CAPITULO VI. NUEVAS RUTAS DE ACCIÓN: ENTRE CAMBIOS Y
6.1 Cambio de cultivo: elemento principal del despliegue de recursos
For 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 policy
The 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. 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 as specified in Article 2 of the general section of the Sales Prospectus.
The described investment policy could also be implemented by using Synthetic Dynamic Underlyings (SDU).
Risk Management
The 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 8% 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.
Fund manager of the sub-fund
The fund manager of the sub-fund is DWS Invest- ment GmbH.
Share class Security codes ISIN
LC DWS0ZK LU0507266657 FC DWS0ZL LU0507266731 NC DWS0ZM LU0507266814 LD DWS0ZN LU0507266905 ID DWS1WS LU0911037967 IC DWS1WR LU0911037884
Investor Profile Income-oriented
Currency of sub-fund EUR
Nature of shares Registered shares or bearer shares represented
by a global certificate.
The ID and IC share classes are only offered in form of registered shares.
Date of launch and FC and LD: May 23, 2011
initial subscription LC and NC: March 12, 2013
ID and IC: 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, LD, ID and IC: 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, ID and IC: 0%
Allocation of income FC, LC, NC and IC: Reinvestment
LD and ID: Distribution
Management 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**** ID and 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, ID and IC: 0% p.a.
(payable by the sub-fund)***
Taxe d’abonnement FC, LC, NC and LD: 0.05% p.a.
ID and IC: 0.01% 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 Luxem- bourg 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 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.
**** For the share classes LC, LD, NC, FC, ID and IC the Management Company shall receive from the sub-fund’s as- sets 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, FC, ID and IC 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 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.
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).
Performance of share classes (in euro)
Share class
ISIN
1 year
Since inception
1)Class FC
LU0507266731
4.6%
9.4%
Class LD
LU0507266905
4.2%
8.8%
1) Classes LD and FC on May 23, 2011
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2012