Notification of changes to the underlying funds of various DWS funds

31 Mar 2025

Notification of changes to the underlying funds of:

• R139 DWS Invest Global Agribusiness (“Affected ILP sub-fund 1”)
• R221 DWS Invest Global Infrastructure (“Affected ILP sub-fund 2”)
• R223 DWS Invest Africa (“Affected ILP sub-fund 3”)

(together the “Affected ILP sub-funds”)

We have been notified by DWS Invest (the “Company”) of changes to the underlying funds of the Affected ILP sub-funds. These changes will take effect from 25 April 2025 (the “Effective Date”).

Background

The Company has advised that it is making a number of amendments to the prospectus of the underlying funds of the Affected ILP sub-funds for clarity and consistency, as well as compliance with new guidelines published by the European Securities and Markets Authority (“ESMA”) regarding environmental, social and governance (“ESG”) or sustainability related terms. 

Changes relating to Affected ILP sub-funds 1-2

From the Effective Date, the ESG assessment methodology in the pre-contractual information section of the prospectus of the underlying funds of Affected ILP sub-funds 1-2 will be updated. This is to ensure a consistent and coherent methodology for assessing potential assets in relation to the EU’s Sustainable Finance Disclosure Regulation (“SFDR”) classifications.  

Please refer to the Appendix in the Sample Client Communication opposite for details of the updated ESG assessment methodology. Updated Pre-Contractual Disclosure documents will be made available as part of the underlying fund prospectus following the Effective Date.

Change relating to Affected ILP sub-fund 3

The paragraph “additional exclusions” of the Special Section of the prospectus of the underlying fund of Affected ILP sub-fund 3 will be amended from the Effective Date for consistency. As part of this revision, the climate and transition risk assessment has been removed where it was part of the exclusion strategy.

Changes relating to Affected ILP sub-funds 1-3

In accordance and to be aligned with ESMA guideline requirements, a dedicated disclaimer will be added to the investment policy of the underlying funds of Affected ILP sub-funds 1-3 within the underlying fund prospectus.  The disclaimer will note that the investment strategy and/or restrictions of a target fund - an underlying fund within a fund of funds investment – may deviate from the respective investment strategy and restrictions of the underlying funds of Affected ILP sub-funds 1-3. 

These changes will take effect automatically and policyholders do not need to take any action. We recommend that policyholders seek the advice of their usual financial adviser before making any investment decisions.  

We have contacted impacted policyholders and their financial advisers to notify them of the changes; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.

Should you have any questions regarding this notification, please contact the Investment Marketing Team.