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Form 497 DEUTSCHE DWS MARKET TRUS

September 27, 2021 2:38 PM EDT

SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENT OF ADDITIONAL INFORMATION
DWS RREEF Real Assets Fund
The following is added to the disclosure relating to the fund under the PART I: APPENDIX I-E – SERVICE PROVIDER COMPENSATION section of the fund’s Statement of Additional Information:
Effective October 1, 2021, DWS RREEF Real Assets Fund pays the Advisor a fee, calculated daily and paid monthly, at the annual rate of 0.800% on the first $500 million of the fund’s average daily net assets, 0.785% on the next $1.5 billion of the fund’s average daily net assets, 0.775% on the next $1.5 billion of the fund’s average daily net assets, and 0.750% of the fund’s average daily net assets thereafter. Prior to October 1, 2021, the fund paid the Advisor a fee, calculated daily and paid monthly, at the annual rate of 0.800% on the first $500 million of the fund’s average daily net assets, 0.785% on the next $1.5 billion of the fund’s average daily net assets, and 0.775% of the fund’s average daily net assets thereafter.
Effective October 1, 2021, the following replaces similar information relating to the fund under the PART II: APPENDIX II-C — CONTRACTUAL FEE RATES OF SERVICE PROVIDERS section of the fund’s Statement of Additional Information:
Fund Name
Management Fee Rate
DWS RREEF Real Assets Fund
First $500 million 0.800%
Next $1.5 billion 0.785%
Next $1.5 billion 0.775%
Thereafter 0.750%
Please Retain This Supplement for Future Reference
September 27, 2021
SAISTKR21-23



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