Análisis de la población

For 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 policy

The objective of the investment policy of DWS Invest Short Duration Emerging Markets FX is to achieve an above-average return for the fund with investments in bonds and emerging markets cur- rencies. The investment policy of the sub-fund include apart from the management of money market instruments, bonds and appropriate deriva- tives, the active management of emerging mar- kets' currencies via derivative instruments or the mentioned 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 International Monetary Fund, the World Bank or the Interna- tional 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, Colombia, 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 ISIN

LC DWS1AV LU0740826960 LD DWS1AW LU0740827000 FC DWS1AX LU0740827182 FD DWS1AY LU0740827265 NC DWS1AZ LU0740827349 ND DWS1A0 LU0740827422

Investor 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 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 100.00

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 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: Distribution

Management 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

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.

Value date In a purchase, the equivalent value is debited three bank

business days after issue of the shares. The equivalent val- ue is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the General Part of the share class description.

* 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.

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 downward or upward fluctuation, even within short periods of time.

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).

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. 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 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 DISCLAIMER

Investments in the emerging markets Investing 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 Russia

The 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 Com- pany nor the Board of Directors of the Man- agement Company nor any of the sales agents is in a position to make any represen- tations or warranties or provide any guaran- tees with respect to the actions or services of the registrar. 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 contested by a previous owner from whom the equities 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. 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.

Risk Management

The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.

In addition to the provisions of the general 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 portfo- lio for the sub-fund DWS Invest Short Duration Emerging Markets FX is the JP Morgan- GBI-EM Composite Index in EUR Constituent.

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-fund

The fund manager of the sub-fund is DWS Invest- ment GmbH.