provided for in the special section of the Sales Prospectus for the respec-tive sub-fund. The minimum initial investment amount per sub-fund / share class amounts to USD 200,000 for the E1, E1H, E1Q, E2, E2 (BRIC), E2 (CC) and E2H share classes if the sub-fund is a money market fund, unless otherwise pro-vided for in the special section of the Sales Pro-spectus of the respective sub-fund. The Com-pany reserves the right to deviate from this rule at its own discretion. Subsequent purchases can be made in any amount.

A minimum initial investment amount per sub-fund of USD 25,000,000 is required to pur-chase J5, U5H and U6 shares. The Company reserves the right to deviate from this rule at its own discretion. Subsequent purchases can be made in any amount.

Share classes denoted by the designator “F” are aiming to provide investors with a stable annual dis-tribution amount per share. This distribution amount per share is not guaranteed. It is set under normal market circumstances and may be impacted to a considerable extent by unexpected market move-ments. The Company may lower the distribution amount per share at its own discretion at any time taking into consideration market movements.

The distribution amount per share will be com-municated via appropriate media.

At present the Company offers one U.S. dollar share class aiming at providing a stable annual distribution amount A1F.

Singapore Dollar share classes(iii) At present the Company offers four Singapore dollar share classes S2, S2H, S2H (P) and S1Q.

For the description of the denominators “C”, “2”, “4”, “6”, “D”, “1”, “5”, “Q”, “M” “H”, “H (D)”, “H

18

(P)”, “(AC)”, “(BRIC)” and “(CC)” please refer to “Description of denominators” (see above).

The designator “S” expresses the share class currency. Furthermore the share classes are sub-ject to a front-end load.

Great Britain pound share classes(iv) At present the Company offers seven Great Brit-ain pound share classes DS1, DS1H, DS5, DS5H, P2H, P4 and P6H.


The designators “DS” and “P” indicate the share class currency.

Furthermore the share classes DS1 and DS1H are subject to a front-end load, while the share classes DS5, DS5H, P2H, P4 and P6H are issued at their net asset value.

“DS” stands for distributor status/reporting sta-tus, i.e. the characteristics of this share class are the prerequisite for qualifying for a UK distribu-tor status/reporting status (for further details please see the general section and special sec-tion of the respective sub-funds in the Sales Prospectus).

In general, a minimum initial investment amount per sub-fund/share class of GBP 400,000 is required for the initial subscription of P4 shares, unless otherwise provided for in the special section of the Sales Prospectus for the respec-tive sub-fund. The minimum initial investment amount per sub-fund/share class amounts to USD 200,000 for the P4 share class if the sub-fund is a money market fund, unless otherwise provided for in the special section of the Sales Prospectus of the respective sub-fund. The Com-pany reserves the right to deviate from this rule at its own discretion. Subsequent purchases can be made in any amount.

A minimum initial investment amount per sub-fund of GBP 25,000,000 is required to pur-chase P6H, DS5 and DS5H shares. The Com-pany reserves the right to deviate from this rule at its own discretion. Subsequent pur-chases can be made in any amount.

Swiss francs share classes(v) At present the Company offers sevenSwiss franc share classes CH2, CH2H, CH3H , CH4H , CH2H (P), CH4H (P) and CH5H (P).

For the description of the denominators “C”, “2”, “4”, “6”, “D”, “1”, “3”, “5”, “Q”, “M” “H”, “H (D)”, “H (P)”, “(AC)”, “(BRIC)” and “(CC)” please refer to “Description of denominators” (see above).

The designator “CH” expresses the share class currency.

Furthermore, the share classes CH3H, CH4H, CH4H (P) and CH5H (P) are issued at their net asset value, while CH2, CH2H and CH2H (P) are subject to a front-end load.

In general, a minimum initial investment amount per sub-fund/share class of CHF 400,000 is

required for the initial subscription of CH3H and CH4H, CH4H (P) shares, unless otherwise provided for in the special section of the Sales Prospectus for the respective sub-fund. The minimum initial investment amount per sub-fund/share class amounts to CHF 200,000 for the CH3H, CH4H and CH4H (P) share classes, if the sub-fund is a money market fund, unless otherwise provided for in the special section of the Sales Prospectus of the respective sub-fund. The Company reserves the right to deviate from this rule at its own discretion. Subsequent purchases can be made in any amount.

A minimum initial investment amount per sub-fund of CHF 25,000,000 is required to purchase CH5H (P) shares. The Company reserves the right to deviate from this rule at its own dis-cretion. Subsequent purchases can be made in any amount.

New Zealand dollar share classes(vi) At present the Company offers two New Zealand dollar share class “NZ2H” and “NZ5H”.


“NZ” expresses the respective share class cur-rency.

“Both share classes are issued at their net asset value.

A minimum initial investment amount per sub-fund of NZD 25,000,000 is required to purchase NZ5H shares. The Company reserves the right to deviate from this rule at its own discretion. Sub-sequent purchases can be made in any amount.

Australian dollar share classes(vii) At present the Company offers two Australian dollar share class “AU2H” and “AU5H”.


“AU” expresses the respective share class cur-rency.

The share classes AU2H “AU5H” are issued at its net asset value.

A minimum initial investment amount per sub-fund of AUD 25,000,000 is required to pur-chase AU5H shares. The Company reserves the right to deviate from this rule at its own dis-cretion. Subsequent purchases can be made in any amount.

Russian ruble share classes(viii) The Company offers one Russian ruble share class “R2”.

For the description of the denominators “C”, “2”, “4”, “6”, “D”, “1”, “5”, “Q”, “M” “H”, “H (D)”, “H (P)”, “(AC)”, “(BRIC)” and “(CC)” please refer to “Description of denominators” (see above). The “R” expresses the share class currency.

Furthermore the share class is subject to a front-

end load. The “R2” share class is offered in the form of registered shares.

Japanese Yen share classes(ix) At present the Company offers three Japanese yen share classes Y1MH, Y2H and Y5H.


“Y” expresses the respective share class cur-rency.

The share class Y2H and Y5H are issued at their net asset value, while the share class Y1Mis sub-ject to a front-end load.

A minimum initial investment amount per sub-fund of JPY 3,000,000,000 is required to purchase Y5H shares. The Company reserves the right to deviate from this rule at its own discretion. Subsequent purchases can be made in any amount.

While liabilities attributed to a class of shares will only be allocated to that class of shares, a credi-tor of a sub-fund will generally not be bound to satisfy its claims from a particular class of shares. Rather, such creditor could seek, to the extent the liabilities exceeded the value of the assets allo-cable to the class of shares to which the liabilities are associated, to satisfy its claim from the sub-fund as a whole. Thus, if a creditor’s claim relating to a particular class of shares exceeds the value of the assets allocable to that class of shares, the remaining assets of the sub-fund may be subject to such claim.

Canadian dollar share classes(x) At present the Company offers one Canadian dol-lar share class “CAD2H”.


“CAD” expresses the respective share class cur-rency. The share class “CAD2H” is issued at its net asset value.

Norwegian krone share classes(xi) At present the Company offers one Norwegian krone share class “NOK2H”.


“NOK” expresses the respective share class cur-rency. The share class “NOK2H” is issued at its net asset value.

Swedish krona share classes(xii) At present the Company offers one Swedish krona share class “SEK2H”.


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“SEK” expresses the respective share class cur-rency. The share class “SEK2H” is issued at its net asset value.

Hong Kong dollar share classes(xiii) At present the Company offers one Hong Kong dollar share class “HKD2”.


“HKD” expresses the respective share class cur-rency. The share class is subject to a front-end load.

Polish Zloty share classes(xiv) The Company offers one Polish Zloty share class “Z2”.


The “Z” expresses the share class currency.

Furthermore the share class is subject to a front-end load.

A minimum investment amount per sub-fund of PLN 10,000 is required to purchase Z2 shares. The Company reserves the right to deviate from this rule at its own discretion. Subsequent purchases can be made in any amount.

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Share class Currency of Denomination Front-end load Back-end load Allocation of income Minimum initial share class “up to“* investment

AU2H AUD 100 No No Capitalization No

AU5H AUD 100 No No Distribution Minimum initial investment 25,000,000 AUD

CAD2H CAD 100 No No Capitalization No

CH2 CHF 100 Yes No Capitalization No

CH2H CHF 100 Yes No Capitalization No

CH2H (P) CHF 100 Yes No Capitalization No

CH3H CHF 100 No No Distribution Minimum initial investment 400,000 CHF (money market funds: 200,000 CHF)

CH4H CHF 100 No No Capitalization Minimum initial investment 400,000 CHF (money market funds: 200,000 CHF)

CH4H (P) CHF 100 No No Capitalization Minimum initial investment 400,000 CHF (money market funds: 200,000 CHF)

CH5H (P) CHF 100 No No Distribution Minimum initial investment 25,000,000 CHF

BC EUR 100 No Yes Capitalization No

FC EUR 100 No No Capitalization Minimum initial investment 400,000 EUR (money market funds: 200,000 EUR)

FC (CE) EUR 100 No No Capitalization Minimum initial investment 400,000 EUR (money market funds: 200,000 EUR)

FCH EUR 100 No No Capitalization Minimum initial investment 400,000 EUR (money market funds: 200,000 EUR)

FCH (D) EUR 100 No No Capitalization Minimum initial investment 400,000 EUR (money market funds: 200,000 EUR)

FCHH (D) EUR 100 No No Capitalization Minimum initial investment 400,000 EUR (money market funds: 200,000 EUR)

FCR EUR 100 No No Capitalization Minimum initial investment 400,000 EUR (money market funds: 200,000 EUR)

* For certain sub-funds of certain asset classes, some share classes deviate from the share-class rules and are not subject to a front-end load.

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FD EUR 100 No No Distribution Minimum initial investment 400,000 EUR (money market funds: 200,000 EUR)

FDH EUR 100 No No Distribution Minimum initial investment 400,000 EUR (money market funds: 200,000 EUR)

IC EUR 100 No No Capitalization Minimum initial investment 25,000,000 EUR

ID EUR 100 No No Distribution Minimum initial investment 25,000,000 EUR

IDH EUR 100 No No Distribution Minimum initial investment 25,000,000 EUR

IDQ EUR 100 No No Distribution Minimum initial investment 25,000,000 EUR

LC EUR 100 Yes No Capitalization No

LC (AC) EUR 100 Yes No Capitalization No

LC (BRIC) EUR 100 Yes No Capitalization No

LC (CC) EUR 100 Yes No Capitalization No

LCH EUR 100 Yes No Capitalization No

LCH (D) EUR 100 Yes No Capitalization No

LCH (P) EUR 100 Yes No Capitalization No

LCHH (D) EUR 100 Yes No Capitalization No

LD EUR 100 Yes No Distribution No

LD (CC) EUR 100 Yes No Distribution No

LD (CE) EUR 100 Yes No Distribution No

LDF EUR 100 Yes No Distribution No

LDH EUR 100 Yes No Distribution No

LDQ EUR 100 Yes No Distribution No

LS EUR 100 Yes No Capitalization No

NC EUR 100 Yes No Capitalization No

NC (BRIC) EUR 100 Yes No Capitalization No

NC (CC) EUR 100 Yes No Capitalization No

NCH EUR 100 Yes No Capitalization No

NCH (P) EUR 100 Yes No Capitalization No

ND EUR 100 Yes No Distribution No


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NDH EUR 100 Yes No Distribution No

NDQ EUR 100 Yes No Distribution No

DS1 GBP 100 Yes No Distribution No

DS1H GBP 100 Yes No Distribution No

DS5 GBP 100 No No Distribution Minimum initial investment 25,000,000 GBP

DS5H GBP 100 No No Distribution Minimum initial investment 25,000,000 GBP

P2H GBP 100 No No Capitalization No

P4 GBP 100 No No Capitalization Minimum initial investment 400,000 GBP (money market funds: 200,000 GBP)

P6H GBP 100 No No Capitalization Minimum initial investment 25,000,000 GBP

HKD2 HKD 100 Yes No Capitalization No

Y1MH JPY 10.000 Yes No Distribution No

Y2H JPY 10.000 No No Capitalization No

Y5H JPY 10.000 No No Distribution Minimum initial investment 3,000,000,000 JPY

NOK2H NOK 1.000 No No Capitalization No

NZ2H NZD 100 No No Capitalization No

NZ5H NZD 100 No No Distribution Minimum initial investment 25,000,000 NZD

Z2 PLN 100 Yes No Capitalization Minimum initial investment 10,000 PLN

R2 RUB 100 Yes No Capitalization No

SEK2H SEK 1.000 No No Capitalization No

S1Q SGD 10 Yes No Distribution No

S2 SGD 10 Yes No Capitalization No

S2H SGD 10 Yes No Capitalization No

S2H (P) SGD 10 Yes No Capitalization No

A1 USD 100 Yes No Distribution No

A1F USD 100 Yes No Distribution No

A1H USD 100 Yes No Distribution No

A1H (P) USD 100 Yes No Distribution No


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A1M USD 100 Yes No Distribution No

A1MH USD 100 Yes No Distribution No

A2 USD 100 Yes No Capitalization No

A2 (AC) USD 100 Yes No Capitalization No

A2 (BRIC) USD 100 Yes No Capitalization No

A2 (CC) USD 100 Yes No Capitalization No

A2H USD 100 Yes No Capitalization No

A2H (P) USD 100 Yes No Capitalization No

E1 USD 100 No No Distribution Minimum initial investment 400,000 USD (money market funds: 200,000 USD)

E1H USD 100 No No Distribution Minimum initial investment 400,000 USD (money market funds: 200,000 USD)

E1Q USD 100 No No Distribution Minimum initial investment 400,000 USD (money market funds: 200,000 USD)

E2 USD 100 No No Capitalization Minimum initial investment 400,000 USD (money market funds: 200,000 USD)

E2 (BRIC) USD 100 No No Capitalization Minimum initial investment 400,000 USD (money market funds: 200,000 USD)

E2 (CC) USD 100 No No Capitalization Minimum initial investment 400,000 USD (money market funds: 200,000 USD)

E2H USD 100 No No Capitalization Minimum initial investment 400,000 USD (money market funds: 200,000 USD)

J5 USD 100 No No Distribution Minimum initial investment 25,000,000 USD

K2 USD 10 Yes No Capitalization No

U5H USD 100 No No Distribution Minimum initial investment 25,000,000 USD

U6 USD 100 No No Capitalization Minimum initial investment 25,000,000 USD


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Share class Taxe Categorie Hedged Further features Information on designators d’abonnement** share class

AU2H 0.05% p.a. Retail Yes No “2” for Capitalization and “H” as in Hedged

AU5H 0.01% p.a. Institutional Yes Only registered “AU” as in Australian Dollar, shares available “5” for Distribution and “H” as in Hedged

CAD2H 0.05% p.a. Retail Yes No “CAD” as in Canadian Dollar and “H” as in Hedged

CH2 0.05% p.a. Retail No No “CH as in Confederatia Helvetica, “2” for Capitalization

CH2H 0.05% p.a. Retail Yes No “CH” as in Confederatia Helvetica, “2” for Capitalization and “H” as in Hedged

CH2H (P) 0.05% p.a. Retail No Portfolio Hedged “CH” as in Confederatia Helvetica, share class “2” for Capitalization and “H (P)” as in Portfolio Hedged

CH3H 0.05% p.a. Retail Yes No “CH” as in Confederatia Helvetica, “3” for Distribution and “H” as in Hedged

CH4H 0.05% p.a. Retail Yes No “CH” as in Confederatia Helvetica, “4” for Capitalization and “H” as in Hedged

CH4H (P) 0.05% p.a. Retail No Portfolio Hedged “CH” as in Confederatia Helvetica, share class “4” for Capitalization and “H (P)” as in Portfolio Hedged

CH5H (P) 0.01% p.a. Institutional No Portfolio Hedged “CH” as in Confederatia Helvetica, share class and “5” for Distribution and only registered “H (P)” as in Portfolio Hedged shares available

BC 0.05% p.a. Retail No Contingent Deferred “B” as in Back-end load and Sales Charge*** “C” as in Capitalization

FC 0.05% p.a. Retail No No “C” as in Capitalization

FC (CE) 0.05% p.a. Retail No Currency exposure “C” as in Capitalization and share class “(CE)” as in currency exposure

FCH 0.05% p.a. Retail Yes No “C” as in Capitalization and “H” as in Hedged

FCH (D) 0.05% p.a. Retail No Duration Hedged “C” as in Capitalization and share class “H (D)” for Duration Hedged

FCHH (D) 0.05% p.a. Retail Yes Duration Hedged “C” as in Capitalization, share class “H” as in Hedged and “H (D)” for Duration Hedged

FCR 0.05% p.a. Retail No restricted for individual “C” as in Capitalization and “R” as in Restricted sales channels

FD 0.05% p.a. Retail No No “D” as in Distribution

FDH 0.05% p.a. Retail Yes No “D” as in Distribution and “H” as in Hedged

IC 0.01% p.a. Institutional No Only registered “I” as in Institutional and “C” as in Capitalization shares available

ID 0.01% p.a. Institutional No Only registered “I” as in Institutional and “D” as in Distribution shares available

IDH 0.01% p.a. Institutional Yes Only registered “I” as in Institutional, “D” as in Distribution and shares available “H” as in Hedged

** The following sub-funds charge a taxe d’abonnement of 0.01% for all share classes: DWS Invest Government Liquidity Fund.*** up to 4% (based on the gross redemption amount dependent upon the length of time for which the shares have been held since subscription):

0–365 Days 2.5% 1–2 Years 2% 2–3 Years 1.5% 3–4 Years 1% 4 Years and thereafter 0%

25


IDQ 0.01% p.a. Institutional No Only registered “I” as in Institutional, “D” as in Distribution and shares available “Q” as in Quarterly “

LC 0.05% p.a. Retail No No “L” as in Load and “C” as in Capitalization

LC (AC) 0.05% p.a. Retail No Asian Countries “L” as in Load, “C” as in Capitalization and Currencies share class “(AC)” for Asian Countries Currencies

LC (BRIC) 0.05% p.a. Retail No BRIC Countries “L” as in Load, “C” as in Capitalization and Currencies share class “(BRIC)” for BRIC Countries Currencies

LC (CC) 0.05% p.a. Retail No Commodity Counties “L” as in Load, “C” as in Capitalization and Currencies share class “(CC)” for Commodity Countries Currencies

LCH 0.05% p.a. Retail Yes No “L” as in Load, “C” as in Capitalization and “H” as in Hedged

LCH (D) 0.05% p.a. Retail No Duration Hedged “L” as in Load, “C” as in Capitalization and share class “(DH)” for Duration Hedged

LCH (P) 0.05% p.a. Retail No Portfolio Hedged “L” as in Load, “C” as in Capitalization and share class “H (P)” as in Portfolio Hedged

LCHH (D) 0.05% p.a. Retail Yes Duration Hedged “L” as in Load, “C” as in Capitalization, share class “H” as in “Hedged” and “(DH)” for Duration Hedged

LD 0.05% p.a. Retail No No “L” as in Load and “D” as in Distribution

LD (CC) 0.05% p.a. Retail No Commodity Counties “L” as in Load, “D” as in Distribution and Currencies share class “(CC)” for Commodity Countries Currencies

LD (CE) 0.05% p.a. Retail No Currency exposure “L” as in Load, “D” as in Distribution and share class “(CE)” as in Currency exposure

LDF 0.05% p.a. Retail No No “L” as in Load, “D” as in Distribution and “F” for Fixed Distribution

LDH 0.05% p.a. Retail Yes No “L” as in Load, “D” as in Distribution and “H” as in Hedged

LDQ 0.05% p.a. Retail No No “L” as in Load, “D” as in Distribution and “Q” as in Quarterly

LS 0.05% p.a. Retail No No performance fee “L” as in Load and “S” for a share class that applied compared to LC has been initially created for Switzerland

NC 0.05% p.a. Retail No No “C” as in Capitalization

NC (BRIC) 0.05% p.a. Retail No BRIC Countries “C” as in Capitalization and Currencies share class “(BRIC)” for BRIC Countries Currencies

NC (CC) 0.05% p.a. Retail No Commodity Counties “C” as in Capitalization and Currencies share class “(CC)” for Commodity Countries Currencies

NCH 0.05% p.a. Retail Yes No “C” as in Capitalization and “H” as in Hedged

NCH (P) 0.05% p.a. Retail No Portfolio Hedged “C” as in Capitalization and share class “H (P)” as in Portfolio Hedged

ND 0.05% p.a. Retail No No “D” as in Distribution

NDH 0.05% p.a. Retail Yes No “D” as in Distribution and “H” as in Hedged

NDQ 0.05% p.a. Retail No No “D” as in Distribution and “Q” as in Quarterly

DS1 0.05% p.a. Retail No Aiming for “DS” as in Distributor Status and UK distributor status “1” for Distribution

** The following sub-funds charge a taxe d’abonnement of 0.01% for all share classes: DWS Invest Government Liquidity Fund.

26


DS1H 0.05% p.a. Retail Yes Aiming for “DS” as in Distributor Status, UK distributor status “1” for Distribution and “H” as in Hedged

DS5 0.01% p.a. Institutional No Aiming for “DS” as in Distributor Status and UK distributor status “5” for Distribution

DS5H 0.01% p.a. Institutional Yes Aiming for “DS” as in Distributor Status, UK distributor status, “5” for Distribution and “H” as in Hedged only registered shares available

P2H 0.05% p.a. Retail Yes No “P” as in Pound Sterling and “H” as in Hedged

P4 0.05% p.a. Retail No No “P” as in Pound Sterling and “4” for Capitalization

P6H 0.01% p.a. Institutional Yes Only registered “P” as in Pound Sterling, shares available “6” for Capitalization and “H” as in Hedged

HKD2 0.05% p.a. Retail No No “HKD” as in Hong Kong Dollar and “2” for Capitalization

Y1MH 0.05% p.a. Retail Yes No “Y” as in Japanese Yen, “1” for Distribution and “M” for monthly

Y2H 0.05% p.a. Retail Yes No “Y as in Japanese Yen and “H” as in Hedged

Y5H 0.01% p.a. Institutional Yes No “Y” as in Japanese Yen, “5” for Distribution and “H” as in Hedged

NOK2H 0.05% p.a. Retail Yes No “NOK” as in Norwegian Krone and “H” as in Hedged

NZ2H 0.05% p.a. Retail Yes No “NZ” as in New Zealand dollar, “2” for Capitalization and “H” as in Hedged

NZ5H 0.01% p.a. Institutional Yes Only registered “NZ” as in New Zealand dollar, shares available “5” for Distribution and “H” as in Hedged

Z2 0.05% p.a. Retail No No “Z” as in Polish Zloty and “2” for Capitalization

R2 0.05% p.a. Retail No No “R” as in Russian Rouble and “2” for Capitalization

SEK2H 0.05% p.a. Retail Yes No “SEK” as in Swedish Krona and “H” as in Hedged

S1Q 0.05% p.a. Retail No No “S” as in Singapore Dollar, ”1” for Distribution and “Q” for quarterly

S2 0.05% p.a. Retail No No “S” as in Singapore Dollar and “2” for Capitalization

S2H 0.05% p.a. Retail Yes No “S” as in Singapore Dollar ,”H” as in Hedged

S2H (P) 0.05% p.a. Retail No Portfolio Hedged “S” as in Singapore Dollar, share class ”H (P)” as in Portfolio Hedged

A1 0.05% p.a. Retail No No “1” for Distribution

A1F 0.05% p.a. Retail No No “1” for Distribution and “F” for Fixed Distribution

A1H 0.05% p.a. Retail Yes No “1” for Distribution and “H” as in Hedged

A1H (P) 0.05% p.a. Retail No Portfolio Hedged “1” for Distribution and share class “H (P)” as in Portfolio Hedged

A1M 0.05% p.a. Retail No No “1” for distribution and “M” as in monthly distribution

A1MH 0.05% p.a. Retail Yes No “1” for distribution, “M” as in monthly distribution and “H” as in Hedged


27


A2 0.05% p.a. Retail No No “2” for Capitalization

A2 (AC) 0.05% p.a. Retail No Asian Countries “2” for Capitalization and Currencies share class “(AC)” for Asian Countries Currencies

A2 (BRIC) 0.05% p.a. Retail No BRIC Countries “2” for Capitalization and Currencies share class “(BRIC)” for BRIC Countries Currencies

A2 (CC) 0.05% p.a. Retail No Commodity Countries “2” for Capitalization and Currencies share class “(CC)” for Commodity Countries Currencies

A2H 0.05% p.a. Retail Yes No “2” for Capitalization and “H” as in Hedged

A2H (P) 0.05% p.a. Retail No Portfolio Hedged “2” for Capitalization and share class “H (P)” as in Portfolio Hedged

E1 0.05% p.a. Retail No No “1” for Distribution

E1H 0.05% p.a. Retail Yes No “1” for Distribution and “H” as in Share Class Hedged

E1Q 0.05% p.a. Retail No No “1” for Distribution and “Q” as in Quarterly

E2 0.05% p.a. Retail No No “2” for Capitalization

E2 (BRIC) 0.05% p.a. Retail No BRIC Countries “2” for Capitalization and Currencies share class “(BRIC)” for BRIC Countries Currencies” “

E2 (CC) 0.05% p.a. Retail No Commodity Countries “2” for Capitalization and Currencies share class “(CC)” for Commodity Countries Currencies

E2H 0.05% p.a. Retail Yes No “2” for Capitalization and “H” as in Hedged

J5 0.01% p.a. Institutional No Only offered to “J” as in Japan, one of the target markets, and schemes for “5” for Distribution collective investments

K2 0.05% p.a. Retail No Like A2 with a “K” as in HK, one of the target markets and different denomination “2” for Capitalization

U5H 0.01% p.a. Institutional Yes Only registered “U” as in US-Dollar, “5” for Distribution and shares available “H” as in Hedged

U6 0.01% p.a. Institutional No Only registered “U” as in US-Dollar and “6” for Capitalization shares available


28

Risk spreading2.

The following investment limits and investment guidelines apply to the investment of the fund’s assets held in the individual sub-funds. Differing investment limits may be set for individual sub-funds. In this respect we refer to the information in the special section of the Sales Prospectus below.

InvestmentsA.

The sub-fund may invest in securities and a) money market instruments that are listed or traded on a regulated market.

The sub-fund may invest in securities b) and money market instruments that are traded on another market in a member state of the European Union that oper-ates regularly and is recognized, regu-lated and open to the public.

The sub-fund may invest in securities and c) money market instruments that are admit-ted for official trading on an exchange in a state that is not a member state of the European Union or traded on another reg-ulated market in that state that operates regularly and is recognized and open to the public.

The sub-fund may invest in securities and d) money market instruments that are new issues, provided that

the terms of issue include the obligation –to apply for admission for trading on an exchange or on another regulated mar-ket that operates regularly and is recog-nized and open to the public, and

such admission is procured no later –than one year after the issue.

The sub-fund may invest in shares of e) Undertakings for Collective Investment in Transferable Securities (UCITS) and/or other undertakings for collective invest-ments (UCIs) within the meaning of the European Directive 2009/65/EC (the UCITS Directive) as amended, should they be sit-uated in a member state of the European Union or not, provided that

such other collective investment under- –takings have been authorized under laws that provide that they are sub-ject to supervision considered by the Commission de Surveillance du Sec-teur Financier to be equivalent to that laid down in Community law, and that cooperation between authorities is suf-ficiently ensured;

the level of protection for sharehold- –ers in the other collective investment undertakings is equivalent to that provided for shareholders in an Under-taking for Collective Investment in Transferable Securities, and in partic-ular that the rules on fund asset seg-regation, borrowing, lending, and short selling of transferable securities and money market instruments are equiv-

alent to the requirements of the UCITS Directive;

the business of the other collective –investment undertakings is reported in semi-annual and annual reports to enable an assessment to be made of the assets and liabilities, income and transactions over the reporting period;

no more than 10% of the assets of –the Undertaking for Collective Invest-ment in Transferable Securities or of the other collective investment under-taking whose acquisition is being con-templated can, according to its contract terms or corporate by-laws, be invested aggregate in shares of other Undertak-ings for Collective Investment in Trans-ferable Securities or other collective investment undertakings.

The sub-fund may invest in deposits f) with financial institutions that are repay-able on demand or have the right to be withdrawn, and mature within twelve months or less, provided that the finan-cial institution has its registered office in a member state of the European Union or, if the registered office of the finan-cial institution is situated in a state that is not a member state of the European Union, provided that it is subject to pru-dential rules considered by the Commis-sion de Surveillance du Secteur Finan-cier as equivalent to those laid down in Community law.

The sub-fund may invest in financial deriv-g) ative instruments (“derivatives”), includ-ing equivalent cash-settled instruments, that are traded on a market referred to in (a), (b) and (c) and/or financial deriva-tive instruments that are not traded on an exchange (“OTC derivatives”), pro-vided that

the underlying instruments are instru- –ments covered by this paragraph or financial indices, interest rates, foreign exchange rates or currencies;

the counterparties to OTC derivative –transactions are institutions subject to prudential supervision, and belonging to the categories approved by the Com-mission de Surveillance du Secteur Financier; and

the OTC derivatives are subject to reli- –able and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the fund’s initiative.

The sub-fund may invest in money mar-h) ket instruments not traded on a regulated market that are usually traded on the money market, are liquid and have a value that can be accurately determined at any time, if the issue or issuer of such instru-ments is itself regulated for the purpose of protecting investors and savings, and provided that these instruments are

issued or guaranteed by a central, –regional or local authority or central bank of a member state of the Euro-pean Union, the European Central Bank, the European Union or the European Investment Bank, a state that is not a member state of the European Union or, in the case of a federal state, by one of the members making up the federa-tion, or by a public international body of which one or more member states of the European Union are members; or

issued by an undertaking whose secu- –rities are traded on the regulated mar-kets referred to in the preceding sub-paragraphs (a), (b) or (c); or

issued or guaranteed by an estab- –lishment that is subject to prudential supervision in accordance with the cri-teria defined by Community law, or by an establishment that is subject to and complies with prudential rules consid-ered by the Commission de Surveil-lance du Secteur Financier to be at least as stringent as those laid down by Com-munity law; or

issued by other bodies belonging to the –categories approved by the Commis-sion de Surveillance du Secteur Finan-cier, provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third pre-ceding indent and provided that the issuer is a company whose capital and reserves amount to at least EUR 10 million and which presents and pub-lishes its annual financial statements in accordance with the Fourth Coun-cil Directive 78/660/EEC, is an entity that, within a group of companies that includes one or more exchange-listed companies, is dedicated to the financ-ing of the group or is an entity that is dedicated to the financing of securiti-zation vehicles that benefit from credit lines to assure liquidity.

Notwithstanding the principle of risk-i) spreading, the sub-fund may invest up to 100% of its assets in securities and money market instruments stemming from different issues that are issued or guaranteed by a member state of the European Union, its local authorities, a state that is not a member state of the European Union, or by a public interna-tional body of which one or more mem-ber states of the European Union are members, provided that the sub-fund holds securities that originated from at least six different issues and the secu-rities stemming from any one issue do not exceed 30% of the assets of the sub-fund.

The sub-fund may not invest in precious j) metals or precious-metal certificates; if the investment policy of a sub-fund con-tains a special reference to this clause, this restriction does not apply for 1:1 certificates whose underlying are single

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commodities/precious metals and that meet the requirements of transferable securities as determined in Article 1 (34) of the law of December 17, 2010.

Investment limitsB.

No more than 10% of the sub-fund’s net a) assets may be invested in securities or money market instruments from any one issuer.

No more than 20% of the sub-fund’s net b) assets may be invested in deposits made with any one institution.

The risk exposure to a counterparty in c) OTC derivative transactions may not exceed 10% of the sub-fund’s net assets if the counterparty is a credit institution as defined in A. (f) above. In all other cases, the exposure limit is 5% of the sub-fund’s net assets.

No more than 40% of the sub-fund’s net d) assets may be invested in securities and money market instruments of issuers in which over 5% of the sub-fund’s net assets are invested.

This limitation does not apply to depos-its and OTC derivative transactions con-ducted with financial institutions that are subject to prudential supervision.

Notwithstanding the individual upper lim-its specified in B. (a), (b) and (c) above, the sub-fund may not invest more than 20% of its net assets in a combination of

investments in securities or money –market instruments, and/or

deposits made with, and/or –

exposures arising from OTC derivative –transactions undertaken with a single institution.

The limit of 10% set in B. (a) rises to 35%, e) and the limit set in B. (d) does not apply to securities and money market instruments issued or guaranteed by

a member state of the European Union –or its local authorities; or

a state that is not a member state of the –European Union; or

public international bodies of which one –or more member states of the Euro-pean Union are members.

The limit set in B. (a) rises from 10% to f) 25%, and the limit set in B. (d) does not apply in the case of bonds that fulfill the following conditions:

they are issued by a credit institution –that has its registered office in a mem-ber state of the European Union and which is legally subject to special pub-lic supervision intended to protect the holders of such bonds; and

sums deriving from the issue of such –bonds are invested in conformity with the law in assets that, during the whole period of validity of the bonds, are capa-ble of covering claims attaching to the bonds; and

such assets, in the event of default of –the issuer, would be used on a priority basis for the repayment of the principal and payment of the accrued interest.

If the respective sub-fund invests more than 5% of its assets in bonds of this type issued by any one issuer, the total value of these investments may not exceed 80% of the value of the net assets of the sub-fund.

The limits provided for in paragraphs B. g) (a), (b), (c), (d), (e) and (f) may not be com-bined, and thus investments in transfer-able securities or money market instru-ments issued by any one institution or in deposits made with this institution or in this institution’s derivative instruments shall under no circumstances exceed in total 35% of the sub-fund’s net assets.

The sub-fund may cumulatively invest up to 20% of its assets in securities and money market instruments of any one group of companies.

Companies that are included in the same group for the purposes of consoli-dated financial statements, as defined in accord ance with the Seventh Council Directive 83/349/EEC or in accordance with recognized international accounting rules, shall be regarded as a single issuer for the purpose of calculating the limits contained in this Article.

The sub-fund may invest no more than h) 10% of its net assets in securities and money market instruments other than those specified in A.

The sub-fund may invest no more than i) 10% of its net assets in shares of other Undertakings for Collective Investment in Transferable Securities and/or other collective investment undertakings as defined in A. (e).

In the case of investments in shares of another Undertaking for Collective Invest-ment in Transferable Securities and/or other collective investment undertakings, the investments held by that Undertak-ing for Collective Investment in Transfer-able Securities and/or by other collective investment undertakings are not taken into consideration for the purposes of the limits laid down in B. (a), (b), (c), (d), (e) and (f).

If admission to one of the markets j) defined under A. (a), (b) or (c) is not obtained within the one-year deadline, new issues shall be considered unlisted securities and money market instruments and counted towards the investment limit stated there.

The Company or the Management Com-k) pany may not purchase for any of the sub-funds equities with voting rights that would enable it to exert significant influ-ence on the management policies of the relevant issuer.

The respective sub-fund may acquire no more than

10% of the non-voting shares of any –one issuer;

10% of the bonds of any one issuer; –

25% of the shares of any one fund; –

10% of the money market instruments –of any one issuer.

The limits laid down in the second, third and fourth indents may be disregarded at the time of acquisition if at that time the gross amount of the bonds or of the money market instruments, or the net amount of outstanding fund shares, can-not be calculated.

The investment limits specified in (k) shall l) not be applied to:

securities and money market instru- –ments issued or guaranteed by a mem-ber state of the European Union or its local authorities;

securities and money market instru- –ments issued or guaranteed by a state that is not a member state of the Euro-pean Union;

securities and money market instru- –ments issued by public international bodies of which one or more mem-ber states of the European Union are members;

shares held by the fund in the capital of –a company incorporated in a state that is not a member state of the European Union, investing its assets mainly in the securities of issuing bodies having their registered offices in that state, where under the legislation of that state such a holding represents the only way in which the fund can invest in the securi-ties of issuers from that state. This dero-gation, however, shall apply only if in its investment policy the company from the state that is not a member state of the European Union complies with the limits specified in B. (a), (b), (c), (d), (e), (f) and (g), (i) and (k). Where these limits are exceeded, Article 49 of the Law of December 17, 2010, on Undertakings for Collective Investment shall apply;

shares held by one or more investment –companies in the capital of subsidiary companies that only conduct certain management, advisory or marketing activities with regard to the repurchase of shares at the request of shareholders in the country where the subsidiary is located, and do so exclusively on behalf

30

of the investment company or invest-ment companies.

Notwithstanding the limits specified in B. m) (k) and (l), the maximum limits specified in B. (a), (b), (c), (d), (e) and (f) for invest-ments in shares and/or debt securities of any one issuer are 20% when the objec-tive of the investment policy is to repli-cate the composition of a certain index. This is subject to the condition that

the composition of the index is suffi- –ciently diversified,

the index represents an adequate –benchmark for the market to which it refers,

the index is published in an appropriate –manner.

The maximum limit is 35% where that proves to be justified by exceptional market conditions, in particular in regu-lated markets where certain transferable securities or money market instruments are highly dominant. An investment up to this limit is only permitted for one single issuer.

The sub-fund’s global exposure relating to n) derivative instruments must not exceed the total net value of its portfolio. The exposure is calculated taking into account the current value of the underlying instru-ments, the counterparty risk, future mar-ket movements and the time available to liquidate the positions.

The sub-fund may invest in derivatives as part of its investment strategy and within the limits specified in B. (g), provided that the global exposure to the underlying instruments does not exceed on aggre-gate the investment limits specified in B. (a), (b), (c), (d), (e) and (f).

If the sub-fund invests in index-based derivatives, these investments are not taken into consideration with reference to the investment limits specified in B. (a), (b), (c), (d), (e) and (f).

When a security or money market instru-ment embeds a derivative, the latter must be taken into consideration when comply-ing with the requirements of the invest-ment limits.

In addition, the sub-fund may invest up to o) 49% of its assets in liquid assets. In par-ticular exceptional cases it is permitted to temporarily have more than 49% invested in liquid assets, if and to the extent that this appears to be justified with regard to the interests of shareholders.

Exceptions to the investment limitsC.

The sub-fund need not comply with the a) investment limits when exercising sub-scription rights attaching to securities or money market instruments that form part of its assets.

While ensuring observance of the princi-b) ple of risk spreading, the sub-fund may derogate from the specified investment limits for a period of six months following the date of its authorization.

Credit restrictionsD.

No borrowing may be undertaken by the Com-pany for the account of the sub-fund. The sub-fund may, however, acquire foreign currency by means of a “back-to-back” loan.

By way of derogation from the preceding paragraph, the sub-fund may borrow

up to 10% of the sub-fund’s net assets, –provided that such borrowing is on a tem-porary basis;

up to the equivalent of 10% of the sub- –fund’s assets, provided that the borrow-ing is to make possible the acquisition of immovable property essential for the direct pursuit of its business; in this case the bor-rowing and that referred to in the preceding subparagraph may not in any case in total exceed 15% of the sub-fund’s net assets.

The Company may not grant loans for the account of the sub-fund, nor may it act as guarantor on behalf of third parties.

This shall not prevent the fund from acquir-ing securities, money market instruments or other financial instruments that are not yet fully paid in.

Short sellingE.

The Company may not engage in short sell-ing of securities, money market instruments or other financial instruments as specified in A. (e), (g) and (h) for the account of the sub-fund.

EncumbranceF.

A sub-fund’s assets may only be pledged as collateral, transferred, assigned or otherwise encumbered to the extent that such trans-actions are required by an exchange or reg-ulated market or imposed by contractual or other terms and conditions.

Securities lending and G. repurchase transactions

Securities Lending and Borrowinga)

Unless further restricted by the invest-ment policies of a specific sub-fund as described in the special sections below, the Company may enter into securities lending and borrowing transactions. The applicable restrictions can be found in CSSF Circular 08/356 as amended from time to time.

Those transactions may be entered into for one or more of the following aims: (i) reduction of risk, (ii) reduction of cost and (iii) generation of additional capital or income with a level of risk which is con-sistent with the risk profile of the relevant

sub-fund and the applicable risk diversifi-cation rules. Those transactions may be carried out for 100% of the assets held by the relevant sub-fund provided (i) that their volume is kept at an appropriate level or that the Company or relevant sub-fund manager is entitled to request the return of the securities lent in a manner that enables the sub-fund at all times to meet its redemption obligations and (ii) that these transactions do not jeopardise the management of the sub-fund’s assets in accordance with its investment policy. Their risks shall be captured by the risk management process of the Company.

The Company or the relevant sub-fund manager may enter into securities lend-ing and borrowing transactions provided that they comply with the following rules:

The Company may only lend secu-(i) rities through a standardised sys-tem organised by a recognised clear-ing institution or through a first class financial institution subject to pru-dential supervision rules which are recognised by the CSSF as equiva-lent to those laid down in Commu-nity law and specializing in this type of transaction;

The borrower must be subject to pru-(ii) dential supervision rules considered by the CSSF as equivalent to those prescribed by Community law;

The counterparty risk vis-à-vis a sin-(iii) gle counterparty (which, for the avoid-ance of doubt, may be reduced by the use of collateral) arising from one or more securities lending transaction(s) may not exceed 10% of the assets of the relevant sub-fund when the coun-terparty is a financial institution falling within article 41, paragraph (1) (f) of the law of 2010, or 5% of its assets in all other cases;

As part of lending transactions, the (iv) Company must receive collateral, the value of which, during the dura-tion of the lending agreement, must be equal to at least 90% of the global valuation of the securities lent (inter-ests, dividends and other eventual rights included);

Such collateral must be received prior (v) to or simultaneously with the trans-fer of the securities lent. When the securities are lent through interme-diaries, the transfer of the securities lent may be effected prior to receipt of the collateral, if the relevant inter-mediary ensures proper completion of the transaction. Said intermediary may provide collateral in lieu of the borrower;

In principle, this collateral must be (vi) given in the form of:

liquid assets such as cash, short –term bank deposits, money market

31

instruments as defined in Direc-tive 2007/16/EC of 19 March 2007, letters of credit and guarantees at first demand issued by a first class credit institution not affiliated to the counterparty and/or

bonds issued or guaranteed by a –Member State of the OECD or by their local authorities or by supra-national institutions and undertak-ings of a community, regional or worldwide nature;

shares or units issued by money –market-type UCIs calculating a daily net asset value and having a rating of AAA or its equivalent;

shares or units issued by UCITS –investing mainly in bonds/shares mentioned in the following two indents;

bonds issued or guaranteed by –first class issuers offering an ade-quate liquidity; or

shares admitted to or dealt in on –a regulated market of a Member State of the European Union or on a stock exchange of a Mem-ber State of the OECD, provided that these shares are included in a main index;

The collateral given under any form (vii) other than cash or shares/units of a UCI/UCITS shall be issued by an entity not affiliated to the counterparty;

When the collateral given in the form (viii) of cash exposes the Company to a credit risk vis-à-vis the trustee of this collateral, such exposure shall be subject to the 20% limitation as laid down in article 43 (1) of the Law of December 17, 2010. More-over such cash collateral shall not be safekept by the counterparty unless it is legally protected from conse-quences of default of the latter;

The collateral given in a form other (ix) than cash shall not be safekept by the counterparty, except if it is ade-quately segregated from the latter’s own assets;

The Company (or its delegates) shall (x) proceed on a daily basis to the valua-tion of the collateral received. In case the value of the collateral already granted appears to be insufficient in comparison with the amount to be covered, the counterparty shall pro-vide additional collateral at very short term. If appropriate, safety margins shall apply in order to take into con-sideration exchange risks or market risks inherent to the assets accepted as collateral;

It shall be ensured that the Com-(xi) pany is able to claim its rights on the

collateral in case of the occurrence of an event requiring the execution thereof, meaning that the collateral shall be available at all times, either directly or through the intermediary of a first class financial institution or a wholly-owned subsidiary of this institution, in such a manner that the Company is able to appropriate or realise the assets given as collateral, without delay, if the counterparty does not comply with its obligation to return the securities lent;

During the duration of the agree-(xii) ment, the collateral cannot be sold or given as a security or pledged, except if the Company has other means of coverage; and

The Company shall disclose the global (xiii) valuation of the securities lent in the annual and semi-annual reports.

Securities lending may also be conducted synthetically (“synthetic securities lend-ing”). In a synthetic securities loan, a security contained in a sub-fund is sold to a counterparty at the current market price. This sale is, however, subject to the con-dition that the sub-fund simultaneously receives from the counterparty a securi-tized unleveraged option giving the sub-fund the right to demand delivery at a later date of securities of the same kind, qual-ity and quantity as the sold securities. The price of the option (the “option price”) is equal to the current market price received from the sale of the securities less (a) the securities lending fee, (b) the income (e.g., dividends, interest payments, corpo-rate actions) from the securities that can be demanded back upon exercise of the option and (c) the exercise price associated with the option. The option will be exer-cised at the exercise price during the term of the option. If the security underlying the synthetic securities loan is to be sold dur-ing the term of the option in order to imple-ment the investment strategy, such a sale may also be executed by selling the option at the then prevailing market price less the exercise price.

Securities lending transactions may also, as the case may be, be entered into with respect to individual sub-funds or share classes, taking into account the specific characteristics of such sub-fund or share class and/or its investors, with any right to income and collateral under such secu-rities lending transactions arising at the level of such specific sub-fund or share class.

Repurchase Agreement Transactions b)

Unless otherwise provided for with respect to a specific sub-fund in the special sec-tions below, the Company may enter into repurchase agreement transactions which consist of the purchase and sale of securities with a clause reserving the seller the right or the obligation to repur-chase from the acquirer the securities sold

at a price and term specified by the two parties in their contractual arrangement and (ii) reverse repurchase agreement transactions, which consist of a forward transaction at the maturity of which the seller (counterparty) has the obligation to repurchase the securities sold and the Company the obligation to return the secu-rities received under the transaction (col-lectively, the “repo transactions”).

The Company can act either as purchaser or seller in repurchase agreement trans-actions or a series of continuing repur-chase transactions. Its involvement in such transactions is, however, subject to the following rules:

The Company may not buy or sell (i) securities using a repurchase agree-ment transaction unless the counter-party in such transactions is subject to prudential supervision rules con-sidered by the CSSF as equivalent to those prescribed by Community law.

The counterparty risk vis-à-vis a sin-(ii) gle counterparty (which, for the avoidance of doubt, may be reduced by the use of collateral) arising from one or more repo transaction(s) may not exceed 10% of the assets of the relevant Sub-Fund when the counter-party is a financial institution falling within article 41, paragraph (1) (f) of the law of 2010, or 5% of its assets in all other cases;

During the life of a repo transaction (iii) with the Company acting as pur-chaser, the Company cannot sell the securities which are the object of the contract, either before the right to repurchase these securities has been exercised by the counterparty, or the repurchase term has expired, except to the extent it has other means of coverage.

The securities acquired by the Com-(iv) pany under a repo transaction must conform to the sub-fund’s invest-ment policy and investment restric-tions and must be limited to:

short-term bank certificates or –money market instruments as defined in Directive 2007/16/EC of 19 March 2007;

bonds issued by non-governmen- –tal issuers offering an adequate liquidity; and,

assets referred to in the second, –third and forth indent under a) Securities Lending above.

The Company shall disclose the total (v) amount of the open repo transac-tions on the date of reference of its annual and semi-annual reports.

Repo transactions may also, as the case may be, be entered into with respect to

32

individual sub-funds or share classes, tak-ing into account the specific characteristics of such sub-fund or share class and/or its investors, with any right to income and col-lateral under such repo transactions arising at the level of such specific sub-fund or share class.

Reinvestment of Cash Collateral c)

The Company may reinvest the collateral received in the form of cash under securi-ties lending and/or repo transactions in:

shares or units of UCIs of the money (i) market-type, calculating a daily net asset value and which have a rating of AAA or its equivalent;

short-term bank deposits;(ii)

money market instruments as defined (iii) in Directive 2007/16/EC of 19 March;

short-term bonds issued or guaran-(iv) teed by a Member State of the Euro-pean Union, Switzerland, Canada, Japan or the United States or by their local authorities or by supranational institutions and bodies of a commu-nity, regional or world-wide scope;

bonds issued or guaranteed by first (v) class issuers offering an adequate liquidity; and

reverse repurchase agreements.(vi)

In addition, the conditions under a) (vii), (viii), (ix) and (xii) above shall apply muta-tis mutandis to the assets into which the cash collateral is reinvested. The reinvest-ment of the cash collateral is not subject to the diversification rules generally appli-cable to the Company, provided however, that the Company must avoid an exces-sive concentration of its reinvestments, both at issuer level and at instrument level (reinvestments in assets referred to under (i) and (iv) above are exempt from this requirement). The reinvestment of the cash collateral must, in particular if it creates a leverage effect, be taken into account for the calculation of the Com-pany’s global exposure. Any reinvestment of a guarantee provided in the form of cash in financial assets providing a return in excess of a risk-free rate is subject to this requirement.

The annual and semi-annual reports of the Company shall specifically disclose the assets into which the cash collateral is re-invested.

Regulations for the CompanyH.

The Company will not acquire equities with voting rights where such an acquisition would give it a significant potential influence on the management policies of the issuer.

The Company may acquire movable and immovable property that is essential for the direct pursuit of its business.

Shares of the Company3.

The capital of the Company shall at all times A. be equal to the sum of the net asset values of the Company’s various sub-funds (“net asset value of the Company”), and it is represented by shares of no nominal value, which may be issued as registered shares and/or as bearer shares.

The shares may be issued as registered B. shares or as bearer shares. There is no right to issuance of actual shares.

Shares are issued only upon acceptance of a subscription and subject to payment of the price per share. The subscriber immediately receives a confirmation of his shareholding in accordance with the provisions that follow.

Registered shares(i) If shares are issued as registered shares, the register of shareholders constitutes defini-tive proof of ownership of these shares. The register of shares is maintained by the Reg-istrar and Transfer Agent. Unless otherwise provided for a particular sub-fund/share class, fractional shares of registered shares are rounded according to commercial practice to the nearest one ten-thousandth. Such round-ing may be to the benefit of either the respec-tive shareholder or the sub-fund.

Registered shares are issued without share certificates. Instead of a share certificate, shareholders receive a confirmation of their shareholding.

Any payments of distributions to sharehold-ers holding registered shares are made by check at the risk of the shareholders, which is mailed to the address indicated on the regis-ter of shares (the “Register of Shares”) or to another address communicated to the Regis-trar and Transfer Agent in writing, or else by funds transfer. At the request of the share-holder, distribution amounts may also be rein-vested on a regular basis.

All of the registered shares of the sub-funds are to be entered in the Register of Shares, which is maintained by the Registrar and Transfer Agent or by one or more enti-ties appointed for this purpose by the Reg-istrar and Transfer Agent; the Register of Shares contains the name of each and every holder of registered shares, his address and selected domicile (in the case of joint own-ership of registered shares, only the address of the first-named joint owner), where such data have been communicated to the Regis-trar and Transfer Agent, as well as the num-ber of fund shares held. Each transfer of reg-istered shares is recorded in the Register of Shares, in each instance upon payment of a fee authorized by the Management Company for the registration of documents relating to the ownership of shares or having an effect thereon.

A transfer of registered shares takes place by way of recording of the transfer in the Reg-ister of Shares by the Registrar and Transfer Agent upon receipt of the necessary docu-mentation and upon fulfillment of all other

preconditions for transfer as required by the Registrar and Transfer Agent.

Each shareholder whose holding has been entered in the Register of Shares must pro-vide the Registrar and Transfer Agent with an address to which all notices and announce-ments by the Management Company of the Company may be delivered. This address is also recorded in the Register of Shares. In the case of joint ownership of shares (joint ownership is restricted to a maximum of four persons), only one address is entered, and all notices are sent exclusively to that address.

If such a shareholder does not provide an address, the Registrar and Transfer Agent may enter a remark to this effect in the Regis-ter of Shares; in this case, the address of the registered office of the Registrar and Trans-fer Agent or another address entered in each instance by the Registrar and Transfer Agent is deemed to be the address of the share-holder until the shareholder provides the Reg-ister and Transfer Agent with another address. The shareholder may at any time change the address recorded in the Register of Shares by way of written notice, which must be sent to the Registrar and Transfer Agent or to another address specified for each instance by the Registrar and Transfer Agent.

Bearer shares represented (ii) by global certificates

The Management Company may resolve to issue bearer shares that are represented by one or several global certificates.

These global certificates are issued in the name of the Management Company and deposited with the clearing agents. The trans-ferability of the bearer shares represented by a global certificate is subject to the respectively applicable laws, and to the regulations and pro-cedures of the clearing agent undertaking the transfer. Investors receive the bearer shares represented by a global certificate when they are posted to the securities accounts of their financial intermediaries, which in turn are held directly or indirectly with the clearing agents. Such bearer shares represented by a global certificate are transferable according to and in compliance with the provisions contained in this Sales Prospectus, the regulations that apply on the respective exchange and/or the regulations of the respective clearing agent. Shareholders that do not participate in such a system can transfer bearer shares represented by a global certificate only via a financial inter-mediary participating in the settlement system of the corresponding clearing agent.

Payments of distributions for bearer shares represented by global certificates take place by way of credits to the accounts at the rele-vant clearing agent of the financial intermedi-aries of the shareholders.

All shares within a share class have the same C. rights. The rights of shareholders in different share classes within a sub-fund can differ, pro-vided that such differences have been clarified in the sales documentation for the respective shares. The differences between the vari-ous share classes are specified in the respec-

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tive special section of the Sales Prospectus. Shares are issued by the Company immedi-ately after the net asset value per share has been received for the benefit of the Company.

Shares are issued and redeemed through the Management Company and through all pay-ing agents.

Each shareholder has the right to vote at the D. shareholders’ meeting. The voting right may be exercised in person or by proxy. Each share is entitled to one vote.

Restriction of the issue of shares 4. and compulsory redemption of shares

The Management Company may at any time and at its sole and absolute discretion reject any direct or indirect subscription application or temporarily limit, suspend or permanently discontinue the issue of shares towards any subscribing investor, if such action should appear necessary in consideration of the interests of the shareholders or the public, or to protect the Company or the shareholders.

In this case, the Company will promptly refund payments on subscription applications (without any interest payments) that have not yet been executed.

The Management Company may at any time and in its sole discretion, restrict or prevent the own-ership of shares in the Company by a Prohibited Person.

“Prohibited Person” means any person, firm or corporate entity, determined in the sole discre-tion of the Management Company as being not entitled to subscribe for or hold shares in the Company or, as the case may be, in a specific sub-fund or share class, (i) if in the opinion of the Company such holding may be detrimental to the Company, (ii) it may result in a breach of any law or regulation, whether Luxembourg or for-eign, (iii) if as a result thereof the Company may become exposed to disadvantages of a tax, legal or financial nature that it would not have other-wise incurred or (iv) if such person, firm or corpo-rate entity would not comply with the eligibility criteria of any existing share class.

If at any time it shall come to the Management Company’s attention that shares are beneficially owned by a Prohibited Person, either alone or with any other person and the Prohibited Person fails to comply with the instructions of the Management Company to sell its shares and to provide the Man-agement Company with evidence of such sale within 30 calendar days after being so instructed by the Management Company, the Company may in its sole discretion compulsorily redeem such shares at the redemption amount immediately after the close of business specified in the notice given by the Management Company to the Prohib-ited Person of such compulsory redemption, the shares will be redeemed in accordance with their respective terms and such investor will cease to be the owner of such shares.

Issue and redemption of shares 5. of the Company

Shares of the respective sub-fund are issued A. and redeemed on each valuation date. If dif-

ferent share classes are offered for a sub-fund, such issue and redemption shall also take place at the aforementioned times. The Company shares can also be issued as frac-tional shares, with up to four places after the decimal point.

Shares of the Company are issued on the B. basis of subscription applications received by the Company, a paying agent authorized by the Company to issue and redeem shares of the Company, or by the Transfer Agent.

The number of shares to be issued is deter-C. mined by subtracting the front-end load from the gross investment amount (total amount invested by the investor) and dividing the result by the applicable net asset value per share (gross-method). For illustrative purposes this is shown by a sample calculation below4:

gross investment EUR 10,000.00- front-end load (e.g. 5%) EUR 500.00= net investment EUR 9,500.00÷ net asset value per share EUR 100.00= number of shares 95

The current amount of the front-end load is regulated for each share class in the product annex of the respective sub-fund in the spe-cial section of the Sales Prospectus.

The Management Company is free to charge a lower front-end load. The main distributor shall receive the front-end load and also be entitled to use it to remunerate third parties for any sales services they provide. If differ-ent share classes are offered for a sub-fund, the amount required for purchasing shares of the respective share class will be gov-erned by both the net asset value per share of the respective share class and the front-end load specified individually for each share class in the special section of the Sales Pro-spectus below. It is payable immediately after the corresponding valuation date. The Sales Prospectus – special section – may contain more precise regulations for individual sub-funds or share classes with respect to the timing of the payment of the issue amount. A Contingent Deferred Sales Charge (“CDSC”) may be assessed in relation to shares of share classes with the “B” designator on the redemption amount. Details are set forth in section “E”. On any issue or sale of such shares a Distributor (including the main dis-tributor) may, out of its own funds or out of the sales charge, if any, pay commission on applications received through brokers and other professional agents or grant discounts.

Certain additional fees and other costs may be charged in some distribution countries.

Orders received after an order acceptance deadline will be treated as having been received before the next order acceptance deadline. The respective product annexes in the special section of the Sales Prospectus

may contain different order acceptance dead-lines applicable for individual sub-funds and for individual share classes.

Newly subscribed shares are only issued to the investor upon receipt of payment by the Custodian or the approved correspondent banks. From a bookkeeping standpoint, how-ever, the corresponding shares are already taken into account in the calculation of the net asset value on the value day following the cor-responding securities settlement, and can be cancelled until the receipt of payment. Insofar as an investor’s shares must be cancelled due to failure to pay or delayed payment of these shares, it is possible for the respective sub-fund to incur a loss in value.

The Management Company may, on its own D. responsibility and in compliance with this Sales Prospectus, accept securities as payment for a subscription (“investment in kind”), as long as the Management Company believes that such an action is in the interest of the shareholders. The nature of the business undertaken by the enterprises whose securities are accepted as payment for a subscription must, however, be compatible with the investment policy and the investment limits of the respective sub-fund. The Company must have its auditor prepare a valuation report for these securities, which in particular shall specify the amounts, desig-nations and values arising from these securi-ties, as well as the valuation methods used. As part of the transaction of accepting secu-rities as payment in a subscription, the secu-rities are valued at the price on the valuation date on whose basis the net asset value of the shares to be issued is being calculated. The Board of Directors may, at its own dis-cretion, reject any and all securities offered as payment for a subscription, without having to give reasons. All costs arising from an invest-ment in kind (including the cost of the valua-tion report, brokerage costs, expenses, com-missions, etc.) shall be borne by the subscriber in their entirety.

Shareholders have the right to request the E. redemption of their shares through one of the paying agents, the Transfer Agent or the Management Company. Redemption will take place only on a valuation date and at the redemption amount. Insofar as the special sec-tion of the Sales Prospectus does not stipu-late a redemption fee or a Contingent Deferred Sales Charge (“CDSC”, see below) for individ-ual sub-funds or for individual share classes within a sub-fund, the redemption amount per share will always correspond to the net asset value per share. Where a redemption fee or CDSC is applicable, the redemption amount payable will be reduced by the amount of the redemption fee or CDSC so that a net redemp-tion amount is paid. The main distributor shall receive the redemption fee and also be enti-tled to use it to remunerate third parties for any sales services they provide. The counter-value is paid out promptly after the applicable valuation date. Usually this is completed within 3 bank business days and in any case no later than within 5 bank business days. The value dates of each sub-fund are determined in the respective Special Section of the Sales Pro-spectus. The value dates refer to the payment

4 Note: The sample calculations are intended for illustra-tive purposes only and do not permit any conclusions to be drawn concerning the performance of the net asset value per share of the respective sub-fund.

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between the custodian and the account main-taining bank of the shareholder. The final credit to the investors account may in several distri-bution countries deviate due to different con-ventions. Any other payments to sharehold-ers are also made through the aforementioned offices. Shares are redeemed at the redemp-tion amount determined on the date on which the redemption orders are received, provided that the specified order acceptance dead-lines were adhered to. Orders received after an order acceptance deadline will be treated as having been received before the next order acceptance deadline. The Sales Prospectus – special section may contain different order acceptance deadlines applicable for individual sub-funds and for individual share classes.

Contingent Deferred Sales Charge (“CDSC”):

Shares of share classes with the “B” designa-tor are subject to a Contingent Deferred Sales Charge (“CDSC”). The amount of such a fee depends upon the length of time for which the shares have been held and will be speci-fied in the Sales Prospectus – special section for each sub-fund separately. A CDSC will be calculated based on the gross redemption amount. Therefore a CDSC might be imposed on increases in Net Asset Value above the ini-tial offering price. An instruction to sell shares of share classes with the “B” designator will be deemed to have been given for the shares which have been held for the longest period.

Redemption volumeF.

Shareholders may submit for redemption all or part of their shares of all share classes.

The Management Company is under no obli-gation to execute redemption requests if any such request pertains to shares valued in excess of 10% of the net asset value of a sub-fund. The Board of Directors reserves the right, taking into account the principle of equal treat-ment of all shareholders, to dispense with min-imum redemption amounts (if provided for).

Special procedure for redemptions valued in excess of 10% of the net asset value of a sub-fund

If redemption requests are received on a val-uation date (the “First Valuation Date”) whose value, individually or together with other requests received, is in excess of 10% of the net asset value of a sub-fund, the Board of Directors reserves the right, at its own discre-tion (and taking into consideration the interests of the remaining shareholders), to reduce the number of shares of every individual redemp-tion request on a pro-rata basis for this First Valuation Date, so that the value of the shares redeemed or exchanged on this First Valua-tion Date does not exceed 10% of the net asset value of the respective sub-fund. If as a result of the exercise of the right to effect a pro-rata reduction on this First Valuation Date, a redemption request is not executed in full, such request must be treated with respect of the unexecuted portion as though the share-holder submitted a further redemption request for the next valuation date, and if necessary, for the at most seven subsequent valuation

dates as well. Requests received for the First Valuation Date are processed on a priority basis over any subsequent requests that are received for redemption on the subsequent valuation dates. Subject to this reservation, however, redemption requests received at a later time are processed as specified in the preceding sentence.

“Based on these preconditions, exchange requests are treated like redemption requests.”

The Management Company has the right to G. carry out substantial redemptions only once the corresponding assets of the sub-fund have been sold without delay.

In exceptional cases, the Board of Directors H. may decide to accept applications for redemp-tion in kind at the explicit request of investors. In a redemption in kind, the Board of Direc-tors selects securities and instructs the Cus-todian to transfer these securities into a secu-rities account for the investor as payment for the return of his shares. The Company must have its auditor prepare a valuation report for these securities, which in particular shall specify the amounts, designations and values arising from these securities, as well as the valuation methods used. Moreover, the total value of the securities must be indicated pre-cisely in the currency of the sub-fund affected by the redemption. As part of the transac-tion of delivering securities as payment in a redemption, the securities are valued at the closing price on the valuation date on whose basis the net asset value of the shares to be redeemed is being calculated. The Board of Directors shall make sure that the remain-ing shareholders are not adversely affected by such a redemption in kind. All costs aris-ing from a redemption in kind (including the cost of the valuation report, brokerage costs, expenses, commissions, etc.) shall be borne by the redeeming investor in their entirety. Where a redemption fee or CDSC is applica-ble, the redemption in kind will be reduced by the amount of the redemption fee or CDSC.

The Company is obligated to transfer the I. redemption price to the country of the appli-cant only if this is not prohibited by law – for example by foreign exchange regulations – or by other circumstances beyond the control of the Company.

The Company may enter into nominee agree-J. ments with institutions, i.e., Professionals of the Financial Sector in Luxembourg and/or comparable entities under the laws of other countries that are under obligation to iden-tify shareholders. The nominee agreements give the respective institutes the right to sell shares and be entered as nominees in the Company’s Register of Shares. The names of the nominees can be requested from the Company at any time. The nominee shall accept buy, sell and exchange orders from the investors it works for and arrange for the required changes to be made in the register of shares. In this capacity, the nominee is par-ticularly required to take into account the spe-cial prerequisites governing the purchase of AU5H, CH3H , CH4H, CH4H (P), CH5H (P),

DS5, DS5H, E1, E1H, E1Q, E2, E2 (BRIC), E2 (CC), E2H, FC, FC (CE), FCH, FCH (D), FCHH (D), FCR, FD, FDH, IC, ID, IDH, IDQ, J5, NZ5H, P4, P6H, U5H, U6, Y5H and Z2 shares. If there are no conflicting practical or legal considerations, an investor who acquired shares through a nominee can submit a writ-ten declaration to the Management Company or the Transfer Agent demanding that he him-self be entered into the register as a share-holder once all necessary proofs of identity have been supplied.

Calculation of the net asset value 6. per share

The total net asset value of the Company is A. expressed in Euros.

When information about the condition of the total net asset value of the Company must be given in the annual and semi-annual reports and other financial statistics due to legal regulations, or according to the rules specified in the Sales Prospectus, the asset values of the respective sub-fund are con-verted into euro. The value of a share of the respective sub-fund is denominated in the currency specified for the particular sub-fund (or in the currency specified for the particular share class, if there is more than one share class within a sub-fund). The net asset value of each sub-fund is calculated on each bank business day in Luxembourg, unless other-wise indicated for the respective sub-fund in the special section of the Sales Prospectus (“valuation date”).

The Management Company has entrusted State Street Bank Luxembourg S.A. with the calculation of the NAV per share. The net asset value is calculated for each sub-fund, and for each share class if more than one share class was issued for any sub-fund, in accordance with the following principles: If only one share class exists for a particular sub-fund, the sub-fund’s net asset value is divided by the number of shares of the sub-fund in circulation on the valuation date. If more than one share class was issued for a particular sub-fund, the per-centage of the sub-fund’s net assets attribut-able to the individual share class is divided by the number of shares of that share class in cir-culation on the valuation date.

At this time, State Street Bank Luxembourg S.A. will refrain from calculating the NAV per share on public holidays in Luxembourg, even if they are bank business days in Luxembourg or exchange trading days in one of the coun-tries mentioned for each sub-fund separately in the Sales Prospectus – special section applicable to the valuation date, as well as on December 24 and December 31 of each year. Any calculation of the net asset value per share that deviates from this specification will be published in appropriate newspapers, as well as on the internet at www.dws.com.

The value of the net assets of the Company B. held in each respective sub-fund is deter-mined according to the following principles:

Securities listed on an exchange are val-a) ued at the most recent available price.

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Securities not listed on an exchange but b) traded on another regulated market are valued at a price no lower than the bid price and no higher than the ask price at the time of the valuation, and which the Management Company considers the best possible price at which the securi-ties can be sold.

In the event that such prices are not in c) line with market conditions, or for secu-rities other than those covered in (a) and (b) above for which there are no fixed prices, these securities, as well as all other assets, will be valued at the current market value as determined in good faith by the Management Company, following generally accepted valuation principles verifiable by auditors.

Liquid assets are valued at their nominal d) value plus interest.

Time deposits may be valued at their yield e) value if a contract exists between the Company and the credit institution stip-ulating that these time deposits can be withdrawn at any time and that their yield value is equal to the realized value.

All assets denominated in a foreign cur-f) rency are converted into the currency of the sub-fund at the latest mean rate of exchange.

An income equalization account is main-C. tained.

For large-scale redemption requests that D. cannot be met from the liquid assets and allowable credit facilities, the Management Company may determine the NAV per share of the respective sub-fund, or if more than one share class has been issued for a par-ticular sub-fund, the NAV per share of each share class, based on the price on the val-uation date on which it sells the necessary assets; this price then also applies to sub-scription applications submitted at the same time.

The assets are allocated as follows:E.

the proceeds from the issue of shares a) of a share class within a sub-fund are assigned in the books of the Company to the appropriate sub-fund, and the cor-responding amount will increase the percentage of that share class in the net assets of the sub-fund accordingly. Assets and liabilities, as well as income and expenses, are allocated to the respec-tive sub-fund in accordance with the pro-visions contained in the following para-graphs. If such assets, liabilities, income and expenses are identified in the provi-sions of the special section of the Sales Prospectus as being allocated exclusively to certain specified share classes, they will increase or reduce the percentage of those share classes in the net assets of the sub-fund;

assets that are also derived from other b) assets are allocated in the books of the

Company to the same sub-fund or the same share class as the assets from which they are derived, and at each revalu-ation of an asset the increase or decrease in value is allocated to the corresponding sub-fund or share class;

if the Company enters into an obliga-c) tion that is connected to a particular asset of a particular sub-fund or a partic-ular share class, or to an action relating to an asset of a particular sub-fund or a particular share class, e.g. the obligation attached to the currency hedging of cur-rency hedged share classes or the obliga-tion attached to the duration hedging of duration hedged share classes, this liabil-ity is allocated to the corresponding sub-fund or share class;

if an asset or a liability of the Company d) cannot be allocated to a particular sub-fund, that asset or liability will be allo-cated to all sub-funds in proportion to the net assets of the corresponding sub-funds or in such other manner as the Board of Directors determines in good faith; the Company as a whole is not lia-ble to third parties for liabilities of individ-ual sub-funds;

in the event of a distribution of dividends, e) the net asset value per share of the dis-tribution share class is decreased by the amount of the distribution. This decreases the percentage of the distribution share class in the sub-fund’s net assets, while at the same time increasing the percentages in the sub-fund’s net assets of the share classes that do not receive distributions. The net effect of the reduction of the sub-fund’s net asset value, and the correspond-ing increase of the percentage of the sub-fund’s net assets allocated to the share classes that do not receive distributions, is that the net asset values of the non-dis-tributing share classes are not adversely affected by any dividend distribution.

By way of derogation from the preceding F. paragraphs the following can be applied for sub-funds that use SDU: the valuation of the derivatives and its underlyings can be pro-cessed at a deviant time at the corresponding valuation day of the respective sub-funds.

Suspension of the redemption 7. of shares and of the calculation of the net asset value per share

The Management Company has the right to suspend temporarily the redemption of shares of one or more sub-funds, or one or more share classes, as well as the calculation of the NAV per share, if and while circumstances exist that make this suspension necessary and if the suspension is justified when taking into consideration the interests of the shareholders, in particular:

while an exchange or other regulated market –on which a substantial portion of the securi-ties of the particular sub-fund are traded is closed (excluding normal weekends and hol-idays) or when trading on that exchange has been suspended or limited;

in an emergency, if the sub-fund is unable –to gain access to its investments or cannot freely transfer the transaction value of the sub-fund’s purchases or sales or calculate the NAV per share in an orderly manner;

if the assets available for acquisition on the mar- –ket or the possibilities of disposing of assets of the sub-fund are limited because of the limited investment universe of the sub-fund.

Investors who have applied for redemption of shares will be informed promptly of the suspen-sion and will then be notified immediately once the calculation of the net asset value per share is resumed. After resumption, investors will receive the redemption price that is then current.

The suspension of the redemption and the exchange of shares, and of the calculation of the net asset value per share, shall have no effect on any other sub-fund.

The beginning and end of a period of suspension is communicated to the Luxembourg supervisory authority and to all foreign supervisory authori-ties at which the respective sub-fund(s) has been registered in accordance with their respective regulations. Notice of suspension of the calcula-tion of the NAV per share will be published in a Luxembourg daily newspaper and, if required, in the official publication media of the respective jurisdictions in which the shares are offered for sale to the public.

Exchange of shares8.

The following sections apply to all sub-funds, if not stated differently in the special section of the Sales Prospectus.

Within certain limitations shareholders may at A. any time exchange some or all of their shares for shares of a different sub-fund or shares of a different share class upon payment of an exchange commission plus any applicable issue taxes and levies. The exchange commission is calculated on the amount to be invested in the new sub-fund, it is charged for the benefit of the main distributor, which in turn may pass it on at its discretion. The main distributor may waive the commission. If the investor has his shares in the custody of a financial institution, that institution may charge additional fees and costs in excess of the exchange commission.

It is possible to make exchanges between B. share classes that are denominated in dif-ferent currencies provided that the custo-dian of the investor is able to process such an exchange request. The investors should note that not all service providers for custody are able to process the exchanges between share classes that are denominated in different cur-rencies from an operational point of view.

It is not possible to make exchanges between C. registered shares and bearer shares repre-sented by a global certificate.

It is not possible to make exchanges between D. shares classes with the “B” designator and other share classes denominated in the same currency during the first 4 years after the ini-tial subscription. After this time period same

36

rules like for other share classes denomi-nated in the same currency shall apply.

Exchanges from other share classes in the same currency into share classes with the “B” designator are treated like an initial subscrip-tion to this share class. No exchange commis-sion will be applied to such exchanges.

The following applies for exchanges within the E. EUR/GBP/CHF/AUD/NZD/ CAD/JPY/NOK/SEK/PLN/Russian ruble share classes (section 8. B. remains unaffected):

The exchange commission equals to the front-end load less 0.5 percentage points, unless a share class or sub-fund without a front-end load is being exchanged for a share class or sub-fund with a front-end load. In that case, the exchange commission may correspond to the full front-end load.

The following applies for exchanges within the F. USD/SGD/HKD share classes (section 8. B. remains unaffected):

The commission for an exchange may amount to as much as 1% of the value of the target share, unless a share class or sub-fund with-out a front-end load is being exchanged for a share class or sub-fund with a front-end load. In that case, the exchange commission may correspond to the full front-end load.

In case of an exchange, the characteristics of G. the chosen sub-fund/share class (e.g. minimum initial investment amount, institutional charac-ter of the investor) must be fulfilled. (In terms of the minimum initial investment amount the Management Company reserves the right to deviate from this rule at its own discretion).

The number of shares that are issued in an H. exchange is based on the respective net asset value of the shares of the two relevant sub-funds on the valuation date on which the exchange order was executed in consider-ation of any applicable exchange fees, and is calculated as follows:

A = B × C × (1-D) E

where

A = the number of shares of the new sub-fund to which the shareholder will be entitled;

B = the number of shares of the original sub-fund whose exchange the shareholder has requested;

C = the net asset value per share of the shares to be exchanged;

D = applicable exchange commission in %;

E = the net asset value per share of the shares to be issued as a result of the exchange.

Allocation of income9.

For the reinvesting share classes, income is continuously reinvested in the assets of the

sub-funds and allocated to the respective share classes. For the distributing share classes, the Board of Directors shall decide each year whether a distribution will be made and in what amount. The Board of Directors may elect to pay out special and interim dividends for each share class in accordance with the law. No distribu-tion will reduce the Company’s capital to a level below its minimum capital.

Management Company, 10. investment management, administration, Transfer Agent and distribution

The Board of Directors has appointed DWS Investment S.A. as Management Company.

The Company has entered into an investment management agreement with DWS Investment S.A.. Performance of investment management duties is subject to the Law of December 17, 2010, on Undertakings for Collective Invest-ment. DWS Investment S.A. is a public limited company under Luxemburg law and a subsidiary of Deutsche Bank Luxembourg S.A. and DWS Investment GmbH, Frankfurt/Main, Germany. It is established for an indeterminate time. The contract may be terminated by any of the parties on three months’ notice. Administration covers all the tasks pertaining to joint investment manage-ment as specified in Annex II to the Luxemburg law of December 17, 2010 (investment manage-ment, administration, distribution).

The Company’s Board of Directors remains jointly responsible for investing the Company’s assets held in each respective sub-fund.

The Management Company may, in compliance with the regulations of the Luxembourg law of December 17, 2010, delegate one or more tasks to third parties under its supervision and control.

Investment management:(i) The Management Company can appoint, on its own responsibility and under its own control, one or more fund managers for the day-to-day implementation of the investment policy. In this respect, fund management shall encompass day-to-day implementation of the investment policy and direct investment decisions. The fund man-ager shall implement the investment policy, make investment decisions and continuously adapt them to market developments as appropriate, taking into account the interests of the sub-fund. The respective contract may be terminated by any of the parties on three months’ notice.

The respective fund manager designated for each sub-fund is specified in the respective product annex in the special section of the Sales Pro-spectus The fund manager may delegate its fund management services in whole or in part, under its supervision, control and responsibility, and at its own expense.

Administration, Transfer Agent, Registrar:(ii) The Management Company has entered into an administration agreement with State Street Bank Luxembourg S.A. Under this administration agreement, State Street Bank Luxembourg S.A. assumes significant central administration func-tions, namely fund bookkeeping and net asset value calculation. State Street Bank Luxembourg S.A. has been doing business as a bank since its

establishment in 1990. The contract may be ter-minated by any of the parties on three months’ notice.

DWS Investment S.A. assumes the remaining duties of central administration, including in par-ticular the retrospective monitoring of investment limits and restrictions and the functions of domi-ciliary agent and Registrar and Transfer Agent.

With regard to the function as Registrar and Trans-fer Agent, DWS Investment S.A. has entered into a sub-transfer agent agreement with RBC Dexia Investor Services Bank S.A. in Luxembourg and another agreement with State Street Bank GmbH in Munich. Within the scope of the agreement with RBC Dexia Investor Services Bank S.A., the latter will in particular assume the duties as Reg-istrar and Transfer Agent for orders from investors that are carried out by means of NSCC systems. Except for the latter investors State Street Bank GmbH assumes the duties of managing the global certificate, which is deposited with Clear-stream Banking AG in Frankfurt/Main.

Distribution:(iii) DWS Investment S.A. acts as the main distributor.

Special notice

The Investment Company draws investors’ atten-tion to the fact that any investor can only assert his investor rights in their entirety – in particular the right to participate in shareholders’ meetings – directly against the fund if the investor subscribed the fund shares himself and in his own name. In cases where an investor invested in a fund via an intermediary, who invested in his own name but for the account of the investor, the investor may not be able to directly assert all his investors’ rights directly against the fund. Investors are advised to find out about their rights.

The Custodian11.

The Custodian is State Street Bank Luxem-A. bourg S.A. It is a public limited company under Luxembourg law and conducts bank-ing activities. The rights and obligations of the Custodian are governed by the by-laws, this Sales Prospectus and the Custodian agreement. Its particular duty is to hold in safe-keeping the assets of the Investment Company. The Custodian acts in the inter-ests of the shareholders.

All securities and other assets of the Invest-B. ment Company will be held in safe-keeping by the Custodian in separate accounts and depos-its, authority over which may only be exercised in compliance with the provisions contained in the by-laws. The Custodian may, on its own responsibility, entrust other banks or securities clearing houses with the custody of the securi-ties and assets of the Investment Company.

Both the Custodian and the Investment Com-C. pany may terminate the custody arrange-ment at any time by giving three months’ written notice. Such termination will be effec-tive when the Investment Company, with the authorization of the responsible supervisory authority, appoints another bank as Custo-dian and that bank assumes the responsibili-ties and functions as Custodian; until then the

37

previous Custodian shall continue to fulfill its responsibilities and functions as Custodian to the fullest extent in order to protect the inter-ests of the shareholders.

The Custodian is bound to follow the instruc-D. tions of the Investment Company, unless such instructions are in violation of the law, the by-laws or the Sales Prospectus.

Costs and services received12.

The Investment Company shall pay to a) the Management Company a fee from the assets of the sub-fund based on the respective sub-fund’s net asset value cal-culated on the valuation date, in each case relative to the percentage of the sub-fund’s assets attributable to the respec-tive individual share class. For all share-classes of sub-funds launched before July 1, 2008 the fee of the Management Company does not exceed 2.1% p.a.; for share classes of sub-funds launched on July 1, 2008 or thereafter the fee of the Management Company may be up to 3% p.a. The current Management Company fee rates are disclosed in the product annex for the respective share classes in the special section of the Sales Prospec-tus. This fee shall in particular serve as compensation for the Management Com-pany, the fund management and the dis-tributors of the sub-fund.

The Management Company usually passes on some of its management fee to inter-mediaries. This is paid as remuneration for sales services performed on an agency basis. This may constitute a substantial amount. The fee may differ for each share class. The annual report contains additional information on this. The Management Com-pany does not receive any reimbursement of the fees and expense reimbursements payable out of a sub-fund to the Custodian and third parties. Valuable benefits offered by brokers and traders, which the Manage-ment Company uses in the interests of investors, shall not be affected (see the section entitled “Buy and sell orders for securities and financial instruments”).

The Management Company may addition-ally receive from the assets of the respec-tive sub-fund a performance-related fee for individual or all share classes, the level of which is specified in the respective product annex in the special section of the Sales Prospectus. If a performance-related fee is provided for, the calculation of the fee takes place at the level of the respective share classes.

The performance-related fee is generally based on a benchmark specified in the respective product annex in the special section of the Sales Prospectus. A hur-dle rate may also be used as a measure for the performance-related fee to be assessed for individual sub-funds. If the specified benchmark should cease to apply during the term of the sub-fund, the Management Company may, in the inter-est of shareholders, employ a comparable

recognized benchmark as the basis for calculating the performance-related fee in the place of the obsolete index. If such a comparable benchmark does not exist, the Management Company may create a suitable benchmark for the sub-fund on a basis that is recognized. As this would be an internal benchmark created by the Management Company itself, conflicts of interest may occur. However, the Manage-ment Company will set the benchmark to the best of its knowledge and belief in an effort to avoid such conflicts of interest. If a shareholder wants information on the composition of the benchmark, he can request it at no cost from the Manage-ment Company.

In relation to trading operations for the sub-funds, the Management Company is entitled to make use of valuable benefits offered by brokers and traders, which it will use for investment decisions in the interests of the shareholders. These ser-vices include direct services provided by the brokers and traders themselves, such as research and financial analyses, and indirect services such as market and price information systems.

In addition to the aforementioned remu-b) neration of the Management Company, the following fees and expenses may also be charged to the Investment Company:

The administration fee, the amount –of which is generally dependent on the net assets of the respective sub-fund. The Management Company and the administrator shall set the spe-cific amount of this fee in the adminis-tration agreement in accordance with customary market practice in Lux-embourg. The fee may differ for each share class. The exact amount of the fee charged can be viewed in the Com-pany’s annual report. In addition to the administration fee, the administrator shall receive compensation for costs and outlays incurred through activities in relation to the administration not already covered by the fee. Adminis-tration includes the performance of all bookkeeping and other administrative duties required for the central admin-istration of a Luxembourg fund by law and supplementary regulations;

The Registrar and Transfer Agent fee, –and the remuneration of any sub-trans-fer agents, for the maintenance of the register of shares and the settlement of transactions to buy, sell and exchange shares. The amount of this fee is depen-dent on the number of share registers being maintained. The fee may differ for each share class. The exact amount of the fee charged can be viewed in the Company’s annual report. In addition to this fee, the Registrar and Transfer Agent shall also receive compensation for costs and outlays incurred through activities in relation to the Registrar and Transfer Agent services not already cov-ered by the fee.

The Custodian fee for the custody of –the Company’s assets, the amount of which is generally dependent on the assets held (excluding transaction costs incurred by the Custodian). The Com-pany and the Custodian shall set the spe-cific amount of this fee in the Custodian agreement in accordance with custom-ary market practice in Luxembourg. The exact amount of the fee charged may be viewed in the fund’s annual report. In addition to this fee, the Custodian can/shall also receive compensation for costs and outlays incurred through activi-ties not already covered by the fee.

Remuneration of the directors. Remu- –neration is set by the Board of Directors;

The cost of the auditors, representative –agents and tax representatives;

Any costs incurred in relation to achieve- –ment of distributor status/reporting sta-tus in the UK, if applicable, will be borne by the relevant class of shares.

Costs incurred for the printing, mail- –ing and translation of all statutory sales documentation, as well as for the print-ing and distribution of all other reports and documents required according to applicable laws or regulations issued by the authorities;

Costs arising from any potential domestic –or foreign market listing or registration;

Other costs of investing and managing –the assets of the respective sub-fund;

Formation costs and other costs in con- –nection thereto may be charged to the assets of the sub-fund to which they pertain. Any such charges are amor-tized during a period not exceeding five years. Formation costs are not expected to exceed EUR 50,000;

Costs incurred for the preparation, fil- –ing and publication of the by-laws and other documents relating to the Com-pany, including registration applica-tions, prospectuses or written expla-nations to all registration authorities and exchanges (including local securi-ties traders’ associations) that must be undertaken in connection with the sub-funds or the offering of the shares of the sub-funds;

The cost of the publications intended –for the shareholders;

Insurance premiums, postage, tele- –phone and fax costs;

Costs incurred for the rating of a sub- –fund by internationally recognized rat-ing agencies;

The cost of the dissolution of a share –class or a sub-fund;

Association membership costs; –

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Costs connected to the attainment and –maintenance of a status that authorizes direct investment in assets in a coun-try or direct participation as a contract-ing party in markets in a country.

Costs incurred in connection with the –use of index names, particularly license fees.

Networking costs for the use of clear- –ing systems. The costs incurred will be charged to the respective share class.

The accumulated costs specified under (b) will not exceed the expense cap of 30%, 15% or 7.5% of the Management Company fee. The expense cap applicable to a sub-fund can be found in the respec-tive sub-fund overview.

In addition to the aforementioned costs c) and remunerations, the following expenses may also be charged to the sub-funds:

A service fee of up to 0.3% p.a. charged –to the respective sub-fund. The amount of the service fee may differ depending on the sub-fund and share class. The ser-vice fees currently granted by the Com-pany are disclosed in the product annex for the respective share classes in the special section of the Sales Prospectus. The Service Fee could be completely or partly passed on to distributors.

The service functions of the main dis- –tributor include, in addition to selling the shares, the performance of other administrative duties reserved for the main administration of a fund in Lux-embourg by law and supplementary regulations.

All of the taxes charged to the assets –of a sub-fund and to a sub-fund itself (especially the taxe d’abonnement), as well as any taxes that may arise in con-nection with administrative and custo-dial costs;

Legal fees incurred by the Manage- –ment Company, the administrator, the fund manager, the Custodian or the Transfer Agent, or by a third party appointed by the Management Com-pany, when acting in the interests of the shareholders;

Any costs that may arise in connec- –tion with the acquisition and disposal of assets (including transaction costs incurred by the Custodian that are not covered by the Custodian fee);

Any costs that may arise in connec- –tion with currency hedging of currency hedged share classes or duration hedg-ing of duration hedged share classes are charged against the respective share class. The costs may differ depending on the sub-fund and share class.

Furthermore, the Management Company –may receive up to one half of the income

from the conclusion of securities lending transactions (including synthetic securi-ties lending transactions) for the account of the respective sub-fund assets.

Extraordinary costs (e.g. court costs) –that may be incurred in order to pro-tect the interests of shareholders of a sub-fund; the Board of Directors shall decide in each individual case whether or not to assume such costs and will report these separately in the annual report.

Costs incurred for marketing activities are d) not charged to the Investment Company.

Fees are paid out at the end of the month. e) All costs shall first be deducted from cur-rent income, then from capital gains and lastly from the assets of the sub-fund. The specified costs are listed in the annual reports.

Investment in shares of target funds f) Investment in target funds may lead to duplicate costs, and particularly duplicate management fees, since fees are incurred at the level of the respective sub-fund as well as at the level of a target fund.

If the sub-fund’s assets are invested in shares of another fund that is managed directly or indirectly by the Company itself, the same Management Company or by another company that is affiliated with it by virtue of joint management or control, or by material direct or indirect shareholding, the Company, the Manage-ment Company or the other company will not charge to the fund’s assets any fees for the acquisition or redemption of shares of such other funds.

The portion of the management fee/all-in fee attributable to shares of associated investment assets is deducted from the management fee/all-in fee charged by the acquired investment assets, if necessary up to the full amount (difference method).

If the sub-fund invests in shares of target funds launched or managed by companies other than those named above, it must be taken into account that additional initial and deferred sales charges are charged to its assets if necessary.

Taxes13.

Pursuant to Article 174 of the Law of Decem-ber 17, 2010, the assets of each respective sub-fund are generally subject to a tax in the Grand Duchy of Luxembourg (the “taxe d’abonnement”) of 0.05% or 0.01% p.a. at present, payable quar-terly on the net assets of each sub-fund reported at the end of each quarter. Under certain circum-stances, the assets of a sub-fund may be com-pletely exempt from the taxe d’abonnement. The tax rate applicable to a sub-fund can be found in the respective sub-fund overview.

The sub-fund’s income may be subject to with-holding tax in the countries where the sub-fund’s assets are invested. In such cases, neither the

Custodian nor the Management Company is required to obtain tax certificates.

The tax treatment of fund income at investor level is dependent on the individual tax regula-tions applicable to the investor. For information about individual taxation at investor level (espe-cially non-resident investors), a tax adviser should be consulted.

EU taxation of interest payments(EU withholding tax)

In accordance with the provisions of EU Direc-tive 2003/48/EC on the taxation of interest pay-ments within the EU (the “Directive”), which entered into force on July 1, 2005, the possi-bility cannot be excluded that a withholding tax may be levied in certain cases if a Luxembourg paying agent effects certain distributions or redemptions of fund shares and the recipient of these funds is an individual who is a resident of another EU member state. The withholding tax on such payments and redemptions will be 35% from July 1, 2011.

The individual affected can instead explicitly autho-rize the Luxembourg paying agent to disclose the necessary tax information according to the informa-tion exchange system provided for in the Directive to the tax authority for the respective domicile.

Alternatively, he can present to the Luxembourg paying agent a certificate issued by the tax author-ity for the respective tax domicile for exemption from the above withholding tax.

UK TaxationWhere applicable, the Directors intend to apply for reporting fund status in respect of share classes made available to UK investors. Please see the sub-fund product annexes in the Sales Prospectus – Special Section for more detail.

Facilities and information in the UK14.

The Company is a recognised scheme in the UK for the purposes of the Financial Services and Markets Act 2000 (the “Act”) by virtue of section 264 of that Act. It is registered with the Financial Services Authority (“FSA”) under the number 496751. The FSA’s registered office is at 25 The North Colonnade, Canary Wharf, London E14 5HS.

UK investors are advised that the rules made by the FSA under the Act do not in general apply to the Company in relation to its investment busi-ness. In particular the rules made under the Act for the protection of private customers (for example, those conferring rights to cancel or withdraw from certain investment agreements) do not apply, and the Financial Services Compen-sation Scheme will not be available, in connec-tion with an investment in the Company. In addi-tion, the protections available under the Financial Ombudsman Service (such as the right to refer to that service to resolve disputes regarding the Company) will not be available in connection with an investment in the Company.

This Sales Prospectus and the Key Investor Infor-mation Document may be distributed in the UK without restriction. Copies of the Sales Prospec-tus and the Key Investor Information Document

39

have been delivered to the FSA as required under the Act.

The Company is required by the FSA to maintain certain facilities at a UK address in the interests of investors in the sub-funds in the UK. The Company has appointed Tilney Investment Management to maintain the relevant facilities at its offices in the UK. Its contact details are as follows:

Tilney Investment Management Royal Liver BuildingPier HeadLiverpool L3 1NYTel: +44 (0)151 255 3000

Tilney Investment Management (registered in Eng-land under company number 02010520) is autho-rised and regulated in the UK by the FSA and is reg-istered with the FSA under the number 124255.

UK persons may inspect and obtain English lan-guage copies of the by-laws of the Company, the latest Sales Prospectus, the Key Investor Informa-tion Document and the latest annual and interim reports relating to the Company at this address during normal business hours. No charge is made for inspecting and obtaining copies of these documents.

Information can be obtained at this address either orally or in writing about the latest sale and pur-chase prices of shares. Shareholders may apply there to redeem their shares and be paid the redemption price. Any person who has a com-plaint about any aspect of the operation of the Company may submit it there for transmission to the Company.

Particulars of the procedure to be followed in con-nection with the subscription and purchase and with the redemption and sale of shares are set out in the Sales Prospectus. Please also refer to the special section of the Sales Prospectus.

Shareholders’ meetings15.

Shareholders’ meetings take place annually at the registered office of the Company or any other place designated in the invitation. They are gener-ally held on every fourth Wednesday in April of each year at 11:00 AM CET. In years when such fourth Wednesday in April falls on a bank holiday, the shareholders’ meeting will be held on the next bank business day.

The shareholders of a sub-fund can also hold a shareholders’ meeting at any time in order to decide on actions pertaining exclusively to that sub-fund. Similarly, the shareholders of a par-ticular share class of a sub-fund can also hold a shareholders’ meeting at any time in order to decide on actions pertaining exclusively to that share class.

Resolutions are passed by simple majority. In all other aspects, the Law on Trading Companies of August 10, 1915, applies.

Invitations to general and extraordinary share-holders’ meetings are published in the Mémo-rial C, Receuil des Sociétés et Associations (“Mémorial”), in the “Luxemburger Wort” and in newspapers considered appropriate by the Board of Directors in each distribution country.

Establishment, closing and merger 16. of sub-funds or share classes

The establishment of sub-funds is decided by A. the Board of Directors.

In the cases provided for by law, the Board B. of Directors can resolve to dissolve the Com-pany’s assets held in a sub-fund and to pay out to shareholders the net asset value of their shares on the valuation date on which the decision takes effect. If a situation arises resulting in the dissolution of the sub-fund, the issue and redemption of shares of the respective sub-fund will be halted. On order of the Company or the liquidators appointed by the shareholders’ meetings, the Custo-dian will divide the proceeds of the liquidation less the costs of liquidation and fees among the shareholders of the respective sub-fund according to their entitlement. The net pro-ceeds of liquidation not collected by share-holders upon completion of the liquidation proceedings will at that time be deposited by the Custodian with the Caisse des Con-signations in Luxembourg for the account of shareholders entitled to them, where such amounts will be forfeited if not claimed by the statutory deadline.

Furthermore, the Board of Directors can declare the cancellation of the issued shares in such a sub-fund and the alloca-tion of shares in another sub-fund, subject to approval by the shareholders’ meeting of the shareholders of that other sub-fund, provided that for the period of one month after publication according to the provision below the shareholders of the correspond-ing sub-fund shall have the right to demand the redemption or exchange of all or part of their shares at the applicable net asset value without additional cost.

The Board of Directors can decide to trans-C. fer the assets of a sub-fund to a different sub-fund that exists within the Company or to a different undertaking for collective invest-ment established according to Part I of the Law of December 17, 2010, or a different sub-fund within such different undertaking for col-lective investment (“New Sub-Fund”) and redefine the shares. Such a decision shall be published in order to enable the sharehold-ers for a period of one month to apply for no-cost redemption or no-cost exchange of their shares. In the event of a merger with a Lux-embourg open-ended unit trust (fonds com-mun de placement), such a resolution is bind-ing only on those shareholders who gave their approval for the merger.

The procedure of a merger is equivalent to D. the dissolution of the sub-fund and a simul-taneous takeover of all of the assets by the receiving fund. However, in contrast to a dissolution, the investors in the sub-fund receive shares of the receiving fund or sub-fund, the number of which is based on the ratio of the net asset values per share of the sub-funds involved at the time of the absorp-tion, with a provision for settlement of frac-tions if necessary. The execution of the merger will be monitored by the auditor of the Company.

Resolutions to establish share classes are E. made by the Board of Directors.

In the cases provided for by law, the Board of F. Directors may resolve to dissolve a share class within a sub-fund and to pay out to the share-holders of this share class the net asset value of their shares (taking into consideration the actual realization values and realization costs with respect to investments in connection with this cancellation) on the valuation date on which the decision takes effect. Furthermore, the Board of Directors can declare the cancel-lation of the issued shares of a share class of such a sub-fund and the allocation of shares of another share class of the same sub-fund, pro-vided that for the period of one month after publication according to the provision below, the shareholders of the share class of the sub-fund to be cancelled shall have the right to demand the redemption or exchange of all or part of their shares at the applicable net asset value and in accordance with the procedure described in Articles 14 and 15 of the by-laws at no additional cost.

The Board of Directors can decide to merge G. share classes within a sub-fund. Such a merger means that the investors in the share class to be cancelled receive shares of the receiving share class, the number of which is based on the ratio of the net asset values per share of the share classes involved at the time of the merger, with a provision for settle-ment of fractions if necessary. The execution of the merger will be monitored by the audi-tor of the Company.

Dissolution of the Company17.

The Company can be dissolved at any time A. by the shareholders’ meeting. The quorum required by law is necessary for resolutions to be valid.

As required by law, dissolution of the Com-B. pany shall be announced by the Company in the Mémorial and in at least three national daily newspapers, one of which must be a Luxembourg newspaper.

If a situation arises resulting in the dissolution C. of the Company, the issue and redemption of shares will be halted. On order of the Com-pany or the liquidators appointed by the share-holders’ meeting, the Custodian will divide the proceeds of the liquidation less the costs of liquidation and fees among the sharehold-ers of the respective sub-funds according to their entitlement. The net proceeds of liquida-tion not collected by shareholders upon com-pletion of the liquidation proceedings will at that time be deposited by the Custodian with the Caisse des Consignations in Luxembourg for the account of shareholders entitled to them, where such amounts will be forfeited if not claimed by the statutory deadline.

Publication18.

The net asset value per share may be obtained A. from the Management Company and all pay-ing agents and it may be published in each dis-tribution country through appropriate media (such as the Internet, electronic information

40

systems, newspapers, etc.). In order to pro-vide better information for the investors and to satisfy different customary market practices, the Management Company may also publish an issue/redemption price in consideration of a front-end load and redemption fee. Such infor-mation may be obtained from the Investment Company, the Management Company, the Transfer Agent or the sales agent on every day such information is published.

The Company produces an audited annual B. report and a semi-annual report according to the laws of the Grand Duchy of Luxembourg.

The Sales Prospectus, Key Investor Informa-C. tion Document, the by-laws, and the annual and semi-annual reports are available free of charge to shareholders at the registered office of the Company and at all sales and paying agents. Copies of the following documents may also be inspected free of charge on any bank business day in Luxembourg during customary business hours at the registered office of the company at 2, Boulevard Konrad Adenauer, 1115 Luxembourg, Luxembourg:

the Management Company agreement,(i) the Custodian agreement,(ii) the administration agreement and(iii) the fund management agreement.(iv)

Incorporation, fiscal year, term19.

The Company was established on March 15, 2002, for an indeterminate period. Its fiscal year ends on December 31 of each year.

Exchanges and markets20.

The Management Company may have the sub-funds’ shares admitted for listing on an exchange or traded on regulated markets; currently the Management Company is not availing itself of this option. The Management Company is aware that – without its consent – as of the date of creation of this Sales Prospectus, the shares of the following sub-funds are being traded or are listed on the following exchanges and markets:

DWS Invest Africa, DWS Invest Alpha Strategy, DWS Invest Convertibles, DWS Invest Euro Bonds (Premium), DWS Invest Euro Bonds

(Short), DWS Invest Euro Corporate Bonds, DWS Invest Euro-Gov Bonds, DWS Invest European Small/Mid Cap, DWS Invest Global Infrastructure, DWS Invest Gold and Precious Metals Equities, DWS Invest Income Strategy Plus, DWS Invest Multi Asset Allocation:

Frankfurt Stock Exchange (Börse Frankfurt) –Hamburg Stock Exchange (Börse Hamburg) –Duesseldorf Stock Exchange –(Börse Düsseldorf)Munich Stock Exchange (Börse München) –Berlin Stock Exchange (Börse Berlin) –

DWS Invest BRIC Plus, DWS Invest Chinese Equities, DWS Invest Commodity Plus, DWS Invest European Equities, DWS Invest Global Agribusiness, DWS Invest Global Equities, DWS Invest Japanese Equities, DWS Invest Responsibility, DWS Invest Top 50 Asia, DWS Invest European Value, DWS Invest Top Euro-land, DWS Invest US Value Equities:

Frankfurt Stock Exchange (Börse Frankfurt) –Hamburg Stock Exchange (Börse Hamburg) –Duesseldorf Stock Exchange –(Börse Düsseldorf)Munich Stock Exchange (Börse München) –Stuttgart Stock Exchange (Börse Stuttgart) –Berlin Stock Exchange (Börse Berlin) –

DWS Invest US-Gov Bonds:

Frankfurt Stock Exchange (Börse Frankfurt) –Hamburg Stock Exchange (Börse Hamburg) –Munich Stock Exchange (Börse München) –Berlin Stock Exchange (Börse Berlin) –

DWS Invest Global Inflation Strategy, DWS Invest Income Strategy Conservative:

Hamburg Stock Exchange (Börse Hamburg) –Duesseldorf Stock Exchange –(Börse Düsseldorf)Munich Stock Exchange (Börse München) –Berlin Stock Exchange (Börse Berlin) –

DWS Invest Income Strategy Currency:

Hamburg Stock Exchange (Börse Hamburg) –Frankfurt Stock Exchange (Börse Frankfurt) –Duesseldorf Stock Exchange –(Börse Düsseldorf)Berlin Stock Exchange (Börse Berlin) –

DWS Invest New Resources:

Frankfurt Stock Exchange (Börse Frankfurt) –Munich Stock Exchange (Börse München) –Stuttgart Stock Exchange (Börse Stuttgart) –Berlin Stock Exchange (Börse Berlin) –

DWS Invest Asian Small/Mid Cap:

Frankfurt Stock Exchange (Börse Frankfurt) –Munich Stock Exchange (Börse München) –Berlin Stock Exchange (Börse Berlin) –

DWS Invest Government Liquidity Fund:

Hamburg Stock Exchange (Börse Hamburg) –Duesseldorf Stock Exchange –(Börse Düsseldorf)Stuttgart Stock Exchange (Börse Stuttgart) –

DWS Invest Emerging Markets Corporates:

Hamburg Stock Exchange (Börse Hamburg) –Munich Stock Exchange (Börse München) –

DWS Invest StepIn Akkumula:

Hamburg Stock Exchange (Börse Hamburg) –

The possibility that such trading might be dis-continued at short notice, or that the shares of the sub-funds may be trading or introduced for trading on other markets – including at short notice, where applicable – cannot be excluded. The Management Company has no knowledge of this.

The market price underlying exchange trading or trading on other markets is not determined exclusively by the value of the assets held in the sub-funds. Supply and demand are also contrib-uting factors. The market price may therefore deviate from the calculated net asset value per share.

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B. Sales Prospectus – Special section DWS Invest AfricaFor the sub-fund with the name DWS Invest Africa, the following provisions shall apply in addi-tion to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Africa is to achieve an appreciation as high as possible of capital invested.

At least 70% of the sub-fund’s total assets (after deduction of liquid assets) are invested in shares, stock certificates, participation and dividend-right certificates, and equity warrants of issuers which have their registered offices or their principal busi-ness activity in Africa or which, as holding compa-nies, hold the majority of interests in companies registered in Africa, particularly in South-Africa, Egypt, Mauritius, Nigeria, Morocco and Kenya.

The securities issued by these companies may be listed on the African or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Eco-nomic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public. The exchanges and other reg-ulated markets must comply with requirements of Article 41 of the Luxembourg law of Decem-ber 17, 2010 relating to undertakings for collective investments.

Investments in these securities may also be made through Global Depository Receipts (GDRs) listed on recognized exchanges and markets, or through American Depository Receipts (ADRs) issued by top-rated international financial institutions.

A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in shares, stock certificates, convertible bonds, convertible debentures and warrant-linked bonds whose underlying warrants are for securities, participation and dividend-right certificates, and equity warrants of foreign and domestic issuers that do not satisfy the requirements of the pre-ceding paragraphs, as well as in all other permis-sible assets specified in Article 2 of the general section of the Sales Prospectus.

Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest-ments in shares of other Undertakings for Col-lective Investment in Securities and/or other collective investment undertakings as defined in A. (e), an investment limit of 5% shall apply to this sub-fund.

Dilution policy:Substantial subscriptions and redemptions of the sub-fund could lead to a dilution of the sub-fund’s assets, due to the fact, that the NAV potentially does not entirely reflect all trading- and other costs. These costs occur, if the portfolio manager has to buy or sell securities in order to manage large in- or outflows of the sub-fund. In addition to these costs, substantial order volumes could lead to market prices, which are considerable lower, respectively higher than the market prices under general circumstances. To enhance the shareholder protection of already existing invest-ors the following option allows the usage of the dilution policy in favour of the sub-fund’s assets during exceptional market situations to compen-sate trading and other costs in case of material impact to the sub-fund.

Share class* Security codes ISINLC DWS0QM LU0329759764LD DWS0SH LU0363465583NC DWS0QN LU0329759848FC DWS0QP LU0329759921A2 DWS0QQ LU0329761075S2 DWS0QS LU0329761828DS1 DWS0VU LU0399357671FD DWS08C LU0616870506Investor Profile Risk-tolerantCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificateDate of launch LC, LD, NC, FC and A2: July 10, 2008 DS1: January 20, 2009 S2 and FD: The date of launch will be

determined by the Management Board of the Management Com-pany. The Sales Prospectus will be updated accordingly.

Date of initial subscription LC, LD, NC, FC and A2: Date of launch DS1: January 19, 2009 S2 and FD: The date of initial subscription will

be determined by the Manage-ment Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, LD, NC, FC and FD: EUR 100.00 A2: USD 100.00 S2: SGD 10.00 DS1: GBP 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD, A2, DS1 and S2: up to 5% based on the gross (payable by the investor) investment** NC: up to 3% based on the gross

investment*** FC and FD: 0%Allocation of income NC, FC, LC, A2, S2 and FD: Reinvestment LD and DS1: DistributionManagement Company fee LC and LD: up to 1.75% p.a. plus an additional (payable by the sub-fund)**** performance related fee***** FC and FD: up to 0.85% p. a. plus an additional

performance related fee***** NC: up to 2.2% p.a. plus an additional

performance related fee***** A2 and DS1: up to 1.8% p.a. S2: up to 1.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.2% p.a.main distributor LC, FC, FD, LD, A2, DS1 and S2: 0% p.a.(payable by the sub-fund)****Taxe d’abonnement LC, LD, NC, FC, FD, A2, DS1 and S2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are

placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are proc-essed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date.

Value date In a purchase, the equivalent value is debited five bank business days after issue of the shares. The equivalent value is credited five bank business days after redemption of the shares.

* The sub-fund DWS Invest Africa and its share classes are excluded from the option “exchanges of shares” stated in paragraph 8 of the general part of the prospectus.

** 5% based on the gross investment correspond approx. to 5.26% based on the net investment.*** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.**** For additional costs, see Article 12 in the general section of the Sales Prospectus.***** For the share classes NC, FC, FD, LD and LC, the Management Company shall receive from the sub-fund’s

assets an additional performance-related fee per share class of up to 25% of the amount by which the perform-ance of the sub-fund exceeds the performance of the Standard & Poor’s Africa 40 Net Index. The performance- related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal six-month period shall be eliminated in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn. There is no requirement to make up for a negative performance in a subsequent accounting period. The Management Company does not receive a performance-related fee for the A2, S2 and DS1 share classes.

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Performance of share classes vs. benchmark (in euro)

Share class ISIN 1 year Since inception1)

Class LC LU0329759764 37.7% 42.8%

Class LD LU0363465583 37.8% 43.5%

Class NC LU0329759848 37.0% 41.7%

Class FC LU0329759921 38.9% 47.0%

Class A22) LU0329761075 28.7% 23.5%

Class DS13) LU0399357671 33.0% 129.9%

S&P Africa 40 40.8% 43.7%

1) Classes LC, LD, NC, FC and A2 on July 10, 2008 / Class DS1 on January 20, 20092) in USD3) in GBP

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2010

The Management Board of the Management Company will define limits for the application of the dilution policy, based – amongst others – on the current market conditions, given market liquidity and estimated dilution costs. If an excep-tional market situation occurs, as defined by the Management Board of the Management Com-pany, the net asset value of the sub-fund can be adjusted to a higher or lower value to reflect the transactions costs and other dilution effects asso-ciated to this trading activity. In accordance with these limits, the adjustment itself will be initiated automatically. The adjusted net asset value will be applied to all subscriptions and redemptions of this trading day equally.

The impact of the dilution policy will not exceed 2% of the original NAV. As the mentioned dilu-tion policy methodology will only be executed when it comes to exceptional market situa-tions and significant in- and outflows and as it is not based on regular volumes, it is assumed that the NAV adjustment will only be executed occasionally.

UK Taxation The following information is a general guide to the anticipated UK tax treatment of UK-resident investors. Investors should be aware that UK tax law and practice can change. Prospective inves-tors therefore need to consider their specific position at the time they invest, and should seek their own advice where appropriate.

The separate share classes are “offshore funds” for the purposes of the UK offshore funds legisla-tion. Under this legislation, any gain arising on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “distributing fund” or a “report-ing fund” throughout the period during which the shares have been held by that investor.

Changes to the UK offshore funds regime took effect on December 1, 2009. It is now contained in the Offshore Funds (Tax) Regulations 2009 (Statutory Instrument 2009/3001).

For a UK taxpayer to benefit from capital gains tax treatment on the disposal of their investment in the DS1 share class, that class must be certified as a “distributing fund” or a “reporting fund” in respect of all accounting periods during which the UK taxpayer owned the shares. The DS1 share class has been certified as a distributing fund from 1 January 2009 to 31 December 2009 and a report-ing fund from 1 January 2010. In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attributable to the DS1 share class for each relevant accounting period. Where the reported income exceeds what has been distributed to investors, then that excess will be treated as additional distributions to the investors and investors will be taxed accordingly.

Dividends paid (and any retained income reported) to a UK resident individual will constitute a divi-dend (with a notional dividend tax credit attached) for UK income tax purposes and will generally be

taxable. Dividends paid (and any returned income reported) to a UK resident company will also con-stitute dividend income in its hands and will gener-ally be exempt from tax. The UK tax rules contain a number of anti-avoidance codes that can apply to UK investors in offshore funds in particular circum-stances. It is not anticipated that they will normally apply to investors. Any UK taxpaying investor who (together with connected persons) holds over 10% of DWS Invest should take specific advice. The intended category of investors for the DS1 share class is retail investors. The shares in it will be widely available and marketed and made available sufficiently widely to reach them and in a manner appropriate to attract them.

Risk ManagementThe relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.

In addition to the provisions of the general sec-tion of the Sales Prospectus, the potential market risk of the sub-fund is measured using a refer-ence portfolio that does not contain derivatives.

The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Africa consists of equities included in the MSCI EFM AFRICA.

Leverage is not expected to exceed twice the value of the investment subfund’s assets. How-ever, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.

Fund manager of the sub-fundThe fund manager of the sub-fund is DWS Invest-ment GmbH.

In addition to the section general risk warn-ings in the Sales Prospectus the following special risk warnings apply to the sub-fund DWS Invest Africa.

Special RISK FACTORS aligned with investments in Africa or related to AfricaInvestment in or relating to Africa carries a high degree of risk. If any of the following risks occurs, the sub-funds business, finan-cial condition or results of operations could be materially and adversely affected. The risks listed below are not exhaustive and are not ranked in any order. The sub-funds invest-ments will be subject to certain special risks associated with the jurisdictions in which investments by the Company are made, as well as normal investment risks. Additional risks and uncertainties not presently known to the Directors of the Company, or that the Directors deem immaterial, may also have an adverse effect on the sub-funds business. There can be no assurance that the invest-ments of the sub-fund will be successful or that its objectives will be attained. Accord-ingly, investment in the sub-fund should be considered to be speculative in nature and only suitable for investors who are aware of the risks involved in investment in the sub-fund and who have the ability and willing-ness to accept the anticipated lack of liquid-ity in the investments of the sub-fund, the illiquid nature of investment in the shares and the risk of the total loss of capital result-ing from investment in the sub-fund.

If you are in any doubt about the action you should take, you are advised to consult an investment advisor who is duly qualified in your jurisdiction and specialised in advis-ing on the acquisition of shares and other securities.

Risks relating to investments made by the sub-fundProspective investors should be aware of certain specific risk factors relating to Africa, other juris-dictions in which the sub-fund may invest and the nature of the sub-fund’s investments. These include:

Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substan-tial downward or upward fluctuation, even within short periods of time. The sub-fund is there fore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.

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Limited Operating History1. The sub-fund is recently established. Accordingly, the Company has limited operating and trading his-tory related to assets of issuers located in Africa. There can be no assurance that the Company will achieve its investment objectives of the sub-fund.

Dependence on Fund Manager 2. and Investment Advisors

The Company’s ability to provide returns to invest ors and achieve its investment objectives is dependent on the performance of the Fund Man-ager of the sub-fund in the identification, acquisi-tion and disposal of investments, and on the Fund Manager’s ability to appoint, effectively motivate and use Investment Advisors.

As the Fund Manager’s experience in mak-ing investments relating to the African market is limited, it may appoint Investment Advisors to provide specific investment advice to it. The Fund Manager has not formally appointed any Investment Advisors. There is no assurance that the Fund Manager will be able to appoint Investment Advisors with relevant expertise and experience.

Failure by the Fund Manager or any Investment Advisor to identify and/or manage investments effectively could have a material adverse effect on the sub-fund’s investments and, consequently, the returns generated by the sub-fund.

Subject to certain limitations set out in the Invest-ment Management Agreement, the Fund Manager has absolute discretion over the management of the sub-fund’s investments. This broad discretion may result in the sub-fund investing in invest-ments that do not perform as well as expected and, accordingly could result in a material adverse effect on the Net Asset Value and the price of the shares.

If the Management Company is dissatisfied with the performance of the Fund Manager, it may terminate the Investment Management Agreement with or without cause by giving a three months’ prior written notice to every half-year end.

Limited liquidity 3. It may be considerably more difficult for the sub-fund to invest or exit its investments in African countries or Africa related products than it would be for investors in more developed countries. Limited liquidity may adversely affect the Net Asset Value and the price of the shares.

The sub-fund may also invest in Non-African com-panies, which may be listed on Non-African Stock Exchanges, and the liquidity in respect of such investments may also be limited.

The sub-fund may endeavour to realise invest-ments in unlisted companies through listing on the relevant African stock exchange. However, there is no guarantee that such stock exchanges will provide liquidity for the sub-funds investment in unlisted companies. The Company may have to resell the investments of the sub-fund in privately negotiated transactions and the prices realised from these sales could be less than those origi-nally paid by the sub-fund or less than what may be considered to be the fair value or actual mar-ket value of such securities.

Investment restrictions in listed 4. companies in Africa

Trading on the African stock exchanges could be subject to various restrictions. There may also be restrictions on the total foreign ownership of listed companies in certain African countries.

Investments in unlisted companies 5. and in unlisted non-African companies

Generally, where the sub-fund invests in securi-ties of unlisted companies or unlisted non-African companies, whether or not traded on an OTC Market, there is no guarantee that the sub-fund will be able to realise the fair value of such securi-ties due to the tendency of such companies to have limited liquidity and comparatively high price volatility. Furthermore, there may be no reliable price source available. Estimates of fair market value of such investments are inherently difficult to establish and are the subject of substantial uncertainty. Furthermore, any companies whose securities are not publicly traded may not be sub-ject to disclosure and other legal requirements that would otherwise be applicable if their securi-ties were traded on a public exchange.

Risks specific to investment in the OTC Market in AfricaMany unlisted companies in Africa trade on the OTC Market in Africa, which acts as an interme-diary for the trading of shares of Africa unlisted companies. Transactions on the OTC Market are negotiated and agreed upon directly between buyers and sellers, often with the involvement of facilitating broker-dealers or other interme-diaries. The clearance and settlement process with respect to securities that trade on the OTC Market may be time consuming, often requir-ing endorsement by officials of the subject company.

Investments in domestic unlisted companies The Company’s investments in unlisted com-panies could be subject to foreign ownership restrictions in certain African countries.

While investments in unlisted companies may offer the opportunity for significant capital gains, such investments also involve a high degree of financial risk. Generally, the sub-fund’s invest-ments in unlisted companies may be illiquid and difficult to value, and there will be little or no pro-tection for the value of such investments. In many cases, investments will be long-term in nature and may have to be held for many years from the date of initial investment before disposal, especially if a subsequent listing of these investments on an African stock exchange is not possible. Sales of securities in unlisted companies, which fail to obtain a listing, may not be possible and, if pos-sible, may only occur at a substantial discount to the Fund Manager’s perception of the market value of or the price originally paid by the sub-fund for such securities.

The sub-fund’s investments in unlisted companies may require extensive due diligence. However, good due diligence may be difficult to achieve in some contexts, especially where limited infor-mation is publicly available. As the sub-fund is likely to be a minority shareholder in any unlisted company in which it invests, the Company will endeavour in appropriate situations to obtain suit-able minority shareholder protection by way of a shareholders’ agreement and/or observer rights

on boards, where possible. However, the Com-pany may not succeed in obtaining such protec-tion and even where the Company obtains such shareholders’ agreement or board representa-tion, they may only offer limited protection.

Investments in SOEs6. Investment in SOEs (state-owned enterprises) involves a number of special risks. The Company may obtain only very limited financial informa-tion available to it in order to evaluate potential investments in equitizing SOEs, either because it may buy shares in a process that allows only lim-ited due diligence or because the SOEs’ records are incomplete or unavailable. Furthermore, the managers of former SOEs may have difficulties in adjusting to the private sector following equi-tisation, in following good corporate governance practices, in being transparent and in appointing and retaining talented and qualified staff. It is not uncommon for SOEs after equitisation to remain majority-owned by the relevant government and to continue to respond to the requirements of the relevant government rather than acting in the best interests of its shareholders. Former SOEs may in some cases inherit business lega-cies from their former status, such as excessively large workforces, and on-going and unresolved breaches of environmental regulations.

Investments in existing closed-end funds7. Closed-end funds operating in the African market may be subject to the same investment risks as outlined herein, including but not limited to politi-cal and economic risks and deficiencies in the current legal system in African countries. Invest-ment by the sub-fund in unlisted closed-end funds will be subject to additional risk as unlisted closed-end funds will not be subject to the regu-lations of any listing authority. The sub-fund may also be subject to capital calls in its investments. In the event that the sub-fund fails to meet any future capital calls, the sub-fund’s investments may be forfeited.

Other risks relating to investing 8. in companies in Africa

In addition to the risks specified above, investee companies, and in particular former SOEs, whether they are listed or not, may face a number of risks which could cause them to significantly under-perform or even result in their bankruptcy. These include, but are not limited to:

risk of insufficient financing; –lack of customer diversification and under- –standing of the product market;internal management deficiencies; –incorrect or lack of strategy or failure to anti- –cipate industry trends due to inexperience;overstaffing; and –changes in competitiveness due to changes –to currency exchange rates.

These and other risks may be particularly acute for small companies. The Company may invest in small capitalisation companies.

Risks relating to market conditions

Market environment9. Investee companies will be exposed to the risk of a changing market environment including but not limited to increased competition in both local markets and export markets in certain sec-

44

tors due to further liberalisation of the African economy resulting from some African countries opening their markets for foreign investors. As a result of, and due to, other market forces, any of the sub-fund’s investments could be subject to a substantial decline in value at any time.

Limited investment opportunities 10. There are other companies, institutions and investors, both African and foreign, actively seeking and making investments in Africa. Several of these competitors, are expected to raise, significant amounts of capital, and may have similar investment objectives to those of the sub-fund, which may create additional competition for investment opportunities. The Company therefore expects to face significant competition for investment opportunities. Com-petition for a limited number of potential invest-ment opportunities may lead to a delay in mak-ing investments and may increase the price at which investments may be made or divested by the sub-fund, reducing the potential profitability of the sub-fund’s investments.

Foreign entities may be subject to certain restric-tions regarding investments made into certain African countries, and certain investments may require prior evaluation or approval by the rele-vant African government. This may increase the competition for a limited number of investments considered to be attractive by the Company, and result in investment delays for the sub-fund.

Additionally, in order for the sub-fund to make investments in Non-African companies located in certain non-African jurisdictions it may also need to comply with as-yet unknown local investment restrictions.

The sub-fund could be adversely affected by delays in, or a refusal to grant, any required approvals for investment in any particular com-pany, as well as by the delays in investment caused by the competition the Company expects to face in the market or by restrictions imposed on investments made in certain jurisdictions. Pend-ing investment of the proceeds of the placing the company may invest in temporary investments, which could remain invested for longer than anti-cipated and are expected to generate returns that are substantially lower than the returns that the Company anticipates receiving from investments in investee companies.

Legal systems11. The laws and regulations affecting the certain markets where the sub-fund may invest are in an early stage of development and are not well established. There can be no assurance that the sub-fund will be able to obtain effective enforce-ment of its rights through legal proceedings, nor is there any assurance that improvements will take place. As these legal systems, there may be inconsistencies and gaps in laws and regula-tions, the administration of laws and regulations by government agencies may be subject to con-siderable discretion, and in many areas the legal framework is vague, contradictory and subject to different interpretations. Furthermore, the judicial system may not be reliable or objective, and the ability to enforce legal rights is often lacking. As such, there can be no assurance that the sub-fund will be able to enforce its rights effectively through legal proceedings.

Legal systems may also unreliable, as a result of, for example, corruption or political instability.

Political and economic risks12. The sub-fund’s investments into African countries and other countries may be affected by unquan-tifiable changes in economic conditions in such countries or in international political develop-ments, changes in government policies, the imposition of restrictions on the transfer of capital or changes in regulatory, tax and legal requirements. The value of the sub-fund’s assets and of an investment in the sub-fund may be adversely affected by changes in government, government personnel or government policies, whether relating to the Government or the government of any overseas market in which the sub-fund is investing, which may include, among other things, changes in policies relating to expropriation, nationalisation and confiscation of assets, and changes in legislation relating to foreign ownership, economic policy, taxation, investment regulations, securities regulations and foreign currency conversion or repatriation.

Political uncertainties have been striking the African continent from time to time and political sentiments vary from nation to nation. Certain African states have been and are affected by civil war and terrorist-linked violence. Certain countries are experiencing and may continue to experience an unstable and volatile political environment. Political uncertainties in certain African countries may affect other countries in the region or even Africa as a whole. All these events and uncertainties may have a negative impact on the sub-fund’s investments. Not only the value of the sub-fund’s investments may be affected significantly, in the event that any clo-sure of market, state of emergency or morato-rium is declared, the sub-fund may not be able to repatriate the value of its investments or such value may be seriously diminished.

Operational risks13. The sub-fund will be exposed to a credit risk on parties with whom it trades and will also bear the risk of settlement default. Market practices in the African markets in relation to the settle-ment of securities transactions and custody of assets will provide increased risk. Although the African markets are developing, the clear-ing, settlement and registration systems avail-able to effect trades on certain of such markets are significantly less developed than those in more mature world markets which can result in delays and other material difficulties in settling trades and in registering transfers of securities. Problems of settlement in these markets may affect the Net Asset Value and liquidity of the sub-fund.

Geographic risks and risk of war14. Certain African countries are susceptible to mili-tary coups, internal wars and political instability, all of which may cause adverse political and/or economic impacts in Africa in general. Such political and/or economic impacts may in turn adversely affect the operation and profitability of the investments of the sub-fund in Africa.

Corruption risks15. Many African countries have very low score on the Corruption Perceptions Index published by the Transparency International. This indicates

that the levels of corruption in African countries are very high as opposed to those developed countries. High levels of corruption could have an adverse impact on the political and economic stability of African countries and as a result, the sub-fund’s investments in such countries may be adversely affected.

Inflation risk16. All the assets of the sub-funds are subject to devaluation through inflation. The exposure to the risk of inflation may be increased in certain jurisdictions in which the sub-funds invests due to political, economic or geographic instability or otherwise.

Regulatory risks and accounting, auditing 17. and financial reporting standards

Financial disclosure and regulatory standards may be less stringent in African countries and other securities markets where the Company may invest than they are in developed OECD member countries, and there may be less publicly available information on potential investee companies than is published by or about an issuer in such OECD member countries. In some countries the legal infrastructure and accounting reporting standards do not provide the same degree of shareholder protection or information to investors as would generally apply in many developed OECD member countries. In particular, greater reliance may be placed by the auditors on representations made by managers of a company, and there may be less independent verification of information than would apply in more developed countries. The valuation of assets, depreciation, exchange differ-ences, deferred taxation, contingent liabilities and consolidation may also be treated differently from the manner in which they would be treated under international accounting standards.

Currency conversion and capital controls18. The sub-fund’s investments in certain African and non-African markets may be in securities that are denominated in currencies other than Euro or US dollars. Fluctuations in the exchange rate between Euro/US dollars and the currency of such assets may lead to a depreciation of the value of the sub-fund’s assets as expressed in Euro/US dollars affect, among other things, the foreign currency value of dividend and capital dis-tributions and the Net Asset Value. Furthermore, certain currencies are not convertible curren-cies. Conversion of such currencies may require approvals from the relevant governments. Any delay in obtaining approvals will increase the sub-funds exposure to any depreciation of such currencies against other hard currencies such as Euro/US dollar. If the conversion cannot be effected, some of the sub-fund’s assets may be dominated in a non-convertible currency, and thus the sub-fund may be unable to make distributions to Shareholders of such assets.

The Company may seek to hedge against a decline in the value of the sub-fund’s assets resulting from currency depreciation but only if and when suitable hedging instruments are avail-able on a timely basis and on terms acceptable to the Fund Manager. There is no assurance that any hedging transactions engaged in by the Com-pany will be successful in protecting against cur-rency depreciation or that the Company will have opportunities to hedge on commercially accept-able terms.

45

Tax uncertainty19. The tax regulations in many African countries are under development. There are many areas where sufficiently detailed regulations do not currently exist and where there is a lack of clarity. The implementation and enforcement of tax regula-tions in some African countries can vary depend-ing on numerous factors, including the identity of the tax authority involved. Furthermore, the tax regulations in other jurisdictions in which the sub-fund may make investments may also not be fully developed. Any change in the Company’s tax sta-tus, the Fund Manager’s tax status, taxation leg-islation in African countries in which the sub-fund has investments or the taxation requirements in any other non-African jurisdiction in which the sub-fund has made an investment could adversely affect the sub-fund’s performance, the value of its investments, its ability to declare divi-dends and remit profits, and the tax obligations imposed on it.

In addition, the Company, its wholly or partly owned SPVs and the investee companies may be subject to capital gains tax, corporate tax, with-holding tax and other taxes, duties, levies, tariffs or imposts which may have an adverse impact on the sub-funds returns.

Transfer and settlement risk20. The collection, transfer and deposit of securi-ties and cash expose the sub-fund to a number of risks including theft, loss, fraud, destruction and delay. Procedures for registration may be unreliable in Africa and may be subject to fraud. Many unlisted securities are still evidenced by paper certificates and not electronically, and the transfer process may be subject to delay. In addi-tion, the infrastructure and information technol-ogy of professional entities operating within the securities industry in African countries and other developing countries (including custodian banks and depositories) are not as advanced as those in more developed countries.

Contagious diseases21. An epidemic of human immune deficiency virus (“HIV”) or any other contagious disease could potentially cause a significant drop in economic activity in Africa. In the Sub-Saharan region of Africa, an estimated 22.5 million people were living with HIV at the end of 2007 and approxi-

mately 1.7 million additional people were infected with HIV during 2007. In four of the southern Afri-can countries, namely Botswana, Lesotho, Swa-ziland and Zimbabwe, the national adult HIV prev-alence rate has increased significantly and now exceeds 20%. Furthermore, an epidemic of HIV or any other contagious disease such as Severe Acute Respiratory Syndrome and avian influenza can occur in any jurisdiction in which the sub-fund may invest, whether in a developed or a develop-ing country, and could result in the performance of investments in such jurisdictions yielding lower than expected results.

Risk of default22. The default of an issuer of securities or of a counterparty may result in losses for the sub-fund. The risk of default (or issuer risk) is the risk of the other party to a reciprocal contract failing, in whole or in part, to fulfil its obligation with respect to a claim. This applies to all contracts that are entered into for the account of the sub-fund. Default resulting from the bankruptcy or insolvency of a counterparty may result in the sub-funds experiencing delays in liquidating its position and, possibly, significant losses, includ-ing the costs of enforcing the Company’s rights against the counterparty.

To the extent that the wholly-owned or partly-owned subsidiaries of the Company grant secu-rity over their assets, and there is a default on the part of such wholly-owned or partly-owned subsidiaries of the Company, the Company’s investments through such subsidiaries may be lost entirely.

Furthermore, bankruptcy laws in African coun-tries and other jurisdictions in which the sub-fund may have investments may be unreliable. As a result, the sub-fund may have limited recourse in realising its investment in the event an investee company becomes insolvent.

Custody risk23. The sub-fund faces a risk of loss of assets aris-ing from insolvency of the Custodian or any sub-custodian appointed by it, poor due diligence in choosing the Custodian, or improper conduct on the part of the Custodian or its officers and employees, or any sub-custodian appointed by it.

Lack of Diversification24. The sub-fund will not be subject to any diversifi-cation requirements and portfolio diversification is at the sole discretion of the Fund Manager. The sub-fund may invest in a limited number of companies, regions or industry sectors. To the extent the sub-fund concentrates its investments in a particular company, region or sector; it will become more susceptible to fluctuations in value resulting from adverse business or economic conditions affecting that particular company, region or sector. As a consequence, the aggre-gate return of investments may be adversely affected by the unfavourable performance of one or a small number of companies or regions in which the sub-fund has invested.

Restrictions on foreign ownership25. The African and non-African regions where invest-ments of the sub-fund are located may restrict the movement of foreign capital in the future. The sub-fund may be subject to controls on foreign investment, including those related to the level of foreign ownership, which may include the risk of expropriation, nationalisation and confiscation of assets, together with possible limitations on repatriation of invested capital. There may be more substantial government intervention in the economy, including industries deemed sensitive to relevant national interests. The value of the sub-fund’s assets may also be affected by uncer-tainties such as changes in the government or its policies regarding inward investment, taxation and the restrictions on currency repatriation and other developments in the laws and regulations impacting on foreign investments.

Due to the specifics of these markets the Company and the Management Company notably advert to the right of the Company – for detailed information refer to Articles 5.F./G. and 7 of the Sales Prospectus – Gen-eral Section – to temporarily suspend the redemption of shares of the sub-fund, or one or more share classes of the sub-fund, as well as the calculation of the NAV per share, if and while circumstances exist that make this suspension necessary and if the suspen-sion is justified when taking into consider-ation the interests of the shareholders.

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DWS Invest Alpha OpportunitiesFor the sub-fund with the name DWS Invest Alpha Opportunities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Alpha Opportunities is to gain as great an increase as possible in the value in Euros by investing in securities and implementing various “Alpha” strategies. By taking advantage of the relative fluctuations of prices and rates between currencies, equity and bond markets internation-ally, Alpha strategies are intended to gain a return in excess of the money market yields (“Absolute Return” approach).

Based on an investment in fixed and/or variable-interest securities with quite a short maturity or equities denominated in Euros or hedged against this currency in which the equity price risk is largely hedged through the use of suitable derivatives, Alpha strategies are implemented in the targeted use of rate fluctuations and relative price discrepancies between the financial instru-ments of global forex, equity and bond markets, by buying positively assessed indices/foreign exchange and instruments (“long position”) and/or at the same time selling negatively assessed indices/foreign exchange and instruments (“short position”). This investment strategy is imple-mented primarily through the use of derivatives. In accordance with the prohibition stipulated in 2. (e) of the general section of the Sales Pro-spectus, no short selling of securities will be undertaken.

The sub-fund may make use of the possibility, particularly in accordance with the investment limits stated in 2 B. (n), of employing options and financial futures transactions as well as other derivative instruments to achieve the investment objective.

In doing so, the sub-fund’s assets will be invested in the following investment instruments and/or linked to the following transactions:

Liquid assets, money market instruments and 1. fixed and/or variable-interest securities (bonds, notes, etc.) with an average residual maturity of no more than 3 years, which are traded on exchanges or other regulated markets that are recognized and open to the public and oper-ate in an orderly manner, and which were issued by borrowers worldwide, which cover the respective obligations arising from invest-ments in forward transactions or derivative financial instruments in compliance with the following paragraph, and in

buying and selling forward and option contracts 2. on equity and bond indices as well as foreign exchange, call and put options on equity and bond indices as well as foreign exchange, entering into equity, interest rate and forex swaps, buying and selling foreign exchange on a spot basis, non-deliverable forwards and forex futures and interest-rate swaps, as well as combinations of the above investments.

The sub-fund manager and the sub-fund’s advi-sor employ a variety of approaches in the analysis of currencies, equities and bonds, all of which place special emphasis on quantitative, qualita-

Share class Security codes ISINLC DWS0E1 LU0298689307LD DWS0TF LU0363469494NC DWS0E2 LU0298696690FC DWS0E4 LU0298696856DS1H DWS0VV LU0399357754Investor Profile Growth-oriented Currency of sub-fund EUR„Hedged“ share classes Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificateDate of launch and LC, NC and FC: June 18, 2007initial subscription LD: July 1, 2008 DS1H: March 23, 2009Initial NAV per share LC, LD, NC and FC: EUR 100.00 DS1H: GBP 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD and DS1H: up to 3% based on the (payable by the investor) gross investment* NC: up to 1.5% based on the gross investment** FC: 0%Allocation of income NC, FC and LC: Reinvestment LD and DS1H: DistributionManagement Company fee NC: up to 1.4% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC and LD: up to 1.1% p.a. plus an additional performance-related fee**** FC: up to 0.6% p.a. plus an additional performance-related fee**** DS1H: up to 1.2% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor LC, LD, FC and DS1H: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement LC, LD, NC, FC and DS1H: 0.05% p.a.Acceptance of orders All subscription, redemption and exchange orders are

placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the next valuation date.

Value date In a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent va-lue is credited three bank business days after redemption of the shares.

* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes NC, FC, LC and LD the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return from a money market investment specified below. The calculation basis for the NC, LC, FC and LD share classes is the performance of the EONIA (capitalized) Index, plus 600 basis points (target return, no benchmark). The performance-related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is de-ferred in the sub-fund for each share class. If share performance during any fiscal six-month period falls short of the preceding target return, any provisions for a performance-related fee already deferred in that fiscal six-month period shall be dissolved in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month may be withdrawn. There is a requirement to make up any under-performance relative to the target return from previous accounting periods before any performance fee may be charged (High Water Mark). The Management Company does not receive a performance-related fee for the DS1H share class.

Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may be subject to considerable down-ward or upward fluctuation, even within short periods of time.

47

tive as well as fundamental and tactical factors. These approaches are used to develop forecasts and recommendations for different currency relationships and equity and bond investments. The fund manager combines the individual rec-ommendations at regular intervals. The decisions as to which currencies, equities and bonds are bought or sold for the fund portfolio, and to what extent, are taken on the basis of expectations of a desired risk/reward ratio. This procedure means that the fund’s performance may not be derived directly from the relative performance of particu-lar currencies in respect of each other. The fund manager shall decide on diversification in the equity, bond and currency asset classes.

Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest-ments in shares of other Undertakings for Col-lective Investment in Securities and/or other collective investment undertakings as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.

Non-deliverable forwards (NDFs) are forward cur-rency transactions, which can be used to hedge the exchange rate between a freely convertible currency (usually the U.S. dollar or the euro) and a currency that is not freely convertible.

The following is stipulated in the NDF agreement:

a specified amount in one of the two –currenciesthe forward price (NDF price) –the maturity date –the direction (purchase or sale). –

Unlike with a normal forward transaction, only a compensatory payment is made in the freely convertible currency on the maturity date. The amount of the compensatory payment is calcu-lated from the difference between the agreed NDF price and the reference price (price on the maturity date). Depending on the price perfor-mance, the compensatory payment is either made to the purchaser or the seller of the NDF.



Changes to the UK offshore funds regime took effect on December 1, 2009. It is now contained in the Offshore Funds (Tax) Regulations 2009 (Statu-tory Instrument 2009/3001 or “the Regulations”).

For a UK taxpayer to benefit from capital gains tax treatment on the disposal of their investment in the DS1H share class, that class must be certi-fied as a “distributing fund” or a reporting fund in respect of all accounting periods during which the UK taxpayer owned the shares.

The DS1H share class has been certified as a dis-tributing fund from 1 January 2009 to 31 Decem-ber 2009 and a reporting fund from 1 January 2010. In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attributable to the DS1H share class for each relevant accounting period. Where the reported income exceeds what has been distributed to investors, then that excess will be treated as addi-tional distributions to the investors and invest ors will be taxed accordingly.

It is anticipated that dividends paid (and any retained income reported) to a UK resident indi-vidual will constitute interest for UK income tax purposes and will generally be taxable.

It is also anticipated that UK corporation tax paying investors will be required to treat their holdings as a creditor relationship subject to a fair value basis of accounting for corporation tax purposes. This will generally result in increases in value and dividends paid during their accounting periods being subject to corporation tax, while any fall in value would be allowable.

The UK tax rules contain a number of anti-avoid-ance codes that can apply to UK investors in off-shore funds in particular circumstances. It is not anticipated that they will normally apply to inves-tors. Any UK taxpaying investor who (together with connected persons) holds over 10% of DWS Invest should take specific advice. The intended category of investors for the DS1H share class is retail investors. The shares in it will be widely available and marketed and made available suf-ficiently widely to reach them and in a manner appropriate to attract them.

Specific risks:

Currency riskIf the sub-fund holds assets denominated in foreign currency, it is exposed to currency risk

(to the extent that foreign currency positions are not hedged). Any devaluation of the for-eign currency in relation to the base currency of the sub-fund will lead to a decline in the value of the asset denominated in the foreign currency.

Where investments are exposed to the risks of currencies that are subject to transfer restric-tions, derivative financial instruments may be used that are based on such currencies and which provide for delivery and payment in freely convertible currencies (e.g., so-called non-deliv-erable forward agreements – NDFs). Given the investment policy, which also provides for invest-ment in secondary currencies and in currencies that are not freely convertible, currency risks may occur in the sub-fund. These risks include, in the short term, the tendency of exchange rates to undergo unpredictable and sudden changes and, in the longer term, the fund management incor-rectly forecasting trends in exchange rate devel-opments. Using currencies that are not freely convertible entails a higher exchange-rate risk than using freely convertible currencies.

Risk ManagementThe absolute Value-at-Risk (VaR) approach is used to limit market risk for the sub-fund assets.

The VaR of the sub-fund assets is limited to 12% of the sub-fund assets with the parameters of a 10-day holding period and a 99% confidence level.

Contrary to the provision of the general section of the Sales Prospectus, because of the investment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub-fund assets. The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund. However, the leverage effect may be higher under certain circumstances.

Fund manager of the sub-fundThe fund manager of the sub-fund is DWS Invest-ment GmbH. As of August 1, 2010 QS Investors, LLC, New York, USA, is the investment advisor of the fund manager, appointed on its own respon-sibility and at its own expense.

Performance of share classes (in euro)

Share class ISIN 1 year 3 years Since inception1)

Class LC LU0298689307 -1.9% -1.3% 2.9%

Class LD LU0363469494 -1.8% – -3.2%

Class NC LU0298696690 -1.9% -2.2% 1.7%

Class FC LU0298696856 -1.5% 0.2% 5.1%

Class DS1H2) LU0399357754 -2.2% – -1.3%

1) Classes LC, NC and FC on June 18, 2007 / Class LD on July 1, 2008 / Class DS1H on March 23, 20092) in GBP


48

DWS Invest Alpha StrategyFor the sub-fund with the name DWS Invest Alpha Strategy, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Alpha Strategy is to gain as great an increase as possible in the value in Euros by investing in securities and implementing various “Alpha” strategies. By taking advantage of the relative fluctuations of prices and rates between currencies, equity and bond markets internation-ally, Alpha strategies are intended to gain a return in excess of the money market yields (“Absolute Return” approach).

Based on investment in fixed and/or variable-interest securities with short maturities or equi-ties denominated in Euros or hedged against this currency in which the equity price risk is largely hedged through the use of suitable derivatives, Alpha strategies consist of the targeted use of fluctuations and relative price discrepancies between the financial instruments in the global for-eign exchange, equity and bond markets, by buy-ing positively regarded indices/foreign exchange and instruments (long positions) and/or simultane-ously selling negatively regarded indices/foreign exchange and instruments (short positions). This investment strategy is implemented primarily through the use of derivatives. In accordance with the prohibition stipulated in 2 E. of the general sec-tion of the Sales Prospectus, no short selling of securities will be undertaken.

The sub-fund may make use of the possibility, particularly in accordance with the investment limits stated in 2 B. (n), of employing options and financial futures transactions as well as other derivative instruments to achieve the investment objective.

In so doing, the sub-fund’s assets are invested in the following investment instruments or employed in the following transactions:

Liquid assets, money market instruments and 1. fixed and/or variable-interest securities (bonds, notes, etc.) with an average term to maturity not exceeding three years, that are traded on exchanges or other regulated markets that operate regularly and are recognized and open to the public, and which were issued by borrowers worldwide, that cover the respec-tive obligations arising from investments in forward transactions or derivative financial instruments in compliance with the following paragraph, and

buying and selling forward and option con-2. tracts on equity and bond indices and on currencies, call and put options on equity and bond indices and on currencies, entering into equity, interest-rate and currency swaps, buying and selling currencies on a spot basis, non-deliverable forwards and currency futures and interest-rate swaps, as well as combina-tions of the above investments.

The sub-fund manager and the sub-fund’s advisor employ a variety of approaches in the analysis of currencies, equities and bonds, all of which place special emphasis on quantitative, qualitative as well as fundamental and tactical

Share class Security codes ISINLC A0B56T LU0195139711LD DWS0TG LU0363469577NC A0B56V LU0195140057FC A0B56W LU0195140214A2H DWS0CN LU0273170067E2H DWS0CP LU0273179282DS1H DWS0VX LU0399357911Investor Profile Income-oriented Currency of sub-fund EUR“Hedged” share classes Sub-fund currencyaim to hedge against Nature of shares Registered shares or bearer shares represented

by a global certificateDate of launch and LC, NC and FC: August 30, 2004initial subscription A2H and E2H: November 20, 2006 LD: July 1, 2008 DS1H: March 23, 2009Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2H and E2H: USD 100.00 DS1H: GBP 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load A2H: up to 5% based on the gross (payable by the investor) investment* LC, LD and DS1H: up to 3% based on the gross investment** NC: up to 1.5% based on the gross investment*** FC and E2H: 0%Allocation of income NC, FC, LC, A2H and E2H: Reinvestment LD and DS1H: DistributionManagement Company fee NC: up to 1.2% p.a. plus an additional (payable by the sub-fund)**** performance-related fee***** LC and LD: up to 0.9% p.a. plus an additional performance-related fee***** FC: up to 0.5% p.a. plus an additional performance-related fee***** A2H and DS1H: up to 1% p.a. E2H: up to 0.6% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)**** LC, LD, FC, E2H, DS1H and A2H: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2H, DS1H and E2H: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are


Value date In a purchase, the equivalent value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemp-tion of the shares.

* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.**** For additional costs, see Article 12 in the general section of the Sales Prospectus.***** For the share classes NC, FC, LC and LD the Management Company shall receive from the sub-fund’s assets

an additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return from a money market investment specified below. The calculation basis for the NC, LC, FC and LD share classes is the performance of the EONIA (capitalized) Index, plus 200 basis points (target return, no benchmark). The performance-related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee in-curred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance-related fee amounts already de-ferred in that fiscal six-month period shall be eliminated in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn. There is a requirement to make up any underperformance relative to the target return from previous accounting periods before any performance fee may be charged (High Water Mark). The Management Company does not receive a performance-related fee for the A2H, E2H and DS1H share classes.

49

factors. These approaches are used to develop forecasts and recommendations for different currency relationships and equity and bond investments. The fund manager combines the individual recommendations at regular intervals. The decisions as to which currencies, equities and bonds are bought or sold for the fund portfo-lio, and to what extent, are taken on the basis of expectations of a desired risk/reward ratio. This procedure means that the fund’s performance may not be derived directly from the relative performance of particular currencies, equities and bonds in respect of each other. The fund manager reserves the right to change the invest-ment process described above if, in its opinion, this is considered to be in the interests of the investors. The fund manager shall decide on diversification in the equity, bond and currency asset classes.




a specified amount in one of the two –currenciesthe forward price (NDF price) –the maturity date –the direction (purchase or sale). –


UK Taxation The following information is a general guide to the anticipated UK tax treatment of UK-resident investors. Investors should be aware that UK tax law and practice can change. Prospective invest-ors therefore need to consider their specific posi-tion at the time they invest, and should seek their own advice where appropriate.

The separate share classes are “offshore funds” for the purposes of the UK offshore funds legis-lation. Under this legislation, any gain arising on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “distributing fund” or a “reporting fund” throughout the period dur-ing which the shares have been held by that investor.

Changes to the UK offshore fund regime took effect on December 1, 2009. It is now con-tained in the Offshore Funds (Tax) Regulations 2009 (Statutory Instrument 2009/3001 or “the Regulations”).

For a UK taxpayer to benefit from capital gains tax treatment on the disposal of their investment in the DS1H share class, that class must be cer-tified as a “distributing fund” or reporting fund in respect of all accounting periods during which the UK taxpayer owned the shares.

The DS1H share class has been certified as a dis-tributing fund from 1 January 2009 to 31 Decem-ber 2009 and a reporting fund from 1 January 2010. In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attribut-able to the DS1H share class for each relevant accounting period. Where the reported income exceeds what has been distributed to investors, then that excess will be treated as additional dis-tributions to the investors and invest ors will be taxed accordingly.



The UK tax rules contain a number of anti-avoid-ance codes that can apply to UK investors in off-shore funds in particular circumstances. It is not anticipated that they will normally apply to inves-tors. Any UK taxpaying investor who (together with connected persons) holds over 10% of DWS Invest should take specific advice. The intended category of investors for the DS1H share class is retail investors. The shares in it will be widely available and marketed and made available suf-ficiently widely to reach them and in a manner appropriate to attract them.

Specific risks:

Currency riskIf the sub-fund holds assets denominated in foreign currency, it is exposed to currency risk (to the extent that foreign currency positions are not hedged). Any devaluation of the foreign currency in relation to the base currency of the sub-fund will lead to a decline in the value of the asset denominated in the foreign currency.

Where investments are exposed to the risks of currencies that are subject to transfer restrictions, derivative financial instruments may be used that are based on such currencies and which provide for delivery and payment in freely convertible cur-rencies (e.g., so-called non-deliverable forward agreements – NDFs). Given the investment policy, which also provides for investment in secondary currencies and in currencies that are not freely convertible, currency risks may occur in the sub-fund. These risks include, in the short term, the ten-dency of exchange rates to undergo unpredictable and sudden changes and, in the longer term, the fund management incorrectly forecasting trends in exchange rate developments. Using currencies that are not freely convertible entails a higher exchange-rate risk than using freely convertible currencies.

Risk ManagementThe absolute Value-at-Risk (VaR) approach is used to limit market risk for the sub-fund assets. The VaR of the sub-fund assets is limited to max. 10.24% of the sub-fund assets with the parameters of a 10-day holding period and a 99% confidence level.

Contrary to the provision of the general section of the Sales Prospectus, because of the investment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub-fund assets. The disclosed expected level of leverage is not intended to be additional exposure limit for the sub-fund. However, the leverage effect may be higher under certain circumstances.

Fund manager of the sub-fundThe fund manager of the sub-fund is DWS Invest-ment GmbH. As of August 1, 2010 QS Investors, LLC, New York, USA, is the investment advisor of the fund manager, appointed on its own respon-sibility and at its own expense.


Share class ISIN 1 year 3 years 5 years Since inception1)

Class LC LU0195139711 0.3% 2.3% 14.8% 16.8%

Class LD LU0363469577 0.3% – – 1.8%

Class NC LU0195140057 -0.2% 0.9% 12.4% 13.3%

Class FC LU0195140214 0.6% 3.5% 17.2% 20.3%

Class A2H2) LU0273170067 -4.9% -6.2% – 17.4%

Class E2H2) LU0273179282 -4.1% -2.3% – 23.0%

Class DS1H3) LU0399357911 0.3% – – 1.9%

1) Classes LC, NC and FC on August 30, 2004 / Classes A2H and E2H on November 20, 2006 / Class LD on July 1, 2008 / Class DS1H on March 23, 2009

2) in USD3) in GBP


50

DWS Invest ArabiaFor the sub-fund with the name DWS Invest Arabia, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Arabia is to participate in the opportuni-ties offered by emerging countries of the Arabic region and to generate an above average return. At least 70% of the sub-fund’s assets (after deduction of liquid assets) are invested in shares, stock certificates, convertible bonds, convertible debentures and warrant-linked bonds whose underlying warrants are on securities, participa-tion and dividend-right certificates, and warrants on securities floated by issuers registered in countries in the Arabic region or of issuers regis-tered outside these countries that conduct their principal business activity in these countries.

Securities from these issuers can also be listed on securities exchanges of Arabic countries or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Economic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public. The secu-rities exchanges and other regulated markets must fulfill the requirements as per Article 41 of the Luxembourg Law of December 17, 2010 on Undertakings for Collective Investment.

Investment in these securities shall also be through Global Depository Receipts (GDRs) listed on recognized exchanges and markets, or through American Depository Receipts (ADRs) issued by top-rated international financial institu-tions, or through comparable certificates, all of these being securities. Securities issued by the above-mentioned issuers may also be acquired directly, however, as long as they are listed on other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Economic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.

A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in equities of foreign and domestic issuers that do not satisfy the requirements of the preceding paragraph. In addition, the sub-fund’s assets may be invested in all other permissible assets speci-fied in Article 2 of the general section of the Sales Prospectus.

Specific risks:Investing in assets from the emerging markets of the Arabic region generally entails a greater risk (potentially including considerable legal, eco-nomic and political risks) than investing in assets from the markets of industrialized countries.

In recent years there have been significant politi-cal, economic and social changes in some of the countries of the Arabic region. In many cases, political considerations have led to substantial economic and social tensions, and in some cases these countries have experienced both political and economic instability. Political or economic instability can influence investor confidence, which in turn can have a negative effect on exchange rates, security prices or other assets in the Arabic region.

Share class Security codes ISINLC DWS0U5 LU0399354736NC DWS0U6 LU0399354819FC DWS0U7 LU0399354900LD DWS0U8 LU0399355113A2 DWS0U9 LU0399355204E2 DWS0VA LU0399355386Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificateDate of launch and LC, NC, FC, LD, A2 and E2: The date of launch and initialinitial subscription subscription will be determined

by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, NC, FC and LD: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg except for Fridays.Front-end load LC, LD and A2: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC and E2: 0%Allocation of income NC, FC, LC, E2 and A2: Reinvestment LD: DistributionManagement Company fee NC: up to 2.2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC and LD: up to 1.75% p.a. plus an additional performance-related fee**** FC: up to 0.85% p.a. plus an additional performance-related fee**** A2: up to 1.8% p.a. E2: up to 0.9% p.a. Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, E2 and A2: 0% p.a.Taxe d’abonnement LC, FC, LD, NC, E2 and A2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are

placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date.


* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes LC, LD, NC and FC the Management Company shall receive from the sub-fund’s assets a

performance-based fee of 25% of the amount by which the performance of the outstanding shares exceeds the performance of the MSCI GCC ex Saudi Arabia Net in euro. The performance-based fee is calculated daily and set-tled semi-annually. In accordance with the result of the daily comparison, any performance-based fee incurred is deferred in the sub-fund. If the performance of the shares during any half-year falls short of the index, any per-formance-based fee amounts already deferred in that half-year shall be eliminated in accordance with the daily comparison. The amount of the deferred performance-based fee existing at the end of the six-month period may be withdrawn. Even if the sub-fund’s performance is negative, the Management Company may still receive a per-formance-based fee if the sub-fund outperforms the benchmark. There is no requirement to make up for a nega-tive performance in a subsequent accounting period. The Management Company does not receive a performance-related fee for the A2 and E2 share classes.

Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is there fore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.

51

The exchange rates and the prices of securi-ties and other assets in countries of the Arabic region are often extremely volatile. Among other things, changes to these prices are caused by interest rates, changes to the balance of supply and demand, external forces affecting the market (especially in connection with important trading partners), trade-related, tax-related or monetary policies, governmental policies, international political and economic events as well as diplo-matic developments.

In some countries of the Arabic region, the secu-rities markets are still in their primary stage of development. This may result in risks and prac-tices (such as increased volatility) that usually do not occur in more developed securities markets and which may have a negative influence on the securities listed on the exchanges of these countries. Moreover, the markets in countries of the Arabic region are frequently characterized by illiquidity in the form of low trading volumes for some of the listed securities.

It is important to note that in times of economic stagnation, the exchange rates, securities and other assets in countries of the Arabic region are more likely to be sold in a “flight into quality” in favour of other types of investment that carry a smaller risk, and that the value may thus decline accordingly.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Arabia is the Perfor-mance Benchmark.



52

DWS Invest Asia Pacific ex-JapanFor the sub-fund with the name DWS Invest Asia Pacific ex-Japan, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Asia Pacific ex-Japan is to achieve an above-average return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, participation and dividend right certificates, convertible bonds, and equity warrants issued by companies registered in a country of the Asia-Pacific region (excluding Japan) or having their principal business activity in a country of the Asia- Pacific region (excluding Japan) or which, as holding companies, hold pri-marily interest in companies registered in a coun-try of the Asia-Pacific region (excluding Japan).

Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) listed on recognized exchanges and markets, or through American Depository Receipts (ADRs) issued by top-rated international financial institutions.

In compliance with Article 2 B. of the general sec-tion of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and tech-niques in order to implement the investment policy and achieve the investment objective, including in particular – but not limited to – forwards, futures, single-stock-futures, options or equity swaps.

Where liquid assets cover obligations arising from derivative financial instruments such liquid assets are attributed to the relevant 70%.

A maximum of 30% of the sub-fund’s assets may be invested in equities, stock certificates, par-ticipation and dividend right certificates, convert-ible bonds, and equity warrants of issuers that do not fulfill the requirements of the preceding paragraphs.

Up to 30% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.

In addition, the sub-fund’s assets may be invested in all other permissible assets speci-fied in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Asia Pacific ex-Japan consists of assets included in the MSCI AC Asia ex JAPAN Constituents.

Leverage is not expected to exceed twice the value of the investment subfund’s assets. How-

Share class Security codes ISINLC DWS007 LU0544569055LD DWS008 LU0544569139NC DWS009 LU0544569212FC DWS01A LU0544569303A2 DWS01B LU0544569485E2 DWS01C LU0544569568Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, NC, FC and LD: August 1, 2011 initial subscription A2 and E2: The date of launch and initial sub-

scription will be determined by the Management Board of the Manage-ment Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and E2: USD 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD and A2: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC and E2: 0%Allocation of income LC, NC, FC, A2 and E2: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a. (payable by the sub-fund)*** LC, LD and A2: up to 1.5% p.a. FC and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the NC: 0.2% p.a.main distributor LC, LD, FC; A2 and E2: 0%(payable by the sub-fund)*** Taxe d’abonnement NC, LC, LD, FC, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are

placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the next valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share immediately following that next valu-ation date.


* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.

Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.

ever, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.


53

DWS Invest Asian ConvertiblesFor the sub-fund with the name DWS Invest Asian Convertibles the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Asian Convertibles is to generate an above average return for the sub-fund. However, no assurance can be given that the investment objective will be achieved.

At least 70% of the sub-fund’s assets shall be invested in convertible bonds, warrant-linked bonds and similar convertible instruments issued by companies which have their registered office in Asia or that conduct their principal business activity in Asia.

Up to 30% of the sub-fund’s assets may be invested in fixed-interest and variable-interest securities excluding conversion rights and in equities, equity warrants and participation certifi-cates, with the aggregate percentage of equities, equity warrants and participation certificates not to exceed 10%. In conjunction with the manage-ment of credit risks linked with the sub-fund, the sub-fund may also use credit derivatives such as default swaps (CDS). Such instruments may be used both for transferring credit risks to a coun-terparty and for accepting additional credit risks.

In addition the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus.

Besides various types of fixed interest payment, convertible bonds vest in the holder the right to convert these securities into shares in the com-pany concerned. Bonds with warrants can simul-taneously vest in the holder the right to interest payments and repayment and the right to acquire shares, i.e., the shares can be acquired in addition to the bond by exercising the option. Convertible preference shares regularly include the right or obligation to convert the preference shares into ordinary shares at a later date. The respective price of these securities depends both on the assessment of the share price and on changes in interest rates.

Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of deriva-tives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries:

Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub-fund may be invested in derivatives that consti-tute long positions and do not have correspond-ing coverage. The portfolio manager may hedge currency risks versus the US Dollar at his own discretion. The described investment policy could also be implemented by using Synthetic Dynamic Underlyings (SDU).


Share class Security codes ISINLCH DWS05C LU0616846621NCH DWS05D LU0616846977FCH DWS05E LU0616847272E2 DWS05F LU0616847439A1 DWS05G LU0616847603CH2H DWS05H LU0616847868CH4H DWS05J LU0616848080Investor Profile Risk-tolerant Currency of sub-fund USD “Hedged” share classes Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and FCH, LCH, NCH, E2, initial subscription A1, CH2H and CH4H: The date of launch and initial sub-

scription will be determined by the Management Board of the Manage-ment Company. The Sales Prospec-tus will be updated accordingly.

Initial NAV per share LCH, NCH and FCH: EUR 100.00 E2 and A1: USD 100.00 CH2H and CH4H: CHF 100.00Calculation of the NAV per share Each bank business day in Luxembourg that is also an

exchange trading day on the Shanghai Stock Exchange, in Hong Kong and Singapore

Front-end load LCH, A1 and CH2H: up to 3% based on the gross (payable by the investor) investment* NCH: up to 1.5% based on the gross

investment** FCH, E2 and CH4H: 0%Allocation of income A1: Distribution LCH, NCH, FCH, E2, CH2H and CH4H: ReinvestmentManagement Company fee LCH, A1 and CH2H: up to 1.2% p.a.(payable by the sub-fund)*** NCH: up to 1.5% p.a. FCH, E2 and CH4H: up to 0.65% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NCH: 0.1% p.a.(payable by the sub-fund)*** LCH, FCH, E2, A1, CH2H and CH4H: 0% p.a.Taxe d’abonnement LCH, NCH, FCH, E2, A1, CH2H and CH4H: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Asian Convertibles is the UBS Asia ex Japan Convertible.



54

DWS Invest Asian High Income Bond FundFor the sub-fund with the name DWS Invest Asian High Income Bond Fund, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Asian High Income Bond Fund is to gener-ate an above average return for the sub-fund.

At least 70% of the sub-fund’s assets shall be invested in interest-bearing debt securities issued by companies which have their registered office in Asia or that conduct their principal business activity in Asia.

Up to 30% of the sub-fund’s assets may be invested in interest-bearing debt securities that do not meet the above mentioned criteria.

The sub-fund’s assets are mainly denominated in USD. Exposure to local Asian currencies is limited to 20% of the sub-fund’s assets.

In compliance with the investment limits speci-fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con-tracts, as well as privately negotiated OTC con-tracts on any type of financial instrument, includ-ing swaps, forward-starting swaps, inflation swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.

In addition, the sub-fund’s assets may be invested in all other permissible assets.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Asian High Income Bond Fund Fund is the JP Morgan-JACI non IG Corporates.


Fund manager of the sub-fund

The fund manager of the sub-fund is DWS Invest-ment GmbH.

Share class Security codes ISINA1 DWS04P LU0616841580A1M DWS04Q LU0616841747A2 DWS04R LU0616842042A2 (AC) DWS04S LU0616842398E2 DWS04T LU0616842554NCH DWS04U LU0616842802LCH DWS04V LU0616843016LD DWS1BB LU0740829980LDH DWS04W LU0616843289FCH DWS04X LU0616843446FD DWS1BC LU0740830053LC (AC) DWS04Y LU0616843792ND DWS1BD LU0740830137NDH DWS1BE LU0740830483Investor Profile Risk-tolerant Currency of sub-fund USD “Hedged” share classes Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and A1, A1M, A2, initial subscription A2 (AC), E2, ND, NDH,

NCH, LCH, LD, LDH, FCH, FD and LC (AC): The date of launch and initial sub-


Initial NAV per share A1, A1M, A2, E2 and A2 (AC): USD 100.00 ND, NDH, NCH, LCH, LD,

LDH, FCH, FD and LC (AC): EUR 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load A1, A1M, A2, A2 (AC), (payable by the investor) LCH, LD, LDH and LC (AC): up to 3% based on the

gross investment* ND, NDH and NCH: up to 1.5% based on the

gross investment** E2, FCH and FD: 0%Allocation of income ND, NDH, LD, FD, A1 and LDH: Distribution (annually) A1M: Distribution (monthly) A2, A2 (AC), E2, NCH,

LCH, FCH and LC (AC): ReinvestmentManagement Company fee A1, A1M, A2, A2 (AC), (payable by the sub-fund)*** LCH, LD, LDH and LC (AC): up to 1.1% p.a. ND, NDH and NCH: up to 1.4% p.a. E2, FCH and FD: up to 0.6% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the ND, NDH and NCH: 0.1% p.a.main distributor A1, A1M, A2, A2 (AC), E2, LCH, (payable by the sub-fund)*** LD, LDH, FCH, FD and LC (AC): 0% p.a.Taxe d’abonnement A1, A1M, A2, A2 (AC), E2, ND, NDH,

NCH, LCH, LDH, FCH, FD and LC (AC): 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





55

DWS Invest Asian Small/Mid CapFor the sub-fund with the name DWS Invest Asian Small/Mid Cap, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe main investment objective of the sub-1. fund DWS Invest Asian Small/Mid Cap is to achieve long-term capital appreciation by investing in a portfolio of small and medium-sized companies in the Asian markets.

In so doing, at least 70% of the sub-fund’s 2. assets are invested in shares and other equity securities and uncertificated equity instru-ments of small and medium-sized companies registered in an Asian country, or in companies that conduct their principal business activity in Asia or which, as holding companies, hold primarily interests in companies registered in Asia.

Up to 30% of the sub-fund’s assets may be 3. invested in:

shares and other equity securities and a) uncertificated equity instruments (partici-pation and dividend-right certificates, etc.) of companies of any size from around the world that do not fulfill the requirements of the preceding paragraph;

interest-bearing securities, as well as con-b) vertible bonds, convertible debentures and warrant-linked bonds that are issued by companies according to (2) or (a) above, and which are denominated in any freely convertible currency.

short-term deposits, money market instru-c) ments and bank balances.

Small and medium-sized companies as 4. defined in (2) above are companies included in a market index for small and medium-sized companies (until 11.04.2012 e.g. FTSE Asia Pacific Small Cap Index (excluding Japan) or companies that have a comparable market capitalization; effective 12.04.2012: e.g. MSCI AC Asia ex Japan Small Cap TR Net).

In addition, techniques and instruments based 5. on securities may be employed on behalf of the sub-fund’s assets if this is done for the purpose of efficient portfolio management of the sub-fund.

Specific risks:Because the sub-fund is specialized on a spe-cific geographic area, it presents increased opportunities, but these opportunities are countered by equally elevated risks.

The sub-fund is focused on investments in Asia. Asian exchanges and markets are sometimes sub-ject to substantial fluctuations. Fluctuations in the rate of exchange of the local currencies against the euro can also impact on investment performance. The credit risk associated with an investment in securities, i.e., the risk of a decline in the assets of issuers, cannot be entirely eliminated even by the most careful selection of the instruments to be purchased. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limitations on foreign capital investments and

Share class Security codes ISINLC A0HMCD LU0236153390LS A0JMDL LU0254485450LD A0HMCE LU0236153556NC A0HMCF LU0236154448FC A0HMCG LU0236154950A2 DWS0AS LU0273161744E2 DWS0AT LU0273175025R2 DWS0S4 LU0363468173CH2H DWS07V LU0616866579CH4H DWS07W LU0616866736Z2 DWS07X LU0616867114Investor Profile Risk-tolerant Currency of sub-fund EUR“Hedged” share classes Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificate. The R2 share class is only offered in form of registered

shares.Date of launch LC, LD, NC and FC: January 16, 2006and initial subscription LS: May 15, 2006 A2 and E2: November 20, 2006 R2, CH2H, CH4H and Z2: The date of launch and initial subscrip-

tion will be determined by the Man-agement Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, NC, FC, LD and LS: EUR 100.00 A2 and E2: USD 100.00 R2: RUB 1,000.00 CH2H and CH4H: CHF 100.00 Z2: PLN 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD, LS, A2, (payable by the investor) R2, CH2H and Z2: up to 5% based on the gross

investment* NC: up to 3% based on the gross investment** FC, E2 and CH4H: 0%Allocation of income NC, FC, LC, LS, A2, E2, R2, CH2H, CH4H and Z2: Reinvestment LD: DistributionUntil April 11, 2012 NC: up to 2% p.a. plus an additional Management Company fee performance-related fee ****(payable by the sub-fund)*** LC and LD: up to 1.50% p.a. plus an additional performance-related fee**** LS, A2, R2, CH2H and Z2 up to 1.70% p.a. FC: up to 0.75% p.a. plus an additional performance-related fee**** E2 and CH4H: up to 0.85% p.a.Effective April 12, 2012 NC up to 2% p.a.Management Company fee LC, LD, LS, A2, (payable by the sub-fund)*** R2, CH2H and Z2 up to 1.5% p.a. FC, E2 and CH4H: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)

* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** Until April 11, 2012 For the share classes NC, FC, LC and LD, the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class of up to 25% of the amount by which the performance of the sub-fund exceeds the performance of the FTSE Asia Pacific Small Cap Index (excluding Japan). The performance-related fee for the respective share class is calculated daily and settled annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal year falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal year shall be eliminated in accordance with the daily compar-ison. The amount of deferred performance-related fee existing at the end of the fiscal year may be withdrawn. There is no requirement to make up for a negative performance in a subsequent accounting period. The Manage-ment Company does not receive a performance-related fee for the LS, A2, E2, Z2, CH2H and CH4H and R2 share classes.

Change of benchmark [performance chart to be updated] as of April 12th, 2011: Old benchmark: FTSE Asia Pacific Small cap ex Japan (EUR) New benchmark: MSCI AC Asia ex Japan Small Cap TR Net

56

capital repatriation etc. can also affect investment performance.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives.

Until April 11, 2012

The corresponding reference portfolio for the sub-fund DWS Invest Asian Small/Mid Cap is the FTSE Asia Pacific Small Cap Index ex Japan (Euro).


Effective April 12, 2012

The corresponding reference portfolio for the sub-fund DWS Invest Asian Small/Mid Cap is the MSCI AC Asia ex Japan.



Effective April 12, 2012: DWS Investment GmbH, Frankfurt, has sub-delegated its fund management services to Deutsche Asset Management (Asia) Ltd, under its supervision, control and responsibility, and at its own expense.



Class LC LU0236153390 41.6% 18.7% 68.5%

Class LD LU0236153556 41.8% 19.4% 74.8%

Class NC LU0236154448 41.0% 16.3% 62.9%

Class FC LU0236154950 42.6% 20.8% 74.8%

Class LS LU0254485450 45.8% 23.5% 74.3%

Class A22) LU0273161744 34.2% 13.9% 68.7%

Class E22) LU0273175025 34.5% 12.9% 70.0%

FTSE Asia Pacific Smallcap ex Japan (Euro) 32.6% 3.8% 60.0%

1) Classes LC, LD, NC and FC on January 16, 2006 / Class LS on May 15, 2006 / Classes A2 and E2 on November 20, 2006

2) in USD



Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, LS, A2, E2,

R2, CH2H, CH4H and Z2: 0% p.a.Taxe d’abonnement LC, LD, LS, NC, FC, A2,

E2, R2 CH2H, CH4H and Z2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



57

DWS Invest Brazilian BondsFor the sub-fund with the name DWS Invest Brazilian Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Brazilian Bonds is to achieve an above aver-age return for the sub-fund.

Up to 100% of the sub-fund’s assets may be invested in interest-bearing debt securities issued by:

the Brazilian government, –

Brazilian government agencies, –

Brazilian municipals and –

companies which have their registered office –in Brazil or that conduct their principal busi-ness activity in Brazil,

supra-national institutions such as Worldbank –(IBRD), European Investment Bank (EIB) and European Bank for Reconstruction and De-velopment (EBRD) denominated in Brazilian Real and

national agencies such as the German Kredit- –anstalt für Wiederaufbau denominated in Brazilian Real.

Assets not denominated in Brazilian Real will generally be hedged against the Brazilian Real.

In extreme market situations, the investment manager may diverge from the above investment strategy to avoid a liquidity squeeze. In this case, whether or not and to what extend sub-fund hedges currency risk into Brazilian Real shall be subject to the manager’s discretion. In addition up to 100% of the sub-fund’s assets may tempo-rarily be invested in interest-bearing securities of United States of America and Japanese and Euro-pean (EU-Member States) government bonds.

Notwithstanding the principle of risk spreading and in accordance with Article 45 of the law of December 17, 2010, the sub-fund may invest up to 100% of its assets in interest-bearing debt securities that are issued or guaranteed by the Brazilian government. The sub-fund may also invest up to 100% of its assets in interest-bearing debt securities issued or guaranteed by a mem-ber state of the European Union, its local authori-ties, an OECD member country, or by a public international body of which one or more mem-ber states of the European Union are members. The sub-fund must hold securities from at least six different issues, but securities from any one issue may not account for more than 30% of the sub-fund’s net assets.

In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Arti-cle 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.

Share class Security codes ISINLC DWS01H LU0544570145LD DWS01G LU0544570061NC DWS01K LU0544570491FC DWS01J LU0544570228A1 DWS01D LU0544569642A2 DWS01E LU0544569725E2 DWS01F LU0544569998Investor Profile Risk-tolerant Currency of sub-fund USDNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, NC, FC, LD, A1, A2 and E2: The date of launch and initial subscription initial subscription will be

determined by the Man-agement Board of the Management Company. The Sales Prospectus will be updated accordingly.

Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, A1 and A2: up to 3% based on the gross (payable by the investor) investment* NC: up to 1.5% based on the gross

investment** FC and E2: 0%Allocation of income NC, FC, LC, A2, and E2: Reinvestment LD and A1: DistributionManagement Company fee NC: up to 1.4% p.a.(payable by the sub-fund)*** A1, A2, LD and LC: up to 1.1% p.a. E2 and FC: up to 0.6% p.a. Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)*** LC, LD, FC, E2, A1 and A2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A1, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





a reference portfolio that does not contain derivatives.

The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest Brazilian Bonds is the JP Morgan- GBI-EM Brazil Broad Index (unhedged) Constituents.



Disclaimer:

In Brazil a tax might be imposed on foreign investors who purchase securities denomi-nated in the Brazilian currency (Real). Cur-rently, a Financial Operating Tax (IOF Tax) applies to foreign exchange inflows into the Brazilian market. IOF Tax imposed will adversely affect the Sub-fund's Net Asset Value at the time of the inflow of the for-eign exchange.


In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using

58

DWS Invest Brazilian Equities SelectFor the sub-fund with the name DWS Invest Brazilian Equities Select, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Brazilian Equities Select is to generate an above-average return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, participation and dividend-right certificates, convertible bonds and equity warrants of issuers registered in Brazil, or of issuers registered outside Brazil that conduct their principal business activity in Brazil.

The securities issued by these companies may be listed on Brazilian or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Eco-nomic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.

Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) listed on recognized exchanges and markets, through American Depository Receipts (ADRs) issued by top-rated international financial institutions or, to the extent permitted by the Grand Ducal Regulation of 8 February 2008 relating to certain definitions of the 2010 Act (the 2008 Regulation) and article 41 (1) or (2) of the 2010 Act through Participatory Notes (P-Notes).

In compliance with Article 2 B. of the general sec-tion of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and techniques in order to implement the investment strategy and to achieve the investment objective, including in particular – but not limited to – for-wards, futures, single-stock futures, options or equity swaps.

Where liquid assets cover obligations arising from derivative financial instruments, such liquid assets are attributed to the relevant 70%.

A maximum of 30% of the sub-fund’s assets may be invested in equities, stock certificates, par-ticipation and dividend right certificates, convert-ible bonds, and equity warrants of issuers that do not fulfill the requirements of the preceding paragraph.



Specific risks:Because the sub-fund is specialized on compa-nies operating in Brazil, it presents increased opportunities, but these opportunities are countered by equally elevated risks.

Brazilian exchanges and markets are sometimes subject to substantial fluctuations. The sub-fund is suitable for risk-tolerant investors who are

Share class Security codes ISINLC DWS06P LU0616856935LD DWS06Q LU0616857156NC DWS06R LU0616857313FC DWS06S LU0616857586A2 DWS06T LU0616857743E2 DWS06U LU0616858048Investor Profile Risk-tolerant Currency of sub-fund EUR Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, NC, FC, LD, A2 and E2: The date of launch and initial initial subscription subscription will be deter-

mined by the Management Board of the Management Company. The Sales Prospec-tus will be updated accord-ingly.

Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD and A2: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross

investment** FC and E2: 0%Allocation of income NC, FC, LC, A2, and E2: Reinvestment LD: DistributionManagement Company fee NC: up to 2.2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** A2: up to 1.8% p.a. LC and LD: up to 1.75% p.a. plus an additional

performance-related fee**** E2: up to 0.9% p.a. FC: up to 0.85% p.a. plus an additional

performance-related fee****Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, E2 and A2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes NC, FC; LD and LC, the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class of up to 25% of the amount by which the performance of the respective share class exceeds the performance of the MSCI Brazil 10/40 (RI). The performance-related fee for the respective share class is calculated daily and settled annually.

In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If share performance during any fiscal year falls short of the preceding target return, any provisions for a performance-related fee already deferred in that fiscal year shall be dissolved in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal year may be withdrawn. There is no requirement to make up for a negative performance in a subsequent accounting period.

The Management Company does not receive a performance-related fee for the A2 and E2 share classes.


59

familiar with the opportunities and risks of vola-tile investments. A medium to long-term invest-ment horizon is recommended for this sub-fund. Investors should be in a position to bear poten-tially substantial losses. The sub-fund pursues an investment policy focused on opportunities, and is particularly suited for inclusion in a highly diver-sified investment portfolio.

Disclaimer:

In Brazil a tax might be imposed on foreign investors who purchase securities denomi-nated in the Brazilian currency (Real). Cur-rently, a Financial Operating Tax (IOF Tax) applies to foreign exchange inflows into the Brazilian market. IOF Tax imposed will adversely affect the Sub-fund's Net Asset Value at the time of the inflow of the for-eign exchange.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest Brazilian Equities Select is the MSCI Brazil 10/40.



60

DWS Invest BRIC PlusFor the sub-fund with the name DWS Invest BRIC Plus, the following provisions shall apply in addi-tion to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest BRIC Plus is to achieve as high an appreci-ation as possible of capital invested in Euros. The sub-fund may acquire equities, interest-bearing securities, convertible bonds, convertible deben-tures and warrant-linked bonds, participation and dividend-right certificates and equity warrants. At least 70% of the sub-fund’s assets are invested in equities of companies having their registered offices or principal business activity in emerging-market countries, particularly in

Brazil,

Russia,

India and

China.

Companies whose registered offices are in Hong Kong are deemed to be Chinese companies. Up to 30% of the sub-fund’s assets may be invested in equities of companies from other countries.

Companies based in an emerging-market country are those that conduct their principal business activity in such a country and those that mostly invest in companies based in an emerging-mar-ket country. A company is viewed as having its principal business activity in emerging-market countries if a significant part of its earnings or revenues is generated there.

Emerging-market countries are defined as all those countries considered by the International Monetary Fund, the World Bank, the International Finance Corporation (IFC) or one of the large global investment banks as non-developed indus-trial countries at the time of the investment.

At present, the emerging countries most signifi-cant for the sub-fund are mostly, but not exclu-sively, located in Asia, eastern Europe and South America and include, among others, Argentina, Brazil, Chile, China, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

If investments are effected in countries that do not yet possess a regulated market, these secu-rities shall be considered as unlisted financial instruments.

The following aspects shall be considered when selecting the equities:

strong market position of an issuer in its field –of business,financial ratios that are sound for the –circumstances,better-than-average corporate management –that is focused on achieving solid long-term earnings,strategic orientation of the company, –shareholder-centered information policies. –

Accordingly, the Company acquires equities of companies it expects to achieve results and/or

Share class Security codes ISINLC A0DP7P LU0210301635LD A0DP7Q LU0210302013NC A0DP7R LU0210302286FC A0DP7S LU0210302369A2 DWS0A2 LU0273227784E2 DWS0A3 LU0273227354R2 DWS0S6 LU0363468330DS1 DWS0VZ LU0399358059Z2 DWS08A LU0616870175Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented


shares.Date of launch LC, LD, NC and FC: March 29, 2005 A2 and E2: November 20, 2006 DS1: January 19, 2009 R2 and Z2: The date of launch will be determined


Date of initial subscription LC, LD, NC and FC: March 21, 2005 A2, E2, R2, DS1 and Z2: Launch dateInitial NAV per share LC, NC, FC and LD: EUR 100.00 A2 and E2: USD 100.00 R2: RUB 1,000.00 DS1: GBP 100.00 Z2: PLN 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, A2, DS1, R2 and Z2: up to 5% based on the (payable by the investor) gross investment* NC: up to 3% based on the

gross investment** FC and E2: 0%Allocation of income NC, FC, LC, A2, E2, R2 and Z2: Reinvestment LD and DS1: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD, A2, DS1, R2 and Z2: up to 1.5% p.a. FC and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.2% p.a.main distributor LC, LD, FC, A2, E2, DS1, R2 and Z2: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement LC, LD, NC, FC, A2, E2, DS1, R2 and Z2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





61

share prices that are above average with respect to the broad market.

The fund may invest more than 10% of the sub-fund’s assets in securities that are traded on the Russian Trading System Stock Exchange (RTS) or on the Moscow Interbank Currency Exchange (MICEX).

Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest-ments in shares of other Undertakings for Col-lective Investment in Securities and/or other col-lective investment undertakings as defined in A. (e), an investment limit of 5% shall apply to this sub-fund.

The following investment restriction applies to the sub-fund due to a possible registration in Korea:

The sub-fund must invest more than 60% of the net assets in non-Korean Won-denominated assets.


Specific risks:The exchanges and markets of emerging-market countries are subject to substantial fluctuations. The opportunities afforded by an invest-ment are therefore countered by substantial risks. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limita-tions on foreign capital investments and capi-tal repatriation etc. can also affect investment performance.

Detailed information concerning custody and reg-istration risks in Russia is provided in the general section of the Sales Prospectus.



Changes to the UK offshore fund regime took effect on December 1, 2009. It is now contained in the Offshore Funds (Tax) Regulations 2009 (Statutory Instrument 2009/3001).

For a UK taxpayer to benefit from capital gains tax treatment on the disposal of their investment in the DS1 share classes, that class must be certi-fied as a “distributing fund” or a “reporting fund”

in respect of all accounting periods during which the UK taxpayer owned the shares.

The DS1 share class has been certified as a distrib-uting fund from 1 January 2009 to 31 December 2009 and a reporting fund from 1 January 2010. In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attrib-utable to the DS1 share class for each relevant accounting period. Where the reported income exceeds what has been distributed to investors, then that excess will be treated as additional dis-tributions to the investors and invest ors will be taxed accordingly.

Dividends paid (and any retained income reported) to a UK resident individual will constitute a divi-dend (with a notional dividend tax credit attached) for UK income tax purposes and will generally be taxable. Dividends paid (and any returned income reported) to a UK resident company will also con-stitute dividend income in its hands and will gen-erally be exempt from tax.

The UK tax rules contain a number of anti-avoid-ance codes that can apply to UK investors in off-shore funds in particular circumstances. It is not anticipated that they will normally apply to invest-ors. Any UK taxpaying investor who (together with connected persons) holds over 10% of DWS Invest should take specific advice.

The intended category of investors for the DS1 share class is retail investors. The shares in it will be widely available and marketed and made avail-able sufficiently widely to reach them and in a manner appropriate to attract them.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference port-folio for the sub-fund DWS Invest BRIC is the MSCI BRIC Constituents.





Class LC LU0210301635 16.1% -16.9% 56.2% 125.2%

Class LD LU0210302013 16.1% -16.9% 56.1% 125.1%

Class NC LU0210302286 15.3% -18.7% 50.4% 115.8%

Class FC LU0210302369 16.9% -14.8% 62.7% 136.3%

Class A22) LU0273227784 8.0% -22.0% – 31.7%

Class E22) LU0273227354 9.6% -22.6% – 31.1%

Class DS13) LU0399358059 12.1% – – 90.6%

MSCI BRIC 19.6% -4.9% 91.6% 203.3%

1) Classes LC, LD, NC and FC on March 29, 2005 / Classes A2 and E2 on November 20, 2006 / Class DS1 on January 19, 2009

2) in USD3) in GBP


62

DWS Invest China BondsFor the sub-fund with the name DWS Invest China Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest China Bonds is to achieve an above aver-age return for the sub-fund. The sub-fund’s assets may be invested in interest-bearing debt securi-ties issued by:

the Chinese government, –Chinese government agencies, –Chinese municipals, –companies which have their registered office –in China or that conduct their principal busi-ness activity in China.

Assets not denominated in Renminbi will gen-erally be hedged against the Renminbi. The sub-fund’s assets may also be invested in inter-est-bearing debt securities denominated in Ren-minbi from issuers that do not meet the above mentioned criteria and Renminbi-denomi nated cash deposits. Renminbi-denominated assets may not be invested via the Chinese onshore market.

Due to the fact that investments made by the sub-fund and income received by the sub-fund may be denominated in Renminbi, Investors should be aware of a possible depreciation of the Renminbi.

The above-mentioned securities may be listed on Asian or other foreign securities exchanges or traded on other regulated markets that operate regularly and are recognized and open to the public. The exchanges and other regulated markets must comply with require-ments of article 41 of the Luxembourg law of December 17, 2010 relating to undertakings for collective investments.

In extreme market situations, the investment manager may diverge from the above investment strategy to avoid a liquidity squeeze. Up to 100% of the sub-fund’s assets may temporarily be invested in interest-bearing securities of United States of America and Japanese and European (EU-Member States) government bonds. In this case, whether or not and to what extend the sub-fund hedges the currency risk into Renminbi shall be subject to manager’s discretion.

Notwithstanding the principle of risk spreading and in accordance with Article 45 of the law of December 17, 2010, the sub-fund may invest up to 100% of its assets in interest-bearing debt securities that are issued or guaranteed by the Chinese government. The sub-fund may also invest up to 100% of its assets in interest-bearing debt securities issued or guaranteed by a mem-ber state of the European Union, its local authori-ties, an OECD member country, or by a public international body of which one or more mem-ber states of the European Union are members. The sub-fund must hold securities from at least six different issues, but securities from any one issue may not account for more than 30% of the sub-fund’s net assets.

In compliance with the investment limits speci-fied in Article 2 B. of the general section of the



Share class Security codes ISINLC DWS06G LU0616855457LD DWS06H LU0616855614NC DWS06J LU0616855887FC DWS06K LU0616856000A1 DWS06L LU0616856265A2 DWS06M LU0616856422E2 DWS06N LU0616856778S2 DWS08D LU0632820147LCH DWS08E LU0632805262FCH DWS08F LU0632808951LDH DWS1BF LU0740830996FDH DWS1BG LU0740831374NCH DWS1BH LU0740831614NDH DWS1BJ LU0740832000Investor Profile Risk-tolerant Currency of sub-fund USD “Hedged” share classes Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and A2, E2, LCH and FCH: August 16, 2011 initial subscription LDH, FDH, NCH, NDH, LC, LD, NC, FC, A1 and S2: The date of launch and initial

subscription will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LDH, FDH, NCH, NDH, LC, LD, NC, FC, LCH and FCH: EUR 100.00 A1, A2 and E2: USD 100.00 S2: SGD 10.00Calculation of the NAV per share Each bank business day in Luxembourg, that is also

an exchange trading day in Hong KongFront-end load LDH, LC, LD, A1, (payable by the investor) A2, S2 and LCH: up to 3% based

on the gross investment* NDH, NCH and NC: up to 1.5% based on the

gross investment** FDH, FC, E2 and FCH: 0%Allocation of income LDH, FDH, NDH, LD and A1: Distribution NCH, LC, NC, FC, A2,

E2, S2, LCH and FCH: ReinvestmentManagement Company fee NDH, NCH and NC: up to 1.4% p.a.(payable by the sub-fund)*** LDH, LC, LD, A1, A2, S2 and LCH: up to 1.1% p.a. FDH, FC, E2 and FCH: up to 0.6% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NDH, NCH and NC: 0.1% p.a.(payable by the sub-fund)*** LDH, FDH, LC, LD, FC, A1,

A2, E2, S2, LCH and FCH: 0% p.a.Taxe d’abonnement LDH, FDH, NCH, NDH, LC, LD, NC,

FC, A1, A2, E2, S2, LCH and FCH: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



63

Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con-tracts, as well as privately negotiated OTC con-tracts on any type of financial instrument, includ-ing swaps, forward-starting swaps, inflation swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.

In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2. A. (j) of the general part of the Sales Prospectus.

Specific risks:

Liquidity RiskThe sub-fund will be investing parts of its assets in RMB-denominated interest-bearing debt secu-rities issued or distributed via the RMB offshore markets, such as Hong Kong and Singapore. The quantity of RMB-denominated interest-bearing debt securities issued or distributed via the RMB offshore markets is currently limited. The sub-fund may therefore under certain market condi-tions have to invest a significant portion of its assets in RMB-denominated deposits. This may have an impact on the NAV of the sub-fund’s share classes.

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

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

Exchange Rate RiskInvestors will be exposed to the exchange rate risk of the Renminbi against the respective share class currency, e.g. the U.S Dollar. There is no guarantee that the Renminbi will not depreciate against the U.S. Dollar.

The Renminbi is not a freely convertible currency and is subject to exchange control policies and repatriation restrictions put in place by the Chi-nese government. Since the sub-fund will not be investing via the RMB onshore market, it will not be directly affected by exchange control regula-tions or possible changes thereto. Nonetheless the RMB offshore market may be affected indi-rectly by these regulations which then would also have impact on the sub-fund’s assets.

China Market RiskInvestment in China is subject to legal, regulatory, monetary and economic risks. China is domi-nated by the one-party rule of the Communist Party. Investments in China involve greater con-trol over the economy, political and legal uncer-tainties and currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support the economic reform pro-grams implemented in 1978 and possibly return to the completely centrally planned economy that existed prior to 1978, and the risk of confiscatory taxation, and nationalization or expropriation of assets. The Chinese government exercises sig-nificant control over China’s economic growth through the allocation of resources, controlling payment of foreign currency denominated obli-gations, setting monetary policy and providing preferential treatment to particular industries or companies. The willingness and ability of the Chinese government to support the Chinese and Hong Kong economies is uncertain. The growing interconnectivity of global economies and financial markets has increased the pos-sibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. In particular, the adoption or continuation of protectionist trade policies by one or more countries could lead to a decrease in demand for Chinese products and reduced flows of private capital to these econo-mies. Government supervision and regulation of Chinese stock exchanges, currency markets, trading systems and brokers may be less than in developed countries.

Companies in China may not be subject to the same disclosure, accounting, auditing and finan-cial reporting standards and practices as in devel-oped countries. Thus, there may be less informa-tion publicly available about Chinese companies than about other companies. Political, social or economic disruptions in the region, includ-ing conflicts and currency devaluations, even in countries in which the Fund is not invested, may adversely affect security values in other countries in the region and thus the Fund’s holdings.



The reference portfolio is a portfolio that does not include any leverage effect from the use of deriv-atives. The corresponding reference portfolio for the sub-fund DWS Invest China Bonds consists of assets included in the DB Offshore Renminbi Bond Index.

Fund manager of the sub-fundThe fund manager of the sub-fund is Harvest Global Investments Limited, Suites 1301–1304, Two Exchange Square 8 Connaught Place, Hong Kong.

64

DWS Invest China ConsumptionFor the sub-fund with the name DWS Invest China Consumption, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest China Consumption is to achieve an above average return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, participa-tion and dividend right certificates, convertible bonds and equity warrants of domestic as well as foreign issuers registered in China (incl. Hong Kong), or of issuers registered outside China that conduct their principal business activity in China. The securities issued by these companies may be listed on Chinese or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Eco-nomic Co-operation and Development (OECD) that operate regularly and are open to the public.

The investment focus is on the Chinese con-sumer sector.

Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) listed on recognized exchanges and markets, through American Depository Receipts (ADRs) issued by top-rated international financial institutions or through Participatory Notes (P-Notes).

Up to 30% of the sub-fund’s assets may be invested in equities, stock certificates, participa-tion and dividend right certificates, convertible bonds and equity warrants of issuers that do not meet the above mentioned criteria.


In addition, the sub-fund’s assets may be invested in all other permissible assets as speci-fied in Article 2 including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.

Specific risks:Because the sub-fund is specialized on companies operating in China, it presents increased opportu-nities, but these opportunities are countered by equally elevated risks. Chinese exchanges and markets are sometimes subject to substantial fluctuations. The sub-fund is suitable for risk-tol-erant investors who are familiar with the opportu-nities and risks of volatile investments. A medium to long-term investment horizon is recommended for this sub-fund. Investors should be in a position to bear potentially substantial losses. The sub-fund pursues an investment policy focused on opportunities, and is particularly suited for inclu-sion in a highly diversified investment portfolio.



Share class Security codes ISINLC DWS06A LU0616853916LD DWS06B LU0616854138NC DWS06C LU0616854484FC DWS06D LU0616854641A2 DWS06E LU0616854997E2 DWS06F LU0616855291Investor Profile Risk-tolerant Currency of sub-fund EUR Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD, NC, FC, A2 and E2: The date of launch and initial subscription initial subscription will be

determined by the Manage-ment Board of the Manage-ment Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg that is also an exchange trading day in Hong KongFront-end load LC, LD and A2: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross

investment** FC and E2: 0%Allocation of income LD: Distribution LC,NC, FC, A2 and E2: ReinvestmentManagement Company fee LC, LD and A2: up to 1.5% p.a.(payable by the sub-fund)*** NC: up to 2% p.a. FC and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, A2 and E2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest China Consumption is the MSCI-CN/ China.


Fund manager of the sub-fundThe fund manager of the sub-fund is Harvest Global Investments Limited, Hong Kong.

65

DWS Invest Chinese EquitiesFor the sub-fund with the name DWS Invest Chinese Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Chinese Equities is to participate in the opportunities presented by the emerging country China (including Hong Kong) and to generate as high a return as possible.

At least 70% of the sub-fund’s assets are invested in shares, stock certificates, participation and dividend-right certificates, and equity warrants of issuers registered in China, or of issuers regis-tered outside China that conduct their principal business activity in China. The securities issued by these companies may be listed on Chinese or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Economic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.

A maximum of 30% of the sub-fund’s assets may be invested in shares, stock certificates, convertible bonds, convertible debentures and warrant-linked bonds whose underlying war-rants are for securities, participation and divi-dend-right certificates, and equity warrants of foreign and domestic issuers that do not satisfy the requirements of the preceding paragraph, as well as in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.


Specific risks:Because the sub-fund is specialized on companies operating in China, it presents increased opportu-nities, but these opportunities are countered by equally elevated risks. Chinese exchanges and markets are sometimes subject to substantial fluc-tuations. The sub-fund is suitable for risk- tolerant investors who are familiar with the opportunities and risks of volatile investments. A medium to long-term investment horizon is recommended for this sub-fund. Investors should be in a position to bear potentially substantial losses. The sub-fund pursues an investment policy focused on oppor-tunities, and is particularly suited for inclusion in a highly diversified investment portfolio.



The reference portfolio is a portfolio that does not include any leverage effect from the use of deriva-tives. The corresponding reference portfolio for the sub-fund DWS Invest Chinese Equities is the MSCI – CN/China.

Share class Security codes ISINLC DWS0BJ LU0273157635NC DWS0BK LU0273145622FC DWS0BM LU0273146190A2 DWS0BN LU0273164177E2 DWS0BP LU0273176932DS1 DWS0RD LU0333022746R2 DWS0S8 LU0363468504Z2 DWS077 LU0616869599FD DWS078 LU0616869755LD DWS1BK LU0740832265CH2H (P) DWS1BL LU0740832422CH4H (P) DWS1BM LU0740832695HKD2 DWS1BN LU0740832851S2H (P) DWS1BP LU0740833073Investor Profile Risk-tolerant Currency of sub-fund EUR“Hedged” share classes Currency exposure due to the sub-fund’s assets beingaim to hedge against denominated in different currencies than the hedged

share classes.Nature of shares Registered shares or bearer shares represented


shares.Date of launch and LC, NC, FC, A2 and E2: December 15, 2006initial subscription DS1: December 21, 2007 FD: August 16, 2011 LD, CH2H (P), CH4H (P),

HKD2, S2H (P) R2 and Z2: The date of launch and initial subscription will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LD, LC, NC, FC and FD: EUR 100.00 A2 and E2: USD 100.00 DS1: GBP 100.00 R2: RUB 1,000.00 Z2: PLN 100.00 CH2H (P), CH4H (P): CHF 100.00 HKD2: HKD 100.00 S2H (P): SGD 10Calculation of the NAV per share Each bank business day in Luxembourg that is also an

exchange trading day in Hong Kong.Front-end load S2H (P), LD, CH2H (P), (payable by the investor) HKD2, LC, DS1, A2, R2 and Z2: up to 5% based on the

gross investment* NC: up to 3% based on the

gross investment** CH4H (P), FC, FD and E2: 0%Allocation of income S2H (P), CH2H (P), CH4H (P),

HKD2, NC, FC, LC, A2, E2, R2 and Z2: Reinvestment LD, DS1 and FD: DistributionManagement Company fee NC: up to 2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** S2H (P), CH2H (P),

HKD2, A2, DS1 and R2: up to 1.7% p.a. LD, LC: up to 1.5% p.a. plus an additional

performance-related fee**** Z2: up to 1.5% p.a. FC: up to 0.75% p.a. plus an

additional performance- related fee****

CH4H (P) and E2: up to 0.85% p.a. FD: up to 0.75% p.a. plus an

additional performance- related fee****

Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)

* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes NC, FC, FD, LD and LC the Management Company shall receive an additional performance-

related fee per share class of 25% of the amount by which the performance of the respective share class exceeds the performance of the MSCI China 10/40 Index. The performance-related fee is calculated daily and settled annu-ally. The Management Company does not receive a performance-related fee for the A2, E2, DS1, R2, CH2H (P), CH4H (P), HKD2, S2H (P) and Z2 share classes.

66





For a UK taxpayer to benefit from capital gains tax treatment on the disposal of their investment in the DS1 share class, that class must be certi-fied as a “distributing fund” or a “reporting fund” in respect of all accounting periods during which the UK taxpayer owned the shares.




The intended category of investors for the DS1 share class is retail investors. The shares in it will be widely available and marketed and made avail-

able sufficiently widely to reach them and in a manner appropriate to attract them.

Fund manager of the sub-fundThe fund manager of the sub-fund is Harvest Global Investments Limited, Hong Kong.



Class LC LU0273157635 9.6% -3.2% 63.1%

Class NC LU0273145622 8.8% -5.3% 58.4%

Class FC LU0273146190 10.4% -0.8% 68.8%

Class A22) LU0273164177 1.3% -11.4% 66.6%

Class E22) LU0273176932 2.8% -9.1% 72.5%

Class DS13) LU0333022746 4.1% 11.3% 12.3%

MSCI China 10/40 (Euro) 14.2% -4.6% 53.2%

1) Classes LC, NC, FC, A2 and E2 on December 15, 2006 / Class DS1 on December 21, 20072) in USD3) in GBP



Service fee of the NC: 0.2% p.a.main distributor S2H (P), LD, CH2H (P), CH4H (P), (payable by the sub-fund)*** HKD2, FC, FD, LC, A2, E2, DS1, R2 and Z2: 0% p.a.Taxe d’abonnement S2H (P), LD, CH2H (P), CH4H (P), HKD2,

LC, NC, FC, FD, A2, E2, DS1, R2 and Z2: 0.05% p.a.Order acceptance LC, NC, FC, A2, E2, DS1, R2, Z2, HKD2, FD and LD:

All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are proc-essed on the basis of the net asset value per share on that valuation date. Orders received after 4:00 PM Luxem-bourg time are processed on the basis of the net asset value per share on the next valuation date.

S2H (P), CH2H (P) and CH4H (P): All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are proc-essed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date.


67

DWS Invest Clean TechFor the sub-fund with the name DWS Invest Clean Tech, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Clean Tech is to generate an above aver-age return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, participa-tion and dividend right certificates, convertible bonds and equity warrants issued by foreign and domestic companies that are primarily active in business areas suited to restricting or reducing climate change and its effects, specifically the Clean Technology sector offering products, ser-vices and solutions helping to lower emissions, transmit energy efficiently and increase energy efficiency. This comprises companies within the area of clean technologies and companies operat-ing in areas related to energy efficiency like

energy generation, e.g. including renewab- –le and alternative energy like solar energy, wind energy, fuel cells, microturbines, clean coal, hydrogen/wavepower, geothermal and biomass energy;energy transportation, e.g. technology for –transmission and distribution of energy, smart grid solutions, energy storage or new material;energy consumption, e.g. technology for ef- –ficient lighting, clean vehicle technology or green buildings.

Up to 30% of the sub-fund’s assets may be invested in equities stock certificates, participa-tion and dividend right certificates, convertible bonds and equity warrants that do not fulfil the requirements of the preceding paragraph.

Up to 30% of the sub-fund’s assets maybe invested in short-term deposits, money market instruments and bank balances.

In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.

Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of derivatives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries:

Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, not more that 35% of the net value of the assets of the sub-fund may be invested in derivatives that consti-tute long positions and do not have correspond-ing coverage.

Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest-ments in shares of other Undertakings for Collective Investment in Securities and/or other collective investment undertakings as defined in A. (e), an investment limit of 5% shall apply to this sub-fund.

Share class Security codes ISINLC DWS0EG LU0298649426NC DWS0EH LU0298650788FC DWS0EJ LU0298651596A2 DWS0EK LU0298696344DS1 DWS0RA LU0329762479K2 DWS0RB LU0329762719Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented by a

global certificate.Date of launch LC, NC, FC and A2: May 14, 2007and initial subscription DS1: December 21, 2007 K2: April 30, 2008, date of subscription

April 7, 2008Initial NAV per share NC, FC and LC: EUR 100.00 A2: USD 100.00 K2: USD 10.00 DS1: GBP 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, A2, K2 and DS1: up to 5% based on the gross (payable by the investor) investment* NC: up to 3% based on the gross

investment** FC: 0%Allocation of income NC, LC, FC, A2 and K2: Reinvestment DS1: DistributionManagement Company fee LC, A2, DS1 and K2: up to 1.5% p.a.(payable by the sub-fund)*** NC: up to 2% p.a. FC: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.2% p.a.main distributor LC, FC, A2, DS1 and K2: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement NC, FC, LC, A2, DS1 and K2: 0.05% p.a.Acceptance of orders All subscription, redemption and exchange orders are





68

UK Taxation The following information is a general guide to the anticipated UK tax treatment of UK-resident inves-tors. Investors should be aware that UK tax law and practice can change. Prospective investors therefore need to consider their specific position at the time they invest, and should seek their own advice where appropriate.

The separate share classes are “offshore funds” for the purposes of the UK offshore funds legisla-tion. Under this legislation, any gain arising on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “distributing fund” or a “reporting fund” throughout the period during which the shares have been held by that investor.

Changes to the UK offshore fund regime took effect on December 1, 2009. It is now contained in the Offshore Funds (Tax) Regulations 2009 (Statu-tory Instrument 2009/3001).

For a UK taxpayer to benefit from capital gains tax treatment on the disposal of their investment in the DS1 share class, that class must be certified as a “distributing fund” or a “reporting fund” in respect of all accounting periods during which the UK taxpayer owned the shares.

The DS1 share class has been certified as a distrib-uting fund from 1 January 2009 to 31 December 2009 and a reporting fund from 1 January 2010 (both under the sub-fund’s former name ‘DWS Invest Climate Change’). In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attributable to the DS1 share class for each relevant accounting period. Where the reported income exceeds what has been distrib-uted to investors, then that excess will be treated as additional distributions to the investors and investors will be taxed accordingly.

Dividends paid (and any retained income reported) to a UK resident individual will constitute a divi-dend (with a notional dividend tax credit attached) for UK income tax purposes and will generally be taxable. Dividends paid (and any returned income reported) to a UK resident company will also con-stitute dividend income in its hands and will gener-ally be exempt from tax.

The UK tax rules contain a number of anti-avoid-ance codes that can apply to UK investors in off-shore funds in particular circumstances. It is not anticipated that they will normally apply to inves-tors. Any UK taxpaying investor who (together with connected persons) holds over 10% of DWS Invest should take specific advice.





Until April 11, 2012The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Clean Tech consists of global companies in the fields of clean ener-gies and/or energy efficiency.


Effective April 12, 2012The corresponding reference portfolio for the sub-fund DWS Invest Clean Tech is the Wilderhill Clean Index.



Effective April 12, 2012: DWS Investment GmbH, Frankfurt, has sub-delegated its fund management services to Deutsche Alternative Asset Management (UK) Ltd under its supervi-sion, control and responsibility, and at its own expense.


Share class ISIN since 12/21/2010 1 year 3 years Since inception1)

Class LC LU0298649426 -0.6% 0.8% -37.9% -37.7%

Class NC LU0298650788 -0.6% 0.1% -39.3% -39.3%

Class FC LU0298651596 -0.6% 1.7% -36.3% -35.6%

Class A22) LU0298696344 0.7% -5.9% -44.4% -39.6%

Class DS13) LU0329762479 1.0% -3.2% -28.1% -27.6%

Class K22) LU0329762719 0.8% -6.1% – -38.9%

WilderHill New Energy Global Innovation (introduced on December 21, 2010)

-1.3% – – –

1) Classes LC, NC, FC and A2 on May 14, 2007 / Class DS1 on December 21, 2007 / Class K2 on April 30, 20092) in USD3) in GBP


69

DWS Invest Commodity OptimizerFor the sub-fund with the name DWS Invest Commodity Optimizer, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Commodity Optimizer is to achieve a long term capital appreciation which is directly and indirectly linked to the commodity markets.

For this purpose, the sub-fund may in particular acquire derivative financial instruments whose underlying instruments are commodity indices, equities, interest-bearing securities, convert-ible bonds, convertible debentures and warrant-linked bonds, index certificates, participation and dividend-right certificates and equity warrants. Equities are not in the main focus of the invest-ment strategy. At least 70% of the sub-fund’s assets are invested in the following securities and derivatives:

Derivatives and certificates whose underlying a) instruments are commodity indices or sub-indices.

Eligible indices in accordance as defined aa) in Article 9 of the Grand-Ducal Regulation dated February 8, 2008.

Indices that are comprised of non-eligible bb) assets (“non-eligibles”) and do not meet the diversification provisions of Article 9 (1) a) of the Grand-Ducal Regulation dated February 8, 2008 (i.e. sub-indices com-prised of non-eligible assets). In this case the following requirements have to apply:

The index has to meet the requirements of Article 9 (1) b) (benchmark) and c) (pub-lication) of the Grand-Ducal Regulation dated February 8, 2008. In addition the 5/10/40% limit in relation to the market value equivalents of assets in which such indices are to be found (e.g. total return swaps, non-Delta constant certificates) needs to be kept at portfolio level. A look through to the constituents of theses indi-ces is not necessary.

Liquid assets that cover the obligations from b) investments in accordance with (a).

In addition to all other permissible assets speci-fied in Article 2 of the general section of the Sales Prospectus (including the assets mentioned in Article 2 A. (j), up to 30% of the sub-fund’s assets may be invested in the following securities or derivatives: equities, participation and dividend-right certificates, convertible bonds, convertible debentures and warrant-linked bonds, warrants on equities issued worldwide and denominated in any freely convertible currency, as well as derivatives on investments that were not issued by commodities companies or are not linked to commodity indices.

The sub-fund may not enter into any obligations regarding the transfer of physical commodities.

In compliance with the investment limits speci-fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy is implemented mainly through the use of suitable

Share class Security codes ISINLC DWS0VB LU0399355469NC DWS0VC LU0399355626FC DWS0VD LU0399355899A2 DWS0VE LU0399355972E2 DWS0VF LU0399356194Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, NC, FC, A2 and E2: The date of launch and initial initial subscription subscription will be determined


Initial NAV per share LC, NC and FC: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load A2: up to 5% based on the gross investment*(payable by the investor) LC: up to 4% based on the gross investment** NC: up to 1.5% based on the gross investment*** FC and E2: 0%Allocation of income NC, FC, LC, A2 and E2: ReinvestmentManagement Company fee NC: up to 1.6% p.a. plus an additional (payable by the sub-fund)**** performance-related fee***** LC: up to 1.2% p.a. plus an additional

performance-related fee***** A2: up to 1.3% p.a. FC: up to 0.65% p.a. plus an additional

performance-related fee***** E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.2% p.a.main distributor LC, FC, A2 and E2: 0% p.a.(payable by the sub-fund)**** Taxe d’abonnement LC, FC, NC, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 4% based on the gross investment correspond approx. to 4.17% based on the net investment.*** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.**** For additional costs, see Article 12 in the general section of the Sales Prospectus.***** For the share classes LC, NC and FC the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class of up to 25% of the amount by which the performance of the sub-fund exceeds the performance of the DJ AIG Commodity Index Total Return Euro. The performance- related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If share performance during any fiscal six month period falls short of the preceding target return, any provisions for a per-formance-related fee already deferred in that fiscal six-month period shall be dissolved in accordance with the dai-ly comparison. The amount of deferred performance-related fee existing at the end of the fiscal six month period may be withdrawn. There is no requirement to make up for a negative performance in a sub sequent accounting period. The Management Company does not receive a performance related fee for the A2 and E2 share classes.


70

derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con-tracts, as well as privately negotiated swap con-tracts on any type of financial instrument, includ-ing credit default swaps.

This involves the acquisition of certificates and derivatives on investments whose underlying instruments are equities, bonds or commodity indices and commodity sub-indices, as long as they are securities as defined in Article 2 of the Grand-Ducal Regulation dated February 8, 2008. In particular, derivatives such as swap contracts, futures and certificates may be acquired if, with respect to certificates and derivatives on com-modity indices, the sub-fund invests only in listed certificates issued by top-rated financial institu-tions specializing in such transactions, and pro-vided there is sufficient liquidity.

When pricing these instruments, the sub-fund must obtain a regular and verifiable valuation. This valuation is generally based on the most recent available market price. If this price does not adequately reflect the actual market value, the valuation shall be based on the prices supplied to the sub-fund by independent valuation agencies or market makers. In addition, the counterparties of the sub-fund must provide for sufficient liquid-ity of the respective instruments. The indices concerned must be recognized and sufficiently diversified. In particular, the sub-fund may enter into equity swaps and index swaps negotiated with a counterparty under customary market conditions. In equity swaps, the sub-fund and the respective counterparty agree on the partial or complete exchange of payments dependent on the price performance of equities or equity indi-ces. In the context of index swaps, the sub-fund and the respective counterparty will agree on the partial or complete exchange, as seen from an economic perspective, of the price performance or the returns of fixed and variable-interest securi-ties, convertible bonds and/or participation certifi-cates for the return of the index.

Risk exposure with respect to a counterparty aris-ing from credit default swaps and other deriva-tives, including equity swaps and index swaps, is subject to the regulations on risk limitation and risk spreading. In addition, the sub-fund’s fund management will assure an adequate risk diver-sification with regards to commodity sectors. At least five different commodities or commodity sectors will be allocated to the sub-fund at all times.

No assurance can be given that the investment objective will be achieved.



The reference portfolio is a portfolio that does not include any leverage effect from the use of deriv-atives. The corresponding reference portfolio for the sub-fund DWS Invest Commodity Optimizer

is the Dow Jones- UBS Commodity Index Total Return.

Contrary to the provision of the general section of the Sales Prospectus, because of the investment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub-fund assets. The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.


71

DWS Invest Commodity PlusFor the sub-fund with the name DWS Invest Commodity Plus, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Commodity Plus is to achieve a long term capital appreciation. The fund intends to utilize indirectly the developments on the international natural resources and commodity futures mar-kets, and thus to achieve in the medium to long term a performance that replicates the perfor-mance of several indices and their sub-indices.

For this purpose, the sub-fund may in particular acquire derivative financial instruments whose underlying instruments are commodity indices, equities, interest-bearing securities, convert-ible bonds, convertible debentures and warrant-linked bonds, index certificates, participation and dividend-right certificates and equity warrants. At least 70% of the sub-fund’s assets are invested in the following securities and derivatives:

Derivatives and certificates whose underlying a) instruments are commodity indices or sub-indices.

Eligible Indices:aa)

Eligible indices in accordance with Article 9 of the Directive 2007/16/EC or as defined in Article 9 of the Grand-Ducal Regulation dated February 8, 2008, concerning cer-tain definitions of the law of 17 December 2010 relating to undertakings for collec-tive investment, as amended, and trans-posing Commission Directive 2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative pro-visions relating to undertakings for collec-tive investment in transferable securities (UCITS) as regards the clarification of cer-tain definitions.

The Dow Jones UBS Commodity Index TR meets the above mentioned criteria. It consists of futures contracts on nine-teen commodities subdivided by sector into Energy, Agriculture, Livestock, Indus-trial Metals, and Precious Metals.

Individual Indices:bb)

Individual indices are those that are com-prised of non-eligible assets (“non-eligi-bles”) and do not meet the diversifica-tion provisions of Article 9 of Directive 2007/16/EC but do, however, meet the requirements for the “Publication” and “Benchmark” index requirements.

If an index of non-eligibles is invested in and this index does not comply with Arti-cle 22a of the UCITS Directive (e.g. sub-indices comprising non-eligible assets), eligibility is not excluded in every case. If the 5/10/40% limit in relation to the mar-ket value equivalents of assets in which such indices are to be found (e.g. total return swaps, non-Delta constant certifi-cates) is kept at portfolio level, eligibil-ity is possible provided the “Publication”

Share class Security codes ISINLC A0DP7W LU0210303920NC A0DP7X LU0210304068FC A0DP7Y LU0210304142A2 DWS0CL LU0273166545E2 DWS0CM LU0273178987R2 DWS0TE LU0363469221LCH (P) DWS0X5 LU0441365896Z2 DWS075 LU0616868948Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate. The R2 share class is only offered in form

of registered shares.“Hedged” share classes Currency exposure due to the sub-fund’s assets beingaim to hedge against denominated in a different currency than the hedged

share classDate of launch LC, NC and FC: March 29, 2005 A2 and E2: November 20, 2006 R2 , LCH (P) and Z2: The date of launch will be determined

by the Management Board of the Management Company. The Sales Pro-spectus will be updated accordingly.

Date of initial subscription LC, NC and FC: March 21, 2005 A2, E2, LCH (P), R2 and Z2: Date of launchInitial NAV per share LC, NC, FC and LCH (P): EUR 100.00 A2 and E2: USD 100.00 R2: RUB 1,000.00 Z2: PLN 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LCH (P), R2 and Z2: up to 4% based on the gross (payable by the investor) investment* A2: up to 5% based on the gross

investment** NC: up to 3% based on the gross

investment*** FC and E2: 0%Allocation of income NC, FC, LC, A2, E2, LCH, R2 and Z2: ReinvestmentManagement Company fee NC: up to 1.6% p.a.(payable by the sub-fund)**** LC, R2, A2, LCH (P) and Z2: up to 1.2% p.a. FC and E2: up to 0.65% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor LC, FC, E2, A2, LCH (P), R2 and Z2: 0% p.a.(payable by the sub-fund)**** Taxe d’abonnement LC, NC, FC, A2, E2, LCH (P), R2 and Z2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 4% based on the gross investment correspond approx. to 4.17% based on the net investment.** 5% based on the gross investment correspond approx. to 5.26% based on the net investment.*** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.**** For additional costs, see Article 12 in the general section of the Sales Prospectus.


72

and “Benchmark” index requirements are also met.

Equity securities of commodities companies.b)

Derivatives whose underlying instruments c) are investments in accordance with (b).

Interest-bearing debt securities.d)

Liquid assets that cover the obligations from e) investments in accordance with (a) and (c).

1:1 Certificates (Delta 1), including the assets f) mentioned in Article 2. A. j).

With regards to f), the sub-fund will not invest more than 20% of the sub-fund’s assets in one sector to secure risk diversification. One sector can also be allocated up to 35%, but only if no other sector exceeds 20% at the same time.

Currency Swaps, FX Forwards or other FX g) instruments to take advantage from the devel-opment of commodity currencies. Commod-ity currencies are currencies of the following countries: Canada, Australia, New Zealand, South Africa, Norway, Russia and Brazil.

In addition to all other permissible assets speci-fied in Article 2 of the general section of the Sales Prospectus, up to 30% of the sub-fund’s assets may be invested in the following securities or derivatives: equities, participation and dividend-right certificates, convertible bonds, convertible debentures and warrant-linked bonds, warrants on equities issued worldwide and denominated in any freely convertible currency, as well as derivatives on investments that do not fulfil the requirements of the preceding paragraphs.

In compliance with the investment limits speci-fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy is implemented mainly through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con-tracts, as well as privately negotiated swap con-tracts on any type of financial instrument, includ-ing credit default swaps.


This involves the acquisition of certificates and derivatives on investments whose underlying instruments are equities, bonds or commod-ity indices and commodity sub-indices, as long as they are securities as defined in Article 41 of the Law of December 17, 2010. In particular, derivatives such as swap contracts, futures and certificates may be acquired if, with respect to certificates and derivatives on commodity indi-ces, the fund invests only in listed certificates issued by top-rated financial institutions special-izing in such transactions, and provided there is sufficient liquidity. When pricing these instru-ments, the fund must obtain a regular and veri-fiable valuation. This valuation is generally based on the most recent available market price. If this price does not adequately reflect the actual mar-ket value, the valuation shall be based on the

prices supplied to the fund by independent valu-ation agencies or market makers. In addition, the counterparties of the fund must provide for suf-ficient liquidity of the respective instruments. The indices concerned must be recognized and suffi-ciently diversified. In particular, the sub-fund may enter into equity swaps and index swaps negoti-ated with a counterparty under customary market conditions. In equity swaps, the sub-fund and the respective counterparty agree on the partial or complete exchange of payments dependent on the price performance of equities or equity indi-ces. In the context of index swaps, the sub-fund and the respective counterparty will agree on the partial or complete exchange, as seen from an economic perspective, of the price performance or the returns of fixed and variable-interest securi-ties, convertible bonds and/or participation certifi-cates for the return of the index.

Risk exposure with respect to a counterparty aris-ing from credit default swaps and other deriva-tives, including equity swaps and index swaps, is subject to the regulations on risk limitation and risk spreading. In addition, fund management will assure an adequate risk diversification with regards to commodity sectors. At least five dif-ferent commodities or commodity sectors will be allocated to the sub-fund at all times.

Liquid assets include time deposits and regularly traded money market instruments, the notes and bonds of OECD member countries or their local authorities or those of supra-national institutions and organizations having a European, regional or global sphere of activity, as well as bonds that are listed on an exchange or traded on a regulated market that operates regularly and is recognized and open to the public, are issued by top-rated entities or with top-rated guarantors and have a term to maturity of less than twelve months and are highly liquid. For instruments with a variable term, maturity is determined on the basis of the date of the next interest rate adjustment.

No assurance can be given that the investment objective will be achieved.


In addition to the provisions of the general sec-tion of the Sales Prospectus, the potential market

risk of the sub-fund is measured using a refer-ence portfolio that does not contain derivatives.

The reference portfolio is a portfolio that does not include any leverage effect from the use of deriv-atives. The corresponding reference portfolio for the sub-fund DWS Invest Commodity Plus is the Dow Jones-UBS Commodity Index Total Return.


Fund manager of the sub-fundThe fund manager of the sub-fund is Deutsche Investment Management Americas, Inc.



Class LC LU0210303920 12.4% -9.0% 0.3% 2.2%

Class NC LU0210304068 11.9% -10.5% -2.4% -0.9%

Class FC LU0210304142 13.1% -7.2% 3.6% 6.1%

Class A22) LU0273166545 4.8% -17.5% – -1.5%

Class E22) LU0273178987 5.6% -11.4% – 6.4%

1) Classes LC, NC and FC on March 29, 2005 / Classes A2 and E2 on November 20, 20062) in USD


73

DWS Concept ets For the sub-fund with the name DWS Concept ets, the following provisions shall apply in addi-tion to the terms contained in the general sec-tion of the Sales Prospectus.

Investment policyThe objective of the investment policy of the sub-fund DWS Concept ets is to achieve a posi-tive long-term investment performance taking in account the opportunities and risks of the inter-national equity and fixed-income markets.

Notwithstanding Article 2 B. (i), the following applies:

The sub-fund’s assets may be used to acquire shares of other Undertakings for Collective Investment in Transferable Securities and/or col-lective investment undertakings as defined in Article 2 A. (e), provided that no more than 20% of the sub-fund’s assets are invested in one and the same Undertaking for Collective Investment in Transferable Securities and/or collective invest-ment undertaking.

Every sub-fund of an umbrella fund is to be regarded as an independent issuer, provided that the principle of individual liability per sub-fund is applicable in terms of liability to third parties.

Investments in shares of other collective invest-ment undertakings other than Undertakings for Collective Investment in Transferable Securities must not exceed 30% of the sub-fund’s net assets in total.

In the case of investments in shares of another Undertaking for Collective Investment in Trans-ferable Securities and/or other collective invest-ment undertakings, the investments held by that Undertaking for Collective Investment in Transfer-able Securities and/or by other collective invest-ment undertakings are not taken into consider-ation for the purposes of the limits specified in Article 2 B. (a), (b), (c), (d), (e) and (f).

Up to 100% of the sub-fund’s assets are invested globally in investment funds such as equity, bond, commodity and money-market funds, investment funds that reflect the performance of an index and exchange traded funds (ETF) but not limited to.

The proportion of open-ended real estate funds is limited to not more than 10% of the sub-fund’s net assets. Investment in open-ended real estate funds is to be counted toward the investment limit specified in Article 2 B. (h) in the Sales Pro-spectus – general section.

Depending on the market situation the sub-fund’s assets may be invested completely into one investment fund category. However, a maximum of 70% of the sub-fund’s assets are invested in equity funds.

Up to 49% of the sub-fund’s assets may be invested into cash instruments.

In compliance with the investment limits speci-fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among oth-ers, options, forwards, futures, futures contracts

* 4% based on the gross investment correspond approx. to 4.17% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes LC, LD, NC and FC the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return from a money market investment specified below. The calculation basis for the LC, LD, NC and FC share classes is the performance of the EONIA (capitalized) Index, plus 200 basis points (target re-turn, no benchmark). The performance-related fee for the respective share class is calculated daily and settled an-nually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal year falls short of the afore-mentioned target return, any performance-related fee amounts already deferred in that fiscal year shall be elim-inated in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal year may be withdrawn. There is no requirement to make up for a negative performance in a sub-sequent accounting period.

Share class Security codes ISINLC DWS0ZP LU0507267119FC DWS0ZQ LU0507267200NC DWS0ZR LU0507267382LD DWS0ZS LU0507267465Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC and NC: August 2, 2010initial subscription LD: September 20, 2010 FC: The date of launch and initial subscription will

be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, FC, NC and LD: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC and LD: up to 4% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC: 0%Allocation of income FC, LC and NC: Reinvestment LD: DistributionManagement Company fee NC: up to 1.6% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC and LD: up to 1.2% p.a. plus an additional

performance-related fee**** FC: up to 0.65% p.a. plus an additional

performance-related fee****Maximum management fee charged 3.25% p.a.in respect of investment in shares of other funds(payable by the sub-fund)*** Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)*** LC, FC and LD: 0% p.a.Taxe d’abonnement FC, LC, NC and LD: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are

placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on the next valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date.


on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, infla-tion swaps, swaptions, constant maturity swaps and credit default swaps.

In addition the sub-fund’s assets may be invested in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus.



The reference portfolio is a portfolio that does not include any leverage effect from the use of

74


Share class ISIN Since inception1)

Class LC LU0507267119 3.4%

Class LD LU0507267465 2.3%

Class NC LU0507267382 3.2%

1) Classes LC and NC on August 2, 2010 / Class LD on September 20, 2010


derivatives. The corresponding reference portfolio for the sub-fund DWS Concept ets is the MSCI WORLD INDEX Constituents.



DWS Investment S.A. under its own supervision, control and responsibility, and at its own expense, has entered into an investment advisory agree-ment with Expert Timing Systems International, EAFI, Madrid, Spain.

75

DWS Invest ConvertiblesFor the sub-fund with the name DWS Invest Convertibles, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Convertibles is to generate an above- average return for the sub-fund in Euros. How-ever, no assurance can be given that the invest-ment objective will be achieved.

At least 70% of the sub-fund’s assets shall be invested in convertible bonds, warrant-linked bonds and similar convertible instruments of national and international issuers.

Up to 30% of the sub-fund’s assets may be invested in fixed-interest and variable-interest securities excluding conversion rights and in equities, equity warrants and participation certifi-cates, with the aggregate percentage of equities, equity warrants and participation certificates not to exceed 10%. In conjunction with the manage-ment of credit risks linked with the sub-fund, the sub-fund may also use credit derivatives such as default swaps (CDS). Such instruments may be used both for transferring credit risks to a coun-terparty and for accepting additional credit risks.

In addition the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus.

Besides various types of fixed interest payment, convertible bonds vest in the holder the right to convert these securities into shares in the com-pany concerned. Bonds with warrants can simul-taneously vest in the holder the right to interest payments and repayment and the right to acquire shares, i.e., the shares can be acquired in addition to the bond by exercising the option. Convertible preference shares regularly include the right or obligation to convert the preference shares into ordinary shares at a later date. The respective price of these securities depends both on the assessment of the share price and on changes in interest rates.


Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub-fund may be invested in derivatives that constitute long positions and do not have corre-sponding coverage. The sub-fund manager aims to hedge any currency risk versus the euro in the portfolio.

The described investment policy could also be implemented by using Synthetic Dynamic Under-lyings (SDU).

The sub-fund may use, particularly in accordance with the investment limits stated in Article 2 B. of the Sales Prospectus – general section, derivatives to optimize the investment objective.

Share class Security codes ISINLC 727 462 LU0179219752LD 727 463 LU0179219919NC 727 466 LU0179220255FC 727 467 LU0179220412A2H DWS0CQ LU0273170141E2H DWS0CR LU0273179522DS1H DWS0V0 LU0399358133CH3H DWS0XT LU0435837785CH2H DWS070 LU0616867890CH4H DWS071 LU0616868195Z2 DWS072 LU0616868351FD DWS073 LU0616868518FCR DWS074 LU0616868781CH2 DWS1BQ LU0740833156Y1MH DWS1BR LU0740833313LD (CE) DWS1BS LU0740833404FC (CE) DWS1BT LU0740833669Investor Profile Growth-oriented Currency of sub-fund EUR“Hedged” share classes Sub-fund currencyaim to hedge against Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD, NC and FC: January 12, 2004initial subscription A2H and E2H: November 20, 2006 DS1H: March 23, 2009 CH4H: September 8, 2011 LD (CE), FC (CE), CH2,

Y1MH, FD, CH3H, CH2H, FCR and Z2: The date of launch and initial

subscription will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accord-ingly.

Initial NAV per share LD (CE), FC (CE), LC, NC, FC, FCR, LD and FD: EUR 100.00

A2H and E2H: USD 100.00 DS1H: GBP 100.00 CH2, CH3H, CH2H and CH4H: CHF 100.00 Z2: PLN 100.00 Y1M: JPY 10,000.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load A2H: up to 5% based on the gross (payable by the investor) investment* LD (CE), CH2, Y1MH,

LC, LD, DS1H, CH2H and Z2: up to 3% based on the gross

investment** NC: up to 1.5% based on the gross

investment*** FC (CE), FC, E2H, CH3H, CH4H, FCR and FD: 0%Allocation of income FC (CE), CH2, NC, FC,

LC, A2H, E2H, CH2H, CH4H, FCR and Z2: Reinvestment

Y1MH: Distribution (monthly) LD (CE), LD, FD,

DS1H and CH3H: Distribution (annually)Management Company fee NC: up to 1.5% p.a.(payable by the sub-fund)**** LD (CE), CH2, Y1MH,

LC, LD, A2H, DS1H, CH2H and Z2: up to 1.2% p.a.

FC (CE), FC, E2H, CH3H, CH4H, FCR and FD: up to 0.65% p.a.

Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor LD (CE), FC (CE), CH2, Y1MH, (payable by the sub-fund)**** FC, LC, LD, E2H, A2H, Z2, DS1H,

CH3H, CH2H, CH4H, FCR and FD: 0% p.a.Taxe d’abonnement LD (CE), FC (CE), CH2, Y1MH,

LC, LD, NC, FC, A2H, DS1H, E2H, CH2H, CH3H, CH4H, FCR, Z2 and FD: 0.05% p.a.

* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.**** For additional costs, see Article 12 in the general section of the Sales Prospectus.

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The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Convertibles. The perfor-mance of the sub-fund is therefore besides other factors depending on the respective proportion of derivatives, e.g. swaps in the sub-fund’s total assets.

To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as swaps will be entered with top-rated financial institutions specializing in such transactions. Such OTC-agreements are standard-ized agreements.

In conjunction with the OTC transactions, it is important to note the associated counterparty risk. The sub-fund’s counterparty risk resulting from the use of portfolio total return swaps will be fully collateralized. The use of swaps may further-more entail specific risks that are explained in the general risk warnings.

The sub-fund can be invested in total or in parts in one or several OTC-transactions negotiated with a counterparty under customary market conditions. Therefore the sub-fund can be invested in total or in parts in one or several transactions.


The following investment restriction applies to the sub-fund due to a possible registration in Korea: The sub-fund must invest more than 90% of the net assets in non-Korean Won-denominated assets.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Convertibles is the (25%) Citi – EuroBIG Corporate Index- A sector, (25%) Citi – WorldBIG Corporate A in EUR, (25%) MSCI World and (25%) STOXX 50.


UK Taxation The following information is a general guide to the anticipated UK tax treatment of UK-resident investors. Investors should be aware that UK tax law and practice can change. Prospective invest-ors therefore need to consider their specific posi-

tion at the time they invest, and should seek their own advice where appropriate.

The separate share classes are “offshore funds” for the purposes of the UK offshore funds leg-islation. Under this legislation, any gain aris-ing on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “distribut-ing fund” or a “reporting fund” throughout the period during which the shares have been held by that investor.

Changes to the UK offshore fund regime took effect on December 1, 2009. It is now contained in the Offshore Funds (Tax) Regulations 2009 (Statutory Instrument 2009/3001). For a UK tax-payer to benefit from capital gains tax treatment on the disposal of their investment in the DS1H share class, that class must be certified as a “dis-tributing fund” or a “reporting fund” in respect of all accounting periods during which the UK tax-payer owned the shares.

The DS1H share class has been certified as a reporting fund from 1 January 2010. In order to comply with the requirements of the report-ing regime, it will be necessary to report to both investors and HMRC the income attributable to the DS1H share class for each relevant accounting



Class LC LU0179219752 10.8% 5.2% 21.5% 35.8%

Class LD LU0179219919 10.8% 5.3% 21.7% 35.9%

Class NC LU0179220255 10.3% 3.9% 18.9% 31.8%

Class FC LU0179220412 11.4% 7.2% 25.5% 42.0%

Class A2H2) LU0273170141 10.6% 2.1% – 31.2%

Class E2H2) LU0273179522 11.4% 2.9% – 33.2%

Class DS1H3) LU0399358133 10.7% – – 36.9%

ML Global 300 Convertible (hedged in EUR) since September 1, 2009 (formerly: ML Global 300 Convertible)

12.0% 13.3% 17.0% 31.9%

1) Classes LC, LD, NC and FC on January 12, 2004 / Classes A2H and E2H on November 20, 2006/ Class DS1H on March 23, 2009

2) in USD3) in GBP



Order acceptance For FC (CE) and LD (CE) share classes: All subscription, redemption and exchange orders are

placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date im-mediately following that next valuation date.

For all other share classes: All subscription, redemption and exchange orders are



77

period. Where the reported income exceeds what has been distributed to investors, then that excess will be treated as additional distributions to the investors and investors will be taxed accordingly.



The UK tax rules contain a number of anti- avoidance codes that can apply to UK investors in offshore funds in particular circumstances. It is not anticipated that they will normally apply to investors. Any UK taxpaying investor who (together with connected persons) holds over 10% of DWS Invest should take specific advice.

The intended category of investors for the DS1H share class is retail investors. The shares in it will be widely available and marketed and made avail-able sufficiently widely to reach them and in a manner appropriate to attract them.


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DWS Invest Covered BondsFor the sub-fund with the name DWS Invest Covered Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Covered Bonds is to generate an above average return for the sub-fund.

At least 70% of the sub-fund’s assets are invested in euro-denominated covered bonds that offer an investment-grade status at the time of acquisition.

A maximum of 30% of the sub-fund’s total assets may be invested in other interest bearing debt securities, money market instruments and cash.

The sub-fund’s investments in asset backed secu-rities and mortgage backed securities shall be limited to 20% of the sub-fund’s net asset value.


In addition, the sub-fund’s assets may be invested in all other permissible assets, specified in Article 2 of the general section of the Sales Prospectus.




The corresponding reference portfolio for the sub-fund DWS Invest Covered Bonds is the iBoxx € Covered.



Share class Security codes ISINLC DWS09D LU0740814875LD DWS09E LU0740815096FC DWS09F LU0740815252FD DWS09G LU0740815765NC DWS09H LU0740816060ND DWS09J LU0740816227A1H DWS09K LU0740816573A2H DWS09L LU0740817035E1H DWS09M LU0740817548E2H DWS09N LU0740817977Investor Profile Income-orientedCurrency of sub-fund EUR“Hedged” share classes Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch LC, LD, FC, FD, NC, ND, and initial subscription A1H, A2H, E1H and E2H: The date of launch and initial


Initial NAV per share LC, LD, FC, FD, NC, ND: EUR 100.00 A1H, A2H, E1H, E2H: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, A1H, A2H: up to 3% based on the (payable by the investor) gross investment* NC, ND: up to 1.5% based on the gross

investment** FC, FD, E1H, E2H: 0%Allocation of income LC, FC, NC, A2H, E2H: Reinvestment LD, FD, ND, A1H, E1H: DistributionManagement Company fee NC, ND: up to 1.2% p.a.(payable by the sub-fund)*** LC, LD, A1H, A2H: up to 0.9% p.a. FC, FD,E1H, E2H: up to 0.6% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC, ND: 0.1% p.a.(payable by the sub-fund)*** LC, LD, A1H, A2H, FC, FD, E1H,E2H: 0% p.a.Taxe d’abonnement LC, LD, FC, FD, NC,

ND, A1H, A2H, E1H, E2H: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are




79

DWS Invest Diversified Fixed Income StrategyFor the sub-fund with the name DWS Invest Diversified Fixed Income Strategy, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of the sub-fund DWS Invest Diversified Fixed Income Strategy is to achieve a positive long-term invest-ment performance and generate an absolute return by implementing various “Alpha Strategies”. The sub-fund targets a low level of annual volatility comparable to a medium term bond portfolio. However, no assurance can be given that the investment objective will be achieved.

Based on investments in fixed or variable-interest securities, Alpha strategies consist of the tar-geted use of fluctuations and relative price dis-crepancies between the financial instruments primarily in the global foreign exchange and bond markets, by buying positively regarded indices/foreign exchange and instruments (long positions) and/or selling negatively regarded indices/foreign exchange and instruments (short positions).

Alpha strategies are implemented in a diversi-fied manner, meaning that the allocation will not focus on just one Alpha source.

This investment strategy can also be implemented through the use of derivatives. In accordance with the prohibition stipulated in Article 2 E. of the Sales Prospectus – general section, no short selling of securities will be undertaken. The sub-fund may make use of the possibility, particularly in accordance with the investment limits stated in 2 B., of employing options and financial futures transactions as well as other derivative instru-ments and techniques to achieve the investment objective. In doing so, the sub-fund’s assets are invested in the following instruments or employed in the following transactions denomi-nated in freely convertible currencies:

Liquid assets, money market instruments and 1. fixed or variable-interest securities (bonds, notes, etc.), that are traded on exchanges or other regulated markets that operate regularly and are recognized and open to the public, and which were issued by borrowers worldwide, that cover the respective obligations arising from investments in forward transactions or derivative financial instruments in compliance with the following paragraph, and

buying and selling forward and option contracts 2. on bond indices as well as foreign exchange, call and put options on bond indices as well as foreign exchange, entering into interest rate and forex swaps, buying and selling foreign exchange on a spot basis and forex futures and interest rate exchange transactions, as well as combinations of the above investments.

Up to 25% of the sub-fund’s assets may be 3. invested in high yield bonds.

Credit default swaps may be acquired for invest-ment and hedging purpose to the extent permit-ted by law.

In addition, the sub-fund’s assets may be invested in all other permissible assets specified

Share class Security codes ISINNC DWS0SL LU0363465823LC DWS0SJ LU0363465666LD DWS0SK LU0363465740FC DWS0SM LU0363466045ID DWS0SN LU0363466128U5H DWS0SP LU0363466391DS5H DWS0SQ LU0363466474DS1H DWS0Z8 LU0507269594Y5H DWS0Z9 LU0507269677A2H DWS00A LU0507269750Investor Profile Income-orientedCurrency of sub-fund EUR“Hedged” share classes Sub-fund currencyaim to hedge against Nature of shares Registered shares or bearer shares represented

by a global certificate. The ID, DS5H, Y5H and U5H share classes are only

offered in form of registered shares.Date of launch and NC, LD, ID, U5H and DS5H: July 1, 2008initial subscription FC: August 18, 2008 Y5H: July 1, 2010 DS1H: September 15, 2010 LC and A2H: The date of launch and

initial subscription will be determined by the Manage-ment Board of the Manage-ment Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share FC, LD, LC, NC and ID: EUR 100.00 U5H and A2H: USD 100.00 DS5H and DS1H: GBP 100.00 Y5H: JPY 10,000.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, DS1H, A2H and LD: up to 3% based on the gross (payable by the investor) investment* NC: up to 1.5% based on the

gross investment** FC, ID, U5H, Y5H and DS5H: 0%Allocation of income LD, ID, U5H, DS1H, Y5H, A2H and DS5H: Distribution NC, LC, FC: ReinvestmentManagement Company fee NC: up to 1.2% p.a. plus an (payable by the sub-fund)*** additional performance-related fee**** LC, DS1H and LD: up to 0.9% p.a. plus an additional


performance-related fee**** ID, U5H, Y5H and DS5H: up to 0.35% p.a. plus an additional

performance-related fee**** A2H: up to 1% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b) Service fee of the NC: 0.1 % p. a. main distributor LC, LD, FC, ID, U5H,(payable by the sub-fund)*** Y5H, A2H, DS1H and DS5H: 0%Taxe d’abonnement NC, LC, LD, DS1H, A2H and FC: 0.05% p.a. ID, U5H, Y5H and DS5H: 0.01% p.a.

* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share class NC, LD, LC, FC, ID, U5H, Y5H, DS1H and DS5H the Management Company shall receive from

the sub fund’s assets an additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return from a money market investment specified below. The calcu-lation basis for the share classes NC, LD, LC, FC and ID is the EONIA (capitalized) Index plus 100 basis points (tar-get return, no benchmark).

The calculation basis for the share class U5H is the performance of a 3-month US-dollar money market investment at USD-LIBOR (London Inter Bank Offered Rate) on the last day of the quarter for three-month US-dollar invest-ments, plus 100 basis points (target return, no benchmark).

The calculation basis for the share classes DS1H and DS5H is the SONIA, plus 100 basis points (target return, no benchmark). The calculation basis for the share class Y5H is the performance of a 3-month Japanese Yen money market investment at JPY-LIBOR (London Inter Bank Offered Rate) on the last day of the quarter for three-month Japanese Yen investments, plus 100 basis points (target return, no benchmark). The performance-related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the perform-ance of the shares during any six-month period falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal six-month period shall be eliminated in accordance with the dai-ly comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn. There is a requirement to make up any underperformance relative to the target return from previous accounting periods before any performance fee may be charged (High Water Mark).

The Management Company does not receive a performance-related fee for the A2H share class.

80

in Article 2 of the general section of the Sales Prospectus.






The separate share classes are “offshore funds” for the purposes of the UK offshore funds legisla-tion. Under this legislation, any gain arising on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “distributing fund” or a “report-ing fund” throughout the period during which the shares have been held.


For a UK taxpayer to benefit from capital gains tax treatment on the disposal of investment in the DS1H and DS5H share classes, those classes must be certified as “distributing funds” or “reporting funds” in respect of all accounting periods during which the UK taxpayer owned the shares. The DS5H share class has been certi-fied as a distributing fund from 1 January 2009 to 31 December 2009 and a reporting fund from 1 January 2010. The DS1H share class has been certified as a reporting fund from 15 September 2010. In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attributable to the DS1H and DS5H share class for each relevant accounting period. Where the reported income exceeds what has been distrib-uted to investors, then that excess will be treated

as additional distributions to the investors and investors will be taxed accordingly.




The intended categories of investors for the DS1H and DS5H share classes are retail and institutional investors. The shares in them will be widely available and marketed and made available sufficiently widely to reach them and in a manner appropriate to attract them.

Fund manager of the sub-fundThe fund manager of the sub-fund is Deutsche Asset Management (UK) Limited.



Class NC LU0363465823 -1.8% 7.6%

Class LD LU0363465740 -1.5% 9.4%

Class FC LU0363466045 -1.0% 9.2%

Class ID LU0363466128 -0.8% 10.2%

Class U5H2) LU0363466391 -0.8% 10.8%

Class DS5H3) LU0363466474 -1.3% 12.4%

Class DS1H3) LU0507269594 – -0.3%

Class Y5H4) LU0507269677 – 0.6%1) Classes NC, LD, ID, DS5H and U5H on July 1, 2008 / Class FC on August 18, 2008 / Class Y5H on July 1, 2010 /

Class DS1H on September 15, 20102) in USD3) in GBP4) in JPY


Order acceptance All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the next valuation date.


81

DWS Invest DYMONDFor the sub-fund with the name DWS Invest DYMOND, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of the sub-fund DWS Invest DYMOND (for DYnamic Multi asset Opportunities fund)is to achieve a positive mid- to long-term investment performance taking in account the opportunities and risks of the inter-national capital markets.

The fund is aiming at investors looking for a mix-ture of less risky assets such as bonds and riskier assets such as equities while accepting certain possible losses of capital invested. In the long term the fund is aiming to offer returns of a bal-anced portfolio.

The sub-fund has maximum flexibility in the asset allocation and can invest up to 100% of the sub-fund’s assets in exchange traded funds (ETF) qualified as UCITS or eligible UCI within the meaning of the law of December 17, 2010 repli-cating the performance of different indices such as equity, fixed income and commodity indices.

In addition the sub-fund may invest globally in equities and bonds, such as equity certificates, index certificates, convertible bonds, warrant-linked bonds whose underlying warrants are for securities, warrants for securities, dividend-right and participation certificates, investment funds such as equity, bond and money-market funds, as well as interest-bearing debt securities and cash.

Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodities indices, precious metals and pre-cious metals indices, as well as in structured financial products and funds. According Arti-cle 2 A. (j), investment in the certificates listed here is only permitted if they are 1:1 certificates.







Investment in shares of target funds Notwithstanding Art. 12 f) of the Sales Prospectus the difference method with respect to investments in

shares of target funds does not apply for this Sub-Fund. Investment in target funds may lead to duplicate costs, and particularly duplicate management fees, since fees are incurred at the level of the respective sub-fund as well as at the level of a target fund.

The fund will not invest in constituent funds subject to a management fee of a certain level. Further information on the maximum management fees for constituent funds can be found in the overview above. If the sub-fund’s assets are invested in shares of another fund that is managed directly or indirectly by the Company itself, the same Man-agement Company or by another company that is affiliated with it by virtue of joint management or control, or by ma-terial direct or indirect shareholding, the Company, the Management Company or the other company will not charge to the fund’s assets any fees for the acquisition or redemption of shares of such other funds.

If the sub-fund invests in shares of target funds launched or managed by companies other than those named above, it must be taken into account that additional initial and deferred sales charges are charged to its assets if necessary.

Share class Security codes ISINLC DWS01V LU0544571549LD DWS01W LU0544571622 FC DWS08G LU0632817515 NC DWS08H LU0632818752Investor Profile Growth-oriented Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LD and FC: August 16, 2011 initial subscription LC and NC: The date of launch and initial subscription will be determined by the

Management Board of the Management Company. The Sales Pros pectus will be updated accordingly.

Initial NAV per share LC, LD, FC and NC: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC and LD: up to 3% based on the gross investment* (payable by the investor) NC: up to 1,5% based on the gross investment** FC: 0%Allocation of income LC, FC and NC: Reinvestment LD: DistributionManagement Company fee NC: up to 1.7% p.a. (payable by the sub-fund)*** LC and LD: up to 1.5% p.a. FC: up to 0.55% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b) Service fee of the NC: 0.1% p.a. main distributor LC, LD and FC: 0% p.a.(payable by the sub-fund)** Taxe d’abonnement LC, LD, FC and NC: 0.05% p.a.Maximum management fees 3.25%charged in respect of investmentin shares of other funds(payable by the fund)Order acceptance All subscription, redemption and exchange orders are



82


In compliance with the investment limits speci-fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among oth-ers, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, forward-starting swaps, infla-tion swaps, swaptions, constant maturity swaps and credit default swaps.


As mentioned above, the investment strat-egy of the sub-fund will in particular make use of investments in ETF’s (Exchange Traded Funds). With reference to the para-graph “Potential conflicts of interest” in the general section of the sales prospectus it is to point out that a predominant part, of up to 100%, might be selected from funds of Deutsche Bank Group or affiliated parties.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest DYMOND con-sists assets included in the (50%) Euro Stoxx 50 Return Index, (27%) S&P 500 (RI), (13%) MSCI-AC Asia Pacific and (10%) Citi EMU Euro 1 Month Euro Deposit in EUR.



83

DWS Invest Emerging Markets CorporatesFor the sub-fund with the name DWS Invest Emerging Markets Corporates, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Emerging Markets Corporates is to gener-ate an above-average return for the sub-fund.

At least 70% of the sub-fund’s assets are invested in interest-bearing debt securities that are issued by companies based in an Emerging Market or those that conduct their principal business activ-ity in such a country.

Emerging-market countries are defined as all those countries considered by the International Monetary Fund, the World Bank or the Interna-tional Finance Corporation (IFC) or one of large global investment banks as non-developed indus-trial countries at the time of the investment.

Credit derivatives such as credit default swaps on single issuers and indices as well as tranches on CDS indices may be acquired for investment and hedging purposes to the extent permitted by law.

The sub-fund’s assets are mainly denominated in USD.

A maximum of 30% of the sub-fund’s assets may be invested in interest-bearing debt securities that do not meet the above mentioned criteria, cash and money market instruments.

In addition, the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus.




The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Emerging Markets Corporates is the JPM CEMBI.



Share class Security codes ISINA1 DWS0CU LU0273170653A1M DWS010 LU0544572273A2 DWS0CV LU0273170737E2 DWS0CW LU0273179951NCH DWS0XV LU0436053051LCH DWS0XU LU0436052673LDH DWS00B LU0507269834FCH DWS00C LU0507270097NDH DWS01Z LU0544572190CH2H DWS068 LU0616861422CH4H DWS069 LU0616861778LC (BRIC) DWS07A LU0616861935LC (CC) DWS07B LU0616862156A2 (BRIC) DWS07C LU0616862313A2 (CC) DWS07D LU0616862669LCHH (D) DWS07E LU0616862826FCHH (D) DWS07F LU0616863121NC (BRIC) DWS1BU LU0740833743NC (CC) DWS1BV LU0740833826E2 (BRIC) DWS1BW LU0740834048E2 (CC) DWS1BX LU0740834121CH2 DWS1BY LU0740834394Investor Profile Risk-tolerant Currency of sub-fund USD“Hedged” share classes aim to NCH, LCH, LDH, FCH, hedge against NDH, CH2H and CH4H: Sub-fund currency LCHH (D) and FCHH (D): Sub-fund currency and in

addition the risk to the share class resulting from changes of government bond interest rates.

Nature of shares Registered shares or bearer shares represented by a global certificate.

Date of launch and A1, A2 and E2: November 20, 2006initial subscription FCH, LCH, LDH, NCH and NDH: November 16, 2010 LC (BRIC) and LC (CC): August 16, 2011 NC (BRIC), NC (CC), E2 (BRIC),

E2(CC), CH2, A1M, CH2H, CH4H, A2 (BRIC), A2 (CC), LCHH (D) and FCHH (D): The date of launch and

initial subscription will be determined by the Man-agement Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share A1, A1M, A2, E2, E2 (BRIC), E2 (CC), A2 (BRIC) and A2 (CC): USD 100.00

NC (BRIC), NC (CC), NCH, LDH, FCH, NDH, LDH, LC (BRIC), LC (CC), FCHH (D) and LCHH (D): EUR 100.00

CH2, CH2H and CH4H: CHF 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LCH, LDH, A1, A1M, A2, CH2, (payable by the investor) CH2H, LC (BRIC), LC (CC),

A2 (BRIC), A2 (CC) and LCHH (D): up to 3% based on the gross investment* NC (BRIC), NC (CC), NCH and NDH: up to 1.5% based on

the gross investment** E2 (BRIC), E2 (CC), E2,

FCH, CH4H and FCHH (D): 0%Allocation of income A1, LDH and NDH: Distribution (annually) A1M: Distribution (monthly) NCH, LCH, FCH, A2, E2,

CH2H, CH4H, LC (BRIC), LC (CC), A2 (BRIC), A2 (CC), NC(BRIC), NC(CC), E2 (BRIC), E2 (CC), CH2, LCHH (D) and FCHH (D): Reinvestment

Management Company fee NC (BRIC), NC (CC), (payable by the sub-fund)*** NCH and NDH: up to 1.4% p.a. LCH, A1, A1M, LDH, A2,

CH2, CH2H, LC (BRIC), LC(CC), A2 (BRIC), A2 (CC) and LCHH (D): up to 1.1% p.a.

E2 (BRIC), E2 (CC), E2, FCH, CH4H and FCHH (D): up to 0.6% p.a.


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Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may be subject to considerable down-ward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.

Performance of share classes vs. benchmark (in USD)


Class A1 LU0273170653 -5.6% -2.0% 4.5%

Class A2 LU0273170737 -5.8% -2.2% 4.3%

Class E2 LU0273179951 -5.5% -0.7% 6.5%

Class FCH2) LU0507270097 – – -0.6%

Class LCH2) LU0436052673 – – -0.7%

Class LDH2) LU0507269834 – – -0.7%

Class NCH2) LU0436053051 – – -0.7%

Class NDH2) LU0544572190 – – -0.7%

JPM CEMBI since July 1, 2010 (previously: JPM Euro EMBI Global Diversified Comp. since September 1, 2009, formerly: JPM EMBI Global Diversified Comp.)

-5.3% 6.9% 16.2%

1) Classes A1, A2 and E2 on November 20, 2006 / Classes FCH, LCH, LDH, NCH and NDH on November 16, 20102) in euro


Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the NC (BRIC), NC (CC), NCH and NDH: 0.1% p.a.main distributor E2 (BRIC), E2 (CC), CH2, A1, A1M, (payable by the sub-fund)*** A2, LCH, LDH, FCH, E2, CH2H, CH4H,

LC (BRIC), LC (CC), A2 (BRIC), A2 (CC), LCHH (D) and FCHH (D): 0% p.a.

Taxe d’abonnement E2 (BRIC), E2 (CC), NC (BRIC), NC (CC), CH2, A1, A1M, A2, NCH, LCH, LDH, FCH, NDH, E2, CH2H, CH4H, LC (BRIC), LC (CC), A2 (BRIC), A2 (CC), LCHH (D) and FCHH (D): 0.05% p.a.

Order acceptance All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date.


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DWS Invest Emerging Markets SatellitesFor the sub-fund with the name DWS Invest Emerging Markets Satellites, the following provi-sions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Emerging Markets Satellites is to achieve an above average return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, participation and dividend right certificates, convertible bonds and equity warrants issued by companies registered in emerging markets countries or by companies that conduct their principal business activity in emerging markets countries or which, as holding companies, hold primarily interest in companies registered in emerging markets countries. This includes, but is not limited to companies of the following countries:

Argentina, Bangladesh, Chile, Colombia, Egypt, Kazakhstan, Kenya, Indonesia Morocco, Nigeria, Pakistan, Philippines, Peru, Romania, Sri Lanka, Thailand, Turkey, Ukraine and Vietnam.

In general, emerging markets countries are defined as all those countries not considered by the International Monetary Fund, the World Bank or the International Finance Corporation (IFC) as developed industrialised countries at the time of investment.

Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) listed on recognized exchanges and markets, through American Depository Receipts (ADRs) issued by top-rated interna-tional financial institutions or through Participa-tory Notes (P-Notes).



A maximum of 30% of the sub-fund’s assets may be invested in equities, stock certificates, participation and dividend right certificates, con-vertible bonds and equity warrants of issuers that do not fulfil the requirements of the preceding paragraph.

Up to 30% of the sub-fund’s assets maybe invested in short-term deposits, money market instruments and bank balances.


Specific risks:The exchanges and markets of emerging-market countries are subject to substantial fluctuations. The opportunities afforded by an investment

Share class Security codes ISINLC DWS054 LU0616852603LD DWS055 LU0616852868NC DWS056 LU0616853080FC DWS057 LU0616853247A2 DWS058 LU0616853593E2 DWS059 LU0616853759Investor Profile Risk-tolerant Currency of sub-fund EUR Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD, NC, FC, March 1, 2012initial subscription A2 and E2: The date of launch and initial subscription

will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accord-ingly.

Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD and A2: up to 5% based on the gross (payable by the investor) investment* NC: up to 3% based on the gross

investment** FC and E2: 0%Allocation of income LC, NC, FC, A2 and E2: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD and A2: up to 1.5% p.a. FC and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b) Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC; A2 and E2: 0%Taxe d’abonnement NC, LC, LD, FC, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are




Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may be subject to considerable down-ward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of vola-tile investments and who are in a position to temporarily bear substantial losses.

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are therefore countered by substantial risks. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limita-tions on foreign capital investments and capi-tal repatriation etc. can also affect investment performance.

Supplementary notes concerning the risks of emerging-markets can be found in the section “General risk warnings” in the general section of the Sales Prospectus.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Emerging Markets Satellites is the MSCI Emerging Markets (EUR).


Dilution policy:Substantial subscriptions and redemptions of the sub-fund could lead to a dilution of the sub-fund’s assets, due to the fact, that the NAV potentially does not entirely reflect all trading- and other costs. These costs occur, if the portfolio manager has to buy or sell securities in order to manage large in- or outflows of the sub-fund. In addition, to these costs, substantial order volumes could lead to market prices, which are considerable lower, respectively higher than the market prices under general circumstances. To enhance the shareholder protection of already existing inves-tors the following option allows the usage of the dilution policy in favour of the sub-fund’s assets during exceptional market situations to compen-sate trading and other costs in case of material impact to the sub-fund.

The Management Board of the Management Company will define limits for the application of the dilution policy, based – amongst others – on the current market conditions, given market liquidity and estimated dilution costs. If an excep-tional market situation occurs, as defined by the Management Board of the Management Com-pany, the net asset value of the sub-fund can be adjusted to a higher or lower value to reflect the transactions costs and other dilution effects asso-ciated to this trading activity. In accordance with these limits, the adjustment itself will be initiated automatically. The adjusted net asset value will be applied to all subscriptions and redemptions of this trading day equally.

The impact of the dilution policy will not exceed 2% of the original NAV. As the mentioned dilution policy methodology will only be executed when it comes to exceptional market situations and sig-nificant in- and outflows and as it is not based on regular volumes, it is assumed that the NAV adjustment will only be executed occasionally.


87

DWS Invest Emerging Markets StrategyFor the sub-fund with the name DWS Invest Emerging Markets Strategy, the following provi-sions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Emerging Markets Strategy is to achieve an above-average return for the sub-fund.

The sub-fund may acquire equities, equity rights, interest-bearing debt securities, convertible bonds, warrant-linked bonds, warrants, dividend-right cer-tificates, index certificates, financial instruments certificated in securities, as well as derivatives on these. The sub-fund may also invest in money mar-ket instruments and bank balances.

The sub-fund’s assets shall be invested in securi-ties and derivatives based on these of issuers, or whose underlying is an issuer, which are them-selves an emerging market, or have their regis-tered office in an emerging market, or conduct their principal business activity in emerging mar-kets or which, as holding companies, primarily hold interests in companies that are registered in an emerging market.

Emerging-market countries are defined as all those countries considered by the International Monetary Fund, the World Bank or the Interna-tional Finance Corporation (IFCH) as non-devel-oped industrialized countries at the time of the investment.

A minimum of 30% of the sub-fund’s assets are invested in interest-bearing securities, convert-ible bonds, warrant-linked bonds, warrants and dividend-right certificates, as well as in financial instruments and derivatives on these securities.

Up to 49% of the fund’s assets may be invested in money market instruments and bank balances.

In extreme market situations and market devel-opments, which may manifest themselves in the form of unnaturally high market fluctuations, restricted tradability of securities or significantly widened bid-ask spreads, up to 100% of the fund’s assets may be invested in securities and derivatives based on these of issuers, or whose underlying is an issuer, which are not themselves an emerging market, or do not have their reg-istered office in an emerging market, or do not conduct their principal business activity in emerg-ing markets or which, as holding companies, do not primarily hold interests in companies that are registered in an emerging market.

Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodities

indices, precious metals and precious metals indices, as well as in structured financial products and funds. According to article 2 A (j), investment in the certificates listed here is only permitted if they are 1:1 certificates.

Investment in the securities mentioned above can also be conducted through Global Depositary Receipts (GDRs) listed on recognized exchanges and markets, or through American Depositary Receipts (ADRs) issued by top-rated international financial institutions.

Share class Security codes ISINLCH DWS09P LU0740818355LDH DWS09Q LU0740818439FCH DWS09R LU0740818603FDH DWS09S LU0740818785NCH DWS09T LU0740818942NDH DWS09U LU0740819080A1 DWS09V LU0740819593A2 DWS09W LU0740819676E1 DWS09X LU0740819759E2 DWS09Y LU0740820096Investor Profile Risk-tolerant Currency of sub-fund USD “Hedged” share classes Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificateDate of launch and LCH, LDH, FCH, FDH, initial subscription NCH, NDH, A1, A2, E1 and E2: The date of launch and

initial subscription will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share A1, A2, E1 and E2: USD 100.00 LCH, LDH, FCH,

FDH, NCH and NDH: EUR 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LCH, LDH, A1, A2(payable by the investor) NCH and NDH: up to 5% based on the

gross investment* up to 3% based on the

gross investment** FCH, FDH, E1 and E2: 0%Allocation of income LDH, FDH, NDH, A1 and E1 Distribution LCH, FCH, NCH, A2 and E2 ReinvestmentManagement Company fee NCH and NDH: up to 2.0% p.a.(payable by the sub-fund)*** LCH, LDH, A1 and A2: up to 1.5% p.a. FCH, FDH, E1 and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b) Service fee of the NCH and NDH 0.1% p.a.main distributor LCH, LDH, A1, A2, (payable by the sub-fund)*** FCH, FDH, E1 and E2: 0% p.a.Taxe d’abonnement LCH, LDH, FCH, FDH,

NCH, NDH, A1, A2, E1 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





88

Forward currency transactions, call or put options on currencies, currency swaps and currency futures, which are denominated in currencies of emerging-market countries, are used as deriva-tives. In addition, the derivative financial instru-ments include options, forward contracts, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instru-ment such as swaps, forward starting swaps, inflation swaps, swaptions, constant maturity swaps or credit default swaps.

Where investments are exposed to the risks of currencies that are subject to transfer restrictions, derivative financial instruments may be used that are based on such currencies and which provide for delivery and payment in freely convertible cur-rencies (e.g., so-called non-deliverable forward agreements – NDFs). Given the investment policy, which also provides for investment in secondary currencies and in currencies that are not freely convertible, currency risks may occur in the fund.

These risks include, in the short term, the ten-dency of exchange rates to undergo unpredict-able and sudden changes and, in the longer term, the fund management incorrectly forecasting trends in exchange rate developments. Using currencies that are not freely convertible entails a higher exchange-rate risk than using freely con-vertible currencies.

Non-deliverable forwards (NDHFs) are forward currency transactions, which can be used to hedge the exchange rate between a freely con-vertible currency and a currency that is not freely convertible.


a certain amount in one of the two currencies –the forward price (NDF price) –the maturity date –the direction (purchase or sale) –

Unlike with a normal forward transaction, only a compensatory payment is made in the freely convertible

currency on the maturity date. The amount of the compensatory payment is calculated from the difference between the agreed NDF price and the reference price (price on the maturity date). Depending on the price performance, the com-pensatory payment is either made to the pur-chaser or the seller of the NDF.


In addition, the sub-fund assets may be invested in all other permissible assets.

Specific risks:The exchanges and markets of emerging-market countries are subject to substantial fluctuations. The opportunities afforded by an investment are therefore countered by substantial risks. Politi-cal changes, restrictions on currency exchange, exchange monitoring, taxes, limitations on for-eign capital investments and capital repatriation etc. can also affect investment performance.





The corresponding reference portfolio for the sub-fund DWS Invest Emerging Markets Strategy is the VAR 6.



89

DWS Invest Emerging Markets Top Dividend PlusFor the sub-fund with the name DWS Invest Emerging Markets Top Dividend Plus, the follow-ing provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Emerging Markets Top Dividend Plus is to achieve an above average appreciation of capital in Euros.

The sub-fund may acquire equities, interest-bear-ing securities, convertible bonds, warrant-linked bonds, warrants, dividend-right certificates, index certificates and financial instruments certificated in securities of well-established issuers based in emerging markets.

At least 70% (after deduction of liquid assets) of the sub-fund’s asset must be invested in equities of companies registered in emerging markets countries or in companies that conduct their prin-cipal business activity in emerging markets coun-tries or which, as holding companies, hold primar-ily interest in companies registered in emerging markets countries, that can be expected to deliver an above-average dividend yield. Emerging-mar-ket countries are defined as all those countries not considered by the International Monetary Fund, the World Bank or the International Finance Corporation (IFC) as developed industrialised countries at the time of investment.

When selecting equities, the following criteria shall be of decisive importance: dividend yield above the market average; sustainability of divi-dend yield and growth; historical and forecast profit growth; attractive price/earnings ratio. In addition to these criteria, the proven stock-picking process of the fund manager will be applied. This means that a company’s fundamental data, such as asset quality, management skills, profitability, competitive position and valuation, are analysed and applied in decision making. These criteria and fundamental data may be weighted differ-ently and do not always have to be present at the same time.

A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in equities, other equity securities and uncertificated equity instruments that do not fulfil the require-ments of the preceding paragraph, as well as in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Emerging Markets Top Dividend Plus is the MSCI EM (Emerging Markets) in EUR.

Leverage is not expected to exceed twice the value of the investment subfund’s assets. How-

Share class Security codes ISINLC DWS0QT LU0329760002LD DWS0S9 LU0363468686NC DWS0QU LU0329760184FC DWS0QV LU0329760267A2 DWS0QW LU0329761232E2 DWS0QX LU0329761406R2 DWS0TA LU0363468769Z2 DWS08B LU0616870332Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented


of registered shares.Date of launch and NC, FC and LC: January 14, 2008initial subscription A2: May 27, 2011 R2 and Z2: The date of launch and initial subscription

will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

LD: July 1, 2008 E2: September 15, 2008Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and E2: USD 100.00 R2: RUB 1,000.00 Z2: PLN 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, A2, R2 and Z2: up to 5% based on the gross (payable by the investor) investment* NC: up to 3% based on the gross

investment** FC and E2: 0%Allocation of income LC, NC, FC, A2, E2, R2 and Z2: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a. (payable by the sub-fund)*** LC, LD, A2, R2 and Z2: up to 1.5% p.a. FC and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the NC: 0.2% p.a.main distributor LC, LD, FC; A2, E2, R2 and Z2: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement NC, LC, LD, FC, A2, E2, R2 and Z2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are




Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may be subject to considerable down-ward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.

90

ever, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.




Class LC LU0329760002 27.5% 4.8%

Class LD LU0363468686 27.5% 24.2%

Class NC LU0329760184 26.6% 1.8%

Class FC LU0329760267 28.5% 7.5%

Class E22) LU0329761406 19.5% 40.3%

MSCI Emerging Markets 29.7% 14.1%

1) Classes LC, NC and FC on January 14, 2008 / Class LD on July 1, 2008 / Class E2 on September 15, 20082) in USD


91

DWS Invest EnceladusFor the sub-fund with the name DWS Invest Enceladus, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy for the DWS Invest Enceladus is to benefit from the relative out performance/underperformance of individual equities, sectors and economies in the emerging markets by using long/short strategies to achieve a total return that will over the medium to long term be comparable to emerging markets equity returns, while the fluctuations of the sub-fund shares should be lower.

According to the prohibition in Article 2 E. of the Sales Prospectus – general section short selling according to Art. 52 of the Law of December 17, 2010 will not be implemented in the sub-fund's assets itself.

The return and risk targets may exceed or fall short of this objective, and the objective should not be considered a guarantee. The objective is to gain positive and comparable returns but are, to the largest extent possible, moderately corre-lated to changes in the equity markets depicted by the Morgan Stanley Capital International (MSCI) Emerging Markets Index of equities.

This investment strategy involves investments wherein positively regarded return sources which are potentially influencing equity markets are bought (long positions) and/or negatively regarded return sources are sold (short positions).

The sub-fund invests, in compliance with the provi-sions of the Ordinance of the Grand Duchy dated February 8, 2008 and Directive 2007/16/EG, pri-marily in fixed and variable interest-bearing secu-rities or in equities as well as in derivatives. The derivatives can be based on single underlyings or on a reference portfolio.

The sub-fund makes use of the possibility, par-ticularly in accordance with the investment limits stated in Article 2 B. of the Sales Prospectus – general section, of employing derivatives to opti-mize the investment objective.

The derivatives are used within the scope of the implementation of the investment policy and the investment objective, with the performance of the sub-fund dependent on the respective proportion of derivatives (e.g. futures, swaps or contracts for difference) in the sub-fund’s total assets.

In addition the sub-fund may invest in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus, includ-ing the assets mentioned in Article 2 A. (j).

To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as contracts for difference or swaps will be entered with top-rated financial institutions specializing in such transactions. Such OTC-agreements are standardized agreements.

The sub-fund can be invested in total or in parts in one or several OTC-transactions negotiated with a counterparty under customary market condi-tions. Therefore the sub-fund can be invested in total or in parts in one or several transactions.

Share class Security codes ISINLC DWS0VG LU0399356277FC DWS0VH LU0399356350Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC and FC: The date of launch and initial subscription will initial subscription be determined by the Management Board

of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC and FC: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC: up to 5% based on the gross investment*(payable by the investor) FC: 0%Allocation of income FC and LC: ReinvestmentManagement Company fee LC: up to 2% p.a. plus an additional (payable by the sub-fund)** performance-related fee*** FC: up to 1% p.a. plus an additional

performance-related fee***Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor LC and FC: 0% p.a.(payable by the sub-fund)** Taxe d’abonnement LC and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** For additional costs, see Article 12 in the general section of the Sales Prospectus.*** For the share classes FC and LC the Management Company shall receive from the sub-fund’s assets an addition-

al performance related fee per share of 20% of the amount by which the net asset value per share (where applica-ble in consideration of any distributions), at the last valuation date of a fiscal half-year exceeds the highest net as-set value per share (high-water mark) at all preceding last valuation dates of a fiscal half-year and the net asset value per share on the day the sub-fund was launched. The accrued performance-related fee is calculated daily; any per-formance-related fee incurred is deferred in the sub-fund on a daily basis and withdrawn from it on a semi-annual basis. If the net asset value per share on any valuation date is below the high-water mark, any provision for a per-formance-related fee that might have been established in that fiscal half-year as part of the daily calculation of the net asset value per share is dissolved.


92

In conjunction with the OTC transactions, it is important to note the associated counterparty risk. The sub-fund can reduce the counterparty risk by using collaterals.

The use of swaps may furthermore entail spe-cific risks that are explained in the general risk warnings.

The following are considered as potential risk/return sources, which are actively managed in aggregate as well as on a standalone basis in this international equity portfolio:

Market exposure –Single stocks –Industry sectors –Market capitalization –Valuation –Currency –Interest rates –Credit spreads –Volatility. –

The derivatives are mainly based on:

Equities of companies registered in emerging markets countries or of companies that conduct their principal business activity in emerging mar-kets countries or which, as holding companies, hold primarily interest in companies registered in emerging markets countries that can be expected to deliver an above-average dividend yield. Emerging Market countries are defined as all those countries not considered by the International Monetary Fund, the World Bank or the International Finance Corporation (IFC) as developed industrialised countries at the time of investment.

Within the reference portfolio following positions, without being exhaustive, may exist:

long positions of equities/equity related secu- –rities;

short positions of equities/equity related secu- –rities;

derivatives based on market exposure, single –stocks, industry sectors, market capitalisa-tion, valuation, currency, interest rates, credit spreads or volatility.

The sub-fund will not use credit capital as invest-ment instrument. Exclusively cash settlement for the derivates will be used, i.e. no physical settlement.

The investment strategy will be opportunistic within the reference portfolio.

The sub-fund ensures that the overall risk asso-ciated with derivative financial instruments does not exceed 100% of the net assets of the sub-fund and that the risk of the sub-fund therefore does not persistently exceed 200% of the net assets of the sub-fund.


The VaR of the sub-fund assets is limited to 14.14% of the sub-fund assets with the param-

eters of a 10-day holding period and a 99% con-fidence level.



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DWS Invest Energy EvolutionFor the sub-fund with the name DWS Invest Energy Evolution, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Energy Evolution is to achieve an above average return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, partici-pation and dividend-right certificates, convert-ible bonds and equity warrants of companies operating across the value chain in conventional and alternative energy and energy efficiency or of companies whose main activity consists of owning shareholdings in such companies or financing such companies.


In compliance with Article 2 B of the general sec-tion of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and techniques in order to implement the investment strategy and to achieve the investment objec-tive, including in particular – but not limited to – forwards, futures, single-stock futures, CFDs options or equity swaps.


A maximum of 30% of the sub-fund’s assets may be invested in instruments that do not fulfill the requirements of the preceding paragraphs and in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.

There can be no assurance that the sub-fund will achieve its investment objective.


In addition to the provisions of the general section of the Sales Prospectus, the potential market risk of the sub-fund is measured using a reference portfolio that does not contain derivatives.


The corresponding reference portfolio for the sub-fund DWS Invest Energy Evolution is the MSCI World.


Share class Security codes ISINLC DWS09Z LU0740820252LD DWS090 LU0740820336NC DWS091 LU0740820500ND DWS092 LU0740820682FC DWS093 LU0740820765FD DWS094 LU0740820922IC DWS095 LU0740821490ID DWS096 LU0740821813A2 DWS097 LU0740822381E2 DWS098 LU0740822548Investor Profile Growth-oriented Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate. The IC and ID share class are only offered in form

of global register.Date of launch and LC, LD, NC, ND, FC, initial subscription FD, IC, ID, A2 and E2: The date of launch and initial sub-

scription will be determined by the Management Board of the Manage-ment Company. The Sales Prospec-tus will be updated accordingly

Initial NAV per share LC, LD, NC, ND, FC, FD, IC and ID: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD and A2: up to 5% based on the (payable by the investor) gross investment* NC and ND: up to 3% based on the

gross investment** FC, FD, IC, ID and E2: 0%Allocation of income LD, ND,FD and ID: Distribution LC, NC, FC, A2, E2 and IC: ReinvestmentManagement Company fee NC and ND: up to 2.0% p.a.(payable by the sub-fund)*** LC, LD and A2: up to 1.5% p.a. FC, FD and E2: up to 0.75% p.a. IC and ID: up to 0.5% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC and ND: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, FD, IC, ID, A2 and E2: 0% p.a.Taxe d’abonnement LC, LD, FC, FD, NC, ND, A2 and E2: 0.05% p.a. IC and ID: 0.01% p.a.Order acceptance All subscription, redemption and exchange orders are






DWS Investment GmbH, Frankfurt, has sub-delegated its fund management services to Deutsche Asset Management (Asia) Ltd under its supervision, control and responsibility, and at its own expense.

94

DWS Invest Euro Bonds (Premium)For the sub-fund with the name DWS Invest Euro Bonds (Premium), the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Euro Bonds (Premium) is to generate an above average return for the sub-fund.

At least 70% of the sub-fund’s assets are invested in interest-bearing debt securities issued or guar-anteed by sovereign institutions (central banks, government authorities and supra-national institu-tions) and covered bonds denominated in Euros that are traded on exchanges or on other regulated markets in a member country of the Organiza-tion for Economic Co-operation and Development (OECD) that operates regularly and is recognized and open to the public. In particular, the sub-fund can take advantage of the opportunities offered by the international futures markets within the invest-ment limits specified in Article 2 B. of the Sales Prospectus – general section.

It is also possible to write covered calls for the sub-fund on interest rate instruments (e.g. bonds, bond futures, swaps) that are part of the fund’s net assets. Aside from a positive assessment, great importance is therefore also attached to the possibility of achieving an attractive option pre-mium when selecting these interest rate instru-ments. Selling call options results in the sub-fund not participating or only partially participating in price increases of the underlying interest rate instruments. On the other hand, participation in price losses is reduced by the amount of the option premiums that are received.

A maximum of 30% of the sub-fund’s total assets may be invested in interest-bearing debt securi-ties or other securities of other countries that do not meet the above mentioned criteria.

The use of interest-rate and currency swaps is also provided for. No more than 25% may be invested in convertible bonds and convertible debentures and warrant-linked bonds; no more than 10% may be invested in participation and dividend-right cer-tificates, equities and equity warrants.

The sub-fund may use, particularly in accordance with the investment limits stated in Article 2. B. of the Sales Prospectus – general section, deriva-tives to optimize the investment objective.

The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Euro Bonds (Premium). The performance of the sub-fund is therefore besides other factors depending on the respec-tive proportion of derivatives, e.g. swaps in the sub-fund’s total assets.

To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as swaps will be entered with top-rated financial institutions specializing in such transactions. Such OTC-agreements are stan-dardized agreements.

In conjunction with the OTC transactions, it is important to note the associated counterparty risk. The sub-fund’s counterparty risk resulting from the use of portfolio total return swaps will

Share class Security codes ISINLC A0JME8 LU0254489874LD A0JMFA LU0254491003NC A0JME7 LU0254489106FC A0JME9 LU0254490534Investor Profile Income-oriented Currency of sub-fund EURNature of shares Registered shares or bearer shares represented by a

global certificate.Date of launch and LC, LD, NC and FC: July 3, 2006initial subscription Initial NAV per share LC, LD, NC and FC: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC and LD: up to 3% based on the gross investment*(payable by the investor) NC: up to 1.5% based on the gross investment** FC: 0%Allocation of income NC, FC and LC: Reinvestment LD: DistributionManagement Company fee NC: up to 1.2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC and LD: up to 0.9% p.a. plus an additional


performance-related fee****Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor LC, FC and LD: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement LC, LD, NC and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes LC, LD, NC and FC, the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class of up to 25% of the amount by which the performance of the sub-fund exceeds the performance of the iBoxx € Sovereigns (70%) and the iBoxx € Collateralized Covered (30%). The performance-related fee for the respective share class is calculated daily and settled annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal year period falls short of the aforementioned tar-get return, any performance-related fee amounts already deferred in that fiscal year period shall be eliminated in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal year period may be withdrawn. There is no requirement to make up for a negative performance in a subse-quent accounting period.

95



Class LC LU0254489874 -2.8% 4.6% 8.2%

Class LD LU0254491003 -2.8% 4.6% 8.2%

Class NC LU0254489106 -3.2% 3.3% 6.0%

Class FC LU0254490534 -2.4% 6.0% 10.4%

70% iBoxx € Sovereigns and 30% iBoxx € Collateralized Covered (introduced on September 1, 2009)

1.2% – –

1) Classes LC, LD, NC and FC on July 3, 2006


be fully collateralized. The use of swaps may fur-thermore entail specific risks that are explained in the general risk warnings.


In addition, the sub-fund’s assets may be invested in all other permissible assets as speci-fied in Article 2 of the general section of the Sales Prospectus, including the assets mentioned in Article 2 A. (j).




The reference portfolio is a portfolio that does not include any leverage effect from the use of deriv-atives. The corresponding reference portfolio for the sub-fund DWS Invest Euro Bonds (Premium) is the (70%) iBoxx Indices Sovereign EUR TR and (30%) iBoxx Indices Collateralized EUR TR.



96

DWS Invest Euro Bonds (Short)For the sub-fund with the name DWS Invest Euro Bonds (Short), the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Euro Bonds (Short) is to generate an above-average return for the sub-fund. The sub-fund may acquire interest-bearing securities, convertible bonds, convertible debentures and warrant-linked bonds, participation and dividend-right certifi-cates, equities and equity warrants. At least 70% of the sub-fund’s assets are invested in interest-bearing securities denominated in Euros that are traded on exchanges or on other regulated markets in a member country of the Organisa-tion for Economic Co-operation and Development (OECD) that operates regularly and is recognized and open to the public, with the securities hav-ing maturities classified as short-term. “Short term” relates to a term to maturity or fixed-rate term of investments ranging between zero and three years. No more than 25% of the sub-fund’s assets may be invested in convertible bonds and convertible debentures and warrant-linked bonds; no more than 10% may be invested in participa-tion and dividend-right certificates, equities and equity warrants.

A maximum of 30% of the sub-fund’s total assets may be invested in debt instruments or other securities of other countries that do not meet the above criteria.





The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Euro Bonds (Short) is the iBoxx Euro overall 1-3.



Share class Security codes ISINLC 551 872 LU0145655824LD 551 874 LU0145656475NC 551 875 LU0145656715FC 551 876 LU0145657366FD DWS1BZ LU0740834634Investor Profile Income-oriented Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch LC, LD, NC and FC: June 3, 2002 FD: The date of launch and initial sub-


Initial NAV per share FD, LC, LD, NC and FC: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC and LD: up to 3% based on the gross investment*(payable by the investor) NC: up to 1.5% based on the gross investment** FD and FC: 0%Allocation of income NC, FC and LC: Reinvestment FD and LD: DistributionManagement Company fee NC: up to 1.1% p.a.(payable by the sub-fund)*** LC and LD: up to 0.6% p.a. FD and FC: up to 0.45% p.a.Expense cap Not to exceed 7.5% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor FD, LC, LD and FC: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement LC, LD, NC , FD and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are

placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date.




Share class ISIN 1 year 3 years 5 years

Class LC LU0145655824 0.6% 9.1% 13.3%

Class LD LU0145656475 0.6% 9.0% 13.2%

Class NC LU0145656715 0.0% 7.5% 10.6%

Class FC LU0145657366 0.8% 10.1% 15.2%

iBoxx € Overall 1–3Y since September 1, 2009 (formerly: REXP 2Y) 1.7% 13.2% 19.4%


97

DWS Invest Euro Corporate BondsFor the sub-fund with the name DWS Invest Euro Corporate Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Euro Corporate Bonds is to generate an above-average return for the sub-fund.

The sub-fund may acquire euro-denominated fixed and/or variable interest-bearing securities, convertible bonds, convertible debentures and warrant-linked bonds, participation and dividend-right certificates, equities and equity warrants. At least 70% of the sub-fund’s assets are invested in corporate bonds denominated in Euros that offer returns higher than those of comparable government bonds; investments are deliberately focused almost exclusively on issuers whose credit standing is considered by the market to be relatively good but not first-rate (investment-grade bonds). The Company will only purchase those securities for the sub-fund for which, after appropriate analysis, it can assume that the inter-est and repayment obligations will be fulfilled. Nevertheless, the risk of a total loss of the value of individual securities purchased for the sub-fund cannot be ruled out completely. In order to take account of the remaining risks, care shall be taken to spread investments among issuers.

If a potential increase in value is expected on the basis of rating changes, the fund’s assets may also include high-yield bonds, but only to a very limited extent.

The sub-fund may also conclude credit default swaps. Their use need not be limited to hedging the fund’s assets; they may also be part of the investment strategy.

No more than 25% of the sub-fund’s assets may be invested in convertible bonds and convertible debentures and warrant-linked bonds; no more than 10% may be invested in participation and dividend-right certificates, equities and equity warrants.

In compliance with the investment limits specified in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable deriva-tive financial instruments. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument, including swaps, for-ward-starting swaps, inflation swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.

The sub-fund may use, particularly in accordance with the investment limits stated in Article 2 B. of the Sales Prospectus – general section, deriva-tives to optimize the investment objective.

The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Euro Corporate Bonds. The performance of the sub-fund is therefore besides other factors depending on the respec-tive proportion of derivatives, e.g. swaps in the sub-fund’s total assets.

Share class Security codes ISINLC DWS0M3 LU0300357554NC DWS0M4 LU0300357638FC DWS0M6 LU0300357802LD DWS0X4 LU0441433728LCH (D) DWS07G LU0616863477FCH (D) DWS07H LU0616863634ND DWS1B1 LU0740835011FD DWS1B0 LU0740834808LD (CC) DWS1B2 LU0740835102Investor Profile Growth-oriented Currency of sub-fund EURHedged share classes aim to LCH (D) and FCH (D): The risk to the share class hedge against resulting from changes of government bond interest rates.Nature of shares Registered shares or bearer shares represented by a

global certificate.Date of launch and LC, NC and FC: May 21, 2007initial subscription LD: October 30, 2009 ND, FD, LD (CC), The date of launch and initial LCH (D) and FCH (D): subscription will be determined

by the Management Board of the Management Company. The Sales Prospectus will be updated accord-ingly.

Initial NAV per share ND, FD, LD (CC), LC, NC, FC, LD, LCH (D) and FCH (D): EUR 100.00

Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD , LD (CC) and LCH (D): up to 3% based on the (payable by the investor) gross investment* ND and NC: up to 1.5% based on the

gross investment** FD, FC and FCH (D): 0%Allocation of income NC, FC, LC, LCH (D) and FCH (D): Reinvestment ND, FD, LD (CC) and LD: DistributionManagement Company fee ND and NC: up to 1.2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LCH (D): up to 1.2% p.a. LC and LD: up to 0.9% p.a. plus an additional

performance-related fee**** LD (CC): up to 0.9% p.a. FD and FC: up to 0.6% p.a. plus an additional

performance-related fee**** FCH (D): up to 0.6% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the ND and NC : 0.1% p.a.main distributor LC, FC, FD, LD, LD (CC), (payable by the sub-fund)*** LCH (D) and FCH (D): 0% p.a.Taxe d’abonnement ND, FD, LD (CC), LC, FC,

NC, LD, FCH (D) and LCH (D): 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes NC, ND, FC, FD, LC and LD, the Management Company shall receive from the sub-fund’s

assets an additional performance-related fee per share class of up to 25% of the amount by which the perform-ance of the sub-fund exceeds the performance of the iBoxx € Corporates. The performance-related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily com-parison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance- related fee amounts already deferred in that fiscal six-month period shall be eliminated in accordance with the daily compar-ison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be with-drawn. There is no requirement to make up for a negative performance in a subsequent accounting period.

Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may also be subject to considerable downward or upward fluctuation, even within short periods of time.

98

To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as swaps will be entered with top-rated financial institutions specializing in such transactions. Such OTC-agreements are stand-ardized agreements.

In conjunction with the OTC transactions, it is important to note the associated counterparty risk. The sub-fund’s counterparty risk resulting from the use of portfolio total return swaps will be fully collateralized. The use of swaps may fur-thermore entail specific risks that are explained in the general risk warnings.


Furthermore the sub-fund may invest in all other permissible assets as specified in Article 2 of the general section of the Sales Prospectus, includ-ing the assets mentioned in Article 2 A. (j).


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

The opportunities afforded by an investment of this type are therefore countered by signifi-cant risks.



The reference portfolio is a portfolio that does not include any leverage effect from the use of deriv-atives. The corresponding reference portfolio for the sub-fund DWS Invest Euro Corporate Bonds is the iBoxx Indices Corporate All EUR TR.





Class LC LU0300357554 3.8% 13.7% 12.2%

Class LD LU0441433728 3.6% – 4.3%

Class NC LU0300357638 3.4% 12.4% 10.6%

Class FC LU0300357802 4.1% 14.9% 13.7%

Class LS LU0300357711 21.8%2) – 10.9%3)

iBoxx € Corporates since September 1, 2009 (formerly: ML EMU Corporate)

4.7% 16.5% 16.4%

1) Classes LC, NC, FC and LS on May 21, 2007 / Class LD on October 30, 20092) liquidated on March 12, 2010 / Performance from March 12, 2009 through, March 12, 2010 (Liquidation date)3) liquidated on March 12, 2010 / Performance from May 21, 2007 through, March 12, 2010 (Liquidation date)


99

DWS Invest Euro High Yield CorporatesFor the sub-fund with the name DWS Invest Euro High Yield Corporates, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Euro High Yield Corporates is to generate an above-average return for the sub-fund.

At least 70% of the sub-fund’s assets are invested globally in corporate bonds that offer a non-investment grade status at the time of acquisition.

Up to 30% of the sub-fund’s assets may be invested in corporate bonds that do not meet the above mentioned criteria.

The sub-fund manager aims to hedge any cur-rency risk versus the euro in the portfolio.





The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest Euro High Yield Corporates is the Merrill Lynch Euro BB-B Non-Financial Fixed & FRN HY Constr.



Share class Security codes ISINLC DWS04E LU0616839501LD DWS04F LU0616839766LDQ DWS04G LU0616839923NC DWS04H LU0616840186ND DWS04J LU0616840426FC DWS04K LU0616840772A1MH DWS04L LU0616840939LCH (D) DWS04M LU0616841150FCH (D) DWS04N LU0616841317Investor Profile Growth-oriented Currency of sub-fund EURHedged share classes aim to A1MH: Sub-fund currencyhedge against LCH (D) and FCH (D): The risk to the share class resulting

from changes of government bond interest rates.


Date of launch LC,LD, LDQ, NC, and initial subscription ND, FC, A1MH, LCH (D) and FCH (D): The date of launch and initial sub-


Initial NAV per share LC, LD, LDQ, LCH (D), FC, FCH (D), NC and ND: EUR 100.00

A1MH: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, LDQ, (payable by the investor) A1MH and LCH (D): up to 3% based on the gross

investment* NC and ND: up to 1.5% based on the gross

investment** FC and FCH (D): 0%Allocation of income LC, NC, FC, LCH (D) and FCH (D): Reinvestment LD and ND: Distribution (annually) LDQ: Distribution (quarterly) A1MH: Distribution (monthly)Management Company fee NC and ND: up to 1.4% p.a.(payable by the sub-fund)*** LC, LD, LDQ, A1MH and LCH (D): up to 1.1% p.a. FC and FCH (D): up to 0.65% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC and ND: 0.1% p.a.(payable by the sub-fund)*** LC, LD, LDQ, FC, A

1MH, LCH (D) and FCH (D): 0% p.a.Taxe d’abonnement LC, LD, LDQ, NC,

ND, FC, A1MH, LCH (D) and FCH (D): 0.05% p.a.

Order acceptance All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are proc-essed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date.



100

DWS Invest Euro-Gov BondsFor the sub-fund with the name DWS Invest Euro-Gov Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Euro-Gov Bonds is to generate an above-average return in Euros.

At least 70% of the sub-fund’s assets (after deduction of liquid assets) are invested in euro-denominated interest-bearing debt securities issued by states of the European Economic Area, government institutions within these states and supra-national public international bodies of which one or more of the states of the European Economic Area are members.

A maximum of 30% of the sub-fund’s total assets (after deduction of liquid assets) may be invested in other interest bearing debt securities issued by other states, government institutions and supra-national public international bodies that do not meet the above criteria.



The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Euro-Gov Bonds. The performance of the sub-fund is therefore besides other factors depending on the respective propor-tion of derivatives, e.g. swaps in the sub-fund’s total assets.




In addition, the sub-fund’s assets may be invested in all other permissible assets, specified in Article 2 of the general section of the Sales Prospectus.


In addition to the provisions of the general sec-tion of the Sales Prospectus, the potential market

Share class Security codes ISINLC 551 812 LU0145652052LD 551 813 LU0145652300NC 551 814 LU0145652649FC 551 815 LU0145654009Investor Profile Income-oriented Currency of sub-fund EURNature of shares Registered shares or bearer shares represented by a

global certificate.Date of launch LC, LD, NC and FC: June 3, 2002Initial NAV per share LC, LD, NC and FC: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC and LD: up to 3% based on the gross investment*(payable by the investor) NC: up to 1.5% based on the gross investment** FC: 0%Allocation of income NC, FC and LC: Reinvestment LD: Distribution Management Company fee NC: up to 1.1% p.a.(payable by the sub-fund)*** LC and LD: up to 0.6% p.a. FC: up to 0.35% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor LC, LD and FC: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement LC, LD, NC and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are






Class LC LU0145652052 -0.7% 10.1% 9.2%

Class LD LU0145652300 -0.6% 10.3% 9.3%

Class NC LU0145652649 -1.4% 8.4% 6.5%

Class FC LU0145654009 -0.4% 11.4% 11.3%

iBoxx Sovereign Eurozone Overall 1.1% 15.2% 16.8%


risk of the sub-fund is measured using a refer-ence portfolio that does not contain derivatives.

The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Euro-Gov Bonds is the CITI-EMU Government Bond Index, in EUR terms Constituents.

Leverage is not expected to exceed twice the value of the investment subfund’s assets. How-ever, the disclosed expected level of leverage is

not intended to be an additional exposure limit for the sub-fund.


101

DWS Invest European BondsFor the sub-fund with the name DWS Invest European Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest European Bonds is to generate an above-average return for the sub-fund.

At least 70% of the sub-fund’s assets are invested in interest-bearing debt securities denominated in Euros or British pounds.

No more than 25% of the sub-fund’s assets may be invested in convertible bonds and convertible debentures and warrant-linked bonds; no more than 10% may be invested in participation and dividend-right certificates, equities and equity warrants.

A maximum of 30% of the sub-fund’s total assets may be invested in interest-bearing debt securi-ties denominated in other European currencies than euro and British pounds, money market instruments and cash.





The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest European Bonds is the 70% iBoxx EUR Italy Total Return Index in EUR and 30% iBoxx EUR Spain Total Return Index in EUR.



Share class Security codes ISINLC DWS04Z LU0616843958LD DWS040 LU0616844170NC DWS041 LU0616844337LDQ DWS042 LU0616844501FC DWS043 LU0616844766Investor Profile Income-oriented Currency of sub-fund EUR Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD, LDQ and NC: The date of launch and initial subscription initial subscription will be deter-

mined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

FC: December 22, 2011Initial NAV per share LC, LD, LDQ, NC and FC: EUR 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD and LDQ: up to 3% based on the gross (payable by the investor) investment* NC: up to 1.5% based on the gross

investment** FC: 0%Allocation of income LC, NC and FC: Reinvestment LD: Distribution (annually) LDQ: Distribution (quarterly)Management Company fee NC: up to 1.2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC, LD and LDQ: up to 0.8% p.a. plus an additional


performance-related fee****Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)*** LC, LD, LDQ and FC: 0% p.a.Taxe d’abonnement LC, LD, NC, LDQ and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes LC, LD, NC, LDQ and FC the Management Company shall receive from the sub-fund’s

assets an additional performance-related fee per share class equal to 25% of the amount by which the perfor-mance of the sub-fund exceeds the performance of the Barclays Capital Pan-European Aggregate Bond Index (“BarCap Pan-European Agg Index TR EUR” (Bloomberg: LP06TREU). The performance- related fee for the respec-tive share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal six-month period shall be eliminated in accordance with the daily com-parison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn. There is a requirement to make up any underperformance relative to the target return from previous accounting periods before any performance fee may be charged (High Water Mark).

102

DWS Invest European EquitiesFor the sub-fund with the name DWS Invest European Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest European Equities is to achieve as high an appreciation as possible of capital invested in Euros. The sub-fund may acquire equities, interest-bearing securities, convertible bonds, convertible debentures and warrant-linked bonds, participation and dividend-right certificates, equity warrants and index certificates. At least 75% of the sub-fund’s assets are invested in equities of issuers having their headquarters in a member state of the EU, in Norway and/or in Iceland.


Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub-fund may be invested in derivatives that consti-tute long positions and do not have correspond-ing coverage.

A maximum of 25% of the sub-fund’s assets (after deduction of liquid assets) may be invested in equities of foreign and domestic issuers that do not satisfy the requirements of the preceding sentence.




The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest European Equi-ties is the MSCI Europe (15).


PEA-compatibilityThe sub-fund is eligible to the PEA (Plan d’Epargne en Actions), a fiscal advantage for French sub-scribers.


Share class Security codes ISINLC 551 448 LU0145634076LD 551 449 LU0145634662NC 551 631 LU0145635123FC 552 496 LU0145635479A2 DWS0AG LU0273160340A2H DWS017 LU0544572943Investor Profile Growth-oriented Currency of sub-fund EUR“Hedged” share classes Sub-fund currencyaim to hedge against Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch LC, LD, NC and FC: June 3, 2002and initial subscription A2: November 20, 2006 A2H: The date of launch and initial sub-


Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and A2H: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, A2 and A2H: up to 5% based on the gross (payable by the investor) investment* NC: up to 3% based on the gross

investment** FC: 0%Allocation of income NC, FC, LC, A2 and A2H: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD, A2 and A2H: up to 1.5% p.a. FC: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.2% p.a.main distributor LC, LD, FC, A2 and A2H: 0% p.a.(payable by the sub-fund)***Taxe d’abonnement LC, LD, NC, FC, A2 and A2H: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





103



Class LC LU0145634076 15.7% -24.1% 2.6% 24.5%

Class LD LU0145634662 15.7% -24.1% 2.6% 24.8%

Class NC LU0145635123 14.9% -25.7% -1.2% 16.8%

Class FC LU0145635479 16.6% -22.2% 7.0% 34.5%

Class A22) LU0273160340 7.5% -31.5% – -10.4%

MSCI Europe 13.3% -15.6% 5.5% 27.8%

1) Classes LC, LD, NC and FC on June 3, 2002 / Class A2 on November 20, 20062) in USD


104

DWS Invest European Small/Mid CapFor the sub-fund with the name DWS Invest European Small/Mid Cap, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe main investment objective of the sub-1. fund DWS Invest European Small/Mid Cap is to achieve long-term capital appreciation by investing in a portfolio of small and medium-sized companies in the European markets.

In so doing, at least 70% of the sub-fund’s 2. assets are invested in shares and other equity securities and uncertificated equity instru-ments of small and medium-sized companies registered in a European country, or in com-panies that conduct their principal business activity in Europe or which, as holding com-panies, hold primarily interests in companies registered in Europe.

Up to 30% of the sub-fund’s assets may be 3. invested in:

shares and other equity securities and a) uncertified equity instruments (participa-tion and dividend-right certificates, etc.) of companies of any size from around the world that do not fulfil the requirements of the preceding paragraph;

interest-bearing securities, as well as b) convertible bonds, convertible deben-tures and warrant-linked bonds that are issued by companies according to (2) or (a) above, and which are denominated in any freely convertible currency;

short-term deposits, money market instru-c) ments and bank balances.

Small and medium-sized companies as 4. defined in (2) above are companies included in a market index for small and medium-sized companies (e.g. DJ STOXX Mid, DJ STOXX Small) or companies that have a comparable market capitalization.

Instead of direct investments in accordance 5. with (2) and (3) above, the sub-fund’s assets may also be invested in index certificates on equity indices whose underlying instruments are investments in accordance with (2) or (3) above. The index certificates must be suffi-ciently diversified for the market to which they refer, be representative and be published. The index certificates are securities issued on the capital markets, and their terms of issue guar-antee that index certificate prices are generally governed by the performance of the shares contained in the respective index. These index certificates track the performance of the index to a large extent or even entirely. As index cer-tificates do not have any leverage effect, they do not have any speculative potential.

In addition, techniques and instruments based 6. on securities may be employed on behalf of the sub-fund’s assets if this is done for the purpose of efficient portfolio management of the sub-fund.

Notwithstanding the investment limit speci-7. fied in Article 2 B. (n) concerning the use of

Share class Security codes ISINLC A0HMB5 LU0236146774LD A0HMB6 LU0236146857NC A0HMB7 LU0236147079FC A0HMB8 LU0236150610ID DWS0XW LU0435837868Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represenxted

by a global certificate. The ID share class is only offered in form of registered

shares and with a minimum initial investment amount of EUR 25,000,000.

Date of launch and LC, LD, NC and FC: January 16, 2006initial subscription ID: December 30, 2009Initial NAV per share LC, NC, FC, LD and ID: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC and LD: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC and ID: 0%Allocation of income NC, FC and LC: Reinvestment LD and ID: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC and LD: up to 1.5% p.a. FC: up to 0.75% p.a. ID: up to 0.65% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.2% p.a.main distributor LC, LD, FC and ID: 0% p.a.(payable by the sub-fund)***Taxe d’abonnement LC, LD, NC and FC: 0.05% p.a. ID: 0.01% p.a.Order acceptance All subscription, redemption and exchange orders are





105

derivatives, the following investment restric-tions shall apply with regard to the invest-ment restrictions currently applicable in indi-vidual distribution countries:

Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging pur-poses. Hedging is limited to 100% of the underlying instrument covering the deriva-tive. Conversely, no more than 35% of the net value of the assets of the sub-fund may be invested in derivatives that constitute long positions and do not have correspond-ing coverage.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest European Small/Mid Cap is the (50%) Stoxx – Small 200 Price Index and (50%) Stoxx Mid 200 Price Index in EUR.





Class LC LU0236146774 35.6% -13.4% 21.1%

Class LD LU0236146857 35.3% -13.5% 25.0%

Class NC LU0236147079 35.6% -15.3% 17.9%

Class FC LU0236150610 36.3% -11.6% 26.1%

Class ID LU0435837868 40.6% – 40.6%

50% STOXX Europe Mid 200, 50% STOXX Europe Small 200

24.1% -3.1% 18.3%

1) Classes LC, LD, NC and FC on January 16, 2006 / Class ID on December 30, 2009

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.As of: December 31, 2010

106

DWS Invest European Value (formerly DWS Invest Top Dividend Europe)

For the sub-fund with the name DWS Invest European Value, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest European Value is to achieve an above average return.

At least 75% of the sub-fund’s assets are invested in equities of issuers having their headquarters in a member state of the EU, in Norway and/or in Iceland.These stocks are considered by the Man-agement Company as undervalued top-quality stocks or “value stocks”. Value stocks are those whose market price is underpinned by appropri-ate company fundamentals.

In compliance with Article 2 B. of the general sec-tion of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and tech-niques to implement the investment policy and to achieve the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.

Against this background, positions could be built up that anticipate declining stock prices and index levels.

According to the prohibition stipulated in Article 2 E. of the general section of the Sales Prospectus, no short sales of securities will be undertaken. Short positions are achieved by using securitized and non-securitized derivative instruments.



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



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest European Value is the MSCI Europe.




Change of Benchmark:Old: MSCI Europe High Dividend Yield (RI)New: MSCI Europe Value TR net

Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may be subject to substantial down-ward or upward fluctuation, even within short periods of time.

Share class Security codes ISINLC A0B56P LU0195137939LD A0B56Q LU0195138150NC A0B56R LU0195138317FC A0B56S LU0195139042ND DWS1CN LU0740838627IC DWS1CP LU0740838890ID DWS1CQ LU0740838973Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate. The IC and ID share classes are only offered in form

of registered shares.Launch date LC, LD, NC and FC: August 30, 2004 ND, IC and ID: The date of launch and initial subscrip-

tion will be determined by the Man-agement Board of the Management Company. The Sales Prospectus will be updated accordingly

Initial NAV per share LC, LD, NC, FC, ND, IC and ID: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC and LD: up to 5% based on the gross investment*(payable by the investor) NC and ND: up to 3% based on the gross investment** FC , IC and ID: 0%Allocation of income NC, FC , IC and LC: Reinvestment LD , ND and ID: DistributionManagement Company fee NC and ND: up to 2% p.a.(payable by the sub-fund)*** LC and LD: up to 1.5% p.a. FC: up to 0.75% p.a. IC and ID: up to 0.5% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC and ND: 0.2% p.a.(payable by the sub-fund)*** LC, LD, IC, ID and FC: 0% p.a.Taxe d’abonnement LC, LD, NC, FC and ND: 0.05% p.a. IC and ID: 0.01% p.a.Order acceptance All subscription, redemption and exchange orders are



107



Class LC LU0195137939 6.8% -28.7% -10.6%

Class LD LU0195138150 6.8% -28.7% -10.6%

Class NC LU0195138317 6.1% -30.1% -14.0%

Class FC LU0195139042 7.6% -26.9% -6.8%

MSCI Europe High Dividend Yield (RI) (introduced on August 16, 2011)

– – –


108

DWS Invest German EquitiesFor the sub-fund with the name DWS Invest Ger-man Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest German Equities is to achieve an above average return.

At least 75% of the sub-fund’s assets are invested in equities, investment certificates, equity warrants, equity-linked warrants and sub-scription rights of German issuers. German issu-ers are defined as companies headquartered in Germany.

In compliance with Article 2 B of the general sec-tion of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and techniques for hedging purposes and in order to achieve the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.

A maximum of 25% of the sub-fund’s assets may be invested in instruments that do not fulfill the requirements of the preceding paragraph and in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general part of the Sales Prospectus.


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



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest German Equities is the CDAX (RI).



Share class Security codes ISINLC DWS099 LU0740822621LD DWS1AA LU0740822977NC DWS1AB LU0740823439ND DWS1AC LU0740823603FC DWS1AD LU0740823785FD DWS1AE LU0740823942IC DWS1AF LU0740824163ID DWS1AG LU0740824676A2 DWS1AH LU0740824916E2 DWS1AJ LU0740825301Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate. The IC and ID share classes are only offered in form

of a global register.Date of launch and LC, LD, NC, ND, FC, initial subscription FD, IC, ID, A2 and E2: The date of launch and initial

subscription will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly

Initial NAV per share LC, LD, NC, ND, FC, FD, IC and ID: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD and A2: up to 5% based on the (payable by the investor) gross investment* NC and ND: up to 3% based on the

gross investment** FC, FD, IC, ID and E2: 0%Allocation of income LC, NC, ND, FC, IC, A2 and E2: Reinvestment LD, FD and ID: Distribution Management Company fee NC and ND: up to 2.00% p.a.(payable by the sub-fund)*** LC, LD and A2: up to 1.50% p.a. FC, FD and E2: up to 0.75% p.a. IC and ID: up to 0.50% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC and ND: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, IC, ID, FD, A2 and E2: 0% p.a.Taxe d’abonnement LC, LD, FC, FD, NC, ND, A2 and E2: 0.05% p.a. IC and ID: 0.01% p.a.Order acceptance All subscription, redemption and exchange orders are





109

DWS Invest Global Agribusiness For the sub-fund with the name DWS Invest Global Agribusiness, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Global Agribusiness is to achieve an appre-ciation as high as possible of capital invested.

At least 70% of the sub-fund’s assets are invested in shares, stock certificates, convertible bonds, convertible debentures and warrant-linked bonds whose underlying warrants are for securi-ties, participation and dividend-right certificates, and equity warrants of foreign and domestic issuers having their principal business activity in or profiting from the agricultural industry. The relevant companies operate within the multi-layered food value chain. This includes companies involved in the cultivation, harvesting, planning, production, processing, service and distribution of agricultural products (forestry and agriculture companies, tool and agricultural machine manu-facturers, companies in the food industry such as wine, cattle and meat producers and processors, supermarkets and chemical companies).


A maximum of 30% of the sub-fund’s total assets may be invested in shares, stock certificates, convertible bonds, convertible debentures and warrant-linked bonds whose underlying warrants are for securities, participation and dividend-right certificates of foreign and domestic issuers that do not satisfy the requirements of the preceding paragraph.




Notwithstanding the investment limit of 10% spec-ified in Article 2 B. (i) concerning investments in shares of other Undertakings for Collective Invest-ment in Securities and/or other collective invest-ment undertakings as defined in A. (e), an invest-ment limit of 5% shall apply to this sub-fund.

In addition, the sub-fund’s assets may be invested in all other permissible assets speci-fied in Article 2, including the assets mentioned

Share class Security codes ISINLC DWS0BU LU0273158872LD DWS0TM LU0363470070NC DWS0BV LU0273147594FC DWS0BW LU0273147834FD DWS07S LU0616865761A2 DWS0BX LU0273164847E2 DWS0BY LU0273177401J5 DWS0NB LU0300358362DS1 DWS0RC LU0329762636DS5 DWS0XX LU0435837942CH2 DWS1B3 LU0740835367 CH2H DWS07T LU0616865928 CH4H DWS07U LU0616866140 S2H (P) DWS1B4 LU0740835441Investor Profile Risk-tolerant Currency of sub-fund USD“Hedged” share classes CH2H and CH4H: Sub-fund currencyaim to hedge against S2H (P): Currency exposure due to the sub

fund’s assets being denominated in different currencies than the hedged share classes.

Nature of shares Registered shares or bearer shares represented by a global certificate (this does also apply to the DS5 share class, even if the share class is an institutional share class).

The J5 share class is only offered in form of registered shares.

Date of launch and LC, NC, FC, A2 and E2: November 20, 2006initial subscription J5: May 14, 2007 DS1: December 21, 2007 LD: July 1, 2008 DS5: September 1, 2009 FD: August 16, 2011 CH2 and S2H (P), CH2H and CH4H: The date of launch and initial


Initial NAV per share LC, LD, NC, FD and FC: EUR 100.00 A2, E2 and J5: USD 100.00 DS1 and DS5: GBP 100.00 CH2, CH2H and CH4H: CHF 100.00 S2H (P): SGD 10Calculation of the NAV per share Each bank business day in Luxembourg that is also a

trading day on the New York Stock Exchange (NYSE)Front-end load CH2, S2H (P), LC, (payable by the investor) LD, A2, DS1 and CH2H: up to 5% based on the

gross investment* NC: up to 3% based on the

gross investment** FC, FD, E2, J5, DS5 and CH4H: 0%Allocation of income NC, FC, LC, CH2, S2H (P), A2, E2, CH2H and CH4H: Reinvestment FD, LD, J5, DS1 and DS5: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** CH2, S2H (P), LC,

LD, A2, DS1 and CH2H: up to 1.5% p.a. FC, FD, E2, J5, DS5 and CH4H: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b) Service fee of the NC: 0.2% p.a.main distributor FC, LC, LD, FD, A2, (payable by the sub-fund)*** E2, J5, DS5, DS1, CH2,

S2H (P), CH2H and CH4H: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, FD,

A2, E2, S2H (P), DS1, CH2, CH2H and CH4H: 0.05% p.a.

J5 and DS5: 0.01% p.a.


110


in Article 2 A. (j) of the general part of the Sales Prospectus.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Global Agribusiness is the MSCI World.



The separate share classes are “offshore funds” for the purposes of the UK offshore funds leg-islation. Under this legislation, any gain aris-ing on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “dis-tributing fund” or a “reporting fund” throughout the period during which the shares have been held by that investor.


For a UK taxpayer to benefit from capital gains tax treatment on the disposal of his investment in the DS1 and DS5 share classes, those classes must be certified as a “distributing fund” or a “report-ing fund” in respect of all accounting periods dur-ing which the UK taxpayer owned the shares.

The DS1 share class has been certified as a distrib-uting fund from 1 January 2007 to 31 December 2009 and a reporting fund from 1 January 2010. The DS5 share class has been certified as a dis-tributing fund from 1 January 2009 to 31 Decem-ber 2009 and a reporting fund from 1 January 2010. In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attributable to the DS1 and DS5 share classes for each relevant accounting period. Where the reported income exceeds what has been distrib-uted to investors, then that excess will be treated as additional distributions to the investors and investors will be taxed accordingly.


The UK tax rules contain a number of anti-avoid-ance codes that can apply to UK investors in off-shore funds in particular circumstances. It is not anticipated that they will normally apply to inves-tors. Any UK taxpaying investor who (together

with connected persons) holds over 10% of DWS Invest should take specific advice.

The intended categories of investors for the DS1 and DS5 share classes are retail and institutional investors. The shares in them will be widely avail-able and marketed and made available sufficiently widely to reach them and in a manner appropriate to attract them.

Fund manager of the sub-fundThe fund manager of the sub-fund is Global Thematic Partners, LLC.

Performance of share classes (in USD)


Class A2 LU0273164847 15.5% -6.4% 28.4%

Class E2 LU0273177401 16.4% -4.0% 32.7%

Class J5 LU0300358362 16.4% -4.0% 10.2%

Class LC2) LU0273158872 24.1% 3.1% 23.0%

Class LD2) LU0363470070 23.6% – 16.0%

Class NC2) LU0273147594 23.0% 0.8% 19.5%

Class FC2) LU0273147834 25.0% 5.8% 29.0%

Class DS13) LU0329762636 19.1% 20.2% 23.3%

Class DS53) LU0435837942 20.1% – 38.9%

1) Classes A2, E2, LC, NC and FC on November 20, 2006 / Class J5 on May 14, 2007 / Class DS1 on December 21, 2007 / Class LD on July 1, 2008 / Class DS5 on September 1, 20092) in euro3) in GBP



S2H (P): All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are proc-essed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date.


111

DWS Invest Global BondsFor the sub-fund with the name DWS Invest Global Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Global Bonds is to generate an above-aver-age return for the sub-fund.

The sub-fund’s assets may be invested globally in the following instruments:

– interest-bearing debt securities issued by sov-ereign institutions (central banks, government agencies, government authorities and supra-national institutions) from Developed countries or Emerging Markets;

– corporate bonds issued by companies from Developed Countries or Emerging Markets that may or may not offer an investment-grade sta-tus at the time of acquisition;

– covered bonds;

– convertible bonds;

– subordinated bonds;

– Asset-backed securities.

The sub-fund’s investments in asset backed secu-rities and subordinated bonds shall be limited to 10% of the sub-fund’s assets each.





The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Global Bonds is the JPM Global Govt. Bond Index.


Share class Security codes ISINLC DWS044 LU0616844923LD DWS045 LU0616845144NC DWS046 LU0616845490LDQ DWS047 LU0616845656LDF DWS048 LU0616845813FC DWS049 LU0616846035A1Q DWS05A LU0616846209A1F DWS05B LU0616846464Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD, NC, LDQ, initial subscription LDF, A1Q and A1F: The date of launch and initial sub-


FC: December 22,2011Initial NAV per share LC, LD, LDQ, LDF, NC and FC: EUR 100.00 A1Q and A1F: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, LDQ, (payable by the investor) LDF, A1Q and A1F: up to 3% based on the gross

investment* NC: up to 1.5% based on the gross

investment** FC: 0%Allocation of income LC, NC and FC: Reinvestment LD, LDF and A1F: Distribution (annually) LDQ and A1Q: Distribution (quarterly) Management Company fee NC: up to 1.3% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC, LD, LDQ and LDF: up to 0.9% p.a. plus an additional

performance-related fee**** A1Q and A1F: up to 1% p.a. FC: up to 0.5% p.a. plus an additional

performance-related fee****Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the NC 0.1% p.a.main distributor LC, LD, LDQ, LDF, FC, A1Q and A1F: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement LC, LD, NC, LDQ, LDF, FC, A1Q and A1F: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes LC, LD, NC, LDQ and FC the Management Company shall receive from the sub-fund’s

assets an additional performance-related fee per share class equal to 25% of the amount by which the perform-ance of the sub-fund exceeds the performance of the JPM Global Gov Bond Index.

The performance-related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal six-month period shall be eliminated in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn. There is a requirement to make up any underperformance relative to the target return from previous accounting periods before any performance fee may be charged (High Water Mark).

The Management Company does not receive a performance-related fee for the A1Q and A1F share classes.



112

DWS Invest Global Emerging MarketsFor the sub-fund with the name DWS Invest Global Emerging Markets, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Global Emerging Markets is to achieve an above average return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, participation and dividend right certificates, convertible bonds, equity warrants issued by companies registered in emerging markets countries or by companies that conduct their principal business activity in emerging markets countries or which, as holding companies, hold primarily interest in companies registered in emerging markets countries.

Emerging markets countries are defined as all those countries not considered by the Inter-national Monetary Fund, the World Bank or the International Finance Corporation (IFC) as devel-oped industrialised countries at the time of investment.


In compliance with Article 2 B. of the general sec-tion of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and techniques in order to implement the investment policy and to achieve the investment objective, including in particular – but not limited to – for-wards, futures, single-stock-futures, options or equity swaps.


A maximum of 30% of the sub-fund’s assets may be invested in equities, stock certificates, partici-pation and dividend right certificates, convertible bonds, equity warrants of issuers that do not fulfil the requirements of the preceding paragraph.





The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-

Share class Security codes ISINLC DWS00W LU0544568321LD DWS00X LU0544568594NC DWS00Y LU0544568677FC DWS00Z LU0544568750A2 DWS000 LU0544568834E2 DWS006 LU0544568917Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificateDate of launch and LC, NC, FC, LD, A2 and E2: The date of launch and initial initial subscription subscription will be deter-

mined by the Management Board of the Manage-ment Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and E2: USD 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD and A2: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC and E2: 0%Allocation of income LC, NC, FC, A2 and E2: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a. (payable by the sub-fund)*** LC, LD and A2: up to 1.5% p.a. FC and E2: up to 0.75% p.a. Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b) Service fee of the NC: 0.2% p.a.main distributor LC, LD, FC, A2 and E2: 0%(payable by the sub-fund)*** Taxe d’abonnement NC, LC, LD, FC, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are




Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substan-tial downward or upward fluctuation, even within short periods of time. The sub-fund is therefo-re only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.

lio for the sub-fund DWS Invest Global Emerging Markets is the MSCI Emerging Market free.



113

DWS Invest Global EquitiesFor the sub-fund with the name DWS Invest Global Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Global Equities is to achieve as high an appreciation as possible of capital invested in Euros. The sub-fund may acquire equities, inter-est-bearing securities, convertible bonds, con-vertible debentures and warrant-linked bonds, participation and dividend-right certificates, equity warrants and index certificates. At least 70% of the sub-fund’s assets are invested in equities of international issuers.

A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in securities other than equities of international issuers.






The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Global Equities is the MSCI Equities The World Index EUR TR.



Share class Security codes ISIN LC 551 444 LU0145633003LD 551 445 LU0145633268NC 551 446 LU0145633698FC 551 447 LU0145633938A2 DWS00E LU0507270253Z2 DWS079 LU0616869912Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Launch date LC, LD, NC and FC: June 3, 2002 A2 and Z2: The date of launch and initial subscrip-


Initial NAV per share LC, NC, FC and LD: EUR 100.00 A2: USD 100.00 Z2: PLN 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, A2, LD and Z2: up to 5% based on the gross (payable by the investor) investment* NC: up to 3% based on the gross

investment** FC: 0%Allocation of income NC, FC, A2, LC and Z2: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, A2, LD and Z2: up to 1.5% p.a. FC: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, FC, A2, LD and Z2: 0% p.a.Taxe d’abonnement LC, LD, NC, A2, FC and Z2: 0.05% p.a. Order acceptance All subscription, redemption and exchange orders are







Class LC LU0145633003 15.9% -15.4% 7.7%

Class LD LU0145633268 15.9% -15.4% 8.1%

Class NC LU0145633698 15.1% -17.3% 3.8%

Class FC LU0145633938 16.8% -13.3% 12.1%

MSCI World 21.1% -3.6% 3.5%


114

DWS Invest Global ex Japan (USD)For the sub-fund with the name DWS Invest Global ex Japan (USD), the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Global ex Japan (USD) is to achieve as high an appreciation as possible of capital invested in U.S. dollars.

At least 70% of the sub-fund’s assets (after deduc-tion of liquid assets) are invested globally, with the exception of Japan, in shares, stock certifi-cates, convertible bonds, convertible debentures and warrant-linked bonds as well as in participa-tion and dividend-right certificates. Under this definition, Japanese equities are securities that have been issued (i) by companies incorporated under Japanese law (“Japanese companies”) or whose principal trading market is Japan and (ii) by subsidiaries of Japanese companies, regard-less of where they are incorporated or traded. Investments in warrants may present a higher risk than equity investments. The sub-fund will invest primarily in equities of established compa-nies that are listed on international exchanges. In addition, the sub-fund may acquire investments at all regulated markets that operate regularly and are recognized and open to the public.

A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in equities of foreign and domestic issuers that do not satisfy the requirements of the preceding paragraph.


Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument cov-ering the derivative. Conversely, no more than 35% of the net value of the assets of the sub-fund may be invested in derivatives that constitute long posi-tions and do not have corresponding coverage.




The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest Global ex Japan (USD) is the MSCI KOKUSAI INDEX (WORLD ex JAPAN) Constituents.

Leverage is not expected to exceed twice the value of the investment subfund’s assets. How-ever, the disclosed expected level of leverage is

Share class Security codes ISINA2 DWS0BZ LU0273165141E2 DWS0B0 LU0273177666Investor Profile Growth-orientedCurrency of sub-fund USD (not necessarily identical to the investment currency

of the sub-fund)Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and A2 and E2: November 20, 2006initial subscription Initial NAV per share A2 and E2: USD 100.00 Calculation of the NAV per share Each bank business day in Luxembourg that is also a

trading day on the New York Stock Exchange (NYSE)Front-end load A2: up to 5% based on the gross investment*(payable by the investor) E2: 0%Allocation of income A2 and E2: ReinvestmentManagement Company fee A2: up to 1.5% p.a.(payable by the sub-fund)** E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor A2 and E2: 0% p.a.(payable by the sub-fund)** Taxe d’abonnement A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** For additional costs, see Article 12 in the general section of the Sales Prospectus.




Class A2 LU0273165141 10.5% -18.5% -10.0%

Class E2 LU0273177666 11.4% -16.4% -6.8%

1) Classes A2 and E2 on November 20, 2006


not intended to be an additional exposure limit for the sub-fund.


115

DWS Invest Global Inflation StrategyFor the sub-fund with the name DWS Invest Global Inflation Strategy, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Global Inflation Strategy is to generate an above-average return in Euros. This objective shall be reached with the combination of an underly-ing core bond portfolio and an “alpha-overlay” strategy. By taking advantage of the relative fluc-tuations of prices and rates between currencies, equity, bond markets and real estate, Alpha strat-egies are intended to gain a return in excess of the fixed income yields.

At least 70% of the sub-fund’s assets (after deduction of liquid assets) is invested in infla-tion linked securities with short-term or mid-term maturity, fixed income securities and money market instruments. Up to 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in equities, bonds or similar instruments without an inflation link or synthetic inflation pro-tection, convertible bonds, warrant-linked bonds or similar instruments that are issued by entities anywhere in the world, open-ended real estate funds, Exchange Traded Commodities (ETCs) as well as in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus, including the assets mentioned in Article 2 A. j). The proportion of convertible bonds may not exceed 25% of the sub-fund’s assets, while equities and participation certificates may not exceed 10%. The proportion of open-ended real estate funds is limited to not more than 10% of the sub-fund’s net assets. In addition, these investments must be subject to supervision equivalent to the supervision of the Luxembourg supervisory authority and they must be in accor-dance with the other prerequisites specified in Article 2 of the Ordinance of the Grand Duchy of February 8, 2008. Investment in open-ended real estate funds is to be counted toward the invest-ment limit specified in Article 2 B. (h) in the Sales Prospectus – general section.

The objective of the “Alpha-Overlay“ strategy is to generate an excess return using different deriv-atives and structured products as well as taking advantage of price fluctuations and relative price differences. Therefore, positively assessed indi-ces, instruments and assets are bought (“long position“) and/or negatively assessed indices, instruments and assets (“short position“) are sold at the same time interval. The investment universe of the “Alpha-Overlay” strategy incorpo-rates particularly indices, instruments and assets from various asset classes. In accordance with the prohibition stipulated in 2 E. of the general section of the Sales Prospectus, no short sell-ing of securities, money market instruments and other financial instruments will be undertaken.

This strategy will mostly be implemented by employing options, financial futures and swap transactions as well as other derivative instru-ments to achieve the investment objective. The underlying of these transactions can be:

Liquid assets, money market instruments 1. and fixed and/or variable-interest securities (bonds, notes, etc.) with an average term to maturity not exceeding three years, that

Share class Security codes ISINLC A0B5JR LU0193194403LD A0B5JS LU0193194825NC A0B5JT LU0193195129FC A0B5JU LU0193195558Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificateDate of launch and LC, LD, NC and FC: August 30, 2004 initial subscription Initial NAV per share LC, NC, FC and LD: EUR 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC and LD: up to 3% based on the gross investment*(payable by the investor) NC: up to 1.5% based on the gross investment** FC: 0%Allocation of income NC, FC and LC: Reinvestment LD: DistributionManagement Company fee NC: up to 1.2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC and LD: up to 0.9% p.a. plus an additional


performance-related fee****Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)*** LC, LD and FC: 0% p.a.Taxe d’abonnement LC, LD, NC and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus. **** For the share classes NC, FC, LC and LD, the Management Company shall receive from the sub-fund’s assets

an additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the performance of the EONIA (capitalized) Index plus 200 basis points (target return, non benchmark). The performance-related fee for the respective share class is calculated daily and settled semi-annu-ally. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal six-month peri-od shall be eliminated in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn.

There is a requirement to make up any underperformance relative to the target return from previous accounting periods before any performance fee may be charged (High Water Mark).


116

are traded on exchanges or other regulated markets that operate regularly and are recog-nized and open to the public, and which were issued by borrowers worldwide, that cover the respective obligations arising from invest-ments in forward transactions or derivative financial instruments in compliance with the following paragraph, and

Equities, bonds, commodity indices or sub-2. indices, real estate indices, credit ratings and currencies.

Regarding the commodity indices or sub-indi-ces the sub-fund can invest in

Eligible indices in accordance as defined a) in Article 9 of the Grand-Ducal Regulation dated February 8, 2008.

Individual indices that are comprised b) of non-eligible assets (“non-eligibles”) and do not meet the diversification pro-visions of Article 9 (1) a) of the Grand- Ducal Regulation dated February 8, 2008 (i.e. sub-indices comprised of non-eligible assets). In this case the following require-ments have to apply:

The index has to meet the requirements of Article 9 (1) b) (benchmark) and c) (pub-lication) of the Grand-Ducal Regulation dated February 8, 2008. In addition the 5/10/40% limit in relation to the market value equivalents of assets in which such indices are to be found (e.g. total return swaps, non-Delta constant certificates) needs to be kept at portfolio level. A look through to the constituents of theses indi-ces is not necessary.

In implementing the strategy, the fund manager may use the expertise and recom-mendations of the various members of the Asset Management Division of Deutsche Bank as well as extern consultants, on its own responsibility and control, and at its own expense. Those units employ a vari-ety of approaches in the analysis of asset classes, all of which place special empha-sis on quantitative, qualitative as well as fundamental and tactical factors. These approaches are used to develop forecasts and recommendations for different invest-ments. The sub-fund manager combines the individual recommendations at regu-lar intervals. The decisions which deriva-tives are bought or sold for the sub-fund portfolio, and to what extent, are taken on the basis of expectations of a desired risk/reward ratio. The sub-fund manager shall decide on diversification in the equity, bond, credit rating, currency, real estate and commodity asset classes.

The described investment policy could also be implemented by using Synthetic Dynamic Underlyings (SDU).

Specific risks:Inflation-linked securities perform better than nominal bonds if inflation turns out to be higher than expected. If inflation turns out to be lower than expected, nominal bonds perform better than inflation-linked securities.







Class LC LU0193194403 -0.7% -7.9% -5.6%

Class LD LU0193194825 -0.6% -7.8% -5.7%

Class NC LU0193195129 -1.1% -9.1% -8.0%

Class FC LU0193195558 -0.2% -6.4% -3.3%

Eurostat Eurozone HICP ex Tobacco Unrevised +3% since February 1, 2009 (formerly: Barclays Euro Overall Inflation Linked)

4.8% 11.8% 19.3%


117

DWS Invest Global InfrastructureFor the sub-fund with the name DWS Invest Global Infrastructure, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe main investment objective of the sub-fund DWS Invest Global Infrastructure is to achieve a long-term sustained capital appreciation in Euros through investments in promising companies of the “Global Infrastructure” sector.

At least 70% of the sub-fund’s assets (after deduction of liquid assets) are invested in equi-ties, other equity securities and uncertificated equity instruments of issuers of the “Global Infra-structure” sector.

Infrastructure companies provide an essential product or service to a segment of the population at a given time and cost, and often retain these characteristics for an extended period of time.

The strategic competitive advantage of infra-structure assets is often protected by high barriers to entry of alternative suppliers. These high barriers to entry can take various forms, including:

requirements imposed by legislation and/or –regulation;

natural barriers like planning or environmental –restrictions, or availability of land;

high costs of new development, such as the –cost to build roads;

long-term exclusive concessions and custo- –mer contracts;

efficiencies provided by economies of sca- –le such as reductions in marketing or other services.

These high barriers to entry have the effect of protecting the cash flows generated by these infrastructure assets, additionally largely arise because services provided such as parking, roads, and communications towers can generally only be delivered by relatively large and costly physical assets in close proximity to customers. This is a critical distinction between infrastructure and other industries.

The sub-fund manager distinguishes between social infrastructure and economic infrastruc-ture. The sub-fund will be more focused on the latter one. The sub-fund manager understands under “economic infrastructure” the services for which the user is prepared to pay such as transport, gas, electricity, water and communi-cations. Due to the large size and cost and often monopoly characteristics of these assets, Infra-structure has historically been financed, built, owned and operated by the state. Infrastructure includes:

Transport (roads, airports, seaports, rail) –

Energy (gas and electricity transmission, dis- –tribution and generation)

Water (irrigation, potable water, waste treat- –ment)

Share class Security codes ISINLC DWS0Q2 LU0329760770LD DWS0TN LU0363470237NC DWS0Q3 LU0329760853FC DWS0Q4 LU0329760937A2 DWS0Q5 LU0329761661E2 DWS0Q6 LU0329761745CH2H DWS07Q LU0616865175CH4H DWS07R LU0616865415Investor Profile Growth-orientedCurrency of sub-fund EUR“Hedged” share classes Sub-fund currencyaim to hedge against Nature of shares Registered shares and bearer shares represented

by a global certificate.Date of launch and LC, NC and FC: January 14, 2008initial subscription LD and A2: July 1, 2008 E2, CH2H and CH4H: The date of launch and initial sub-


Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and E2: USD 100.00 CH2H and CH4H: CHF 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD, A2 and CH2H: up to 5% based on the (payable by the investor) gross investment* NC: up to 3% based on the gross

investment** FC, E2 and CH4H: 0%Allocation of income LC, NC, FC, A2, E2, CH2H and CH4H: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a. (payable by the sub-fund)*** A2 and CH2H: up to 1.7% p.a. LC and LD: up to 1.5% p.a. E2 and CH4H: up to 0.85% p.a. FC: up to 0.75% p.a. Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b) Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, A2, E2, CH2H and CH4H: 0%Taxe d’abonnement NC, LC, LD, FC, A2, E2, CH2H and CH4H: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





118

Communications (broadcast/mobile towers, –satellites, fiber and copper cables)

The potential investment universe comprises more than 400 stocks, broadly representing all the listed infrastructure assets in the world.

The social infrastructure comprises companies for instance in the health sector (hospitals, nurs-ing homes).

A total of up to 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in

equity, other equity securities and uncertifi-a) cated equity instruments of international issu-ers that do not operate predominantly in the Global Infrastructure sector;

interest-bearing securities, as well as con-b) vertible bonds, convertible debentures and warrant-linked bonds issued by companies in the global infrastructure sector or by issu-ers in accordance with (a) above and which are denominated in any freely convertible currency.

In addition the sub-fund may invest in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.



Specific risks:The sub-fund's performance will largely be deter-mined by the following factors, which give rise to both upside and downside potential:

the performance of international equity –markets;

company and sector specific developments; –

exchange-rate movements of non-euro cur- –rencies against the euro.

The sub-fund may focus its investments on differ-ent sub-sectors, countries and market segments for a certain time period on a variable basis. In addition, the sub-fund could use derivatives. These investments could also lead to further per-formance and risks.



The reference portfolio is a portfolio that does not include any leverage effect from the use of deriva-tives. The corresponding reference portfolio for the sub-fund DWS Invest Global Infrastructure is the MSCI THE WORLD INDEX Constituents.





Class LC LU0329760770 22.3% -2.7%

Class LD LU0363470237 22.1% 12.2%

Class NC LU0329760853 21.2% -5.0%

Class FC LU0329760937 22.7% -0.3%

Class A22) LU0329761661 16.9% 3.2%

UBS Developed Infrastructure & Utilities 10.5% -9.6%

1) Classes LC, NC and FC on January 14, 2008 / Classes LD and A2 on July 1, 20082) in USD


119

DWS Invest Global ThematicFor the sub-fund with the name DWS Invest Global Thematic, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.*

Investment policyThe objective of the investment policy of DWS Invest Global Thematic is to achieve an above average return by investing in companies that the fund management considers to be in a position to profit from present or future geopolitical, social and economic trends and themes.

At least 70% of the sub-fund’s assets are invested in equities of foreign and domestic issu-ers that operate in a business field included in the central themes favoured according to the market situation, profit from the selected trends or are active in an industrial sector that can be allocated directly or indirectly to one of these themes or trends.


The trends and themes selected at the discre-tion of the fund manager can be very different in nature and the possible spectrum of trends and themes is very broad.

The trends and themes pursued to do not neces-sarily relate to individual industries, countries or regions. Descriptions of the trends and themes vary over time and may include “disproportionate aging of the population”, “technological progress”, “shortage of resources”, sector trends, globaliza-tion or particular developments in the emerging markets, etc. Because of this extensive varia-tion, trends and themes are adjusted in line with regional or global political, social, economic and technological developments, supplemented in the context of the portfolio or replaced with other themes.

Fund management may decide at its absolute dis-cretion how many trends or themes to observe and consider. Accordingly, the number of such trends or themes may be under 5 or over 40. Given the high level of flexibility provided to fund management as regards the definition, obser-vation and consideration of themes and trends, it also follows that the intensity and duration applied in the consideration of individual themes and trends may vary greatly. Themes and trends may therefore be considered over only short peri-ods of time or over longer periods of time. Simi-larly, smaller or larger shares of the sub-fund’s assets may be dedicated to the themes and trends being considered. The definition of more precise rules concerning the selection, specifica-tion and pursuit of themes and trends to consider is intentionally avoided. Instead, the objective is to achieve diversification through the bundling of equities selected under a variety of themes and trends that generally exhibit varying depen-dencies in relation to the overall performance of the equity markets in rising, falling or flat market environments.

Share class Security codes ISINLC DWS0BQ LU0273158526FC DWS0BR LU0273147164A2 DWS0BS LU0273164680E2 DWS0BT LU0273177237NC DWS0FB LU0298697664P4 DWS0TQ LU0363470583DS1 DWS00F LU0507270337Investor Profile Risk-tolerantCurrency of sub-fund USDNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, FC, A2 and E2: November 20, 2006initial subscription NC: May 14, 2007 P4: July 1, 2008 DS1: July 1, 2010Initial NAV per share LC, NC and FC: EUR 100.00 A2 and E2: USD 100.00 P4 and DS1: GBP 100.00Calculation of the NAV per share Each bank business day in Luxembourg that is also a

trading day on the New York Stock Exchange (NYSE)Front-end load LC, DS1 and A2: up to 5% based on the gross (payable by the investor) investment** NC: up to 3% based on the gross

investment*** FC, E2 and P4: 0%Allocation of income LC, FC, NC, A2, E2 and P4: Reinvestment DS1: DistributionManagement Company fee LC, DS1 and A2: up to 1.5% p.a.(payable by the sub-fund)**** FC and E2: up to 0.75% p.a. NC: up to 2% p.a. P4: up to 0.65% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)**** LC, FC, A2, E2, DS1 and P4: 0% p.a. Taxe d’abonnement LC, FC, NC, A2, E2, DS1 and P4: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* For further information on the portfolio, please see the DWS web page: www.dws.com.


** 5% based on the gross investment correspond approx. to 5.26% based on the net investment.*** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.**** For additional costs, see Article 12 in the general section of the Sales Prospectus.

120

A total of up to 30% of the sub-fund’s assets may be invested in equities or other securities of com-panies that do not predominantly comply with the strategic global thematic approach being applied at the respective time of investment.


In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2 A. (j) of the general section of the Sales Prospectus.



Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest-ments in shares of other Undertakings for Col-lective Investment in Securities and/or other col-lective investment undertakings as defined in A. (e), an investment limit of 5% shall apply to this sub-fund.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Global Thematic is the MSCI THE WORLD INDEX Constituents.


UK Taxation

The following information is a general guide to the anticipated UK tax treatment of UK-resident investors. Investors should be aware that UK tax law and practice can change. Prospective inves-tors therefore need to consider their specific position at the time they invest, and should seek their own advice where appropriate.

The separate share classes are “offshore funds” for the purposes of the UK offshore funds legisla-tion. Under this legislation, any gain arising on the sale, redemption or other disposal of shares in an

offshore fund held by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “distributing fund” or a “report-ing fund” throughout the period during which the shares have been held by the investor.


For a UK taxpayer to benefit from capital gains tax treatment on the disposal of his investment in the DS1 share class, that class must be cer-tified as a “distributing fund” or a “reporting fund” in respect of all accounting periods during which the UK taxpayer owned the shares. The DS1 share class has been certified as a reporting fund from 1 July 2010. In order to comply with the requirements for of the reporting regime, it will be necessary to report to both investors and HMRC the income attributable to the DS1 share class for each relevant accounting period. Where the reported income exceeds what has been distributed to investors, then that excess will be treated as additional distributions to the investors and investors will be taxed accordingly.







Class A2 LU0273164680 11.1% -18.1% -11.3%

Class E2 LU0273177237 11.9% -16.1% -8.2%

Class LC2) LU0273158526 19.9% -7.9% -13.0%

Class FC2) LU0273147164 20.5% -7.7% -11.3%

Class NC2) LU0298697664 21.4% -8.5% -19.1%

Class P43) LU0363470583 14.4% - 25.2%

Class DS13) LU0507270337 - - 20.6%

MSCI World 11.8% -12.9% -0.8%

1) Classes A2, E2, LC and FC on November 20, 2006 / Classes NC on May 14, 2007 / Class P4 on July 1, 2008 / Class D1 on July 1, 20102) in euro3) in GBP


121

DWS Invest Global ValueFor the sub-fund with the name DWS Invest Global Value, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Global Value is to achieve as high an appre-ciation as possible of capital invested.

At least 70% of the sub-fund’s assets (after deduction of liquid assets) are invested in shares, stock certificates, convertible bonds, convertible debentures and warrant-linked bonds as well as in participation and dividend-right certificates considered by the Management Company to be undervalued top-quality securities, or “value stocks”. Care is taken to ensure an international spread. Value stocks are those whose market price is underpinned by appropriate company fundamentals.

A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in shares, stock certificates, convertible bonds, convertible debentures and warrant-linked bonds as well as in participation and dividend-right cer-tificates of foreign and domestic issuers that do not satisfy the requirements of the preceding paragraph.

In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock-futures, options or equity swaps.






The reference portfolio is a portfolio that does not include any leverage effect from the use of deriva-tives. The corresponding reference portfolio for the sub-fund DWS Invest Global Value is the MSCI THE WORLD INDEX Constituents.


Share class Security codes ISINLC DWS0AB LU0273155423LD DWS0AA LU0273154459NC DWS0AC LU0273144229FC DWS0AD LU0273144575A2 DWS0AE LU0273160183Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented by a

global certificate.Date of launch and LC, LD, NC, FC and A2: November 20, 2006initial subscription Initial NAV per share LC, NC, FC and LD: EUR 100.00 A2: USD 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD and A2: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC: 0%Allocation of income NC, FC, LC and A2: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD and A2: up to 1.5% p.a. FC: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** FC, LD, LC and A2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC and A2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are







Class LC LU0273155423 14.8% -7.6% 1.7%

Class LD LU0273154459 14.8% -7.6% 1.7%

Class NC LU0273144229 14.0% -9.7% -1.4%

Class FC LU0273144575 15.7% -5.2% 5.3%

Class A22) LU0273160183 5.4% -17.6% 3.9%

MSCI World Value 18.3% -7.3% -11.7%

1) Classes LC, LD, NC, FC and A2 on November 20, 20062) in USD



122

DWS Invest Gold and Precious Metals EquitiesFor the sub-fund with the name DWS Invest Gold and Precious Metals Equities, the follow-ing provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Gold and Precious Metals Equities is to achieve as high an appreciation as possible of capital invested in U.S. dollars by investing glob-ally in companies in the precious-metals sector deemed to be promising.

In doing so, at least 70% of the sub-fund’s assets are invested in equities of foreign and domestic issuers whose revenues or earnings were gen-erated primarily from the exploration for and the extraction and processing of gold, silver, platinum or other precious metals. The targeted compa-nies can be active in exploration, extraction, pro-duction, processing and sales.

In compliance with Article 2 B. of the general sec-tion of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and techniques in order to implement the investment strategy and to achieve the investment objective, including in particular – but not limited to – for-wards, futures, single-stock futures, options or equity swaps. Where liquid assets cover obli-gations arising from derivative financial instru-ments, such liquid assets are attributed to the relevant 70%.

Furthermore, the Sub-fund also intends from time to time to establish an exposure of up to 25% of the Sub-fund‘s assets to the international precious metals markets (including an exposure to gold, silver, palladium and platinum). However this limit can be utilised by establishing an expo-sure to one single precious metal. For this pur-pose and within this 25% limit, the Sub-fund may acquire derivative financial instruments whose underlying instruments are precious metals indi-ces and sub-indices in accordance with the 2008 Regulation, as well as ETFs and 1:1 certificates (including Exchange Traded Commodities (ETCs)) the underlying of which are single precious met-als and that meet the requirements of transfer-able securities as determined in 2. A.


A maximum of 30% of the sub-fund’s assets may be invested in instruments that do not satisfy the requirements of the preceding paragraphs as well as in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Gold

Share class Security codes ISINLC DWS0B1 LU0273159177LD DWS0TP LU0363470401NC DWS0B2 LU0273148055FC DWS0B3 LU0273148212A2 DWS0B4 LU0273165570E2 DWS0B5 LU0273177823Z2 DWS076 LU0616869243 Investor Profile Risk-tolerantCurrency of sub-fund USDNature of shares Registered shares or bearer shares represented by a

global certificate.Date of launch and LC, NC, FC, A2 and E2: November 20, 2006initial subscription LD: July 1, 2008 Z2: The date of launch and initial sub-


Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and E2: USD 100.00 Z2: PLN 100.00Calculation of the NAV per share Each bank business day in Luxembourg that is also a

trading day on the New York Stock Exchange (NYSE)Front-end load LC, LD, A2 and Z2: up to 5% based on the gross (payable by the investor) investment* NC: up to 3% based on the gross

investment** FC and E2: 0%Allocation of income NC, FC, LC, A2, E2 and Z2: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD, A2 and Z2: up to 1.5% p.a. FC and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** FC, LC, LD, A2, E2 and Z2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2, E2 and Z2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





123

and Precious Metals Equities is the S&P – Gold&Precious Metals Mining Index.


Fund manager of the sub-fundThe fund manager of the sub-fund is Deutsche Investment Management Americas, Inc.



Class A2 LU0273165570 40.6% 40.2% 76.6%

Class E2 LU0273177823 41.8% 44.6% 83.9%

Class LC2) LU0273159177 50.9% 55.5% 71.0%

Class LD2) LU0363470401 51.4% – 56.4%

Class NC2) LU0273148055 49.8% 51.5% 65.1%

Class FC2) LU0273148212 53.4% 61.6% 79.5%1) Classes A2, E2, LC, NC and FC on November 20, 2006 / Class LD on July 1, 20082) in euro


124

DWS Invest Government Liquidity FundFor the sub-fund with the name DWS Invest Government Liquidity Fund, the following provi-sions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policy (Short-Term Money Market Fund)The objective of the investment policy of the sub-fund is to generate a return in Euros.

The sub-fund invests in bonds, fixed or variable interest-bearing securities and money market instruments denominated in Euro, issued by Member States of the European Union or by OECD countries, or their local authorities or sov-ereign agencies, or public international bodies of which one or more are Member States of the EU or the OECD.

The above mentioned instruments have a residual maturity until the legal redemption date of less than or equal to 397 days.

For securities with a long-term rating the sub-fund’s investments are restricted to securities rated at least A2 by Moody’s Investors Service (“Moody’s”) or A by Standard & Poor’s Corpora-tion (“S&P”) or A by Fitch.

For securities with a short-term rating the quality is at least Prime-1 as rated by Moody’s or A1 by S&P or F1 by Fitch.

The sub-fund’s assets have a weighted average life of no more than 120 days.

The sub-fund’s assets have a weighted average maturity of no more than 60 days. The sub-fund may at any time enter into repurchase agree-ments with highly rated financial institutions spe-cialised in this type of transaction.

Furthermore, the sub-funds investment strategy is compliant with the guidelines set out in “CESR’s Guidelines on a common definition of European money market funds” (CESR/10-049) Box 2.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Government Liquid-ity Fund is the Barclays Capital Euro-Aggregate: Government -- 1-3 Year Unhedged in EUR.



Share class Security codes ISINNC DWS0WZ LU0416134160ND DWS0W0 LU0416134244FC DWS0W1 LU0416134327ID* DWS0W2 LU0416133949IC* DWS016 LU0544572869A1H DWS1B5 LU0740835797A2H DWS1B6 LU0740835953P2H DWS1B7 LU0740836092Y2H DWS1B8 LU0740836175CH2H DWS1B9 LU0740836258CAD2H DWS1CA LU0740836506NZ2H DWS1CB LU0740836761AU2H DWS1CC LU0740837066NOK2H DWS1CD LU0740837140SEK2H DWS1CE LU0740837579Investor Profile Risk-averseCurrency of sub-fund EUR“Hedged” share classes Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificate. The ID and the IC share class are only offered in form

of registered shares.Date of launch and NC, ND and FC: November 9, 2009initial subscription A1H, A2H, P2H, Y2H, CH2H, CAD2H, NZ2H, AU2H, NOK2H, SEK2H, ID and IC: The date of launch and initial


Initial NAV per share NC, ND, FC, IC and ID: EUR 100.00 A1H and A2H: USD 100.00 P2H: GBP 100.00 Y2H: JPY 10,000.00 CH2H: CHF 100.00 CAD2H: CAD 100.00 NZ2H: NZD 100.00 AU2H: AUD 100.00 NOK2H: NOK 1,000.00 SEK2H: SEK 1,000.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load A1H, A2H, P2H, Y2H, CH2H, (payable by the investor) CAD2H, NZ2H, AU2H, NOK2H, SEK2H, NC, ND, FC, IC and ID: 0%Allocation of income A2H, P2H, Y2H, CH2H, CAD2H,

NZ2H, AU2H, NOK2H, SEK2H, NC, FC and IC: : Reinvestment

A1H, ND and ID: DistributionManagement Company fee A1H, A2H, P2H, Y2H, CH2H, (payable by the sub-fund)** CAD2H, NZ2H, AU2H, NOK2H,

SEK2H, NC and ND: up to 0.2% p.a. FC, ID and IC: up to 0.15% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor A1H, A2H, P2H, Y2H, CH2H, (payable by the sub-fund)** CAD2H, NZ2H, AU2H, NOK2H,

SEK2H, NC, ND, FC, IC and ID: 0% p.a.Taxe d’abonnement A1H, A2H, P2H, Y2H, CH2H,

CAD2H, NZ2H, AU2H, NOK2H, SEK2H, NC, ND, FC, IC and ID: 0.01% p.a.

* The share classes ID and IC are excluded from the option “exchanges of shares” stated in paragraph 8 of the general part of the prospectus to the extent that an exchange is solely possible between the two share classes.

** For additional costs, see Article 12 in the general section of the Sales Prospectus.

125



Class NC LU0416134160 0.1% 0.1%

Class ND LU0416134244 0.2% 0.2%

Class FC LU0416134327 0.2% 0.2%

1) Classes NC, ND and FC on November 9, 2009



Value date A1H, A2H, P2H, Y2H, CH2H, CAD2H, NZ2H, AU2H, NOK2H, SEK2H, NC, ND, and FC: In a purchase, the equivalent

value is debited three bank business days after issue of the shares. The equivalent value is credited three bank business days after redemption of the shares.

ID and IC: In a purchase, the equivalent value is debited one bank business day after issue of the shares. The equivalent value is credited one bank business day after redemption of the shares.

126

DWS Invest HyperionFor the sub-fund with the name DWS Invest Hyperion, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy for the DWS Invest Hyperion is to benefit from the relative out performance/underperformance of individual equities, sectors and economies in the global equity markets by using long/short strate-gies to achieve a total return that will over the medium to long term be comparable with inter-national equity returns, while the fluctuations of the fund shares should be lower.

According to the prohibition in Art. 2 E. of the Sales Prospectus – general section short selling according to Art. 52 of the Law of December 17, 2010 will not be implemented in the sub-fund’s assets itself.

The return and risk targets may exceed or fall short of this objective, and the objective should not be considered a guarantee. The objective is to gain positive and comparable returns but are, to the largest extent possible, moderately corre-lated to changes in the equity markets depicted by the Morgan Stanley Capital International (MSCI) World Index of equities.


The investment strategy uses linear and non-linear factor models to identify relative mispric-ings of single securities and asset classes. The sub-fund will dynamically establish risk exposure to profit from mispricings of single securities and asset classes. Gain and potential loss is depend-ing on the factor models and their use. The sub-fund will always remain within the legally allowed risk-restrictions.

The sub-fund invests, in compliance with the provisions of the Ordinance of the Grand Duchy dated February 8, 2008 and Directive 2007/16/EG, primarily in fixed and variable interest- bearing securities or in equities as well as in derivatives. The derivatives can be based on single underlyings or on a reference portfolio.




To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as contracts for difference

Share class Security codes ISINLC DWS0VJ LU0399356517FC DWS0VK LU0399356608Investor Profile Risk-tolerantCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented



Initial NAV per share LC and FC: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC: up to 5% based on the gross investment*(payable by the investor) FC: 0%Allocation of income FC and LC: ReinvestmentManagement Company fee LC: up to 2% p.a. plus an additional performance-(payable by the sub-fund)** related fee*** FC: up to 1% p.a. plus an additional performance-

related fee***Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor LC and FC: 0% p.a.(payable by the sub-fund)** Taxe d’abonnement LC and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are




* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** For additional costs, see Article 12 in the general section of the Sales Prospectus.*** For the share classes FC and LC the Management Company shall receive from the sub-fund’s assets an additional

performance related fee per share of 20% of the amount by which the net asset value per share (where applicable in consideration of any distributions), at the last valuation date of a fiscal half-year exceeds the highest net asset val-ue per share (high-water mark) at all preceding last valuation dates of a fiscal half-year and the net asset value per share on the day the investment fund was launched. The accrued performance-related fee is calculated daily; any performance-related fee incurred is deferred in the sub-fund on a daily basis and withdrawn from it on a semi-annu-al basis. If the net asset value per share on any valuation date is below the high-water mark, any provision for a per-formance-related fee that might have been established in that fiscal half-year as part of the daily calculation of the net asset value per share is dissolved.

127

or swaps will be entered with top-rated financial institutions specializing in such transactions. Such OTC-agreements are standardized agreements.




The following are considered as potential risk/return sources, which are actively managed in aggregate as well as on a stand alone basis in this international equity portfolio:

Single stocks –Industry sectors –Market capitalization –Valuation –Currency –Interest rates –Credit spreads –Volatility –

Within a reference portfolio following positions, without being exhaustive, may exist:

long positions of equities/equity related secu- –rities;short positions of equities/equity related secu- –rities;derivatives based on single stocks, industry –sectors, market capitalization, valuation, cur-rency, interest rates, credit spreads, volatility.

The sub-fund will not use credit capital as invest-ment instrument. Exclusively cash settlement for the derivatives will be used, i.e. no physical settlement.




The VaR of the sub-fund assets is limited to 14.14% of the sub-fund assets with the param-eters of a 10-day holding period and a 99% con-fidence level.

Contrary to the provision of the general section of the Sales Prospectus, because of the invest-ment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub-fund assets. However, the leverage effect may be higher under certain circumstances.


128

DWS Invest Income Strategy ConservativeFor the sub-fund with the name DWS Invest Income Strategy Conservative, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Income Strategy Conservative is to achieve an appreciation as high as possible of capital invested.

The sub-fund targets a low level of annual volatil-ity. However, no assurance can be given that the investment objective will be achieved.

The sub-fund’s assets are invested in money mar-ket and cash instruments, interest-bearing debt securities, index certificates on underlying bond indices and derivatives thereof.

The fund also uses a wide range of techniques and instruments in order to profit from price movements in the bond and currency markets (e.g. forward foreign-exchange transactions, interest-rate futures contracts, call and put options on interest rates, interest rate swaps and forward rate agreements).



The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Income Strategy Con-servative. The performance of the sub-fund is therefore besides other factors depending on the respective proportion of derivatives, e.g. swaps in the sub-fund’s total assets.



The sub-fund can be invested in total or in parts in one or several OTC-transactions negotiated with a counterparty under customary mar-ket conditions. Therefore the sub-fund can be invested in total or in parts in one or several transactions.



Share class Security codes ISINNC A0B56X LU0195291934LC DWS0Q7 LU0329762040FC DWS0Q8 LU0329762123IC DWS0Q9 LU0329762396LD DWS0Z6 LU0507269248Investor Profile Income-oriented Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate. The IC share class is only offered in form

of registered shares.Date of launch and NC: August 30, 2004initial subscription LC, FC and IC: December 21, 2007 LD: May 31, 2011Initial NAV per share NC, LC, FC, LD and IC: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC and LD: up to 2% based on the gross investment*(payable by the investor) NC: up to 1.5% based on the gross investment** FC and IC: 0%Allocation of income NC, LC, FC and IC: Reinvestment LD: DistributionManagement Company fee NC: up to 0.8% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC and LD: up to 0.6% p.a. plus an additional


performance-related fee**** IC: up to 0.3% p.a. plus an additional

performance-related fee****Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor LC, FC, LD and IC: 0%(payable by the sub-fund)*** Taxe d’abonnement NC, LC, LD and FC: 0.05% p.a. IC: 0.01% p.a.Order acceptance All subscription, redemption and exchange orders are



* 2% based on the gross investment correspond approx. to 2.04% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes NC, LC, FC, LD and IC the Management Company shall receive from the sub-fund’s assets

an additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return from a money market investment specified below. The calculation basis for the NC, LC, FC, LD and IC share classes is the performance of the EONIA (capitalized) Index, plus 100 basis points (target return, no benchmark). The performance-related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month peri-od falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal six-month period shall be eliminated in accordance with the daily comparison. The amount of deferred per-formance-related fee existing at the end of the fiscal six-month period may be withdrawn.


129







Class LC LU0329762040 0.0% 4.4% – 4.5%

Class NC LU0195291934 -0.3% 3.5% 9.2% 11.3%

Class FC LU0329762123 0.4% 5.8% – 5.9%

Class IC2) LU0329762396 0.4% 5.7% – 5.7%

1) Class NC on August 30, 2004 / Classes LC, FC and IC on December 21, 20072) Issue of new shares discontinued effective September 1, 2009


130

DWS Invest Income Strategy CurrencyFor the sub-fund with the name DWS Invest Income Strategy Currency, the following provi-sions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe investment objective of DWS Invest Income Strategy Currency is to achieve as high a capi-tal appreciation as possible in Euros by taking advantage of fluctuations in the exchange rates of currencies, particularly the following: euro, U.S. dollar, Japanese yen, British pound sterling, Danish krone, Norwegian krone, Swedish krona, Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar, Czech koruna, Hungarian forint, Pol-ish zloty, Slovak koruna, Argentine peso, Brazilian real, Mexican peso, Colombian peso, Chilean peso, Israeli shekel, Russian ruble, Turkish lira, Indone-sian rupiah, Indian rupee, Korean won, Philippine peso, Chinese yuan renminbi, Hong Kong dollar, Thai baht, Taiwan dollar, Malaysian ringgit, South African rand and Singapore dollar.

At least 70% of the sub-fund’s assets are invested in the following investment instruments or employed in the following transactions:

Liquid assets, money market instruments and 1. fixed or variable-interest securities (bonds, notes, etc.) with an average duration not exceeding 13 months, that are traded on exchanges or other regulated markets that operate regularly and are recognized and open to the public, and which were issued by bor-rowers worldwide, that cover the obligations arising from FX- and currency-trades.

Foreign-currency holdings at banks, spot and 2. forward buying and selling of foreign cur-rency, non-deliverable forwards, FX-linked notes, buying and selling of call and put options on foreign currencies, entering into currency swaps and currency futures, as well as combinations of the above investments.

Derivatives can be traded on exchanges (exchange traded derivatives) or in regulated markets, as well as over the counter (OTC derivatives).

Derivative financial instruments.3.

These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instru-ment, including swaps, forward-starting swaps, inflation swaps, total return swaps, excess return swaps, swaptions, constant maturity swaps and credit default swaps.

Up to 30% of the sub-fund’s assets may be invested in instruments listed under (1) above that do not cover obligations arising from invest-ments in forward transactions or derivative finan-cial instruments, as well as in credit-linked notes and in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus, including the assets mentioned in Article 2 A. j). The proportion of convertible bonds may not exceed 25% of the sub-fund’s assets. Any shares or other equity instruments acquired through the exercise of conversion rights must be sold within a reasonable period of time.

Share class Security codes ISINLC DWS0CC LU0273151430NC DWS0CD LU0273149376FC DWS0CF LU0273149533FD DWS0FC LU0298697748LD DWS00D LU0507270170Investor Profile Income-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, NC and FC: November 20, 2006initial subscription FD: May 14, 2007 LD: The date of launch and initial subscription


Initial NAV per share LC, NC, FC, LD and FD: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC and LD: up to 3% based on the gross investment*(payable by the investor) NC: up to 1.5% based on the gross investment** FC and FD: 0%Allocation of income LC, NC and FC: Reinvestment FD and LD: DistributionManagement Company fee LC and LD: up to 0.9% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** NC: up to 1.2% p.a. plus an additional

performance-related fee**** FC and FD: up to 0.5% p.a. plus an additional

performance-related fee****Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)*** LC, FC, LD and FD: 0% p.a.Taxe d’abonnement LC, NC, FC, LD and FD: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes NC, FC, LC, LD and FD, the Management Company shall receive an additional performance-

related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return from a money market investment specified below. The calculation basis for the NC, FC, LC, LD and FD share classes is the performance of the EONIA (capitalized) Index, plus 200 basis points (target return, no bench-mark). The performance-related fee is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance-relat-ed fee amounts already deferred in that fiscal six-month shall be eliminated in accordance with the daily compar-ison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn.


131


The derivatives may only be used in compli-ance with the investment policy and the invest-ment objective of DWS Invest Income Strategy Currency. The performance of the sub-fund is therefore besides other factors depending on the respective proportion of derivatives, e.g. swaps in the sub-fund’s total assets.





Specific risks:

Currency riskIf the sub-fund holds assets denominated in foreign currency, it is exposed to currency risk (to the extent that foreign currency positions are not hedged). Any devaluation of the for-eign currency in relation to the base currency of the sub-fund will lead to a decline in the value of the asset denominated in the foreign currency.

Where investments are exposed to the risks of currencies that are subject to transfer restric-tions, derivative financial instruments may be used that are based on such currencies and which provide for delivery and payment in freely convertible currencies (e.g. so-called non-deliv-erable forward agreements – NDFs). Given the investment policy, which also provides for invest-ment in secondary currencies and in currencies that are not freely convertible, currency risks may occur in the sub-fund. These risks include, in the short term, the tendency of exchange rates to undergo unpredictable and sudden changes and, in the longer term, the fund management incor-rectly forecasting trends in exchange rate devel-opments. Using currencies that are not freely convertible entails a higher exchange-rate risk than using freely convertible currencies.







Class LC LU0273151430 0.6% 6.1% 8.0%

Class NC LU0273149376 0.2% 4.8% 6.2%

Class FC LU0273149533 1.0% 7.7% 10.3%

Class FD LU0298697748 1.1% 8.0% 10.0%

1) Classes LC, NC and FC on November 20, 2006 / Class FD on May 14, 2007


132

DWS Invest Income Strategy PlusFor the sub-fund with the name DWS Invest Income Strategy Plus, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Income Strategy Plus is to achieve an appre-ciation as high as possible of capital invested.

The sub-fund targets a medium level of annual volatility. However, no assurance can be given that the investment objective will be achieved.

The sub-fund’s assets are invested in money market and cash instruments, interest-bearing debt securities, index certificates on underlying bond indices, asset backed securities and deriva-tives thereof. The sub-fund’s investments in asset backed securities shall be limited to 20% of the sub-fund’s net asset value.

The fund also uses a wide range of techniques and instruments in order to profit from price movements in the bond and currency markets (e.g. forward foreign-exchange transactions, interest-rate futures contracts, call and put options on interest rates, interest rate swaps and forward rate agreements).



The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Income Strategy Plus. The performance of the sub-fund is therefore besides other factors depending on the respec-tive proportion of derivatives, e.g. swaps in the sub-fund’s total assets.

To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as swaps will be entered with top-rated financial institutions specializing in such transactions. Such OTC-agreements are stand-ardized agreements.





Share class Security codes ISINLC 727 289 LU0179217541LD 727 291 LU0179217897NC 727 450 LU0179218192FC 727 455 LU0179218275A2H DWS00G LU0507270410Investor Profile Income-orientedCurrency of sub-fund EURHedged share classes A2H: Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD, NC and FC: January 12, 2004initial subscription A2H: The date of launch and initial sub-


Initial NAV per share LC, NC, FC and LD: EUR 100.00 A2H: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, A2H and LD: up to 3% based on the gross (payable by the investor) investment* NC: up to 1.5% based on the gross

investment** FC: 0%Allocation of income NC, FC, A2H and LC: Reinvestment LD: DistributionManagement Company fee NC: up to 1.2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** A2H: up to 1% p.a. LC and LD: up to 0.9% p.a. plus an additional


performance-related fee****Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)*** LC, LD, A2H and FC: 0% p.a.Taxe d’abonnement LC, LD, NC, A2H and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes LC, LD, NC and FC the Management Company shall receive from the sub-fund’s assets

an additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return from a money market investment specified below. The calculation basis for the LC, LD, NC and FC share classes is the performance of the EONIA (capitalized) Index, plus 200 basis points (target return, no benchmark). The performance-related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal six-month period shall be eliminated in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn.

There is a requirement to make up any underperformance relative to the target return from previous accounting periods before any performance fee may be charged (High Water Mark). The Management Company does not re-ceive a performance-related fee for the A2H share class.

133







Class LC LU0179217541 0.7% 3.7% 8.5%

Class LD LU0179217897 0.7% 3.7% 8.8%

Class NC LU0179218192 0.3% 2.5% 6.3%

Class FC LU0179218275 1.1% 5.1% 10.4%


134

DWS Invest Income Strategy SystematicFor the sub-fund with the name DWS Invest Income Strategy Systematic, the following provi-sions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Income Strategy Systematic is to achieve an appreciation as high as possible of capital invested.

The sub-fund targets a medium level of annual volatility. However, no assurance can be given that the investment objective will be achieved.

The sub-fund’s assets will mainly be invested in interest-bearing debt securities. These include among others money market and cash instru-ments and corporate bonds.

The fund implements, however not exclusively, interest rate strategies, inflation strategies, credit spread strategies and currency strategies.



The described investment policy could also be implemented by using Synthetic Dynamic Underlyings (SDU).





Share class Security codes ISINLC DWS0ZK LU0507266657FC DWS0ZL LU0507266731NC DWS0ZM LU0507266814LD DWS0ZN LU0507266905Investor Profile Income-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and FC and LD: May 23, 2011initial subscription LC and NC: The date of launch and initial subscription will

be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, FC, NC and LD: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC and LD: up to 3% based on the gross investment*(payable by the investor) NC: up to 1.5% based on the gross investment** FC: 0%Allocation of income FC, LC and NC: Reinvestment LD: DistributionManagement Company fee NC: up to 1.2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC and LD: up to 0.9% p.a. plus an additional


performance-related fee****Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor LC, FC and LD: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement FC, LC, NC and LD: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes LC, LD, NC and FC the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return from a money market investment specified below. The calculation basis for the LC, LD, NC and FC share classes is the performance of the EONIA (capitalized) Index, plus 200 basis points (target return, no benchmark). The performance-related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is de-ferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal six-month period shall be eliminated in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn.


135

DWS Invest Italian EquitiesFor the sub-fund with the name DWS Invest Italian Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe main investment objective of the sub-fund DWS Invest Italian Equities is to achieve long-term capital appreciation by investing in Italian companies.

To achieve this investment objective, at least 1. 70% of the sub-fund’s assets (after deduc-tion of liquid assets) are invested in shares and other equity securities and uncertificated equity instruments of companies registered in Italy, or in companies that conduct their principal business activity in Italy or which, as holding companies, hold primarily interests in companies registered in Italy.

Up to 30% of the sub-fund’s assets (after 2. deduction of liquid assets) may be invested in:

shares and other equity securities and a) uncertificated equity instruments (partici-pation and dividend-right certificates, etc.) of companies of any size from around the world that do not fulfil the requirements of the preceding paragraph;

interest-bearing securities, as well as b) convertible bonds, convertible deben-tures and warrant-linked bonds that are issued by companies according to (1) or (a) above, and which are denominated in any freely convertible currency.

Instead of direct investments in accordance with (1) and (2) above, the sub-fund’s assets may also be invested in index certificates on equity indices whose underlying instruments are investments in accordance with (1) or (2) above. The index cer-tificates must be sufficiently diversified for the market to which they refer, be representative and be published. The index certificates are securities issued on the capital markets, and their terms of issue guarantee that index certificate prices are generally governed by the performance of the shares contained in the respective index. These index certificates track the performance of the index to a large extent or even entirely. As index certificates do not have any leverage effect, they do not have any speculative potential.

In addition, techniques and instruments based on securities may be employed on behalf of the sub-fund’s assets if this is done for the purpose of efficient portfolio management of the sub-fund.




The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio

Share class Security codes ISINLC A0JMLB LU0254493041NC A0JMLC LU0254494015FC A0JMLD LU0254494445Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, NC and FC: September 18, 2006initial subscriptionInitial NAV per share LC, NC and FC: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC: 0%Allocation of income LC, NC and FC: ReinvestmentManagement Company fee LC: up to 1.5% p.a.(payable by the sub-fund)*** FC: up to 0.75% p.a. NC: up to 2% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.2% p.a.main distributor LC and FC: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement LC, NC and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are




Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may be subject to substantial down-ward or upward fluctuation, even within short periods of time.



Class LC LU0254493041 -2.9% -32.5% -29.6%

Class NC LU0254494015 -3.6% -34.0% -31.9%

Class FC LU0254494445 -2.2% -30.8% -27.1%

MIB 30 -10.9% -46.0% -44.5%

1) Classes LC, NC and FC on September 18, 2006


for the sub-fund DWS Invest Italian Equities is the Italy – FTSE MIB.



136

DWS Invest Japanese EquitiesFor the sub-fund with the name DWS Invest Japanese Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Japanese Equities is to generate an above-average return for the sub-fund.

At least 70% of the sub-fund’s assets are invested in equities of issuers registered in Japan, or of issuers registered outside Japan that conduct their principal business activity in Japan.

The securities issued by these companies may be listed on Japanese or on other foreign secu-rities exchanges or traded on other regulated markets in a member country of the Organization for Economic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.

A maximum of 30% of the sub-fund’s assets may be invested in shares, stock certificates, convert-ible bonds, convertible debentures and warrant-linked bonds whose underlying warrants are for securities, participation and dividend-right certifi-cates, and equity warrants of foreign and domes-tic issuers that do not satisfy the requirements of the preceding paragraph.


In addition, the sub-fund’s assets may be invested in all other permissible assets as speci-fied in Article 2 of the general section of the Sales Prospectus.




During phases of economic growth, the invest-ment opportunities of a country-specific fund are above average because of its regional specializa-tion. Conversely, it must be noted that there are special risks inherent in the concentration of fund investments on particular investment sectors, which is not the case for equity funds invested in more than one region. This sub-fund is focused on investment in equities of Japanese issuers. Japanese exchanges and markets are sometimes subject to substantial fluctuations. Fluctuations

Share class Security codes ISINLC 552 538 LU0145651088LD 552 539 LU0145651591NC 552 541 LU0145651831FC 552 542 LU0145652219A2 DWS0AU LU0273161827NCH (P) DWS0XZ LU0435838163Investor Profile Risk-tolerantCurrency of sub-fund EUR“Hedged” share classes Currency exposure due to the sub-fund’s assets being aim to hedge against denominated in a different currency than the hedged

share class.Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of lauch and LC, LD, NC and FC: June 3, 2002initial subscription A2: November 20, 2006 NCH (P): The date of launch and initial subscrip-


Initial NAV per share LC, NC, FC, LD and NCH (P): EUR 100.00 A2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg that is also an

exchange trading day in JapanFront-end load LC, LD and A2: up to 5% based on the gross (payable by the investor) investment* NC and NCH (P): up to 3% based on the gross

investment** FC: 0%Allocation of income NC, FC, LC, A2 and NCH (P): Reinvestment LD: DistributionManagement Company fee NC and NCH (P): up to 2% p.a.(payable by the sub-fund)*** LC, LD and A2: up to 1.5% p.a. FC: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NC and NCH (P): 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC and A2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2 and NCH (P): 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





137

in the rate of exchange of the local currencies against the euro can also impact on investment performance. The credit risk associated with an investment in securities, i.e., the risk of a decline in the assets of issuers, cannot be entirely elimi-nated even by the most careful selection of the instruments to be purchased. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limitations on foreign capital investments and capital repatriation etc. can also affect investment performance.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference port-folio for the sub-fund DWS Invest Japanese Equities is theTOPIX INDEX (TOKYO) unhedged Constituents.





Class LC LU0145651088 16.8% -27.6% -49.4% -31.9%

Class LD LU0145651591 16.8% -27.6% -49.5% -31.9%

Class NC LU0145651831 15.9% -29.2% -51.3% -35.9%

Class FC LU0145652219 17.8% -25.8% -47.2% -26.2%

Class A22) LU0273161827 8.7% -34.1% – -35.0%

Class LCH LU0435838080 – – – -9.7%

TOPIX 100 since May 1, 2009 (formerly: TOPIX) 23.4% -0.7% -23.8% -1.4%

1) Classes LC, LD, NC and FC on June 3, 2002 / Class A2 on November 20, 2006 / Class LCH on March 26, 20102) in USD


138

DWS Invest Local Emerging Markets BondsFor the sub-fund with the name DWS Invest Local Emerging Markets Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Local Emerging Markets Bonds is to achieve an above-average return for the fund.

The sub-fund’s assets may be invested in inter-est-bearing debt securities issued by:

Governments of Emerging Markets countries. –Companies which have their registered office in –an Emerging Market or that conduct their prin-cipal business activity in an Emerging Market.

These interest-bearing debt securities may be denominated in local currency or hard currency.

The sub-fund’s assets may also be invested in interest-bearing debt securities denominated in an Emerging Market currency from issuers that do not meet the above-mentioned criteria and cash deposits.

Emerging-market countries are defined as all those countries considered by the Interna-tional Monetary Fund, the World Bank or the International Finance Corporation (IFC) as non-developed industrial countries at the time of the investment.

In extreme market situations, the investment manager may diverge from the above investment strategy to avoid a liquidity squeeze. Up to 100% of the sub-fund’s assets may temporarily be invested in interest-bearing securities of United States of America and Japanese and European (EU-Member States) government bonds.


In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2, including the assets mentioned in Article 2. A. (j) of the general part of the Sales Prospectus.

Where investments are exposed to the risks of currencies that are subject to transfer restrictions, derivative financial instruments may be used that are based on such currencies and which provide for delivery and payment in freely convertible currencies (e.g., so-called non-deliverable for-ward agreements – NDFs). Given the investment policy, which also provides for investment in sec-ondary currencies and in currencies that are not freely convertible, currency risks may occur in the fund. These risks include, in the short term, the tendency of exchange rates to undergo unpre-

Share class Security codes ISINLC DWS1AK LU0740825483LD DWS1AL LU0740825566FC DWS1AM LU0740825640FD DWS1AN LU0740825723NC DWS1AP LU0740826374ND DWS1AQ LU0740826457A1H DWS1AR LU0740826531A2H DWS1AS LU0740826614E1H DWS1AT LU0740826705E2H DWS1AU LU0740826887Investor Profile Risk-tolerantCurrency of sub-fund EUR“Hedged” share classes A1H, A2H, E1H and E2H: Sub-fund currencyaim to hedge againstNature of shares Registered shares or bearer shares represented

by a global certificateDate of launch LC, LD, FC, FD, and initial subscription NC, ND, A1H,

A2H, E1H and E2H: The date of launch and initial sub-scription will be determined by the Management Board of the Manage-ment Company. The Sales Prospec-tus will be updated accordingly.

Initial NAV per share A1H, A2H, E1H, E2H: USD 100.00 LC, LD, FC, FD, NC, ND: EUR 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, A1H, A2H: up to 3% based on the (payable by the investor) gross investment* NC, ND: up to 1.5% based on the

gross investment** FC, FD, E1H, E2H: 0%Allocation of income LD, FD, ND, A1H, E1H: Distribution LC, FC, NC, A2H, E2H: ReinvestmentManagement Company fee NC and ND: up to 1.4% p.a.(payable by the sub-fund)*** LC, LD, A1H, A2H: up to 1.1% p.a. FC, FD, E1H, E2H: up to 0.6% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 (b))Service fee of the main distributor NC and ND: 0.1% p.a.(payable by the sub-fund)*** LC, LD, A1H, A2H, FC, FD, E1H and E2H: 0% p.a.Taxe d’abonnement LC, LD, FC, FD, NC, ND,

A1H, A2H, E1H and E2H: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 3% based on the gross investment amount correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment amount correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.


139

dictable and sudden changes and, in the longer term, the fund management incorrectly forecast-ing trends in exchange rate developments. Using currencies that are not freely convertible entails a higher exchange-rate risk than using freely con-vertible currencies.

Non-deliverable forwards (NDFs) are forward cur-rency transactions, which can be used to hedge the exchange rate between a freely convertible currency and a currency that is not freely con-vertible. The following is stipulated in the NDF agreement:

a certain amount in one of the two currencies – the forward price (NDF price) – the maturity date – the direction (purchase or sale) –


RISK DISCLAIMERInvestments in the emerging marketsInvesting in assets from the emerging markets generally entails a greater risk (such as legal, eco-nomic and political risks) than investing in assets from industrial countries.

Emerging markets are defined as markets that are in a state of transition and are therefore potentially exposed to rapid political change and economic declines. In recent years there have been profound political, economic and social changes in several emerging-market countries. In several cases, political decisions have led to serious economic and social tensions, and some of these countries have experienced both politi-cal and economic instability. Political or economic instability can influence investor confidence, which in turn can negatively affect exchange rates, security prices or other assets from the emerging markets.

Exchange rates and the prices of securities and other assets from emerging markets are often extremely volatile. Causes of volatility include interest rates, changes in the supply and demand structure, external forces affecting the market (especially in connection with important trading partners), trade-related, tax-related and monetary policies, governmental policies as well as interna-tional political and economic events.

In most cases, the securities markets in the emerging markets are still in their primary stage of development. This may result in risks and methods (such as increased volatility) that usually do not occur in more developed securities mar-kets and which may negatively influence securi-ties listed on the exchanges of these countries. Moreover, the markets in emerging-market coun-tries are frequently characterized by insufficient liquidity in the form of trading volumes that are too low for some of the listed securities.

It is important to note that in times of economic stagnation, the exchange rates, securities and

other assets from emerging markets are more likely to be sold in favor of other types of invest-ment that carry a smaller risk, and may thus lose value.

Specific risks:The exchanges and markets of emerging-market countries are subject to substantial fluctuations. The opportunities afforded by an invest-ment are therefore countered by substantial risks. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limita-tions on foreign capital investments and capi-tal repatriation etc. can also affect investment performance.





The corresponding reference portfolio for the sub-fund DWS Invest Local Emerging Markets Bonds is the JPMorgan GBI-EM Diversified in EUR.



140

DWS Invest Multi Asset AllocationFor the sub-fund with the name DWS Invest Multi Asset Allocation, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of the sub-fund DWS Invest Multi Asset Allocation is to achieve a positive long-term investment per-formance taking in account the opportunities and risks of the international equity and fixed-income markets.

Up to 100% of the sub-fund’s assets are invested globally in equities and bonds, such as equity certificates, index certificates, convertible bonds, warrant-linked bonds whose underlying warrants are for securities, warrants for securities, dividend-right and participation certificates, equity, bond and money-market funds, investment funds that reflect the performance of an index, as well as interest-bearing debt securities and cash.

Up to 10% of the sub-fund may be invested in certificates based on commodities, commodities indices, precious metals and precious metals indices, as well as in structured financial products and funds. According to Article 2 A. (j), invest-ment in the certificates listed here is only permit-ted if they are 1:1 certificates.

The proportion of open-ended real estate funds is limited to not more than 10% of the sub-fund’s net assets.






The corresponding reference portfolio for the sub-fund DWS Invest Multi Asset Allocation consists of equities included in the (50%) MSCI Equities EMF (EMERGING MARKETS FREE) EUR NR, (50%) STOXX 600.

Contrary to the provision of the general section of the Sales Prospectus, because of the investment

* 4% based on the gross investment correspond approx. to 4.17% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes LC, LD, NC and FC the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return from a money market investment specified below. The calculation basis for the LC, LD, NC and FC share classes is the performance of the EONIA (capitalized) Index, plus 400 basis points (target return, no benchmark). The performance-related fee for the respective share class is calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any performance-related fee incurred is de-ferred in the sub-fund for each share class. If the performance of the shares during any fiscal six-month period falls short of the aforementioned target return, any performance-related fee amounts already deferred in that fiscal six-month period shall be eliminated in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn.



Share class Security codes ISINLC 727 458 LU0179218606LD 727 459 LU0179218861NC 727 460 LU0179219240FC 727 461 LU0179219679Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch January 12, 2004Initial NAV per share LC, NC, FC and LD: EUR 100.00 Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC and LD: up to 4% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC: 0%Allocation of income NC, FC and LC: Reinvestment LD: DistributionManagement Company fee NC: up to 1.6% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC and LD: up to 1.2% p.a. plus an additional


performance-related fee****Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor LC, LD and FC: 0% p.a.(payable by the sub-fund)*** Taxe d’abonnement LC, LD, NC and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





Class LC LU0179218606 0.9% -22.7% -23.6%

Class LD LU0179218861 1.5% -22.3% -22.8%

Class NC LU0179219240 0.3% -23.9% -26.1%

Class FC LU0179219679 1.7% -20.8% -22.6%


141

strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub-fund assets. The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.


142

DWS Invest Multi Asset DefensiveFor the sub-fund with the name DWS Invest Multi Asset Defensive, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of the sub-fund DWS Invest Multi Asset Defensive is to achieve a positive mid- to long-term investment performance taking in account the opportunities and risks of the international capital markets.

The sub-fund aims to achieve the investment objective under consideration and active con-trol of the portfolio’s risk. In doing so certain risk figures will be used. The key risk figure is the so called value-at-risk which will be used in accordance with the provisions of CSSF Circular 07/308. The value-at-risk measures the potential maximum loss of a specific portfolio that may be incurred with a specific certainty over a given period of time. For the DWS Invest Multi Asset Defensive a probability of 99% and a period of time of 10 days will be used.

The sub-fund is aiming at a maximum value-at-risk of 7.5%. This means that with a probability of 99% the loss incurred over a period of time of 10 days will not be greater than 7.5%.

In case the Value-at-Risk exceeds the above- mentioned target figure portfolio management will take appropriate measures to reduce the value-at-risk to meet the target figure again.

In the long term the fund is aiming to offer con-stant steady returns.

For maximum flexibility in the asset allocation up to 100% of the sub-fund’s assets are invested globally in equities and bonds, such as equity certificates, index certificates, convertible bonds, warrant-linked bonds whose underlying warrants are for securities, warrants for securities, divi-dend-right and participation certificates, invest-ment funds such as equity, bond and money-market funds, investment funds that reflect the performance of an index, as well as interest-bear-ing debt securities and cash.




The sub-fund’s assets may be used to acquire shares of other Undertakings for Collective Investment in Transferable Securities and/or col-lective investment undertakings as defined in Article 2 A. (e), provided that no more than 20% of the sub-fund’s assets are invested in one and the same Undertaking for Collective Investment


Share class Security codes ISINLC DWS01T LU0544571200LD DWS01U LU0544571382Investor Profile Income-oriented Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC and LD: The date of launch and initial subscription will initial subscription be determined by the Management Board


Initial NAV per share LC and LD: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC and LD: up to 2% based on the gross investment*(payable by the investor)Allocation of income LC: Reinvestment LD: DistributionManagement Company fee LC and LD: up to 1.2% p.a. (payable by the sub-fund)** Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor LC and LD: 0% p.a.(payable by the sub-fund)** Taxe d’abonnement LC and LD: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



in Transferable Securities and/or collective invest-ment undertaking.




In compliance with the investment limits speci-fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy may also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among oth-ers, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument,

including swaps, forward-starting swaps, infla-tion swaps, swaptions, constant maturity swaps and credit default swaps.




The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Multi Asset Defen-sive is the (35%) MSCI world and (65%) iBoxx 1-3y Euro Sov.



143

DWS Invest Multi Asset DynamicFor the sub-fund with the name DWS Invest Multi Asset Dynamic, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of the sub-fund DWS Invest Multi Asset Dynamic is to achieve a positive long-term investment per-formance taking in account the opportunities and risks of the international capital markets and to mainly participate in the development of the global equity markets.

The fund is aiming at investors looking for above average returns mainly from equities while accept-ing possible higher losses of capital invested.

For maximum flexibility in the asset allocation up 100% of the sub-fund’s assets are invested glob-ally in equities and bonds, such as equity certifi-cates, index certificates, convertible bonds, war-rant-linked bonds whose underlying warrants are for securities, warrants for securities, dividend-right and participation certificates, investment funds such as equity, bond and money-market funds, investment funds that reflect the perfor-mance of an index, as well as interest-bearing debt securities and cash.







In the case of investments in shares of another Undertaking for Collective Investment in Trans-ferable Securities and/or other collective invest-ment undertakings, the investments held by that Undertaking for Collective Investment in Transfer-able Securities and/or by other collective invest-


ment undertakings are not taken into consider-ation for the purposes of the limits specified in Article 2 B. (a), (b), (c), (d), (e) and (f).



Risk Management

The absolute Value-at-Risk (VaR) approach is used to limit market risk for the sub-fund assets.


The reference portfolio is a portfolio that does not include any leverage effect from the use of deriv-atives. The corresponding reference portfolio for the sub-fund DWS Invest Multi Asset Dynamic is the 75% MSCI world and 25% iBoxx 1-3y Euro Sov.



Share class Security codes ISINLC DWS01X LU0544571895LD DWS01Y LU0544571978Investor Profile Income-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC and LD: The date of launch and initial subscription initial subscription will be determined by the Management Board


Initial NAV per share LC and LD: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC and LD: up to 4% based on the gross investment*(payable by the investor) Allocation of income LC: Reinvestment LD: DistributionManagement Company fee LC and LD: up to 1.7% p.a.(payable by the sub-fund)**Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor LC and LD: 0% p.a.(payable by the sub-fund)** Taxe d’abonnement LC and LD: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



144

DWS Invest New ResourcesFor the sub-fund with the name DWS Invest New Resources, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe main investment objective of the sub-fund DWS Invest New Resources is to achieve long-term sustained capital appreciation in Euros through investments in promising companies in the “New Resources” sector.

At least 70% of the sub-fund’s assets (not includ-ing liquid assets) are invested in direct and indi-rect investments in equities and other equity securities and uncertificated equity instruments of issuers in the “New Resources” sector.

In particular, this includes

companies active in technologies of the a) future, such as regenerative energy sources (wind energy, solar energy, hydropower, bio-energy, fuel cells, geothermal energy and geo-energy);

companies that are involved in the develop-b) ment, production, distribution, marketing or sale of water, raw materials and supplies (including agrochemicals) and energy, or which operate as utilities and in their opera-tions make use primarily of innovative, sus-tainable or future-oriented products or tech-nologies (e.g. extraction of water through filtration, reverse osmosis, electro ioniza-tion; piping and pumps with disinfectant and reduced friction; environmentally safe pes-ticides and fertilizers, transgenic or hybrid seeds), as well as

companies whose principal activities con-c) sist of providing services to companies as described in (a) and (b), or which hold inter-ests in such companies or finance such companies.

In addition, techniques and instruments based on securities may be employed on behalf of the sub-fund’s assets if this is done for the purpose of efficient portfolio management of the sub-fund.

A total of up to 30% of the sub-fund’s assets may be invested in

equity securities and uncertificated equity a) instruments issued worldwide that do not oper-ate predominantly in the resources sector;

interest-bearing securities, as well as con-b) vertible bonds, convertible debentures and warrant-linked bonds issued by companies in the resources sector worldwide or by issu-ers in accordance with (a) above and which are denominated in any freely convertible currency.


Derivatives that constitute short positions must have adequate coverage at all times and may be

Share class Security codes ISINLC A0HNPN LU0237014641LD A0HNPM LU0237015291NC A0HNPL LU0237015457FC A0HNPK LU0237015887A2 DWS0A4 LU0273227941E2 DWS0A5 LU0273228162DS1 DWS0V2 LU0399358489Investor Profile Risk-tolerantCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD, NC and FC: February 27, 2006initial subscription A2 and E2: November 20, 2006 DS1: January 19, 2009Initial NAV per share LC, NC, FC and LD: EUR 100.00 A2 and E2: USD 100.00 DS1: GBP 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD, A2 and DS1: up to 5% based on the gross (payable by the investor) investment* NC: up to 3% based on the gross

investment** FC and E2: 0%Allocation of income NC, FC, LC, A2 and E2: Reinvestment LD and DS1: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD, A2 and DS1: up to 1.5% p.a. FC and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, A2, DS1 and E2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2, DS1 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





145

used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub-fund may be invested in derivatives that consti-tute long positions and do not have correspond-ing coverage.


Special NoticeA fund that invests in individual market sectors or particular countries is likely to be more volatile than a diversified fund that invests in a variety of sectors, industries and/or countries. A fund that invests in specific sectors or particular countries may be subject to the risks associated with these sectors and countries. Although the objective of such an investment strategy is to achieve higher returns, it also limits diversification and may thus result in a higher degree of risk.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding ref-erence portfolio for the sub-fund DWS Invest New Resources is STOXX 600 Basic Resources (unhedged) Constituents.


UK Taxation The following information is a general guide to the anticipated UK tax treatment of UK-resident investors. Investors should be aware that UK tax law and practice can change. Prospective inves-tors therefore need to consider their specific position at the time they invest and should seek their own advice where appropriate.

The separate share classes are “offshore funds” for the purposes of the UK offshore funds leg-islation. Under this legislation, any gain aris-ing on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “dis-tributing fund” or a “reporting fund” throughout the period during which the shares have been held by that investor.

Changes to the UK offshore fund regime took effect on December 1, 2009. It is contained in the Offshore Funds (Tax) Regulations 2009 (Statutory Instrument 2009/3001.

For a UK taxpayer to benefit from capital gains tax treatment on the disposal of his investment in the DS1 share class, that class must be certi-fied as a “distributing fund” or a “reporting fund” in respect of all accounting periods during which the UK taxpayer owned the shares.

The DS1 share class has been certified as a dis-tributing fund from 1 January 2009 to 31 Decem-ber 2009 and a reporting fund from 1 January 2010. In order to meet the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attrib-utable to the DS1 share class for each relevant accounting period. Where the reported income exceeds what has been distributed to investors, then that excess will be treated as additional dis-tributions to the investors and investors will be taxed accordingly.



The intended category of investors for the DS1 share class is retail investors. The shares in it will be widely available and marketed and made avail-

able sufficiently widely to reach them and in a manner appropriate to attract them.

Fund manager of the sub-fundThe fund manager of the sub-fund is DWS Invest-ment GmbH. DWS Investment GmbH, Frankfurt, has sub-delegated its fund management services to Deutsche Asset Management (Asia) Ltd under its supervision, control and responsibility, and at its own expense.



Class LC LU0237014641 10.9% -24.1% 6.4%

Class LD LU0237015291 10.9% -24.1% 6.3%

Class NC LU0237015457 10.1% -25.8% 2.7%

Class FC LU0237015887 11.7% -22.2% 10.7%

Class A22) LU0273227941 3.5% -31.1% 7.0%

Class E22) LU0273228162 3.5% -31.8% 6.6%

Class DS13) LU0399358489 7.2% – 24.2%

1) Classes LC, LD, NC and FC on February 27, 2006 / Classes A2 and E2 on November 20, 2006 / Class DS1 on January 19, 2009

2) in USD3) in GBP


146

DWS Invest Real AssetsFor the sub-fund with the name DWS Invest Real Assets, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Real Assets is to achieve a long term capi-tal appreciation via a multi-asset-based invest-ment approach.

Up to 100% of the sub-fund’s assets are invested globally in equities, bonds and cash, including, but not limited to equity certificates, index certifi-cates, convertible bonds, inflation-linked bonds, warrant-linked bonds whose underlying warrants are for securities, warrants for securities, divi-dend-right and participation certificates, invest-ment funds such as equity, bonds and money market funds, investment funds that reflect the performance of an index, exchange traded funds (ETFs) as well as interest-bearing debt securities, short-term deposits, regularly traded money mar-ket instruments and liquid assets.

Investments in equities also comprise real estate companies, real estate investment companies including closed real estate investment trusts (REITs) of any legal form.

The sub-fund could invest up to 100% in each of the above mentioned securities.

The sub-fund may invest in total up to 10% of its net asset value in open-ended real estate investment funds and hedge-funds compliant to current regulations. These investments are to be counted towards the investment limit specified in Article 2 B. (h) in the Sales Prospectus – gen-eral section.

In compliance with the investment limits speci-fied in Article 2 B. of the general section of the Sales Prospectus, the investment policy is also implemented through the use of suitable deriva-tive financial instruments. These derivative finan-cial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such con-tracts, as well as privately negotiated swap con-tracts on any type of financial instrument, includ-ing credit default swaps.

Risk exposure with respect to a counterparty aris-ing from credit default swaps and other deriva-tives, including equity swaps and index swaps, is subject to the regulations on risk limitation and risk spreading. The sub-fund also intends to uti-lize the developments on the international natural resources and commodity markets up to 100% of the sub-fund’s assets. For this purpose, the sub-fund may acquire derivative financial instruments whose underlying instruments are commodity indices and sub-indices in accordance with Arti-cle 9 (1) a) of the Grand Ducal Regulation dated February 8, 2008 and meeting the requirements of section 22 of the CESR’s guidelines concern-ing eligible assets for investment by UCITS (CESR/07-044), equities, interest-bearing securi-ties, convertible bonds, convertible debentures and warrant-linked bonds, index certificates, participation and dividend-right certificates and equity warrants as well as 1:1 certificates (includ-ing Exchange Traded Commodities (ETCs)) the underlying of which are single commodities/pre-

Share class Security codes ISINLC DWS05K LU0616848247LD DWS05L LU0616848593NC DWS05M LU0616848759FC DWS05N LU0616848916A2 DWS05P LU0616849138E2 DWS05Q LU0616849302Investor Profile Growth-oriented Currency of sub-fund EUR Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, NC, FC and LD: August 16, 2011 initial subscription A2 and E2: The date of launch and initial subscription will be determined by the

Management Board of the Manage-ment Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, NC, FC and LD: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD and A2: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross invesment** FC and E2: 0%Allocation of income NC, FC, LC, A2 and E2: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD and A2: up to 1.5% p.a. FC and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, A2 and E2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





147

cious metals and that meet the requirements of transferable securities as determined in Article 2 of EC-Directive 2007/16/EC, in accordance with Art. 2 A. (j). In case of focussing the investment on commodities via the instruments stated above, at least five different commodities or commodity sectors will be allocated to the sub-fund at all times. In addition, one sector can be allocated up to 35%, but only if no other sector exceeds 20% at the same time.

In addition, the sub-fund may invest in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.



The sub-fund’s assets may be used to acquire shares of other Undertakings for Collective Investment in Transferable Securities and/or col-lective investment undertakings as defined in Article 2 of this Sales Prospectus, provided that by way of derogation to Article 9 of the Com-pany’s by-laws, no more than 20% of the sub-fund’s net assets are invested in one and the same Undertaking for Collective Investment in Transferable Securities and/or collective invest-ment undertaking.

For the purpose of the preceding paragraph, each sub-fund of an umbrella fund is to be regarded as an independent issuer, provided that the principle of segregation of assets per sub-fund is applicable in terms of liability to third parties. Investments in shares of collective investment undertakings other than Undertak-ings for Collective Investment in Transferable Securities must in total not exceed 30% of the sub-fund’s net assets.

In the case of investments in shares of another Undertaking for Collective Investment in Trans-ferable Securities and/or other collective invest-ment undertakings, the investments held by that Undertaking for Collective Investment in Transferable Securities and/or by other collective investment undertakings are not taken into con-sideration for the purposes of the limits speci-fied in Article 2 B. (a), (b), (c), (d), (e) and (f).



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. Contrary to the provision of the gen-eral section of the Sales Prospectus, because of the investment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will not be any higher than five times the sub-fund assets. The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.



148

DWS Invest ResponsibilityFor the sub-fund with the name DWS Invest Responsibility, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Responsibility is to achieve as high an appreciation as possible in Euros. The sub-fund may acquire equities, interest-bearing securities, convertible bonds, convertible debentures and warrant-linked bonds, participation and dividend-right certificates, equity warrants and index cer-tificates. At least 70% of the sub-fund’s assets (after deduction of liquid assets) are invested in equities of international issuers.

When selecting investments, primary emphasis is placed on the principle of corporate responsibil-ity. Companies that act responsibly are character-ized not only by economic sustainability but also by the consistent observance of ecological, ethi-cal and social considerations.

A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in equities or other securities of foreign and domestic issuers that do not satisfy the require-ments of the preceding paragraph.

Notwithstanding the investment limits specified in Article 2 B. (n) concerning the use of deriva-tives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries:

Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, not more that 35% of the net value of the assets of the sub-fund may be invested in derivatives that consti-tute long positions and do not have correspond-ing coverage.




The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Responsibility is the MSCI Equities The World Index_EUR_TR.



* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes NC, FC, LC and LD, the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class of up to 25% of the amount by which the performance of the sub-fund exceeds the performance of the MSCI World (RI). The performance-related fee for the respective share classes calculated daily and settled semi-annually. In accordance with the result of the daily comparison, any per-formance-related fee incurred is deferred in the sub-fund for each share class. If the share class performance dur-ing any fiscal six-month period falls short of the preceding target return, any provisions for a performance-related fee already deferred in that fiscal six-month period shall be dissolved in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal six-month period may be withdrawn. There is no requirement to make up for a negative performance in a subsequent accounting period.


Share class Security codes ISINLC 552 512 LU0145638812LD 552 513 LU0145639620NC 552 514 LU0145643903FC 552 515 LU0145644547Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch LC, NC, FC and LD: June 3, 2002Initial NAV per share LC, NC, FC and LD: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC and LD: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC: 0%Allocation of income NC, FC and LC: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** LC and LD: up to 1.5% p.a. plus an additional


performance-related fee****Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b) Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD and FC: 0% p.a.Taxe d’abonnement LC, LD, NC and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





Class LC LU0145638812 11.6% -15.3% 4.0%

Class LD LU0145639620 11.6% -15.5% 2.7%

Class NC LU0145643903 11.0% -17.1% 0.0%

Class FC LU0145644547 12.4% -13.7% 6.8%

MSCI World since January 11, 2008 (formerly: DJ Sustainability World Composite)

21.1% -3.6% 7.7%


149

DWS Invest RREEF Asia-Pacific Real Estate SecuritiesFor the sub-fund with the name DWS Invest RREEF Asia-Pacific Real Estate Securities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest RREEF Asia-Pacific Real Estate Securities is to generate an above average return for the sub-fund.

The sub-fund invests primarily in the equities of listed companies that own, develop or manage real estate in the Asia-Pacific region, provided that these equities are considered to be trans-ferable securities as defined by Article 41 (1) of the Luxembourg law of December 17, 2010, on Undertakings for Collective Investment. The sub-fund will attempt to reduce the volatility related to currency fluctuations by implementing a US dollar- based hedging strategy.

In particular, the sub-fund may acquire equities, interest-bearing securities, convertible bonds, warrant-linked bonds whose underlying war-rants are for securities, equity warrants and par-ticipation certificates. In addition, the sub-fund’s assets may be invested in index certificates on recognized equity indices.

At least 70% of the fund’s total assets are invested in

equities of real estate companies, real estate a) investment companies including closed real estate investment trusts (REITs) of any legal form that are registered in a country in the Asia-Pacific region or conduct their principal business activity in the countries of the Asia-Pacific region or which, as holding companies, hold primarily interests in companies that are registered in the countries of the Asia-Pacific region, as well as

securities similar to equities, such as partici-b) pation and dividend-right certificates of com-panies according to (a) above and

derivative financial instruments whose under-c) lying instruments directly or indirectly (i.e., via equity indices) constitute investments according to (a).

Where liquid assets cover obligations arising from derivative financial instruments according to (c) above, such liquid assets are attributed to the relevant 70%.

Investments according to (a) and (b) herein must not include open-ended real estate investment funds deemed to be collective investment under-takings under Luxembourg law.

In compliance with Article 2 A. (g) of the general section of the Sales Prospectus, the investment policy can also be implemented through the use of suitable derivative financial instruments. These derivative financial instruments may include, among others, options, forward contracts, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instru-ment. In particular, derivatives based on equities, bonds, currencies or recognized financial indices

Share class Security codes ISINLCH DWS0ZT LU0507267549LDH DWS0ZU LU0507267622NCH DWS0ZV LU0507267895FCH DWS0ZW LU0507267978A2 DWS0ZX LU0507268190E2 DWS0ZY LU0507268356Investor Profile Risk-tolerantCurrency of sub-fund USD“Hedged” share classes Sub-fund currencyaim to hedge against Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LCH and E2: November 16, 2010initial subscription LDH, NCH, FCH and A2: The date of launch and initial


Initial NAV per share LCH, NCH, FCH and LDH: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg that is also an

exchange trading day in Hong Kong and SingaporeFront-end load LCH, LDH and A2: up to 5% based on the gross (payable by the investor) investment* NCH: up to 3% based on the gross

investment** FCH and E2: 0%Allocation of income NCH, FCH, LCH, A2 and E2: Reinvestment LDH: DistributionManagement Company fee NCH: up to 2% p.a.(payable by the sub-fund)*** LCH, LDH and A2: up to 1.5% p.a. FCH and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NCH: 0.2% p.a.(payable by the sub-fund)*** LCH, LDH, FCH, A2 and E2: 0% p.a.Taxe d’abonnement LCH, LDH, NCH, FCH, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





may also be acquired. Overall, no leverage effect is exerted on the sub-fund’s assets through the use of derivative financial instruments.

Up to 30% of the sub-fund’s assets may be invested in equities and/or securities similar to equities issued by companies worldwide that do not meet the requirements of (a) and (b) above.





150



Class E2 LU0507268356 -0.9%

Class LCH2) LU0507267549 -1.1%

FTSE EPRA/NAREIT Asia Pacific (ex Japan, ex Australia, ex New Zealand) (Hong Kong capped at 30%) (Hedged, USD) -2.8%

1) Classes E2 and LCH on November 16, 20102) in euro


for the sub-fund DWS Invest RREEF Asia-Pacific Real Estate Securities is the FTSE EPRA/NAREIT ASIA Pacific ex Japan, Australia, New Zeeland hedged USD.


Fund manager of the sub-fundThe fund manager of the sub-fund is the com-pany RREEF America LLC, 875 N Michigan Avenue, 41st Floor, Chicago, Illinois 60611-1901, United States of America.

RREEF America LLC, Chicago, USA, under its own supervision, control and responsibility, and at its own expense, has entered into an invest-ment advisory agreement with Deutsche Asset Management (Hong Kong) Limited, Hong Kong.

151

DWS Invest RREEF Global Real Estate SecuritiesFor the sub-fund with the name DWS Invest RREEF Global Real Estate Securities, the follow-ing provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest RREEF Global Real Estate Securities is to generate an above average return for the sub-fund.

The sub-fund invests primarily in the equities of listed companies that own, develop or man-age real estate, provided that these equities are considered to be transferable securities as defined by Article 41 (1) of the Luxembourg law of December 17, 2010, on Undertakings for Col-lective Investment. The sub-fund will attempt to reduce the volatility related fluctuations by imple-menting a US dollar-based hedging strategy.

In particular, the sub-fund may acquire equities, interest-bearing securities, convertible bonds, warrant-linked bonds whose underlying war-rants are for securities, equity warrants and par-ticipation certificates. In addition, the sub-fund’s assets may be invested in index certificates on recognized equity indices.

At least 70% of the fund’s total assets are invested in

equities of real estate companies, real estate a) investment companies including closed real estate investment trusts (REITs) of any legal form, as well as

securities similar to equities, such as partici-b) pation and dividend-right certificates of com-panies according to (a) above and

derivative financial instruments whose under c) lying instruments directly or indirectly (i.e., via equity indices) constitute investments according to (a).

Where liquid assets cover obligations arising from derivative financial instruments according to (c) above, such liquid assets are attributed to the relevant 70%. Investments according to (a) and (b) herein must not include open-ended real estate investment funds deemed to be col-lective investment undertakings under Luxem-bourg law. In compliance with Article 2 of the general section of the Sales Prospectus, the investment policy can also be implemented through the use of suitable derivative financial instruments. These derivative financial instru-ments may include, among others, options, forward contracts, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument.

In particular, derivatives based on equities, bonds, currencies or recognized financial indices may also be acquired. Overall, no leverage effect is exerted on the sub-fund’s assets through the use of derivative financial instruments.

Up to 30% of the sub-fund’s assets may be invested in equities and/or securities similar to equities issued by companies worldwide that do not meet the requirements of (a) and (b) above.


Due to its composition and the techniques applied by its fund management, the sub-fund is there-fore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses. Sub-ject to increased volatility, which means that the price per share may be subject to considerable downward or upward fluctuation, even within short periods of time.

Share class Security codes ISINLCH DWS0ZZ LU0507268430LDH DWS0Z0 LU0507268513NCH DWS0Z1 LU0507268604FCH DWS0Z2 LU0507268786A2 DWS0Z3 LU0507268869E2 DWS0Z4 LU0507268943E1Q DWS0Z5 LU0507269081S2H DWS1CF LU0740837652S2 DWS1CG LU0740837819Investor Profile Growth-orientedCurrency of sub-fund USD“Hedged” share classes Sub-fund currencyaim to hedge against Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LDH and E2: November 15, 2010initial subscription E1Q: January 28, 2011 S2H, S2, LCH, NCH, FCH and A2: The date of launch and initial subscrip-


Initial NAV per share LCH, NCH, FCH and LDH: EUR 100.00 A2, E2 and E1Q: USD 100.00 S2 and S2H: SGD 10Calculation of the NAV per share Each bank business day in LuxembourgFront-end load S2, S2H, LCH, (payable by the investor) LDH and A2: up to 5% based on the gross

investment* NCH: up to 3% based on the gross

investment** FCH, E2 and E1Q: 0%Allocation of income S2, S2H, NCH, FCH, LCH, A2 and E2: Reinvestment LDH and E1Q: DistributionManagement Company fee NCH: up to 2% p.a.(payable by the sub-fund)*** S2, S2H, LCH, LDH and A2: up to 1.5% p.a. FCH, E2 and E1Q: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b)Service fee of the main distributor NCH: 0.2% p.a.(payable by the sub-fund)*** S2, S2H, LCH, LDH,

FCH, A2, E2 and E1Q: 0% p.a.Taxe d’abonnement S2, S2H, LCH, LDH,

NCH, FCH, A2, E2 and E1Q: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



152

1) Classes E2 and LDH on November 15, 20102) in euro“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2010



Class E2 LU0507268943 1.5%

Class LDH2) LU0507268513 1.3%

FTSE EPRA/NAREIT Developed Global REIT (Hedged, USD)

3.6%




The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest RREEF Global Real Estate Securities is the FTSE EPRA/NAREIT Developed Global REIT hedged USD.


Fund manager of the sub-fundThe fund manager of the sub-fund is the com-pany RREEF America LLC, (Chicago).

RREEF America LLC has partially delegated its fund management services to the following sub-fund managers:

Deutsche Alternative Asset Management –(UK), London

Deutsche Asset Management (Australia) –Limited, Sydney

Deutsche Asset Management (Hong Kong) –Limited; Hongkong

153

DWS Invest Russian BondsFor the sub-fund with the name DWS Invest Russian Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Russian Bonds is to achieve an above aver-age return for the sub-fund.

Up to 100% of the sub-fund’s assets may be invested in interest-bearing debt securities issued by:

the Russian government, –Russian government agencies, –Russian municipals and –companies which have their registered office –in Russia or that conduct their principal busi-ness activity in Russia,supra-national institutions such as Worldbank –(IBRD), European Investment Bank (EIB) and European Bank for Reconstruction and Devel-opment (EBRD) denominated in Russian ruble andnational agencies such as the German Kredit- –anstalt für Wiederaufbau denominated in Russian ruble.

Assets not denominated in Russian ruble will generally be hedged against the Russian ruble.

In extreme market situations, the investment manager may diverge from the above investment strategy to avoid a liquidity squeeze. In this case, whether or not and to what extend the sub-fund hedges the currency risk into Russian ruble shall be subject to manager’s discretion. In addition up to 100% of the sub-fund’s assets may temporar-ily be invested in interest-bearing securities of United States of America and Japanese and Euro-pean (EU-Member States) government bonds.

Notwithstanding the principle of risk spreading and in accordance with Article 45 of the law of December 17, 2010, the sub-fund may invest up to 100% of its assets in interest-bearing debt securi-ties that are issued or guaranteed by the Russian government. The fund may also invest up to 100% of its assets in interest-bearing debt securities issued or guaranteed by a member state of the European Union, its local authorities, an OECD member country, or by a public international body of which one or more member states of the Euro-pean Union are members. The sub-fund must hold securities from at least six different issues, but securities from any one issue may not account for more than 30% of the sub-fund’s net assets.




The reference portfolio is a portfolio that does not include any leverage effect from the use of



Share class Security codes ISINLC DWS01Q LU0544570905LD DWS01P LU0544570814NC DWS01S LU0544571119FC DWS01R LU0544571036A1 DWS01L LU0544570574A2 DWS01M LU0544570657E2 DWS01N LU0544570731Investor Profile Risk-tolerantCurrency of sub-fund USDNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, NC, FC, LD, initial subscription A1, A2 and E2: The date of launch and initial subscription

will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD, A1 and A2: up to 3% based on the gross (payable by the investor) investment* NC: up to 1.5% based on the gross

investment** FC and E2: 0%Allocation of income NC, FC, LC, A2, and E2: Reinvestment LD and A1: DistributionManagement Company fee NC: up to 1.4% p.a. (payable by the sub-fund)*** A1, A2, LD and LC: up to 1.1% p.a. E2 and FC: up to 0.6% p.a. Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)*** LC, LD, FC, E2, A1 and A2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A1, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest Russian Bonds is the JP Morgan GBI-EM Russia.



154

DWS Invest Russian Equities SelectFor the sub-fund with the name DWS Invest Russian Equities Select, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Russian Equities Select is to generate an above-average return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, participation and dividend-right certificates, convertible bonds and equity warrants of issuers registered in Russia, or of issuers registered outside Russia that conduct their principal business activity in Russia.

The securities issued by these companies may be listed on Russian or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Eco-nomic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.




A maximum of 30% of the sub-fund’s assets may be invested in equities, stock certificates, par-ticipation and dividend right certificates, convert-ible bonds, and equity warrants of issuers that do not fulfill the requirements of the preceding paragraph.



Specific risks:Because the sub-fund is specialized on compa-nies operating in Russia, it presents increased opportunities, but these opportunities are countered by equally elevated risks.

Russian exchanges and markets are sometimes subject to substantial fluctuations. The sub-fund is suitable for risk-tolerant investors who are familiar with the opportunities and risks of vola-tile investments. A medium to long-term invest-ment horizon is recommended for this sub-fund.

Share class Security codes ISIN LC DWS06V LU0616858394LD DWS06W LU0616858550NC DWS06X LU0616858717FC DWS06Y LU0616858980A2 DWS06Z LU0616859285E2 DWS060 LU0616859442Investor Profile Risk-tolerantCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented by a

global certificate.Date of launch and LC, NC, FC, initial subscription LD, A2 and E2: The date of launch and initial subscription will be determined by the

Management Board of the Management Company. The Sales Pros pec tus will be updated accordingly.

Initial NAV per share LC, NC, FC and LD: EUR 100.00 A2 and E2: USD 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD and A2: up to 5% based on the gross (payable by the investor) investment* NC: up to 3% based on the gross investment** FC and E2: 0%Allocation of income NC, FC, LC, A2, and E2: Reinvestment LD: DistributionManagement Company fee NC: up to 2.2% p.a. plus an additional

performance-related fee**** A2: up to 1.8% p.a. LC and LD: up to 1.75% p.a. plus an additional

performance-related fee**** E2: up to 0.9% p.a. FC: up to 0.85% p.a. plus an additional

performance-related fee****Expense cap Not to exceed 15% of the Management Company fee (see Art. 12 b) Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, E2 and A2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** 3% based on the gross investment correspond approx. to 3.09% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes NC, FC, LD and LC, the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class of up to 25% of the amount by which the performance of the respective share class exceeds the performance of the MSCI Russia 10/40 (RI). The performance-related fee for the respective share class is calculated daily and settled annually.

In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If share performance during any fiscal year falls short of the preceding target return, any provisions for a performance-related fee already deferred in that fiscal year shall be dissolved in accordance with the daily comparison. The amount of deferred performance-related fee existing at the end of the fiscal year may be withdrawn. There is no requirement to make up for a negative performance in a subsequent accounting period.

The Management Company does not receive a performance-related fee for the A2 and E2 share classes.

Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substan-tial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.

155

Investors should be in a position to bear poten-tially substantial losses. The sub-fund pursues an investment policy focused on opportunities, and is particularly suited for inclusion in a highly diver-sified investment portfolio.



The reference portfolio is a portfolio that does not include any leverage effect from the use of deriv-atives. The corresponding reference portfolio for the sub-fund DWS Invest Russian Equities Select is the MSCI Russia 10/40.



156

DWS Invest Short Duration CreditFor the sub-fund with the name DWS Invest Short Duration Credit, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Short Duration Credit is to achieve an above-average return for the sub-fund.

The sub-fund’s assets may be invested globally in the following instruments:

corporate bonds issued by companies from –Developed Countries or Emerging Markets that may or may not offer an investment- grade status at the time of acquisitioncovered bonds –convertible bonds –subordinated bonds –Asset-backed securities. –

The sub-fund’s investments in asset backed securities and subordinated bonds shall be lim-ited to 15% of the sub-fund’s assets each. The sub-fund shall not invest more than 30% of its assets in interest-bearing debt securities that offer a non-investment grade status at the time of acquisition.

The average duration of the overall portfolio shall not exceed three years. The sub-fund manager aims to hedge any currency risk versus the euro in the portfolio.




The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Short Duration Credit. The performance of the sub-fund is therefore besides other factors depending on the respec-tive proportion of derivatives, e.g. swaps in the sub-fund’s total assets.


In conjunction with the OTC transactions, it is important to note the associated counterparty

Share class Security codes ISINLC A0HMB1 LU0236145453NC A0HMB2 LU0236146006FC A0HMB3 LU0236146428LD DWS0Z7 LU0507269321CH2H DWS065 LU0616860887CH4H DWS066 LU0616861000A1H DWS067 LU0616861265“Hedged” share classes Sub-fund currencyaim to hedge against Date of launch and LC, NC and FC: February 27, 2006initial subscription LD, CH2H, CH4H and A1H: The date of launch and initial


Nature of shares Registered shares or bearer shares represented by a global certificate

Initial NAV per share LC, NC, LD and FC: EUR 100.00 CH2H and CH4H: CHF 100.00 A1H: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, CH2H and A1H: up to 3% based on the (payable by the investor) gross investment* NC: up to 1.5% based on the

gross investment** FC and CH4H: 0%Allocation of income NC, FC, LC, CH2H and CH4H: Reinvestment LD and A1H: DistributionManagement Company fee NC and CH2H: up to 1.1% p.a.(payable by the sub-fund)*** LC, LD, CH4H and A1H: up to 0.6% p.a. FC: up to 0.45% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC: 0.1% p.a.main distributor FC, LD, LC, CH2H, (payable by the sub-fund)*** CH4H and A1H: 0% p.a.Taxe d’abonnement LC, NC, LD, FC, CH2H, CH4H and A1H: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





157

risk. The sub-fund’s counterparty risk resulting from the use of portfolio total return swaps will be fully collateralized. The use of swaps may fur-thermore entail specific risks that are explained in the general risk warnings.


In addition, the sub-fund’s assets may be invested in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus, including the assets mentioned in Article 2 A. (j).

Specific risks:The use of credit default swaps may entail greater risks than direct investment in debt securities. The market for credit default swaps can at times be less liquid than the markets for debt securi-ties. The use of swaps may entail specific risks that are explained in more detail in the “Notes” section.







Class LC LU0236145453 1.4% 10.1% 12.9%

Class NC LU0236146006 1.0% 8.5% 10.3%

Class FC LU0236146428 1.9% 11.6% 15.7%

iBoxx EUR Corp Index 1–3 years (introduced on August 16, 2011)

– – –

1) Classes LC, NC and FC on February 27, 2006


158

DWS Invest Short Duration Emerging Markets FXFor the sub-fund with the name DWS Invest Short Duration Emerging Markets FX, the follow-ing provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Short Duration Emerging Markets FX is to achieve an above-average return for the fund with invest-ments in bonds and emerging markets currencies. The investment policy of the sub-fund include apart from the management of money market instruments, bonds and appropriate derivatives, the active management of emerging markets' currencies via derivative instruments or the men-tioned money market instruments and bonds.

The fund may acquire money market instru-ments, interest-bearing securities, warrants, bond funds, securitized financial instruments, as well as derivatives on these. The fund may also invest in money market funds and cash.

At least 51% of the fund’s assets shall be invested in the aforementioned instruments whereby their issuers or their underlyings are issuers, which are themselves an emerging market, or have their registered office in an emerging market, or con-duct their principal business activity in emerging markets or which, as holding companies, primar-ily hold interests in companies that are registered in an emerging market.

Emerging-market countries are defined as all those countries considered by the Interna-tional Monetary Fund, the World Bank or the International Finance Corporation (IFC) as non-developed industrial countries at the time of the investment.

The emerging-market countries with the most important markets for the fund are primarily those in Asia, the Middle East, Eastern Europe and South America. These include, especially but not exclusively, Argentina, Brazil, Chile, China, Colum-bia, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Poland, Romania, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela.

A maximum of 49% of the fund’s assets may be invested in the above-mentioned instruments whereby their issuer is not an emerging market or has no connection to an emerging market.

The fund also invests in derivatives whose under-lying instruments are currencies. These may be emerging market currencies and also currencies of developed countries such as, but not limited to, the U.S. dollar, the euro, the Swiss franc, the British pound, and the Japanese yen. Forward currency transactions, call or put options on cur-rencies, currency swaps and currency futures are primarily used as derivatives in this regard.

In addition, the derivative financial instruments include options, forward contracts, futures con-tracts on financial instruments and options on such contracts, as well as privately negotiated OTC contracts on any type of financial instrument such as swaps, interest rate swaps, inflation swaps, or credit default swaps.

Where investments are exposed to the risks of currencies that are subject to transfer restrictions,

Share class Security codes ISINLC DWS1AV LU0740826960LD DWS1AW LU0740827000FC DWS1AX LU0740827182FD DWS1AY LU0740827265NC DWS1AZ LU0740827349ND DWS1A0 LU0740827422Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and initial subscription LC, LD, FC, FD, NC and ND: The date of launch and initial subscription

will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly

Initial NAV per share LC ,LD, NC, ND, FC and FD: EUR 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC and LD: up to 3% based on the gross investment*(payable by the investor) NC and ND: up to 1.5% based on the gross investment** FC and FD: 0%Allocation of income LC, NC and FC: Reinvestment LD, FD and ND: DistributionManagement Company fee NC and ND: up to 1.4% p.a.(payable by the sub-fund)*** LC and LD: up to 1.1% p.a. FC and FD: up to 0.6% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 (b))Service fee of the main distributor NC and ND: 0.1% p.a.(payable by the sub-fund)*** LC, LD, FC and FD: 0%Taxe d’abonnement LC, LD, FC, FD, NC and ND: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are





159

derivative financial instruments may be used that are based on such currencies and which provide for delivery and payment in freely convertible currencies (e.g., so-called non-deliverable for-ward agreements – NDFs). Given the investment policy, which also provides for investment in sec-ondary currencies and in currencies that are not freely convertible, currency risks may occur in the fund. These risks include, in the short term, the tendency of exchange rates to undergo unpre-dictable and sudden changes and, in the longer term, the fund management incorrectly forecast-ing trends in exchange rate developments. Using currencies that are not freely convertible entails a higher exchange-rate risk than using freely con-vertible currencies.

Non-deliverable forwards (NDFs) are forward cur-rency transactions, which can be used to hedge the exchange rate between a freely convertible currency and a currency that is not freely con-vertible. The following is stipulated in the NDF agreement:

a certain amount in one of the two currencies –

the forward price (NDF price) –

the maturity date –

the direction (purchase or sale) –



The duration of the fund’s assets shall not exceed 12 months on average.

In addition, the fund assets may be invested in all other permissible assets.

The fund may at all times enter into repurchase agreements with top-rated financial institutions specializing in such transactions.

RISK DISCLAIMERInvestments in the emerging marketsInvesting in assets from the emerging markets generally entails a greater risk (such as legal, eco-nomic and political risks) than investing in assets from industrial countries.

Emerging markets are defined as markets that are in a state of transition and are therefore potentially exposed to rapid political change and economic declines. In recent years there have been profound political, economic and social changes in several emerging-market countries. In several cases, political decisions have led to serious economic and social tensions, and some of these countries have experienced both politi-cal and economic instability. Political or economic instability can influence investor confidence,

which in turn can negatively affect exchange rates, security prices or other assets from the emerging markets.

Exchange rates and the prices of securities and other assets from emerging markets are often extremely volatile. Causes of volatility include interest rates, changes in the supply and demand structure, external forces affecting the market (especially in connection with important trading partners), trade-related, tax-related and monetary policies, governmental policies as well as interna-tional political and economic events.

In most cases, the securities markets in the emerging markets are still in their primary stage of development. This may result in risks and methods (such as increased volatility) that usually do not occur in more developed securities mar-kets and which may negatively influence securi-ties listed on the exchanges of these countries. Moreover, the markets in emerging-market coun-tries are frequently characterized by insufficient liquidity in the form of trading volumes that are too low for some of the listed securities.

It is important to note that in times of economic stagnation, the exchange rates, securities and other assets from emerging markets are more likely to be sold in favor of other types of invest-ment that carry a smaller risk, and may thus lose value.

Investments in RussiaThe fund may, within the scope of its investment policy, invest in securities that are traded on the Russian Trading System Stock Exchange (RTS) or on the Moscow Interbank Currency Exchange (MICEX). These two exchanges are recognized and regulated markets as defined by article 41 (1) of the Luxembourg Law of December 17, 2010.

Custody and registration risk in Russia

Even though commitments in the Russian –equity markets are well covered through the use of GDRs and ADRs, the fund may, in accordance with its investment policy, invest in securities that might require the use of local depositary and/or custodial services. At present, the proof of legal ownership of equi-ties in Russia is delivered in book-entry form.

The shareholder register is of decisive impor- –tance in the custody and registration proce-dure. Registrars are not subject to any real government supervision, and the fund could lose its registration through fraud, negligence or just plain oversight. Moreover, in practice, there was and is no really strict adherence to the regulation in Russia under which compa-nies having more than 1,000 unitholders must employ their own independent registrars who fulfill the legally prescribed criteria. Given this lack of independence, the management of a company may be able to exert potentially considerable influence over the compilation of the unitholders of the company.

Any distortion or destruction of the register –could have a material adverse effect on the interest held by the fund in the correspond-ing shares of the company or, in some cases, even completely eliminate such a holding. Neither the fund nor the fund manager nor

the Custodian nor the Management Company nor the Board of Directors of the Manage-ment Company nor any of the sales agents is in a position to make any representations or warranties or provide any guarantees with respect to the actions or services of the reg-istrar. This risk is borne by the fund.

At present, Russian law does not provide for the concept of the “good-faith acquirer” as is usually the case in Western legislation. As a result of this, under Russian law, an acquirer of securities (with the exception of cash instruments and bearer instruments), accepts such securities subject to possible restrictions of claims and ownership that could have existed with respect to the seller or previous owner of these securities. The Russian Federal Commission for Securities and Capital Markets is currently working on draft legislation to provide for the concept of the “good-faith acquirer.” However, there is no assurance that such a law will apply retroactively to purchases of equities previously undertaken by the fund. Accordingly, it is possible at this point in time that the ownership of equities by a fund could be con-tested by a previous owner from whom the equi-ties were acquired; such an event could have an adverse affect on the assets of that fund.

Specific risks:The exchanges and markets of emerging-market countries are subject to substantial fluctuations. The opportunities afforded by an investment are therefore countered by substantial risks. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limitations on foreign capital investments and capital repatria-tion etc. can also affect investment performance.




The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest Short Duration Emerging Markets FX is the JP Morgan- GBI-EM Composite Index in EUR Constituent.



160

DWS Invest Small/Mid Cap ValueFor the sub-fund with the name DWS Invest Small/Mid Cap Value, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Small/Mid Cap Value is to achieve an above average return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, participa-tion and dividend right certificates, convertible bonds and equity warrants issued by small and medium sized international companies. These issuers are expected to deliver an above-average dividend yield and/or the respective securities are considered to be undervalued and top-quality securities, e.g. so called value stocks.

In particular, when it comes to selecting equi-ties, the following criteria shall be of decisive importance: dividend yield above the market average; sustainability of dividend yield and growth; historical and future earnings growth; price/earnings ratio; free cash flow yield. In addi-tion to these criteria, the proven stock-picking process of the Fund Manager will be applied. This means that a company’s fundamental data, such as asset quality, management skills, prof-itability, competitive position and valuation, are analyzed. These criteria may be weighted differ-ently and do not always have to be present at the same time.

In compliance with Article 2 B. of the general sec-tion of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and techniques in order to implement the investment policy and to achieve the investment objective, including in particular – but not limited to – for-wards, futures, single-stock-futures, options or equity swaps. Against this background, positions could be built up that anticipate declining stock prices and index levels.



A maximum of 30% of the sub-fund’s assets may be invested in equities, stock certificates, partici-pation and dividend right certificates, convertible bonds and equity warrants that do not meet the above mentioned criteria.




Share class Security codes ISINLC DWS05Y LU0616851118LD DWS05Z LU0616851464NC DWS050 LU0616851621FC DWS051 LU0616851977A2 DWS052 LU0616852272E2 DWS053 LU0616852439Investor Profile Risk-tolerant Currency of sub-fund EUR Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD, FC and A2: August 16, 2011initial subscription NC and E2: The date of launch and initial

subscription will be determined by the Management Board of the Manage-ment Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, LD, NC and FC: EUR 100.00 A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD and A2: up to 5% based on the gross investment*(payable by the investor) NC: up to 3% based on the gross investment** FC and E2: 0%Allocation of income NC, FC, LC, E2 and A2: Reinvestment LD: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD and A2: up to 1.5% p.a. FC and E2: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, E2 and A2: 0% p.a.Taxe d’abonnement LC, FC, LD, NC, E2 and A2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are






The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest Small/Mid Cap Value is the MSCI The World index Small Cap Constituents.



161

DWS Invest Sovereigns PlusFor the sub-fund with the name DWS Invest Sovereigns Plus, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Sovereigns Plus is to achieve an above-average return. The sub-fund invests at least 70% of its assets (after deduction of liquid assets) in interest bearing securities issued by Sovereign Institutions of states of the European Economic Area. Additionally, the sub-fund implements various “Alpha” strategies with the aim to profit from the relative fluctuations of prices and rates between internationally freely convertible cur-rencies and bond markets. By implementing the “Alpha” strategies it is intended to gain an excess return with respect to the benchmark.

Based on investments in fixed or variable interest-bearing securities denominated in Euros, Alpha strategies consist of the targeted use of fluctua-tions and relative price discrepancies between the financial instruments in the global foreign exchange and bond markets, by buying positively regarded indices/foreign exchange and financial instruments (long positions) and/or simultaneously selling nega tively regarded indices/foreign exchange and financial instruments (short positions).

Alpha strategies are implemented in a diversi-fied manner, meaning that the allocation will not focus on just one Alpha source.

This alpha investment strategy is implemented primarily through the use of derivatives. In accor-dance with the prohibition stipulated in Arti-cle 2 E. of the Sales Prospectus – general section, no short selling of securities will be undertaken. The sub-fund may make use of the possibility, particularly in accordance with the investment limits stated in Article 2 B., of employing options and financial futures transactions as well as other derivative instruments and techniques to achieve the investment objective. In doing so, the sub-fund’s assets are invested in the following invest-ment instruments or employed in the following transactions denominated in freely convertible currencies:

Liquid assets, money market instruments and 1. fixed or variable interest-bearing securities of states of the European Economic Area, gov-ernment institutions within these states and supra-national public international bodies, denominated in Euros (bonds, notes, etc.) with an average term to maturity not exceed-ing 6 years, that are traded on exchanges or other regulated markets operating regularly and are recognized and open to the public, and that cover the respective obligations aris-ing from investments in forward transactions or derivative financial instruments in compli-ance with the following paragraph, and

buying and selling forward and option con-2. tracts on bond indices as well as foreign exchange, call and put options on bond indi-ces as well as foreign exchange, exchange traded futures on bond indices entering into interest rate and forex swaps, buying and selling foreign exchange on a spot basis and forex futures and interest rate exchange transactions, as well as combinations of the

* 3% based on the gross investment correspond approx. to 3.09% based on the net investment.** 1.5% based on the gross investment correspond approx. to 1.52% based on the net investment.*** For additional costs, see Article 12 in the general section of the Sales Prospectus.**** For the share classes NC, FC, LC and LD the Management Company shall receive from the sub-fund’s assets an

additional performance-related fee per share class equal to 25% of the amount by which the performance of the sub-fund exceeds the return of the below specified index. The calculation basis for the NC, LC, FC and LD share classes is the performance iBoxx €-Zone Sovereigns 3-5Yrs TR Index (benchmark) plus 100 basis points. The per-formance-related fee for the respective share class is calculated daily and settled annually. In accordance with the result of the daily comparison, any performance-related fee incurred is deferred in the sub-fund for each share class. If share performance during any fiscal year falls short of the preceding target return, any provisions for a performance-related fee already deferred in that fiscal year shall be dissolved in accordance with the daily com-parison. The amount of deferred performance-related fee existing at the end of the fiscal year may be withdrawn. There is no requirement to make up for a negative performance in a subsequent accounting period.

The Management Company does not receive a performance-related fee for the A1, A2, and E2 share classes.


Share class Security codes ISINLC 551 883 LU0145658505LD 551 884 LU0145658687NC 551 885 LU0145658927FC 551 886 LU0145659065A1 DWS0C4 LU0273172196A2 DWS0C5 LU0273172279E2 DWS0C6 LU0273180884Investor Profile Income-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD, NC and FC: June 3, 2002initial subscription A1, A2 and E2: November 20, 2006Initial NAV per share LC, NC, FC and LD: EUR 100.00 A1, A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD, A1 and A2: up to 3% based on the gross(payable by the investor) investment* NC: up to 1.5% based on the gross

investment** FC and E2: 0%Allocation of income NC, FC, LC, A2, and E2: Reinvestment LD and A1: DistributionManagement Company fee NC: up to 1.2% p.a. plus an additional (payable by the sub-fund)*** performance-related fee**** A1 and A2: up to 1% p.a. LC and LD: up to 0.9% p.a. plus an additional


performance-related fee**** E2: up to 0.5% p.a. Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)*** LC, LD, FC, E2, A1 and A2: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A1, A2 and E2: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



162

above investments. The sub-fund manager and the sub-fund’s advisor employ a variety of approaches (quantitative and qualitative) in the analysis of currencies and bonds, all of which place special emphasis on value, macro and sentiment factors. These approaches are used to develop forecasts and recommendations for different currency and bond investments. The fund manager combines the individual recommendations at regular intervals. The decisions as to which currencies and bonds are bought or sold for the sub-fund portfolio, and to what extent, are taken on the basis of expecta-tions of a desired risk/ reward ratio. This procedure means that the sub-fund’s per-formance may not be derived directly from the relative performance of particular curren-cies and bonds in respect of each other. The fund manager reserves the right to change the implementation process for the alpha strategies described above if, in its opinion, this is considered to be in the interest of the investors.

A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in debt instruments or other securities of other countries that do not meet the above criteria, as well as in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.



The derivatives may only be used in compliance with the investment policy and the investment objective of DWS Invest Sovereigns Plus. The performance of the sub-fund is therefore besides other factors depending on the respective propor-tion of derivatives, e.g. swaps in the sub-fund’s total assets.








Fund manager of the sub-fundThe fund manager of the sub-fund is DWS Invest-ment GmbH. QS Investors, LLC, New York, USA, is the investment advisor of the fund manager, appointed on its own responsibility and at its own expense.



Class LC LU0145658505 0.4% 16.3% 9.0% 17.8%

Class LD LU0145658687 0.4% 16.3% 8.9% 17.8%

Class NC LU0145658927 -0,1% 14.7% 6.6% 13.6%

Class FC LU0145659065 0.8% 17.8% 11.4% 22.4%

Class A12) LU0273172196 -6.7% 6.6% – 19.7%

Class A22) LU0273172279 -6.7% 5.4% – 18.4%

Class E22) LU0273180884 -6.1% -1.3% – 11.7%

iBoxx Eurozone Sovereigns 3-5Y since February 1, 2009 (formerly: JPM Global Government Bond)

1.6% 30.7% 23.9% 31.7%

1) Classes LC, LD, NC and FC on June 3, 2002 / Classes A1, A2 and E2 on November 20, 20062) in USD


163

DWS Invest StepIn AkkumulaFor the sub-fund with the name DWS Invest StepIn Akkumula, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest StepIn Akkumula is to generate an above-average return for the sub-fund.

The sub-fund will invest in interest-bearing securi-ties, convertible bonds, convertible debentures, money-market instruments, bank balances, other low-risk assets, investment funds, equities, secu-rities equivalent to equities and derivatives.

From launch until the date, when the shifting period described below is completed, the follow-ing shall apply:

At launch date 100% of the sub-fund’s assets are invested in money-market funds or liquid assets.

Starting at launch date the sub-fund’s assets will be shifted monthly step-by-step into instruments with higher yield and higher risk, i.e. mainly equi-ties and equity related securities and its deriva-tives. There will be 50 steps which will reduce the money market instruments by 1.8% – 2.3% per month.

Notwithstanding Article 2 B. (i) of the Sales Pro-spectus – general section the sub-fund may invest up to 100% of the sub-fund’s assets into other funds until 5 years after the launch.

After the above mentioned shifting period, the following shall apply:

At least 51% of the sub-fund’s assets shall be invested in equities and equity related securities, and its derivatives, of issuers where, according to earnings prospects or by taking advantage of even short-term technical situations in the mar-ket, a good performance can be expected. Up to 49% of the assets of the sub-fund may be invested in money market instruments and bank balances.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest StepIn Akkumula is the MSCI WORLD INDEX Constituents.







Class BC LU0399356947 0.0% 0.9%

Class LC LU0399357085 0.5% 1.9%

1) Classes LC and BC on March 23, 2009


Share class Security codes ISINLC DWS0VP LU0399357085BC DWS0VN LU0399356947Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC and BC: March 23, 2009initial subscription Initial NAV per share LC and BC: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC: up to 3% based on the gross investment*(payable by the investor) BC: 0%Contingent Deferred Sales Charge: LC: 0% BC: up to 4% (based on the gross redemption amount de-

pendent upon the length of time for which the shares have been held since subscription):

0-365 Days 2.5% 1-2 Years 2% 2-3 Years 1.5% 3-4 Years 1% 4 Years and thereafter 0%Allocation of income LC and BC: ReinvestmentManagement Company fee BC: up to 2% p.a.(payable by the sub-fund)** LC: up to 1.65% p.a.Maximum management fee charged 3.25% p.a.in respect of investment in shares of other funds(payable by the sub-fund)Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor BC: 0.2% p.a.(payable by the sub-fund)** LC: 0% p.a.Taxe d’abonnement LC and BC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



164

DWS Invest TarvosFor the sub-fund with the name DWS Invest Tarvos, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy for the DWS Invest Tarvos sub-fund is to benefit from the relative outperformance/underperformance of individual equities, sectors and economies in the European equity markets by using long/short strategies to achieve a total return that will over the medium to long term be comparable with European equity returns, while the fluctuations of the sub-fund shares should be lower.

According to the prohibition in Art. 2 E. of the Sales Prospectus – general section short selling according to Art. 52 of the Law of December 17, 2010 will not be implemented in the sub-fund's assets itself.

The return and risk targets may exceed or fall short of this objective, and the objective should not be considered a guarantee. The objective is to gain positive and comparable returns but is, to the largest extent possible, moderately correlated to changes in the equity markets depicted by the Morgan Stanley Capital International (MSCI) Europe Index of equities.

This investment strategy involves investments wherein positively regarded return sources which are potentially influencing equity markets are bought (long positions) and /or negatively regarded return sources are sold (short positions).

The sub-fund invests, in compliance with the provi-sions of the Ordinance of the Grand Duchy dated February 8, 2008 and Directive 2007/16/EG, pri-marily in fixed- and variable interest-bearing secu-rities or in equities as well as in derivatives. The derivatives can be based on single underlyings or on a reference portfolio.




To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as contracts for difference or swaps will be entered with top-rated finan-cial institutions specializing in such transac-tions. Such OTC-agreements are standardized agreements.


* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** For additional costs, see Article 12 in the general section of the Sales Prospectus.*** For the share classes FC, LD and LC the Management Company shall receive from the sub-fund’s assets an

additional performance related fee per share of 20% of the amount by which the net asset value per share (where applicable in consideration of any distributions), at the last valuation date of a fiscal half-year exceeds the highest net asset value per share (high-water mark) at all preceding last valuation dates of a fiscal half-year and the net asset value per share on the day the sub-fund was launched. The accrued performance-related fee is calculated daily; any performance-related fee incurred is deferred in the sub-fund on a daily basis and withdrawn from it on a semi- annual basis. If the net asset value per share on any valuation date is below the high-water mark, any provision for a performance-related fee that might have been established in that fiscal half-year as part of the daily calculation of the net asset value per share is dissolved.


Share class Security codes ISINLC DWS0VL LU0399356780FC DWS0VM LU0399356863LD DWS019 LU0544573164Investor Profile Risk-tolerant Currency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD and FC: The date of launch and initialinitial subscription subscription will be determined by the

Management Board of the Management Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, LD and FC: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC and LD: up to 5% based on the gross investment*(payable by the investor) FC: 0%Allocation of income FC and LC: Reinvestment LD: DistributionManagement Company fee LC and LD: up to 2% p.a. plus an additional (payable by the sub-fund)** performance-related fee*** FC: up to 1% p.a. plus an additional

performance-related fee*** Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor LC, LD and FC: 0% p.a.(payable by the sub-fund)** Taxe d’abonnement LC, LD and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



165




Market exposure –Single stocks –Industry sectors –Market capitalization –Valuation –Currency –Interest rates –Credit spreads –Volatility –

A large portion of the derivatives are based on:

Equities/equity related securities of small and medium-sized companies registered in a Euro-pean country, or of companies that conduct their principal business activity in Europe or which, as holding companies, hold primarily interests in companies registered in Europe are eligible as underlying of the derivatives or as investment of the reference portfolio.


long positions of equities/equity related secu- –rities,short positions of equities/equity related secu- –rities,derivatives based on market exposure, sin- –gle stocks, industry sectors, market capitaliza-tion, valuation, currency, interest rates, credit spreads or volatility.

The sub-fund will not use credit capital as invest-ment instrument. Exclusively cash settlement for the derivates will be used, i.e. no physical settlement.





Contrary to the provision of the general section of the Sales Prospectus, because of the invest-ment strategy of the sub-fund it is expected that the leverage effect from the use of derivatives will

not be any higher than five times the sub-fund assets. The disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.


166

DWS Invest TitanFor the sub-fund with the name DWS Invest Titan, the following provisions shall apply in addi-tion to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy for the DWS Invest Titan is to benefit from the relative outperformance/underperformance of individual equities, sectors and economies in the global equity markets by using long/short strategies to achieve a total return that will over the medium to long term be comparable with international equity returns, while the fluctuations of the sub-fund’s shares should be lower.

According to the prohibition in Art. 2 E. of the Sales Prospectus – general section short selling according to Art. 52 of the Law of December 17, 2010 will not be implemented in the sub-fund's assets itself.

The return and risk targets may exceed or fall short of this objective, and the objective should not be considered a guarantee. The objective is to gain positive and comparable returns but are, to the largest extent possible, moderately corre-lated to changes in the equity markets depicted by the Morgan Stanley Capital International (MSCI) World Index of equities.


The sub-fund invests, in compliance with the provi-sions of the Ordinance of the Grand Duchy dated February 8, 2008 and Directive 2007/16/EG, pri-marily in fixed- and variable interest-bearing secu-rities or in equities as well as in derivatives. The derivatives can be based on single underlyings or on a reference portfolio.




To implement the investment policy and achieve the investment objective it is anticipated that the derivatives, such as contracts for difference or swaps will be entered with top-rated finan-cial institutions specializing in such transac-tions. Such OTC-agreements are standardized agreements.


* 5% based on the gross investment correspond approx. to 5.26% based on the net investment.** For additional costs, see Article 12 in the general section of the Sales Prospectus.*** For the share classes FC and LC the Management Company shall receive from the sub-fund’s assets an addition-

al performance related fee per share of 20% of the amount by which the net asset value per share (where applica-ble in consideration of any distributions), at the last valuation date of a fiscal half-year exceeds the highest net asset value per share (high-water mark) at all preceding last valuation dates of a fiscal half-year and the net asset value per share on the day the sub-fund was launched. The accrued performance-related fee is calculated daily; any per-formance-related fee incurred is deferred in the sub-fund on a daily basis and withdrawn from it on a semi-annual basis. If the net asset value per share on any valuation date is below the high-water mark, any provision for a per-formance-related fee that might have been established in that fiscal half-year as part of the daily calculation of the net asset value per share is dissolved.


Share class Security codes ISINLC DWS0VQ LU0399357168FC DWS0VR LU0399357242Investor Profile Risk-tolerantCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented



Initial NAV per share LC and FC: EUR 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC: up to 5% based on the gross investment*(payable by the investor) FC: 0%Allocation of income FC and LC: ReinvestmentManagement Company fee LC: up to 2% p.a. plus an additional performance-(payable by the sub-fund)** related fee*** FC: up to 1% p.a. plus an additional performance-

related fee***Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor LC and FC: 0% p.a.(payable by the sub-fund)** Taxe d’abonnement LC and FC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



167




Market exposure –Single stocks –Industry sectors –Market capitalization –Valuation –Currency –Interest rates –Credit spreads –Volatility –

The derivatives are based on:

Equities/equity related securities of companies worldwide.


long positions of equities/equity related secu- –rities,short positions of equities/equity related secu- –rities,derivatives based on market exposure, sin- –gle stocks, industry sectors, market capitaliza-tion, valuation, currency, interest rates, credit spreads or volatility.

The sub-fund will not use credit capital as invest-ment instrument. Exclusively cash settlement for the derivatives will be used, i.e. no physical settlement.







168

DWS Invest Top 50 AsiaFor the sub-fund with the name DWS Invest Top 50 Asia, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Top 50 Asia is to achieve as high an appre-ciation as possible of capital invested in Euros. The sub-fund may acquire equities, interest-bearing securities, convertible bonds, convertible debentures and warrant-linked bonds, participa-tion and dividend-right certificates and equity warrants. At least 70% of the sub-fund’s assets are invested in equities of companies having their registered offices or principal business activity in Asia. A company is viewed as having its princi-pal business activity in Asia if the greatest part of its earnings or revenues is generated there. Considered as Asian issuers are companies hav-ing their registered offices or principal business activity in Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Tai-wan, Thailand and the People’s Republic of China. The number of issuers of equities held in the sub-fund is generally 50. The following aspects shall be considered when selecting the 50 equities:

strong market position of an issuer in its field –of business,

financial ratios that are sound for the circum- –stances,

better-than-average corporate management –that is focused on achieving solid long-term earnings,

strategic orientation of the company, –

shareholder-centered information policies. –

Accordingly, the Company acquires equities of companies it expects to achieve results and/or share prices that are above average with respect to the broad market.

A maximum of 30% of the sub-fund’s assets (after deduction of liquid assets) may be invested in equities of foreign and domestic issuers that do not satisfy the requirements of the preceding sentence.


Notwithstanding the investment limit of 10% spec-ified in Article 2 B. (i) concerning investments in shares of other Undertakings for Collective Invest-ment in Securities and/or other collective invest-ment undertakings as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.



Specific risks:Because the sub-fund is specialized on a spe-cific geographic area, it presents increased



Share class Security codes ISINLC 552 521 LU0145648290LD 552 522 LU0145648456NC 552 523 LU0145648886FC 552 524 LU0145649181A2 DWS0AQ LU0273161231E2 DWS0AR LU0273174648R2 DWS0TC LU0363468926DS1 DWS0V3 LU0399358562CH2H DWS07Y LU0616867387CH4H DWS07Z LU0616867544Investor Profile Growth-orientedCurrency of sub-fund EUR“Hedged” share classes Sub-fund currency aim to hedge against Nature of shares Registered shares or bearer shares represented


of registered shares.Date of launch and LC, LD, NC and FC: June 3, 2002 initial subscription A2 and E2: November 20, 2006 DS1: January 19, 2009 R2, CH2H and CH4H: The date of launch and initial

subscription will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accord-ingly.

Initial NAV per share LC, NC, FC and LD: EUR 100.00 A2 and E2: USD 100.00 R2: RUB 1,000.00 DS1: GBP 100.00 CH2H and CH4H: CHF 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD, A2, DS1, R2 and CH2H: up to 5% based on the (payable by the investor) gross investment* NC: up to 3% based on the

gross investment** FC, E2 and CH4H: 0%Allocation of income NC, FC, LC, A2, E2, R2, CH2H and CH4H: Reinvestment LD and DS1: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD, A2, R2, DS1 and CH2H: up to 1.5% p.a. FC, E2 and CH4H: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, A2, E2, DS1, R2, CH2H and CH4H: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2, E2, DS1, R2, CH2H and CH4H: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



169

opportunities, but these opportunities are countered by equally elevated risks.

The sub-fund is focused on investments in Asia. Asian exchanges and markets are sometimes subject to substantial fluctuations. Fluctuations in the rate of exchange of the local currencies against the euro can also impact on investment performance. The credit risk associated with an investment in securities, i.e., the risk of a decline in the assets of issuers, cannot be entirely elimi-nated even by the most careful selection of the instruments to be purchased. Political changes, restrictions on currency exchange, exchange monitoring, taxes, limitations on foreign capital investments and capital repatriation etc. can also affect investment performance.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest Top 50 Asia is the 50% MSCI Equities_AC FAR EAST FREE ex JAPAN_USD_TR, 50% MSCI Equities_AC FAR EAST FREE_USD_TR.





For a UK taxpayer to benefit from capital gains tax treatment on the disposal of his investment in the DS1 share class, that class would need to be certified as a “distributing fund” or a “reporting fund” in respect of all accounting periods during which the UK taxpayer owned the shares.








Class LC LU0145648290 19.8% -5.5% 29.2% 87.4%

Class LD LU0145648456 19.8% -5.5% 29.2% 87.4%

Class NC LU0145648886 19.0% -7.6% 24.5% 76.5%

Class FC LU0145649181 20.7% -3.1% 34.5% 102.1%

Class A2) LU0273161231 11.8% -13.8% – 22.1%

Class E22) LU0273174648 11.6% -13.0% – 23.8%

Class DS13) LU0399358562 14.6% – – 62.1%

50% MSCI AC Far East, 50% MSCI AC Far East ex Japan

29.1% 8.6% 31.0% 73.0%

1) Classes LC, LD, NC and FC on June 3, 2002 / Classes A2 and E2 on November 20, 2006 / Class DS1 on January 19, 2009

2) in USD3) in GBP


170

DWS Invest Top DividendFor the sub-fund with the name DWS Invest Top Dividend, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Top Dividend is to achieve an above aver-age return.

At least 70% of the sub-fund’s assets are invested in equities of domestic as well as foreign issuers that are expected to deliver an above-average dividend yield.

When selecting equities, the following criteria shall be of decisive importance: dividend yield above the market average; sustainability of dividend yield and growth; historical and future earnings growth; price/earnings ratio. In addition to these criteria, the proven stock-picking pro-cess of the Fund Manager will be applied. This means that a company’s fundamental data, such as asset quality, management skills, profitability, competitive position and valuation, are analyzed. These criteria may be weighted differently and do not always have to be present at the same time.

In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock-futures, options or equity swaps.




Up to 30% of the sub-fund’s assets may be invested in instruments that do not meet the above mentioned criteria.

Up to 30% of the sub-fund’s assets may be invested in money market instruments and bank balances.

In addition, the sub-fund’s assets may be invested in all other permissible assets as speci-fied in Article 2, including the assets mentioned in Article 2 A. j) of the general section of the Sales Prospectus.



Share class Security codes ISINLC DWS0ZD LU0507265923LD DWS0ZE LU0507266061NC DWS0ZF LU0507266145ND DWS015 LU0544572786FC DWS0ZG LU0507266228A2 DWS0ZH LU0507266491A2H DWS014 LU0544572604E2 DWS0ZJ LU0507266574DS1 DWS00H LU0511520347 ID DWS07J LU0616863808CH2H (P) DWS07K LU0616864012CH4H (P) DWS07L LU0616864285S1Q DWS07M LU0616864442Z2 DWS07N LU0616864798A1H (P) DWS1CH LU0740838031CH2 DWS1CJ LU0740838114FD DWS1CK LU0740838205S2 DWS1CL LU0740838460S2H (P) DWS1CM LU0740838544Investor Profile Growth-oriented Currency of sub-fund EUR“Hedged” share classes A2H (P),A1H (P), S2H (P), aim to hedge against CH2H (P) and CH4H (P): Currency exposure due to the

sub-fund’s assets being denomi-nated in different currencies than the hedged share classes


The ID share class is only offered in form of registered shares.

Date of launch and LC, NC, LD, DS1 and FC: July 1, 2010initial subscription ND: November 16, 2010 A2: September 13, 2010 S1Q: August 16, 2011 CH2H (P) and CH4H (P) October 21, 2011

A2H (P), E2, ID,, Z2, A1H (P), CH2, S2, S2H (P) and FD: The date of launch and

initial subscription will be determined by the Manage-ment Board of the Manage-ment Company. The Sales Prospectus will be updated accordingly.

Initial NAV per share LC, LD, NC, ND, FC, FD and ID: EUR 100.00 A2, A2H (P), A1H (P) and E2: USD 100.00 DS1: GBP 100.00 CH2H (P), CH2 and CH4H (P): CHF 100.00 S1Q , S2 and S2H (P): SGD 10.00 Z2: PLN 100.00Calculation of the NAV per share Each bank business day in Luxembourg Front-end load LC, LD, DS1, A2, A2H (P), (payable by the investor) A1H (P), S2, S2H (P),

CH2, CH2H (P), S1Q and Z2: up to 5% based on the gross investment*

NC and ND: up to 3% based on the gross investment**

FC, E2, CH4H (P), FD and ID: 0%Allocation of income NC, FC, LC, A2, A2H (P),

E2, S2, S2H (P), CH2H (P), CH4H (P), CH2 and Z2: Reinvestment

LD, ND, DS1, ID, FD and A1H (P): Distribution (annually) S1Q: Distribution (quarterly)Management Company fee NC and ND: up to 2% p.a. (payable by the sub-fund)*** LC, LD, DS1, A2, A2H (P), CH2H (P), S1Q, S2,

S2H (P), Z2, A1H (P) and CH2: up to 1.5% p.a. FC, E2, CH4H (P) and FD: up to 0.75% p.a. ID: up to 0.5% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC and ND: 0.2% p.a.main distributor LC, LD, FC, E2, DS1, A2, A2H (P), (payable by the sub-fund)*** CH2H (P), CH4H (P), ID, S1Q, S2,

S2H (P), Z2, FD, A1H (P) and CH2: 0% p.a.


Benchmark changeOld: MSCI World High Dividend YieldNew: MSCI World High Dividend Yield TR Net

171


Taxe d’abonnement LC, LD, NC, ND, FC, A2, A2H (P), E2, DS1, CH2H (P), CH4H (P), S1Q, Z2, FD, A1H (P), S2, S2H (P) and CH2: 0.05% p.a. ID: 0.01% p.a.

Order acceptance LC, LD, FC, E2, DS1, A2, ID, NC, ND, S1Q , S2, Z2, CH2 and FD: All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are proc-essed on the basis of the net asset value per share on that valuation date. Orders received after 4:00 PM Luxem-bourg time are processed on the basis of the net asset value per share on the next valuation date.

CH2H (P), CH4H (P), S2H (P), A1H (P) and A2H (P): All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are proc-essed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that next valuation date.


The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Top Dividend is the MSCI WORLD HIGH DIVIDEND YIELD.


UK TaxationThe following information is a general guide to the anticipated UK tax treatment of UK-resident investors. Investors should be aware that UK tax law and practice can change. Prospective inves-tors therefore need to consider their specific position at the time they invest, and should seek their own advice where appropriate.

The separate share classes are “offshore funds” for the purposes of the UK offshore funds legis-lation. Under this legislation, any gain arising on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “distributing fund” or a “reporting fund” throughout the period dur-ing which the shares have been held by that investor.


For a UK taxpayer to benefit from capital gains tax treatment on the disposal of his investment in the DS1 share class, that class would need to be certified as a “distributing fund” or a “reporting fund” in respect of all accounting periods during which the UK taxpayer owned the shares.

The DS1 share class has been certified as a report-ing fund from 1 July 2010. In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attributable to the DS1 share class for each relevant accounting period. Where the reported income exceeds what has been distributed to investors, then that excess will be treated as additional distributions to the investors and investors will be taxed accordingly.

Dividends paid (and any retained income reported) to a UK resident individual will consti-tute a dividend (with a notional dividend tax credit attached) for UK income tax purposes and will generally be taxable.

Dividends paid (and any returned income reported) to a UK resident company will also constitute dividend income in its hands and will generally be exempt from tax.

The UK tax rules contain a number of anti-avoid-ance codes that can apply to UK investors in off-shore funds in particular circumstances. It is not anticipated that they will normally apply to invest-ors. Any UK taxpaying investor who (together



Class LC LU0507265923 11.8%

Class LD LU0507266061 11.8%

Class NC LU0507266145 11.4%

Class FC LU0507266228 12.3%

Class ND LU0544572786 4.1%

Class A22) LU0507266491 7.1%

Class DS13) LU0511520347 16.4%

MSCI World High Dividend Yield 12.8%

1) Classes LC, LD, NC, FC and DS1 on July 1, 2010 / Class A2 on September 13, 2010 / Class ND on November 16, 20102) in USD3) in GBP


with connected persons) holds over 10% of DWS Invest should take specific advice.



172

DWS Invest Top Dividend GrowthFor the sub-fund with the name DWS Invest Top Dividend Growth, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Top Dividend Growth is to achieve an above average return.

At least 70% of the sub-fund’s assets are invested in equities, stock certificates, participa-tion and dividend-right certificates, convertible bonds and equity warrants of domestic as well as foreign issuers.

When selecting equities, the following criteria shall be of decisive importance: dividend yield; growth as well as sustainability of dividend yield; historical and future earnings growth; price/earn-ings ratio. In addition to these criteria, the proven stock-picking process of the Fund Manager will be applied. This means that a company’s funda-mental data, such as asset quality, management skills, profitability, competitive position and valua-tion, are analyzed. These criteria may be weighted differently and do not always have to be present at the same time.

In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock futures, options or equity swaps.









Share class Security codes ISINLC DWS1A1 LU0740827695LD DWS1A2 LU0740827851NC DWS1A3 LU0740828073ND DWS1A4 LU0740828156FC DWS1A5 LU0740828230FD DWS1A6 LU0740828404IC DWS1A7 LU0740828669ID DWS1A8 LU0740828743A2 DWS1A9 LU0740829048E2 DWS1BA LU0740829634Investor Profile Growth-orientedCurrency of sub-fund EURNature of shares Registered shares or bearer shares represented

by a global certificate The IC and ID share classes are only offered in form

of registered shares.Date of launch and LC, LD, NC, ND, FC, initial subscription FD, IC, ID, A2 and E2: The date of launch and initial


Initial NAV per share LC, LD, NC, ND, FC, FD, IC and ID: EUR 100.00 A2 and E2: USD 100.00 Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD and A2: up to 5% based on the (payable by the investor) gross investment* NC and ND: up to 3% based on the

gross investment** FC, FD, IC, ID and E2: 0%Allocation of income LC, NC, ND, FC, IC, A2 and E2: Reinvestment LD, FD and ID: DistributionManagement Company fee NC and ND: up to 2% p.a.(payable by the sub-fund)*** LC, LD and A2: up to 1.5% p.a. FC, FD and E2: up to 0.75% p.a. IC and ID: up to 0.5% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 (b))Service fee of the main distributor NC and ND: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, FD, A2, E2, IC and ID: 0% p.a.Taxe d’abonnement LC, LD, FC, FD, NC, ND, A2 and E2: 0.05% p.a. IC and ID: 0.01% p.a.Order acceptance All subscription, redemption and exchange orders are





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The corresponding reference portfolio for the sub-fund DWS Invest Top Dividend Growth is the MSCI World High Dividend Yield.



174

DWS Invest Top Dividend PremiumFor the sub-fund with the name DWS Invest Top Dividend Premium, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Top Dividend Premium is to achieve an appreciation as high as possible of capital invested.

At least 70% of the sub-fund’s assets are invested in equities of domestic as well as foreign issuers that are expected to deliver an above-average dividend yield. When selecting equities, the fol-lowing criteria shall be of decisive importance: dividend yield above the market average; sustain-ability of dividend yield and growth; historical and future earnings growth; price/earnings ratio. In addition to these criteria, the proven stock-picking process of the Fund Manager will be applied. This means that a company’s fundamental data, such as asset quality, management skills, profitability, competitive position and valuation, are analyzed. These criteria may be weighted differently and do not always have to be present at the same time.

In compliance with Article 2 B of the general sec-tion of the Sales Prospectus, the sub-fund may use suitable derivative financial instruments and techniques in order to implement the investment policy and to achieve the investment objective, including in particular- but not limited to – for-wards, futures, single-stock-futures, options or equity swaps.

Against this background, positions could be built up that anticipate declining stock prices and index levels. According to the prohibition stipulated in Article 2 E. of the general section of the Sales Prospectus, no short sales of securities will be undertaken. Short positions are achieved by using securitized and non-securitized derivative instruments.

In particular, the sub-fund seeks to implement a covered option writing strategy, i.e. the sub-fund writes short-dated options with an average matu-rity of up to 6 months regarding a large extent of stocks, indices and indices representing stocks or sectors included in the portfolio. With respect to the stock selection process the sub-fund also takes into consideration to achieve attractive option premiums in addition to the above men-tioned criteria.



Up to 30% of the sub-fund’s assets may be invested in instruments that do not meet the above mentioned criteria, e.g. in short-term deposits, money markets instruments and bank balances.

In addition, the sub-fund’s assets may be invested in all other permissible assets as speci-fied in Article 2, including the assets mentioned

Share class Security codes ISINLC DWS05R LU0616849567LD DWS05S LU0616849724LDQ DWS05T LU0616850060NC DWS05U LU0616850227FC DWS05V LU0616850573A2 DWS05W LU0616850730E2 DWS05X LU0616850904NDQ DWS1CR LU0740839351ND DWS1CS LU0740839518FD DWS1CT LU0740839609A1H (P) DWS1CU LU0740839781CH2H (P) DWS1CV LU0740839864CH4H (P) DWS1CW LU0740840011Investor Profile Growth-orientedCurrency of sub-fund EUR“Hedged” share classes A1H (P), CH2H (P) aim to hedge against and CH4H (P): Currency exposure due to the sub-

fund’s assets being denominated in a different currencies than the hedged share classes


The IC and ID share class are only offered in form of global register.

Date of launch and LC, LD, FC and A2: August 16, 2011 initial subscription LDQ, NC, E2,

NDQ, ND, FD, A1H (P), CH2H (P) and CH4H (P): The date of launch and initial


Initial NAV per share FD, LC, LD, LDQ, NC, NDQ, ND and FC: EUR 100.00 A2, A1H (P) and E2: USD 100.00 CH2H (P) and CH4H (P): CHF 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD, LDQ, A2, (payable by the investor) A1H (P) and CH2H (P): up to 5% based on the

gross investment* NC, ND and NDQ: up to 3% based on the

gross investment** FC, FD, CH4H (P) and E2: 0%Allocation of income LC, NC, FC, A2, E2,

CH2H (P) and CH4H (P): Reinvestment LD, ND, FD and A1H (P): Distribution (annually) LDQ and NDQ: Distribution (quarterly)Management Company fee NC, ND and NDQ: up to 2% p.a.(payable by the sub-fund)*** LC, LD, LDQ, A1H (P),

A2 and CH2H (P): up to 1.5% p.a. FC, FD, E2 and CH4H (P): up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC, ND, NDQ: 0.2% p.a.main distributor LC, LD, LDQ, FC, E2, A2, (payable by the sub-fund)*** FD, CH4H (P), A1H (P) and CH2H (P): 0% p.a.Taxe d’abonnement LC, FC, LD, LDQ, NC, E2, A2, ND,

NDQ, FD, CH4H (P), A1H (P) and CH2H (P): 0.05% p.a.


175

in Article 2 A. (j) of the general section of the Sales Prospectus.



The reference portfolio is a portfolio that does not include any leverage effect from the use of deriv-atives. The corresponding reference portfolio for the sub-fund DWS Invest Top Dividend Premium is the MACI THE WORLD INDEX Constituents.




Order acceptance LC, FC, LD, LDQ, NC, E2, A2, ND, NDQ and FD: All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are proc-essed on the basis of the net asset value per share on that valuation date. Orders received after 4:00 PM Luxem-bourg time are processed on the basis of the net asset value per share on the next valuation date.

A1H (P), CH2H (P) and CH4H (P): All subscription, redemption and exchange orders are



176

DWS Invest Top EurolandFor the sub-fund with the name DWS Invest Top Euroland, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest Top Euroland is to achieve an above aver-age return. At least 75% of the sub-fund’s assets are invested in equities of issuers having their headquarters in a member state of the European Economic and Monetary Union (EMU).

The sub-fund focuses on companies with a higher market capitalization. Additionally, the fund- manager aims to run a concentrated port-folio, e.g. 40 – 60 different stocks. Depending on the market situation it is possible to deviate from the mentioned diversification target.

A maximum of 25% of the sub-fund’s assets may be invested in equities of issuers that do not meet the above mentioned criteria.




In addition, the sub-fund’s assets may be invested in all other permissible assets as speci-fied in Article 2 of the general section of the Sales Prospectus.

PEA-compatibilityThe sub-fund is eligible to the PEA (Plan d’Epargne en Actions), a fiscal advantage for French sub-scribers.



The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Top Euroland is the STOXX 50.


Share class Security codes ISINLC 552 516 LU0145644893LD 552 517 LU0145647052NC 552 518 LU0145647300FC 552 519 LU0145647722A2H DWS018 LU0544573081IC DWS07P LU0616864954ID DWS1CX LU0740840102FD DWS1CY LU0740840441Investor Profile Growth-orientedCurrency of sub-fund EUR“Hedged” share classes Sub-fund currencyaim to hedge against Nature of shares Registered shares or bearer shares represented

by a global certificate. The IC and ID share class is only offered in form

of registered shares.Date of launch and LC, LD, NC and FC: June 3, 2002initial subscription A2H , IC, ID and FD: The date of launch and initial sub-


Initial NAV per share LC, NC, FC, LD, IC, ID and FD: EUR 100.00 A2H: USD 100.00Calculation of the NAV per share Each bank business day in LuxembourgFront-end load LC, LD and A2H: up to 5% based on the gross (payable by the investor) investment* NC: up to 3% based on the gross

investment** FC, IC, ID and FD: 0%Allocation of income NC, FC, LC, A2H and IC: Reinvestment LD , ID and FD: DistributionManagement Company fee NC: up to 2% p.a.(payable by the sub-fund)*** LC, LD and A2H: up to 1.5% p.a. FC and FD: up to 0.75% p.a. IC and ID: up to 0.5% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.2% p.a.(payable by the sub-fund)*** LC, LD, FC, A2H, IC, ID and FD: 0% p.a.Taxe d’abonnement LC, LD, NC, FC, A2H and FD: 0.05% p.a. IC and ID: 0.01% p.a.Order acceptance All subscription, redemption and exchange orders are





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Class LC LU0145644893 14.3% -16.8% 7.3%

Class LD LU0145647052 14.3% -16.8% 7.2%

Class NC LU0145647300 13.5% -18.6% 3.4%

Class FC LU0145647722 15.2% -14.7% 11.8%

Euro STOXX 50 since September 1, 2009 (formerly: DJ STOXX 50)

-2.4% -26.7% -8.4%



178

DWS Invest US Value EquitiesFor the sub-fund with the name DWS Invest US Value Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest US Value Equities is to achieve an above-average return. At least 70% of the sub-fund’s assets are invested in equities of U.S. issuers that are registered or have their main busi-ness activity in the United States. These stocks are considered by the fund-manager to be undervalued top-quality securities or so called “value stocks”. The market price of value stocks are usually backed by appropriate company fundamentals.

A maximum of 30% of the sub-fund’s assets may be invested in equities of issuers that do not meet the above mentioned criteria.




In addition, the sub-fund’s assets may be invested in all other permissible assets as speci-fied in Article 2 of the general section of the Sales prospectus.


During phases of economic growth, the invest-ment opportunities of a country-specific fund are above average because of its regional specializa-tion. Conversely, it must be noted that there are special risks inherent in the concentration of fund investments on particular investment sectors, which is not the case for equity funds invested in more than one region.






Share class Security codes ISINLC 552 497 LU0145635552LCH (P) DWS0AN LU0273155852NC 552 499 LU0145637178NCH (P) DWS0AP LU0273144732FC 552 511 LU0145637848E2 DWS0AM LU0273174481LD DWS1CZ LU0740840524FD DWS1C0 LU0740840524Investor Profile Risk-tolerantCurrency of sub-fund EUR“Hedged” share classes Currency exposure due to the sub-fund’s assets being aim to hedge against denominated in a different currency than the hedged

share class.Nature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, NC and FC: June 3, 2002initial subscription LCH (P), NCH (P) and E2: November 20, 2006 LD and FD: The date of launch and initial


Initial NAV per share LC, NC, FC, LCH (P), NCH (P), LD and FD: EUR 100.00 E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg that is also a

trading day on the New York Stock Exchange (NYSE) Front-end load LC, LCH (P) and LD: up to 5% based on the (payable by the investor) gross investment* NC and NCH (P): up to 3% based on the

gross investment** FC, E2 and FD: 0%Allocation of income NC, NCH (P), FC, LC, LCH (P) and E2: Reinvestment LD and FD: DistributionManagement Company fee NCH (P): up to 2% p.a.(payable by the sub-fund)*** NC: up to 2% p.a. LC, LCH (P) and LD: up to 1.5% p.a. FC, E2 and FD: up to 0.75% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the NC and NCH (P): 0.2% p.a.main distributor LC, LCH (P), FC, E2, LD and FD: 0% p.a.(payable by the sub-fund)***Taxe d’abonnement LC, LCH (P), NC,

NCH (P), FC,E2, LD and FD: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



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Class LC LU0145635552 18.6% -15.7% -16.6% -17.2%

Class LCH LU0273155852 9.3% -25.3% – -18.1%

Class NC LU0145637178 17.8% -17.7% -19.8% -22.4%

Class NCH LU0273144732 8.7% -26.7% – -20.2%

Class FC LU0145637848 19.6% -13.6% -13.0% -10.4%

Class E22) LU0273174481 11.3% -23.4% – -12.7%

S&P 500 23.4% 0.8% 0.2% 0.7%

1) Classes LC, NC and FC on June 3, 2002 / Classes LCH, NCH and E2 on November 20, 20062) in USD


for the sub-fund DWS Invest US Value Equities is the S&P 500 (RI).


Fund manager of the sub-fundThe fund manager of the sub-fund is DWS Invest-ment GmbH. DWS Investment GmbH, Frankfurt, has sub-delegated its fund management services to Deutsche Asset Management (Australia) Ltd. under its supervision, control and responsibility, and at its own expense.

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DWS Invest US-Gov BondsFor the sub-fund with the name DWS Invest US-Gov Bonds, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.

Investment policyThe objective of the investment policy of DWS Invest US-Gov Bonds is to generate an above-average return for the sub-fund.

At least 70% of the sub-fund’s assets are invested in interest-bearing debt securities issued or guaranteed by US sovereign institutions (central banks and government authorities).

A maximum of 30% of the sub-fund’s assets may be invested in interest-bearing debt securities issued or guaranteed by sovereign institutions of other countries that do not meet the above men-tioned criteria.

In addition, the sub-funds assets may be invested in all other permissible assets as speci-fied in Article 2 of the general section of the Sales Prospectus, including the assets men-tioned in Article 2 A. (j).




The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfo-lio for the sub-fund DWS Invest US-Gov Bonds is the Barclays Capital U.S. Government (Returns Universe) Constituents.




Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may also be subject to considerable downward or upward fluctuation within short periods of time.



Class LC LU0145657523 9.1% 15.3% 2.1%

Class LD LU0145657879 9.1% 15.4% 2.2%

Class NC LU0145658174 8.7% 13.7% -0.2%

BarCap US Aggregate Government since September 1, 2009 (formerly: JPM USD Government Bonds)

13.7% 28.8% 16.9%


Share class Security codes ISINLC 551 877 LU0145657523LD 551 879 LU0145657879NC 551 881 LU0145658174A1 DWS011 LU0544572356A2 DWS012 LU0544572430E2 DWS013 LU0544572513Investor Profile Growth-orientedCurrency of sub-fund USDNature of shares Registered shares or bearer shares represented

by a global certificate.Date of launch and LC, LD and NC: June 3, 2002initial subscription A1, A2 and E2: The date of launch and initial subscription


Initial NAV per share LC, NC and LD: EUR 100.00 A1, A2 and E2: USD 100.00Calculation of the NAV per share Each bank business day in Luxembourg that is also an ex-

change trading day at the New York Stock Exchange (NYSE)Front-end load LC, A1, A2 and LD: up to 3% based on the gross (payable by the investor) investment* NC: up to 1.5% based on the gross

investment** E2: 0%Allocation of income NC, A2, E2 and LC: Reinvestment LD and A1: DistributionManagement Company fee NC: up to 1.1% p.a.(payable by the sub-fund)*** LC, A1, A2 and LD: up to 0.6% p.a. E2: up to 0.35% p.a.Expense cap Not to exceed 15% of the Management Company fee(see Art. 12 b)Service fee of the main distributor NC: 0.1% p.a.(payable by the sub-fund)*** LC, A1, A2, E2 and LD: 0% p.a.Taxe d’abonnement LD, NC, A1, A2, E2 and LC: 0.05% p.a.Order acceptance All subscription, redemption and exchange orders are



DWS Invest

2, Boulevard Konrad Adenauer

1115 Luxembourg, Luxembourg

RC B 86.435

Phone: +352-42 101-1

Fax: +352-42 101-900

www.dws.lu

DWS Invest - HSBC · * The Fund DWS Invest Multi Asset Balance was renamed as DWS Invest DYMOND...

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Transcript of DWS Invest - HSBC · * The Fund DWS Invest Multi Asset Balance was renamed as DWS Invest DYMOND...