# Special Terms and Conditions of Investment
governing the legal relationship between the investors and DWS Investment GmbH, Frankfurt/ Main, Germany, (hereinafter referred to as the “Company”) for the UCITS-compliant investment fund

## 	DWS Artificial Intelligence	
managed by the Company. These Special Terms and Conditions of Investment are only valid in conjunction with the General Terms and Condi- tions of Investment laid down by the Company.

## Investment principles and investment limits

### Article 25 Assets
The UCITS fund is a UCITS-compliant feeder fund as defined by article 1 (19), no. 11, KAGB. The master fund as defined by article 1 (19),
no. 12, KAGB is DWS Invest Artificial Intelligence (“master fund”), which is managed by DWS Investment S.A. The master fund, consisting of different share classes, is a sub-fund of DWS Invest, an investment company with variable capital. That investment company was estab- lished under Luxembourg law, on the basis of the Law of December 17, 2010, on undertakings for collective investment and of the Law of August 10, 1915, on trading companies, as a Société d’Investissement à Capital Variable (“SICAV”) and is subject to the provisions of Part I of the aforementioned Law of Decem-
ber 17, 2010. The master fund is an EU invest- ment undertaking that meets the requirements of Directive 2009/65/EU.
The Company may acquire only the following assets for the UCITS fund:
- shares of the EU UCITS master fund DWS Invest Artificial Intelligence,
- bank balances according to article 195 KAGB, provided they are available on demand,
- derivatives according to article 197 KAGB, provided they are used only for hedging purposes.

When making investment decisions, the Com- pany takes into account ESG (Environmental, Social and Governance) criteria. In order to take these ESG criteria into consideration, the Com- pany uses a special database which collates ESG data from other research companies as well as its own research results. After analyzing the data, this database allocates the investments one of six possible ratings. If the investment falls into the lowest category, the investment is not suitable for the UCITS fund, unless a separate verification of the rating by a Company commit- tee determines that the investment is suitable nonetheless. During its verification, the commit- tee will take into account further criteria such as
development prospects with regard to ESG factors, the exercise of voting rights and general economic development prospects. In the case of existing investments, if the investment receives the lowest rating due to an updated analysis of the database, this rating is verified by the com- mittee. If the committee determines that the investment is still suitable, the investment does not have to be sold. If the committee confirms the updated rating, the investments in question are sold.

### Article 26 Securities lending
transactions and securities repurchase agreements
Securities lending transactions and securities repurchase agreements according to articles 13 and 14 of the General Terms and Conditions of Investment are not entered into.

### Article 27 Investment limits and
investment restrictions
- At least 85% of the UCITS fund’s assets shall be invested in shares of the master fund.

The objective of the master fund’s investment policy is to generate appreciation in the long term, primarily by investing in the international equity markets of companies whose business benefits from or is currently connected to the development of artificial intelligence.
The master fund must invest at least 70% of the sub-fund’s assets in equities of all market capital- izations, equity certificates, participation and dividend-right certificates, convertible bonds and equity warrants issued by foreign and domestic companies. In this regard, at least 60% of the sub-fund’s assets must be invested in equities.
Up to 30% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
For the purpose of inducing a partial tax exemption within the meaning of the German Investment Tax Act, the master fund must invest at least 60% of its gross assets (determined as being the value of the investment fund’s assets without taking into account liabilities) in equities that are admitted to official trading on a stock exchange or admitted to, or included in, another organized market and which are not
- units of investment funds;
- equities indirectly held via partnerships;
- units of corporations, associations of persons or estates at least 75% of the gross assets of which consist of immovable property in accordance with statutory provisions or their investment conditions, if such corporations, associations of persons or estates are subject to corporate income tax of at least 15% and are not exempt from it or if their distributions are subject to tax of at least 15% and the investment fund is not exempt from said taxation;
- units of corporations which are exempt from corporate income taxation to the extent they conduct distributions unless such distributions are subject to taxation at a minimum rate of 15% and the investment fund is not exempt from said taxation;
- units of corporations the income of which originates, directly or indirectly, to an extent of more than 10%, from units of corporations, that are (i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or amember state of the European Economic Area and are not subject in said domicile to corpo- rate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it;
- units of corporations which hold, directly or indirectly, units of corporations, that are(i) real estate companies or (ii) are not real estate companies, but (a) are domiciled in a member state of the European Union or a member state of the European Economic Area and are not subject in said domicile to corporate income tax or are exempt from it or (b) are domiciled in a third country and are not subject in said domicile to corporate income tax of at least 15% or are exempt from it, if the fair market value of units of such corporations equal more than 10% of the fair market value of those corporations.

For the purpose of this paragraph, “member state of the European Union” shall include the United Kingdom until December 31, 2020.
In this respect, the investment limits of arti- cle 207 (1) and article 210 (3) KAGB and of arti-
cle 11 (8) of the General Terms and Conditions of Investment do not apply to the feeder fund.
- Up to 15% of the UCITS fund’s assets may additionally be invested in bank balances accord- ing to article 25, no. 2, of the Special Terms and Conditions of Investment, and/or in derivatives according to article 25, no. 3, of the Special Terms and Conditions of Investment.
- Securities, money market instruments, investment fund units other than those named in article 25, no. 1, of the Special Terms and Conditions of Investment, and other investment instruments according to articles 5, 6, 8 and 10 of the General Terms and Conditions of Invest- ment may not be acquired for the UCITS fund.
- In addition to the investment limits defined in paragraphs 1 through 3 above and in the General Terms and Conditions of Investment, it applies for the purposes of bringing about a partial exemption as defined in the German Investment Tax Act (InvStG) that at least 85% of the feeder fund’s gross assets determined as being the value of the investment fund´s assets without taking into account liabilities) will be invested in shares of the master fund (“equity funds”). The actual equity capital investment rates of themaster fund can be taken into consideration for the rate of the feeder fund’s equity capital invest- ments as defined by article 2 (8) InvStG.


## Unit classes

### Article 28 Unit classes
- Unit classes as defined in article 16 (2) of the General Terms and Conditions of Investment that differ with respect to the investors that are permitted to acquire and hold units, the distribu- tion policy, the initial sales charge, the redemp- tion fee, the currency of the net asset value per unit including the use of currency hedging trans- actions, the all-in fee, the minimum investment or a combination of these features may be formed for the UCITS fund. Unit classes may be formed at any time at the discretion of the Company.
- The conclusion of currency hedging trans- actions exclusively in favor of each currency unit class is permitted. For currency unit classes hedged in favor of the currency of that unit class (the reference currency), the Company may also, irrespective of article 9 of the General Terms and Conditions of Investment, employ derivatives as defined by article 197 (1) KAGB on exchange rates or currencies in order to prevent losses of net asset value through exchange rate losses on assets held by the UCITS fund that are not denominated in the reference currency of the unit class.
- The net asset value per unit is calculated separately for each unit class by fully allocating to each specific unit class the launch costs for new unit classes, the distributions (including any taxes payable out of the assets), the all-in fee and the results of currency hedging transactions, including any income adjustments, that are attributable to that unit class.
- The existing unit classes are enumerated individually in the Sales Prospectus, as well as in the annual and semiannual reports. The configu- ration characteristics of the unit classes (distri- bution policy, initial sales charge, currency of the net asset value per unit, all-in fee, minimum investment or a combination of these features) are described in detail in the Sales Prospectus and in the annual and semiannual reports.


## Units, issue price, redemption price, redemption of units and costs

### Article 29 Units
- The investors are joint owners, on a fractional basis, of each of the assets of the UCITS fund in proportion to the number of units they hold.
- Units of the TF unit class (Trailer Free) are available exclusively
	- through distributors and intermediaries that – due to prudential requirements (e.g., inrelation to independent investment advisory services, discretionary portfolio management or specific local regulations) may not receive or collect trailer fees or any other fees, rebates or payments from the UCITS fund; or– have entered into separate fee arrange- ments with their clients and do not receive and/or collect trailer fees or any other fees, rebates or payments from the UCITS fund;

- for other UCIs and
- for insurance-based investment products as defined by article 4 (2) of Regulation (EU) No. 1286/2014.

For the TF unit class, the Company does not pay any trailer fees. Accordingly, the costs of the TF unit class are lower than the costs of other unit classes within the same UCITS fund.

### Article 30 Issue and
redemption prices
- The initial sales charge for the ND, FC and TFC unit classes is 0% of the net asset value per unit.
- A redemption fee is not charged. Redemption takes place at the net asset value per unit.


### Article 31 Special arrangements for the calculation of the net asset value per unit
Notwithstanding article 18 (4) of the General Terms and Conditions of Investment, the issue and redemption prices are calculated by the Depositary, with the participation of the Com- pany, on each bank business day in Frankfurt/ Main and in Luxembourg.

### Article 32 Suspension of redemption of shares of the
master fund
If the master fund in which the feeder fund invests temporarily suspends the redemption of its shares, the Company in turn has the right to suspend the redemption of units of the feeder fund during the same period of time. Arti-
cle 17 (4) of the General Terms and Conditions of Investment remains unaffected.

### Article 33 Costs and services received
- The Company shall receive from the assets of the UCITS fund an all-in fee, expressed as a percentage of the UCITS fund’s annual average net asset value, of 1.7% p.a. for the ND unit class, of 0.85% p.a. for the FC unit class, and of 0.9%p.a. for the TFC unit class, calculated based on the net asset value determined each exchange trading day (see article 18 of the General Terms). The Company has the right to collect monthly prorated advances on this fee. The following fees and expenses are included in the all-in fee, and will not be charged separately to the UCITS fund:
- fee for managing the UCITS fund (collective asset management, which particularly includes fund management, administration, cost of distribution and a service fee for reporting and analysis);
- Depositary fees;
- cash and custody account fees in line with normal banking practice (including, where applicable, normal costs for holding foreign assets in custody abroad);
- the costs incurred for printing and mailing the sales documentation intended for investors as required by law (annual and semiannual reports, Sales Prospectuses, key investor information document);
- the cost of announcing the annual and semi- annual reports, the issue and redemption prices and (where applicable) distributions or reinvestments and the liquidation report;
- the cost of having the UCITS fund audited by the external auditor of the UCITS fund;
- the cost of publishing the information required for taxation and the certificate confirming that the tax information was prepared in compliance with German tax law.
- In addition to the all-in fee payable to the Company from paragraph 1 hereof, the following additional expenses may also be charged to the UCITS fund:
	- the costs incurred by the Company for asserting and enforcing legal claims for the account of the UCITS fund, and for defend- ing any claims asserted against the Com- pany to the detriment of the UCITS fund;
	- the costs of creating and using a durable medium, except in the case of providing information on mergers of investment under- takings and except in the case of providing information about measures in connection with investment limit violations or computation errors in the determination of the net asset value per unit;
	- taxes that are incurred in connection with the fees to be paid to the Company, the Deposi- tary and third parties, in connection with the aforementioned expenses and in connection with administration and custody.

- Transaction costsIn addition to the aforementioned fees and expenses, the costs incurred in connection with the purchase and sale of fund assets will also be charged to the UCITS fund.
- The Company shall disclose in the annual report and in the semiannual report the amount of the initial sales charges and redemption fees that have been charged to the UCITS fund, over the period covered by the report, for theacquisition and redemption of units as defined by article 196 KAGB. When acquiring units that are managed directly or indirectly by the Company itself or by another company with which the Company is affiliated through a material director indirect equity interest, the Company itself orthe other company may not charge initial sales charges and redemption fees for acquisitions and redemptions. The Company shall disclose in the annual report and in the semiannual report the fee charged to the UCITS fund as a management fee for the units held in the UCITS fund by the Company itself, by another (asset) management company, or by another company with which the Company is affiliated through a material direct or indirect equity interest.


## Distribution policy and
fiscal year

### Article 34 Distributing unit classes
- In distributing unit classes, the Company generally distributes – subject to the requisite adjustment of income – the prorated interest, dividends and other income that have accrued for the account of the UCITS fund during the fiscal year and have not been applied to cover costs. Realized capital gains may also be included in the distribution – subject to the requisite adjustment of income.
- Distributable prorated income pursuant to paragraph 1 hereof may be carried forward for distribution in future fiscal years, provided that the aggregate amount of the income carried forward does not exceed 15% of the UCITS fund’s assets as of the end of the fiscal year. Income from shortened fiscal years can be fully carried forward.
- In the interest of preserving the capital of the UCITS fund, income may be partially, and in exceptional cases fully, retained in the UCITS fund for reinvestment.
- Distributions shall be made on an annual basis within three months of the close of the fiscal year.


### Article 35 Reinvesting unit classes
For the reinvesting unit classes, the Company reinvests in the UCITS fund – subject to the requisite adjustment of income – the prorated interest, dividends and other income that have accrued for the account of the UCITS fund during the fiscal year and have not been applied to cover costs, as well as the capital gains realized during the fiscal year.

### Article 36 Fiscal year
The current fiscal year of the UCITS fund com- mences on October 1, 2019, and ends on Sep- tember 30, 2020. The period from October 1,
2020, through December 31, 2020, will be a shortened fiscal year. Thereafter, the new fiscal year of the UCITS fund commences on January 1 and ends on December 31.
Summary of tax regulations of importance to investors (subject, without limitation, to taxation in Germany)1 (As of: November 1, 2020)

## Funds organized under German law
General information
The statements on tax regulations only apply to investors who are subject, without limitation, to taxation in Germany. Investors subject, without limitation, to taxation in Germany are hereinaf- ter also referred to as “German tax residents.” We recommend that, prior to acquiring units of the 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 acquisi- tion of units. Foreign investors are investors
not subject, without limitation, to taxation in Germany. They are hereinafter also referred to as “non-resident taxpayers.”
The statements contained herein relate to the legal situation since January 1, 2018. Where fund units were acquired prior to January 1, 2018, additional circumstances particular to such fund investment may arise that are not described here in further detail.
As a special-purpose asset, this fund is generally exempt from corporate income tax and trade tax. It is, however, partially subject to corporate income tax on its domestic income from equity investments and on other domestic income, in the sense of the limited income tax liability, not including gains on the sale of ownership inter- ests in corporations. The tax rate is 15 percent. To the extent that tax is imposed on the taxable income through withholding of investment income tax, the tax rate of 15 percent already includes the solidarity surcharge.
However, the investment income is taxable for the individual investor as income from capital assets, which is subject to income tax, provided that it exceeds the saver’s flat allowance of EUR 801 p.a. (for single persons or spouses assessed sepa- rately) or EUR 1,602 p.a. (for spouses assessed jointly) when added to any other investment income.
Income from capital assets is generally subject to a 25-percent withholding tax (plus solidarity surcharge and, where applicable, church tax). Income from capital assets also includes the income from investment funds (investment fund income), i.e., the fund’s distributions, the advance income estimates and the gains on the sale of the units. Under certain conditions,
investors can receive a lump-sum portion of this investment income tax-free (so-called “partial exemption”).
In general, for the individual investor, the with- holding of tax acts as a final payment (so-called “final withholding tax”), so that, as a rule, income from capital assets is not declared in the income tax return. The institution maintain- ing the custody account usually offsets income subject to withholding against losses and foreign withholding taxes arising from direct investment.
The withholding tax does not act as a final payment, however, if the investor’s personal tax rate is lower than the final withholding rate of 25 percent. 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 credits the tax withheld against the personal tax liability (so-called “reduced rate test”).
If income from capital assets was not subject to any withholding (because, for example, a capital gain on the sale of fund units was realized in a foreign custody account), such income must be declared in the tax return. Within the tax assess- ment, any income from capital assets is then also subject to the final withholding rate of
25 percent, or alternatively to the lower personal tax rate.
If units are held as business assets, the income is considered taxable as operating income.
- 
## Units held as personal assets (German tax residents)
	- 
### Distributions


Distributions of the fund are generally taxable.
If the fund meets the tax prerequisites for partial exemption of an equity fund, 30 percent of the distributions are tax-exempt. Equity funds are investment funds that, according to their terms and conditions of investment, continuously invest more than 50 percent of their value or
of their assets in equity capital investments.
If the fund meets the tax prerequisites for partial exemption of a balanced fund, 15 percent of the distributions are tax-exempt. Balanced funds are investment funds that, according to their terms and conditions of investment, continuously invest at least 25 percent of their value or of their assets in equity capital investments.
If the fund does not meet the tax prerequisites for either an equity fund or a balanced fund, no partial exemption is applicable to the distributions.
A tax classification for partial exemption purposes of the fund or funds or sub-funds can be found in the Annex to this summary of tax regulations of importance to German investors. The classification may change for the future. In such a case, the fund unit is treated as sold and subsequently acquired on the following day with a new tax classification for partial exemption purposes; any resulting notional capital gain, however, is only taken into account once the units are actually sold.
The taxable distributions are generally subject to the 25-percent withholding tax (plus solidarity surcharge and, where applicable, church tax).
Tax will not be withheld if the investor is a Ger- man tax resident and submits an exemption form, provided the taxable income components do not exceed EUR 801 for separate assessment or EUR 1,602 for joint assessment of spouses.
A corresponding exemption applies if a certifi- cate for persons who are not expected to be assessed for income tax (the so-called “non- assessment certificate”) is submitted.
If a domestic investor has units held in domestic custody, the institution maintaining the custody account, acting as the paying agent, will not withhold tax provided that, prior to the fixed distribution date, it is presented with either an exemption form conforming to the official sample document and covering an adequate amount or a non-assessment certificate issued by the tax office for a maximum of three years. In this case, the investor is credited the full amount of the distribution.
- 
### Advance income estimates

The advance income estimate (“Vorabpauschale”) is the amount by which the fund’s distributions within a calendar year fall short of the baseline return for that calendar year. The baseline return is determined by multiplying the redemption price of the unit at the beginning of a calendar year by
70 percent of the baseline interest rate, which in turn is derived from long-term government bond market yields. The baseline return is limited to the amount exceeding the difference between the first and last redemption prices determined in the calendar year plus the distributions paid during the calendar year. For the year in which the units were acquired, the advance income estimate is reduced
1 Article 165 (2), no. 15, KAGB: Summary of tax regulations of importance to investors and statement of whether income distributed by the investment undertaking is subject to withholding tax.
by one-twelfth for each full month preceding the month of acquisition. The advance income esti- mate is deemed to have accrued on the first workday of the following calendar year.
Advance income estimates are generally taxable.
If the fund meets the tax prerequisites for partial exemption of an equity fund, 30 percent of the advance income estimates are tax-exempt.
Equity funds are investment funds that, accord- ing to their terms and conditions of investment, continuously invest more than 50 percent of their value or of their assets in equity capital investments.
If the fund meets the tax prerequisites for partial exemption of a balanced fund, 15 percent of
the advance income estimates are tax-exempt. Balanced funds are investment funds that, according to their terms and conditions of invest- ment, continuously invest at least 25 percent of their value or of their assets in equity capital investments.
If the fund does not meet the tax prerequisites for either an equity fund or a balanced fund, no partial exemption is applicable to the advance income estimate.
A tax classification for partial exemption purposes of the fund or funds or sub-funds can be found in the Annex to this summary of tax regulations of importance to German investors. The classification may change for the future. In such a case, the fund unit is treated as sold and subsequently acquired on the following day with a new tax classification for partial exemption purposes; any resulting notional capital gain, however, is only taken into account once the units are actually sold.
The taxable advance income estimates are generally subject to the 25-percent withholding tax (plus solidarity surcharge and, where appli- cable, church tax).
Tax will not be withheld if the investor is a German tax resident and submits an exemption form, provided the taxable income components do not exceed EUR 801 for separate assessment or EUR 1,602 for joint assessment of spouses.
A corresponding exemption applies if a certificate for persons who are not expected to be assessed for income tax (the so-called “non-assessment certificate”) is submitted.
If a domestic investor has units held in domestic custody, the institution maintaining the custody account, acting as the paying agent, will not withhold tax provided that, prior to the aforemen- tioned receipt date, it is presented with either an exemption form conforming to the official sample document and covering an adequate amount or a non-assessment certificate issued by the tax office for a maximum of three years. No tax is withheld in this case. Otherwise, the investor must provide the domestic institution
maintaining the custody account with the amount of tax to be withheld. For this purpose, the institution maintaining the custody account may withdraw the amount of tax to be withheld from a cash account held at the institution in the name of the investor without the consent of the investor. If the investor does not object before the advance income estimate is deemed received, the institution maintaining the custody account may also withdraw the amount of tax to be withheld from a cash account in the name of the investor to the extent that an overdraft facility agreed with the investor for this account has not been utilized. If the investor fails to comply with its obligation to provide the domestic institution maintaining the custody account with the amount of tax to be withheld, the institution maintaining the custody account must inform its competent tax office accordingly. In this case, the unreported advance income estimate must be declared in the investor’s income tax return.
- 
### Capital gains at investor level

If units of the fund are sold after December 31, 2017, the capital gain is subject to the final with- holding rate of 25 percent. This applies both for units acquired before January 1, 2018, and deemed sold as of December 31, 2017, and repurchased as of January 1, 2018, and for units acquired after December 31, 2017.
If the fund meets the tax prerequisites for partial exemption of an equity fund, 30 percent of the capital gains are tax-exempt. Equity funds are investment funds that, according to their terms and conditions of investment, continuously invest more than 50 percent of their value or of their assets in equity capital investments.
If the fund meets the tax prerequisites for partial exemption of a balanced fund, 15 percent of the capital gains are tax-exempt. Balanced funds are investment funds that, according to their terms and conditions of investment, continuously invest at least 25 percent of their value or of their assets in equity capital investments.
If the fund does not meet the tax prerequisites for either an equity fund or a balanced fund, no partial exemption is applicable to the capital gains.
A tax classification for partial exemption purposes of the fund or funds or sub-funds can be found in the Annex to this summary of tax regulations of importance to German investors. The classification may change for the future. In such a case, the fund unit is treated as sold and subsequently acquired on the following day with a new tax classification for partial exemption purposes; any resulting notional capital gain, however, is only taken into account once the units are actually sold.
In the case of gains on the sale of units acquired before January 1, 2018, and deemed sold as of December 31, 2017, and repurchased as of January 1, 2018, it must be noted that, at the time of the actual sale, the gains on the notional
sale that took place as of December 31, 2017, are also taxable if the units were in fact acquired after December 31, 2008. No partial exemption is applied to these gains resulting from the notional sale. Changes in the value of units acquired before January 1, 2009, that occurred between the acquisition date and December 31, 2017, are tax exempt.
If the units are held in a domestic custody account, the institution maintaining the custody account withholds the tax, taking into account any applicable partial exemptions. The 25-percent withholding tax (plus solidarity surcharge and, where applicable, church tax) can be avoided
by submitting an exemption form covering an adequate amount or a non-assessment certifi- cate. If such units are sold by an individual investor at a loss, the amount of that loss – less any reduction based on a partial exemption – may be offset against other positive income from capital assets. If the units are held in a custody account at a domestic institution, and positive income from capital assets was generated at the same institution in the same calendar year, the institution maintaining the custody account will offset the loss.
In the case of a sale after December 31, 2017, of fund units acquired before January 1, 2009, the gain generated after December 31, 2017, is gener- ally tax exempt for individual investors up to an amount of EUR 100,000. This exemption can only be claimed if these gains are declared to the investor’s competent tax office.
When determining the capital gain for tax purposes, the gain must be reduced by the advance income estimates applied during the holding period.
- 
## Units held as business assets (German tax residents)
	- 
### Tax-exempt unit class (unit class for “tax-advantaged” investors)


As explained above, the fund is partially subject to corporate income tax on certain income.
However, a unit class is tax-exempt if the units in a unit class may only be acquired or held by such tax-privileged investors that are a domestic corporate entity, association of persons or estate that, according to its respective articles of incor- poration and by-laws, foundation deed of trust or other founding instrument, solely and directly serves non-profit, charitable or religious pur- poses, and is actually administered accordingly, or if it is a foundation under public law that solely and directly serves non-profit or charitable pur- poses, or if it is a legal entity under public law that solely and directly serves religious interests; no such refunding shall take place, however, if the units are held in a for-profit business opera- tion. The same applies to comparable foreign
investors with registered offices and administra- tions in a foreign country that provides official legal and recovery assistance.
A unit class is also tax exempt if the units are held solely or in addition to the above-mentioned tax-privileged investors within the framework of individual retirement arrangements or basic pen- sions that have been certified in accordance with the German Pension Contracts Certification Act.
The prerequisites for tax exemption of a unit class are that the investors furnish proof of their tax exemption to the fund and that the invest- ment conditions only permit the redemption of investment units in such a unit class to the investment fund and that the transfer of invest- ment units in such a unit class is excluded.
Furthermore, exemption from the corporate income tax paid at fund level on German dividends and on income from German dividend rights similar to equities also essentially requires that German equities and German dividend rights similar to equities were held by the fund as beneficial owner for 45 days without interruption within a period of 45 days before and after the investment income was payable, and that the minimum risk of changes in value was 70 percent throughout that entire 45-day period.
Tax exemption amounts that the Company receives in connection with the administration of the fund and that are attributable to income from the unit classes described above must generally be paid out to investors in those unit classes.
Notwithstanding the preceding, the Company shall be entitled to transfer exemption amounts directly to the fund for the benefit of the investors in this unit class; new units will not be issued on the basis of this transfer.
Information about tax-exempt unit classes, if any, is provided in the special section of this sales prospectus and in the Special Terms and Condi- tions of Investment.
- 
### Refund of corporate income tax imposed on the fund

The corporate income tax incurred at fund level may be reimbursed to the fund for forwarding to an investor if the investor is a domestic corporate entity, association of persons or estate that, according to its respective articles of incorporation and by-laws, foundation deed of trust or other founding instrument, solely and directly serves non-profit, charitable or religious purposes, and is actually administered accordingly, or if it is a foundation under public law that solely and directly serves non-profit or charitable purposes, or if it is a legal entity under public law that solely and directly serves religious interests; no such refunding shall take place, however, if the units are held in a for-profit business operation. The same applies to comparable foreign investors with registered offices and administrations in a foreign country that provides official legal and recovery assistance.
The prerequisite for this is that such an investor submits a corresponding application and that the corporate income tax is prorated over the invest- or’s holding period. In addition, the investor must be the legal and beneficial owner of the units for a period of at least three months before receiving the income of the fund subject to corporate income tax, and there must be no obligation to transfer the units to another person. Furthermore, with regard to the corporate income tax paid at fund level on German dividends and on income from German dividend rights similar to equities, such refunding also essentially requires that German equities and German dividend rights similar to equities were held by the fund as beneficial owner for 45 days without interruption within a period of 45 days before and after the investment income was payable, and that the minimum risk of changes in value was 70 percent throughout that entire 45-day period (so-called “45-day rule”).
The refund application must be accompanied by documentation of tax-exempt status and by a statement of investment fund unit holdings issued by the institution maintaining the custody account. The statement of investment fund unit holdings is a certificate conforming to the official sample document documenting the extent to which units were held by the investor during the entire calen- dar year, as well as the timing and extent of any purchases and sales of units during the calendar year.
The corporate income tax incurred at the fund level may also be refunded to the fund for for- warding to an investor if the units in the fund are held within the framework of individual retirement arrangements or basic pensions that have been certified in accordance with the German Pension Contracts Certification Act. This requires the provider of an individual retirement arrangement or basic pension contract to inform the fund within one month of the fund’s fiscal year-end at which points in time and in what amounts units were acquired or sold. The aforementioned 45-day rule must additionally be taken into account.
There is no obligation on the part of the fund or the Company to have the corresponding corpo- rate income tax refunded for forwarding to the investor. In particular, the fund or the Company can make the application for such a refund dependent on a minimum expected refund amount and/or on an agreement for reimburse- ment of expenses by the investor.
Given the elevated complexity of this rule, it may be beneficial to consult with a tax advisor.
- 
### Distributions

Distributions of the fund are generally subject to individual or corporate income tax and to trade tax.
If the fund meets the tax prerequisites for partial exemption of an equity fund, 60 percent of the distributions are tax-exempt for corporation tax
purposes, and 30 percent for trade tax purposes, if the units are held by natural persons as busi- ness assets. For taxable corporate entities,
80 percent of the distributions are generally tax-exempt for corporation tax purposes, and
40 percent for trade tax purposes. For corporate entities that are life or health insurers and in which the units are attributable to investments, and for those that are credit institutions and in which the units are attributable to the trading book or were acquired with the objective of achieving a short-term gain from proprietary trading, 30 percent of the distributions are
tax-exempt for corporation tax purposes, and 15 percent for trade tax purposes. Equity funds are investment funds that, according to their terms and conditions of investment, continu- ously invest more than 50 percent of their value or of their assets in equity capital investments.
If the fund meets the tax prerequisites for partial exemption of a balanced fund, 30 percent of the distributions are tax-exempt for corporation tax purposes, and 15 percent for trade tax purposes, if the units are held by natural persons as busi- ness assets. For taxable corporate entities,
40 percent of the distributions are generally tax-exempt for corporation tax purposes, and
20 percent for trade tax purposes. For corporate entities that are life or health insurers and in which the units are attributable to investments, and for those that are credit institutions and in which the units are attributable to the trading book or were acquired with the objective of achieving a short-term gain from proprietary trading, 15 percent of the distributions are
tax-exempt for corporation tax purposes, and
7.5 percent for trade tax purposes. Balanced funds are investment funds that, according to their terms and conditions of investment, contin- uously invest at least 25 percent of their value or of their assets in equity capital investments.
If the fund does not meet the tax prerequisites for either an equity fund or a balanced fund,
no partial exemption is applicable to the distributions.
A tax classification for partial exemption pur- poses of the fund or funds or sub-funds can be found in the Annex to this summary of tax regulations of importance to German investors. The classification may change for the future. In such a case, the fund unit is treated as sold and subsequently acquired on the following day with a new tax classification for partial exemption purposes; any resulting notional capital gain, however, is only taken into account once the units are actually sold.
The distributions are generally subject to the 25-percent withholding tax (plus solidarity surcharge).
If the tax prerequisites for an equity or balanced fund are met, the partial-exemption rate applica- ble for individual investors, i.e., 30 percent in the
case of an equity fund and 15 percent in the case of a balanced fund, is applied consistently for withholding purposes.
- 
### Advance income estimates

The advance income estimate (“Vorabpauschale”) is the amount by which the fund’s distributions within a calendar year fall short of the baseline return for that calendar year. The baseline return is determined by multiplying the redemption price of the unit at the beginning of a calendar year by 70 percent of the baseline interest rate, which in turn is derived from long-term govern- ment bond market yields. The baseline return is limited to the amount exceeding the difference between the first and last redemption prices determined in the calendar year plus the distribu- tions paid during the calendar year. For the year in which the units were acquired, the advance income estimate is reduced by one-twelfth for each full month preceding the month of acquisi- tion. The advance income estimate is deemed to have accrued on the first workday of the follow- ing calendar year.
Advance income estimates are generally subject to individual or corporate income tax and to trade tax.
If the fund meets the tax prerequisites for partial exemption of an equity fund, 60 percent of the advance income estimates are tax-exempt for corporation tax purposes, and 30 percent for trade tax purposes, if the units are held by natural persons as business assets. For taxable corporate entities, 80 percent of the advance income estimates are generally tax-exempt for corporation tax purposes, and 40 percent for trade tax purposes. For corporate entities that are life or health insurers and in which the units are attributable to investments, and for those that are credit institutions and in which the units are attributable to the trading book or were acquired with the objective of achieving a short- term gain from proprietary trading, 30 percent of the advance income estimates are tax-exempt for corporation tax purposes, and 15 percent for trade tax purposes. Equity funds are investment funds that, according to their terms and condi- tions of investment, continuously invest more than 50 percent of their value or of their assets in equity capital investments.
If the fund meets the tax prerequisites for partial exemption of a balanced fund, 30 percent of the advance income estimates are tax-exempt for corporation tax purposes, and 15 percent for trade tax purposes, if the units are held by natural persons as business assets. For taxable corporate entities, 40 percent of the advance income estimates are generally tax-exempt for corporation tax purposes, and 20 percent for trade tax purposes. For corporate entities that are life or health insurers and in which the units are attributable to investments, and for those that are credit institutions and in which the units are attributable to the trading book or were acquired with the objective of achieving a
short-term gain from proprietary trading, 15 per- cent of the advance income estimates are
tax-exempt for corporation tax purposes, and
7.5 percent for trade tax purposes. Balanced funds are investment funds that, according to their terms and conditions of investment, contin- uously invest at least 25 percent of their value or of their assets in equity capital investments.
If the fund does not meet the tax prerequisites for either an equity fund or a balanced fund, no partial exemption is applicable to the advance income estimate.
A tax classification for partial exemption pur- poses of the fund or funds or sub-funds can be found in the Annex to this summary of tax regulations of importance to German investors. The classification may change for the future. In such a case, the fund unit is treated as sold and subsequently acquired on the following day with a new tax classification for partial exemption purposes; any resulting notional capital gain, however, is only taken into account once the units are actually sold.
The advance income estimates are generally subject to the 25-percent withholding tax (plus solidarity surcharge).
If the tax prerequisites for an equity or balanced fund are met, the partial-exemption rate applica- ble for individual investors, i.e.,30 percent in the case of an equity fund and 15 percent in the case of a balanced fund, is applied consistently for withholding purposes.
- 
### Capital gains at investor level

Gains on the sale of the units are generally sub- ject to individual or corporate income tax and to trade tax. When determining the capital gain for tax purposes, the gain must be reduced by the advance income estimates applied during the holding period.
If the fund meets the tax prerequisites for partial exemption of an equity fund, 60 percent of the capital gains are tax-exempt for corporation tax purposes, and 30 percent for trade tax purposes, if the units are held by natural persons as business assets. For taxable corporate entities, 80 percent of the capital gains are generally tax-exempt for corporation tax purposes, and 40 percent for trade tax purposes. For corporate entities that are life or health insurers and in which the units are attribut- able to investments, and for those that are credit institutions and in which the units are attributable to the trading book or were acquired with the objective of achieving a short-term gain from proprietary trading, 30 percent of the capital gains are tax-exempt for corporation tax purposes, and 15 percent for trade tax purposes. Equity funds are investment funds that, according to their terms and conditions of investment, continuously invest more than 50 percent of their value or of their assets in equity capital investments.
If the fund meets the tax prerequisites for partial exemption of a balanced fund, 30 percent of the capital gains are tax-exempt for corporation tax purposes, and 15 percent for trade tax purposes, if the units are held by natural persons as busi- ness assets. For taxable corporate entities, 40 per- cent of the capital gains are generally tax-exempt for corporation tax purposes, and 20 percent for trade tax purposes. For corporate entities that are life or health insurers and in which the units are attributable to investments, and for those that are credit institutions and in which the units are attributable to the trading book or were acquired with the objective of achieving a short-term gain from proprietary trading, 15 percent of the capital gains are tax-exempt for corporation tax purposes, and 7.5 percent for trade tax purposes. Balanced funds are investment funds that, according to their terms and conditions of investment, continu- ously invest at least 25 percent of their value or of their assets in equity capital investments. In the event of a loss on a sale, the loss amount corre- sponding to the respective applicable partial exemption is not deductible at investor level.
If the fund does not meet the tax prerequisites for either an equity fund or a balanced fund, no partial exemption is applicable to the capital gains.
A tax classification for partial exemption pur- poses of the fund or funds or sub-funds can be found in the Annex to this summary of tax regulations of importance to German investors. The classification may change for the future. In such a case, the fund unit is treated as sold and subsequently acquired on the following day with a new tax classification for partial exemption purposes; any resulting notional capital gain, however, is only taken into account once the units are actually sold.
In the case of gains on the sale of units acquired before January 1, 2018, and deemed sold as of December 31, 2017, and repurchased as of January 1, 2018, it must be noted that, at the time of the actual sale, the gains on the notional sale that took place as of December 31, 2017, are also taxable. No partial exemption is applied to these gains resulting from the notional sale.
The gain on the notional sale shall be determined separately for units attributable to an investor’s business assets.
The gains on the sale of the units are generally not subject to withholding of investment income tax.
- 
### Simplified overview for the taxation of regular business investor groups

Distributions	Advance income estimates	Capital gains
GERMAN INVESTORS
Sole proprietorships
Investment income tax:
25% (the partial exemption for equity funds of 30%, or 15% for balanced funds, is taken into account)
Substantive taxation:
Investment income tax: No withholding
Individual income tax and trade tax, taking into account partial exemptions where applicable (equity funds: 60% for individual income tax / 30% for trade tax; balanced funds: 30% for individual income tax / 15% for trade tax)
Regularly taxed corporations (typically industrial companies; banks, unless units are held in their trading portfolio; property insurers)
Investment income tax:
No withholding for banks, otherwise 25% (the partial exemption for equity funds of 30%, or 15% for balanced funds, is taken into account)
Substantive taxation:
Investment income tax: No withholding
Corporate income tax and trade tax, taking into account partial exemptions where applicable (equity funds: 80% for corporate income tax / 40% for trade tax; balanced funds: 40% for corporate income tax / 20% for trade tax)
Life and health insurance companies and pension funds in which the fund units are attributable to investments
Banks that hold the fund units for trading
Investment income tax:
No withholding Substantive taxation:
Corporate income tax and trade tax, unless the commercial accounts contain a provision for premium
refunds that is also recognized for tax purposes, taking into account partial exemptions where applicable (equity funds: 30% for corporate income tax / 15% for trade tax; balanced funds: 15% for corporate income tax / 7.5% for trade tax)
Investment income tax: No withholding
Substantive taxation:
Corporate income tax and trade tax, taking into account partial exemptions where applicable (equity funds: 30% for corporate income tax / 15% for trade tax; balanced funds: 15% for corporate income tax / 7.5% for trade tax)
Tax-exempt charitable, benevolent or religious investors (in particular,
churches and charitable foundations)
Investment income tax:
No withholding
Substantive taxation:
Tax-exempt – in addition, the corporate income tax paid at fund level can be refunded on request
Other tax-exempt investors (in par- ticular, pension funds, burial funds and provident funds, provided that the requirements provided for in the Corporate Tax Act are met)
Investment income tax: No withholding
Substantive taxation: Tax-exempt
It is assumed that units are held in custody in Germany. A surtax called the “solidarity sur- charge” is levied on investment income tax,
individual income tax and corporate income tax. To obtain exemption from withholding of invest- ment income tax, it may be necessary to
submit certificates to the institution maintaining the custody account in sufficient time.
- 
## Non-resident taxpayers

If a non-resident taxpayer has the fund units held in custody by a domestic institution, no tax will be withheld on distributions, advance income estimates and the from the sale of the units, pro- vided that the taxpayer submits proof of non-res- ident status. If the institution maintaining the custody account is not aware of the investor’s non-resident status, or if such status is not ver- ified in time, the foreign investor has no option but to apply for a refund of the tax withheld as provided for by the German Fiscal Code
1
. The tax office of the institution maintaining the custody account will be responsible for processing such a refund application.
- 
## Solidarity surcharge

A solidarity surcharge of 5.5 percent is levied on the amount of tax to be withheld from distribu- tions, advance income estimates and gains on the sale of units.
- 
## Church tax

Provided that income tax is already being withheld by a domestic institution maintaining the custody account (withholding agent), the attributable church tax is regularly levied as a surcharge on the tax withheld at the church tax rate of the religious group to which the church tax payer belongs.
The deductibility of the church tax as a special expense is taken into account and used to reduce withholding.
- 
## Foreign withholding tax

Local withholding tax is in some cases retained at source on fund income generated abroad. Such withholding tax cannot be taken into account to reduce the tax liability of investors.
- 
## Consequences of merging investment funds

In cases where a domestic investment fund is merged into another domestic investment fund to which the same partial-exemption rate is applicable, unrealized gains will not be disclosed either at the level of the investors or at the level of investment funds involved, i.e., such a transac- tion is tax neutral. If the investors in the transfer- ring investment fund receive a cash payment as defined by
2 
provided for in the merger plan, such payment shall be treated like a distribution.
If the applicable partial-exemption rate of the transferring investment fund is different from that of the receiving investment fund, the unit of the transferring investment fund is treated as sold, and
- Article 37 (2) of the German Fiscal Code
- Article 190 (2), no. 2, KAGBthe unit of the receiving investment fund is treated as acquired. The gain on the notional sale is only deemed to have accrued once the unit of the receiving investment fund is actually sold. Once the notional acquisition has taken place, thepartial-exemption rate of the receiving investment fund shall be applied.
- 
## Special notice for German tax residents using foreign custody accounts

Particular circumstances must be taken into account by German investors holding units of the fund in a foreign custody account. In particular, the foreign institution maintaining the custody account will not withhold tax, which means that German tax residents must declare in their tax returns all distributions, advance income estimates and gains realized on the sale of units (regarding the calcula- tion of capital gains, see points I. 3 and II. 5 above, respectively). It must be noted here that distribu- tions and advance income estimates must be declared in the tax return every year.
Given the transitional provisions to the legal situation applicable since January 1, 2018, a large number of particular circumstances must be considered (e.g., any inflow of taxable capital gains on the sale of units applicable as of Decem- ber 31, 2017, in the context of the actual unit sale).
If foreign custody accounts are to be used, we recommend that, prior to acquiring units of the fund described in this sales prospectus, investors consult their tax advisor and individually clarify any possible tax consequences arising from the acquisition of units.
- 
## Tax effects of an investment in a master fund at the level of the feeder fund

At the level of a domestic fund serving as a feeder fund that acquires units of a Luxembourg fund serving as the master fund, the following applies:
No withholding tax is levied on investment income according to article 16 InvStG (distributions, advance income estimates and gains realized on the redemption/sale of units to the master fund) transferred to the feeder fund from the master fund or on investment income attributable to the feeder fund.
A refund of any corporate income tax incurred at the level of the master fund on domestic income from equity investments and on other domestic income in the sense of the limited income tax liability, not including gains on the sale of owner- ship interests in corporations, is not possible for investors in the feeder fund.
- 
## Automatic exchange of information in tax matters

The importance of automatic exchange of informa- tion as a means to combat cross-border tax fraud and tax evasion has greatly increased in recent years at international level. In response, the OECD published its Common Reporting Standard (here- inafter “CRS”), a global standard for automatic exchange of financial account information in tax matters. The CRS was integrated into EU law at the end of 2014 by way of Council Directive 2014/107/EU of December 9, 2014, amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation. The participating jurisdictions (all EU member states and a number of third countries) are now applying the CRS. Germany has trans- posed the CRS into German law with the Financial Account Information Exchange Act of Decem-
ber 21, 2015.
Under the CRS, reporting financial institutions (primarily credit institutions) are required to collect specific information about their clients. If these clients (natural persons or legal entities) are reportable persons (not including, for example, corporations or financial institutions listed on an exchange) resident in other participating jurisdic- tions, their cash and custody accounts are classi- fied as reportable accounts. Reporting financial institutions will then communicate certain infor- mation to their home tax authorities for each reportable account. These then communicate the information to the home tax authority of the client.
The information to be communicated is essentially the personal data of the reportable client (name; address; tax identification number; date and place of birth (for natural persons); jurisdiction of resi- dence), as well as information about the cash and custody accounts (e.g., account number; account balance or value; total gross amount of interest, dividend or investment fund distribution income; total gross proceeds from the sale or redemption of financial assets (including fund units)).
Specifically affected, therefore, are reportable investors holding a cash and/or custody account with a credit institution established in a participat- ing jurisdiction. German credit institutions will therefore report information about investors resident in other participating jurisdictions to the Federal Tax Office, which in turn will forward the information to the respective tax authorities of the investors’ jurisdictions of residence. Conversely, credit institutions in other participating jurisdic- tions will report information about investors resident in Germany to their respective home tax authority, which in turn will forward the informa- tion to the Federal Tax Office. It is ultimately conceivable that credit institutions established in other participating jurisdictions will report informa- tion about investors that are resident in still other participating jurisdictions to their respective home tax authority, which in turn will forward the infor- mation to the respective tax authorities of the investors’ jurisdictions of residence.
General note
The information provided here is based on our understanding of current tax laws. It is addressed to persons subject, without limitation, to individual 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.
ANNEX – Tax classification overview of all German funds for partial tax exemption purposes
(As of 3/1/2021)
| Fund | Classification for partial tax exemption purposes |
| --- | --- |
| AL GlobalDynamik | Mixed fund |
| Albatros Fonds | Mixed fund |
| Barmenia Renditefonds DWS | Fund with no partial tax exemption |
| Basler-Aktienfonds DWS | Equity fund |
| Basler-International DWS | Mixed fund |
| Basler-Rentenfonds DWS | Fund with no partial tax exemption |
| Best Managers Concept I | Fund with no partial tax exemption |
| Capital Growth Fund | Equity fund |
| Champions Select Balance | Mixed fund |
| Champions Select Dynamic | Mixed fund |
| CSR Bond Plus | Fund with no partial tax exemption |
| DeAM-Fonds BKN-HR | Fund with no partial tax exemption |
| DeAM-Fonds WOP 2 | Fund with no partial tax exemption |
| DEGEF-Bayer-Mitarbeiter-Fonds | Mixed fund |
| DWS Akkumula | Equity fund |
| DWS Aktien Schweiz | Equity fund |
| DWS Aktien Strategie Deutschland | Equity fund |
| DWS Artificial Intelligence | Equity fund |
| DWS Balance | Mixed fund |
| DWS Balance Portfolio E | Fund with no partial tax exemption |
| DWS Biotech | Equity fund |
| DWS Concept DJE Globale Aktien | Equity fund |
| DWS Concept GS&P Food | Equity fund |
| DWS Covered Bond Fund | Fund with no partial tax exemption |
| DWS Defensiv | Fund with no partial tax exemption |
| DWS Deutschland | Equity fund |
| DWS Dynamik | Equity fund |
| DWS Emerging Markets Typ O | Equity fund |
| DWS ESG Convertibles | Fund with no partial tax exemption |
| DWS ESG Dynamic Opportunities | Equity fund |
| DWS ESG Investa | Equity fund |
| DWS ESG Stiftungsfonds | Fund with no partial tax exemption |
| DWS ESG Top Asien | Equity fund |
| DWS ESG Top World | Equity fund |
| DWS Euro Bond Fund | Fund with no partial tax exemption |
| DWS Euro Flexizins | Fund with no partial tax exemption |
| DWS Europe Dynamic | Equity fund |
| DWS European Opportunities | Equity fund |
| DWS Eurovesta | Equity fund |
| DWS Eurozone Bonds Flexible | Fund with no partial tax exemption |
| DWS Financials Typ O | Equity fund |
| DWS German Equities Typ O | Equity fund |
| DWS German Small/Mid Cap | Equity fund |
| DWS Global Growth | Equity fund |
| DWS Global Hybrid Bond Fund | Fund with no partial tax exemption |
| DWS Global Natural Resources Equity Typ O | Equity fund |
| DWS Global Small/Mid Cap | Equity fund |
| DWS Global Water | Equity fund |
| DWS Health Care Typ O | Equity fund |
| DWS Internationale Renten Typ O | Fund with no partial tax exemption |
| DWS Inter-Renta | Fund with no partial tax exemption |
| DWS-Merkur-Fonds 1 | Equity fund |

| Fund | Classification for partial tax exemption purposes |
| --- | --- |
| DWS Nomura Japan Growth | Equity fund |
| DWS Qi European Equity | Equity fund |
| DWS Qi Eurozone Equity | Equity fund |
| DWS Qi Exklusiv Renten Chance | Fund with no partial tax exemption |
| DWS Qi Extra Bond Total Return | Fund with no partial tax exemption |
| DWS Qi LowVol Europe | Equity fund |
| DWS Qi NonEuroQualitätsanleihen | Fund with no partial tax exemption |
| DWS Sachwerte | Mixed fund |
| DWS SDG Global Equities | Equity fund |
| DWS Smart Industrial Technologies | Equity fund |
| DWS Telemedia Typ O | Equity fund |
| DWS Top Dividende | Equity fund |
| DWS Top Europe | Equity fund |
| DWS Top Portfolio Offensiv | Equity fund |
| DWS TRC Deutschland | Mixed fund |
| DWS TRC ESG Top Asien | Equity fund |
| DWS TRC Global Growth | Mixed fund |
| DWS TRC Top Dividende | Equity fund |
| DWS US Growth | Equity fund |
| DWS Vermögensbildungsfonds I | Equity fund |
| DWS Vorsorge AS (Dynamik) | Equity fund |
| DWS Vorsorge AS (Flex) | Equity fund |
| Dynamic Europe Balance | Mixed fund |
| E.ON Aktienfonds DWS | Equity fund |
| E.ON Rentenfonds DWS | Fund with no partial tax exemption |
| FFPB Substanz | Fund with no partial tax exemption |
| FOS Performance und Sicherheit | Fund with no partial tax exemption |
| FOS Rendite und Nachhaltigkeit | Fund with no partial tax exemption |
| FOS Strategie-Fonds Nr. 1 | Mixed fund |
| Gottlieb Daimler Aktienfonds DWS | Equity fund |
| LEA-Fonds DWS | Equity fund |
| Löwen-Aktienfonds | Equity fund |
| Multi-Index Equity Fund | Equity fund |
| Noris-Fonds | Equity fund |
| PWM US Dynamic Growth (USD) | Equity fund |
| Renten Strategie K | Fund with no partial tax exemption |
| Strategiekonzept I | Fund with no partial tax exemption |
| Vermögensmanagement Chance | Mixed fund |
| Vermögensmanagement Rendite | Mixed fund |
| Weltportfolio Dynamik | Equity fund |
| Weltportfolio Stabilität | Fund with no partial tax exemption |
| ZinsPlus | Fund with no partial tax exemption |

Management and Administration
Asset Management Company
DWS Investment GmbH
60612 Frankfurt/Main, Germany Own funds as of
December 31, 2019: EUR 289.2 million Subscribed and paid-in capital as of December 31, 2019: EUR 115 million

### Supervisory Board
Dr. Asoka Wöhrmann Chairman
DWS Management GmbH, (personally liable partner of
DWS Group GmbH & Co. KGaA), Frankfurt/Main
Christof von Dryander Vice-Chairman
Cleary Gottlieb Steen & Hamilton LLP, Frankfurt/Main
Hans-Theo Franken
Deutsche Vermögensberatung AG, Frankfurt/Main
Dr. Alexander Ilgen Deutsche Bank AG, Frankfurt/Main
Britta Lehfeldt Deutsche Bank AG Frankfurt/Main
Dr. Stefan Marcinowski Ludwigshafen
Prof. Christian Strenger The Germany Funds New York
Gerhard Wiesheu Partner of Bankhaus
B. Metzler seel. Sohn & Co. KGaA, Frankfurt/Main
Susanne Zeidler
Deutsche Beteiligungs AG, Frankfurt/Main

### Management
Manfre
d Bauer
Speaker of the Management Member of the Executive Board of DWS Beteiligungs GmbH, Frankfurt/ Main
Member of the Executive Board of DWS Management GmbH, (personally liable partner of
DWS Group GmbH & Co. KGaA), Frankfurt/Main
Member of the Supervisory Board of DWS Investment S.A.,
Luxembourg
Dirk Görgen
Member of the Executive Board of DWS Management GmbH, (personally liable partner of
DWS Group GmbH & Co. KGaA), Frankfurt/Main
Member of the Executive Board of DWS Beteiligungs GmbH, Frankfurt/Main
Director of Neo Strategic Holding Limited, Abu Dhabi, United Arab Emirates Chairman of the Supervisory Board of DWS Altervatives GmbH,
Frankfurt/Main
Member of the Supervisory Board of DWS Grundbesitz GmbH, Frankfurt/Main
Stefan Kreuzkamp
Member of the Executive Board of DWS Management GmbH, (personally liable partner of
DWS Group GmbH & Co. KGaA), Frankfurt/Main
Member of the Executive Board of DWS Beteiligungs GmbH, Frankfurt/Main
Member of the Supervisory Board of DWS Investment S.A.,
Luxembourg
Dr. Matthias Liermann
Member of the Executive Board of DWS Beteiligungs GmbH, Frankfurt/Main
Member of the Executive Board of DWS International GmbH, Frankfurt/Main
Member of the Supervisory Board of DWS Investment S.A.,
Luxembourg
Member of the Supervisory Board of Deutsche Treuinvest Stiftung, Frankfurt/Main
Petra Pflaum
Member of the Executive Board of DWS Beteiligungs GmbH, Frankfurt/Main
Depositary
State Street Bank International GmbH Brienner Straße 59
80333 Munich, Germany Own funds as of
December 31, 2019: EUR 2,208 million
(As defined by article 72 of Regulation (EU) No. 575/2013 (CRR I))
Subscribed and paid-in capital as of December 31, 2019: EUR 109.4 million
Shareholder of
DWS Investment GmbH
DWS Beteiligungs GmbH, Frankfurt/Main
As of: 10/01/2020
DWS Investment GmbH
60612 Frankfurt/Main, Germany
Tel.: +49 (0) 69-910-12371
Fax: +49 (0) 69-910-19090
www.dws.com

Translation (ENFR, 2021-03-01):
# Conditions spécifiques de placement
régissant les rapports juridiques entre les inves- tisseurs et DWS Investment GmbH, Francfort- sur-le-Main (ci-après dénommée « la Société ») dans le cadre du fonds commun de placement géré par la Société sous la forme d’un fonds nourricier, conformément à la directive sur les OPCVM

## 	DWS Artificial Intelligence,	
qui ne s’appliquent que conjointement avec les
« Conditions générales de placement » élaborées par la Société.

## Principes de placement et plafonds d’investissement

### Article 25 Actifs
Le fonds commun de placement OPCVM est un fonds nourricier conforme aux directives euro- péennes au sens de l’article 1, alinéa 19, point 11 du code allemand sur les investissements en capitaux (Kapitalanlagegesetzbuch ; KAGB). Le fonds maître au sens de l’article 1, alinéa 19, point 12 du KAGB est le fonds DWS Invest Artificial Intelligence géré par la société DWS Investment S.A. (« fonds maître »). Le fonds maître, composé de différentes classes de parts, est un compartiment de DWS Invest, une société d’investissement à capital variable.
Celle-ci a été fondée en tant que Société d’Inves- tissement à Capital Variable (« SICAV ») de droit luxembourgeois sur la base de la Loi du
17 décembre 2010 et de la Loi du 10 août 1915 relative aux sociétés commerciales. Elle est régie par les dispositions de la Partie I de la Loi du
17 décembre 2010 relative aux organismes de placement collectif. Le fonds maître est un fonds de placement européen répondant aux exi- gences de la directive 2009/65/UE.
La Société est autorisée à acquérir exclusive- ment les actifs suivants pour le fonds commun de placement OPCVM :
- parts du fonds maître OPCVM européen DWS Invest Artificial Intelligence,
- avoirs bancaires conformément à l’article 195 du KAGB, dès lors qu’ils sont disponibles quotidiennement,
- dérivés conformément à l’article 197 du KAGB, dans la mesure où ils servent exclusi- vement à des fins de couverture.

Dans ses décisions d’investissement, la Société prend en compte les critères ESG (Environmen- tal, Social and Governance – environnementaux, sociaux et de gouvernance). Afin de prendre en compte ces critères ESG, la Société utilise une base de données spéciale dans laquelle les données ESG d’autres entreprises de recherche, ainsi que ses propres résultats de recherche sont intégrés. Cette base de données attribue les
investissements à l’une des six évaluations possibles après analyse des données. Si l’inves- tissement obtient la notation la plus basse, celui-ci n’est pas adapté au fonds commun de placement OPCVM, à moins qu’un examen individuel de la notation par une commission de
la Société ne détermine que l’investissement est néanmoins adapté. Dans son examen, la com- mission prend en compte d’autres critères, tels que les perspectives de développement en ce qui concerne les facteurs ESG, l’exercice des droits de vote ou les perspectives générales de développement économique. Si, dans le cas d’investissements existants, l’investissement a l’évaluation la plus basse sur la base d’une analyse actualisée de la base de données, cette évaluation est examinée par la commission. Si la commission détermine que l’investissement est toujours approprié, il n’est pas nécessaire de le vendre. Si la commission confirme l’évaluation actualisée, les investissements concernés sont vendus.

### Article 26 Prêt de titres et opérations d'avances sur titres
Des prêts de titres et opérations d’avances sur titres conformément aux articles 13 et 14 des Conditions générales de placement ne sont pas conclus.

### Article 27 Plafonds d’investissement et limites de placement
- L’actif du fonds commun de placement OPCVM sera investi à 85 % au moins de sa valeur dans des parts du fonds maître.

L’objectif de la politique de placement du fonds maître consiste à réaliser une plus-value à long terme, principalement en investissant sur les marchés internationaux des actions de sociétés dont l’activité bénéficie du développement de l’intelligence artificielle ou y est actuellement liée.
Pour le fonds maître, au moins 70 % des actifs du compartiment sont investis dans des actions de toutes les capitalisations boursières, des certificats d'actions, des certificats de participa- tion et de droit de dividende, des obligations convertibles et des warrants sur actions émis par des sociétés étrangères et nationales. Au moins 60 % de l’actif du compartiment doivent alors être investis dans des actions.
Jusqu’à 30 % de l’actif du compartiment peuvent être investis dans des placements à court terme, des instruments du marché monétaire et des avoirs bancaires.
Afin de bénéficier d'une exonération partielle au sens de la loi allemande sur l’imposition des investissements (Investmentsteuergesetz ;
« InvStG »), le fonds maître doit investir au moins 60 % de son actif (ce montant est déterminé par la valeur de l’actif du fonds de placement, à l’exclu- sion du passif) dans des actions admises à la cote officielle d’une Bourse des valeurs ou autorisées ou négociées sur un autre marché organisé et ne constituant pas des
- parts de fonds de placement ;
- actions détenues indirectement par des sociétés de personnes ;
- parts dans des sociétés de capitaux, associa- tions de personnes ou masses patrimoniales dont l'actif brut se compose de biens immo- biliers à 75 % au minimum, si ces sociétés de capitaux, associations de personnes ou masses patrimoniales sont soumises à une imposition sur les bénéfices d'au moins 15 %et qu'elles n'en sont pas exonérées ou si leurs distributions sont soumises à une imposition d'au moins 15 % et que le fonds de placement n'en est pas exonéré ;
- parts dans des sociétés de capitaux qui sont exonérées de l'imposition sur les bénéfices dès lors qu'elles effectuent des distributions, à moins que les distributions soient soumises à une imposition s'élevant à au moins 15 % et que le fonds de placement n'en soit pas exonéré ;
- parts dans des sociétés de capitaux dont les revenus proviennent directement ou indirecte- ment, à plus de 10 %, d'investissements dans des sociétés de capitaux qui (i) sont des sociétés immobilières ou (ii) ne sont pas des sociétés immobilières, mais (a) qui sont éta- blies dans un État membre de l'Union euro- péenne ou un État membre de l'Espace écono- mique européen et qui n'y sont pas soumises à une imposition sur les bénéfices ou en sont exonérées ou (b) qui sont établies dans un État tiers et n'y sont pas soumises à une imposition sur les bénéfices d'au moins 15 % ou en sont exonérées ;
- parts dans des sociétés de capitaux détenant directement ou indirectement des participa- tions dans des sociétés de capitaux qui(i) sont des sociétés immobilières ou (ii) ne sont pas des sociétés immobilières, mais(a) qui sont établies dans un État membre de l'Union européenne ou un État membre de l'Espace économique européen et qui n'y sont pas soumises à une imposition sur les bénéfices ou en sont exonérées ou (b) qui sont établies dans un État tiers et n'y sont pas soumises à une imposition sur les béné- fices d'au moins 15 % ou en sont exonérées si la valeur commune de ces participations s'élève à plus de 10 % de la valeur commune des sociétés de capitaux.

Aux fins de cette section, le terme « État membre de l'Union européenne » inclut le Royaume-Uni jusqu'au 31 décembre 2020.
Les plafonds d’investissement énoncés à l’ar- ticle 207, alinéa 1 et à l’article 210, alinéa 3 du KAGB, ainsi qu’à l’article 11, alinéa 8 des Condi- tions générales de placement ne s’appliquent de ce fait pas au fonds nourricier.
- En outre, l’actif du fonds commun de place- ment OPCVM peut être investi jusqu’à 15 % dans des avoirs bancaires conformément à l’article 25, point 2 des Conditions spécifiques de placement et / ou dans des dérivés conformé- ment à l’article 25, point 3 des Conditions spéci- fiques de placement.
- Des valeurs mobilières, des instruments du marché monétaire, d’autres parts de fonds que ceux mentionnés à l’article 25, point 1 des Conditions spécifiques de placement, de même que d’autres instruments de placement confor- mément aux articles 5, 6, 8 et 10 des Conditions générales de placement, ne doivent pas être acquis pour le fonds commun de placement OPCVM.
- En supplément des plafonds d’investisse- ment fixés aux alinéas 1 à 3 ci-dessus et dans les des Conditions générales de placement, pour obtenir une exonération partielle au sens de la loi allemande sur l’imposition des investissements (Investmentsteuergesetz ; InvStG), l’investisse- ment dans le fonds maître exige également qu’au moins 85 % de l’actif du fonds nourricier (dont le montant est déterminé par la valeur des actifs du fonds de placement, à l’exclusion du passif) soient investis dans des parts du fonds maître (« fonds d’actions »). Les taux réels des investissements en capitaux du fonds maître peuvent être pris en compte en ce qui concerne la quotepart des investissements en capitaux du fonds nourricier au sens de l'article 2, alinéa 8 de la loi InvStG.


## Classes de parts

### Article 28 Classe de parts
- Pour le fonds commun de placement OPCVM, des classes de parts au sens de l’ar- ticle 16, alinéa 2 des Conditions générales de placement peuvent être créées, qui se dis- tinguent par des investisseurs qui peuvent acquérir ou détenir des parts, l’affectation des résultats, le droit d’entrée, le droit de sortie, la devise dans laquelle les parts sont libellées,y compris l’utilisation d’opérations de couverture du risque de change, les frais forfaitaires, le montant minimum d’investissement ou une combinaison de ces caractéristiques. La création de classes de parts est autorisée à tout moment et incombe à la discrétion de la Société.
- La conclusion d’opérations de couverture de change uniquement au profit de chacune des classes de parts est autorisée. Pour les classes de parts libellées en devises avec une couverture contre le risque de change au profit de la devise de cette classe de parts (« devise de réfé-rence »), la Société peut également utiliser, indépendamment de l’article 9 des Conditions générales de placement, des dérivés au sens de l’article 197, alinéa 1 de la loi KAGB sur des cours de change ou des devises avec pour objectif d’éviter des moins-values liées aux pertes entermes de change des éléments d’actif du fonds commun de placement OPCVM non libellés dans la devise de référence de la classe de parts.
- La valeur liquidative est calculée séparément pour chaque classe de parts, en affectant les coûts de lancement de nouvelles classes de parts, la distribution de dividendes (y compris les taxes éventuelles à acquitter sur l’actif du fonds), les frais forfaitaires et les résultats des opéra- tions de couverture de change qui reviennent à une certaine classe de parts, y compris, le cas échéant, la régularisation des revenus, unique- ment à cette classe de parts.
- Les classes de parts existantes sont men- tionnées séparément dans le prospectus de vente et dans les rapports annuels et semes- triels. Les éléments caractérisant les classes de parts (affectation des résultats, droit d’entrée, devise dans laquelle les parts sont libellées, frais forfaitaires, montant minimum d’investissement ou une combinaison de ces caractéristiques) sont décrits de manière détaillée dans le pros- pectus de vente et dans les rapports annuels et semestriels.


## Parts, cours de souscription, cours de rachat, rachat de parts et frais

### Article 29 Parts
- En tant que copropriétaires, les investisseurs détiennent une participation dans les éléments d’actif du fonds commun de placement OPCVM qui est proportionnelle à leurs parts respectives.
- Les parts de la classe de parts portant le suffixe « TF » (Trailer Free) sont exclusivement disponibles
	- par l’intermédiaire de distributeurs et d’inter- médiaires qui
		- ne doivent recevoir ni ne percevoir de commissions de portefeuille ou autres rémunérations, réductions ou paiements du fonds commun de placement OPCVM, en vertu de prescriptions réglementaires (par exemple, en ce qui concerne les services de conseil indépendants, la gestion discrétionnaire de portefeuille ou certaines réglementations locales) ; ou
		- ont convenu avec leurs clients de règles distinctes en matière de frais et ne reçoivent et / ou ne perçoivent pas de commissions de portefeuille ou autres rémunérations, réductions ou paiements du fonds commun de placement OPCVM ;

	- pour d’autres OPC et
	- pour les produits d’investissement fondés sur l’assurance tels que définis à l’article 4, alinéa 2, du règlement (UE)numéro 1286/2014.


La Société ne paie aucune commission de porte- feuille pour la classe de parts portant le suf-
fixe « TF ». Par conséquent, les frais liés à la classe de parts TF sont inférieurs aux frais liés aux autres classes de parts du même fonds commun de placement OPCVM.

### Article 30 Cours de souscription et de rachat
- Le droit d’entrée pour les classes de parts ND, FC et TFC représente 0 % de la valeur liquidative.
- Aucun droit de sortie n’est prélevé. Le rachat de parts est effectué à la valeur liquidative.


### Article 31 Particularités lors du calcul de la valeur liquidative
Contrairement à l’article 18, alinéa 4 des Condi- tions générales de placement, les cours de souscription et de rachat sont déterminés chaque jour ouvré de banque à Francfort-sur-le- Main et Luxembourg par l’agence dépositaire, avec la collaboration de la Société.

### Article 32 Suspension du rachat de
parts du fonds maître
si le rachat des parts du fonds maître dans lequel le fonds nourricier investit est temporairement suspendu, la Société est en droit de suspendre le rachat des parts du fonds nourricier dans la même période. Il n’est pas dérogé ici aux dispo- sitions de l’article 17, alinéa 4 des Conditions générales de placement.

### Article 33 Frais et prestations reçues
- La Société perçoit du fonds commun de placement OPCVM pour la classe de parts ND des frais forfaitaires équivalant à 1,7 % par an, pour la classe de parts FC à 0,85 % par an et pour la classe de parts TFC à 0,9 % par an de la valeur liquidative annuelle moyenne de l’actif du fonds commun de placement OPCVM, calculés sur la base de la valeur liquidative déterminée quotidien- nement en Bourse (cf. article 18 des Conditions générales de placement). Elle est en droit de percevoir des avances proportionnelles sur celle-ci sur une base mensuelle. Ce forfait couvre les rémunérations et dépenses suivantes, qui ne sont donc pas portées séparément à la charge du fonds commun de placement OPCVM :
	- commission pour la gestion du fonds com- mun de placement OPCVM (gestion de fortune collective, dont notamment gestion du fonds, tâches administratives, frais de distribution, commission de service pour rapport et analyse) ;
	- rémunération de l’agence dépositaire ;
	- droits de garde et frais de traitement des comptes conformes aux usages bancaires, comprenant le cas échéant les frais bancaires relatifs à la conservation d’éléments d’actif étrangers à l’étranger ;
	- frais d’impression et d’envoi des documents de vente prescrits par la loi et destinés aux investisseurs (rapports annuels et semes- triels, prospectus de vente, informations clés pour l’investisseur) ;

- frais de publication des rapports annuels et semestriels, des cours de souscription et de rachat, et le cas échéant, des distributions de dividendes ou des capitalisations et du rapport de dissolution ;
- frais inhérents à la vérification du fonds commun de placement OPCVM par le com- missaire aux comptes du fonds commun de placement OPCVM ;
- frais de publication des bases de calcul de l’impôt et de l’attestation selon laquelle les déclarations fiscales ont été établies confor- mément aux règles du droit fiscal allemand.
- Outre les frais forfaitaires revenant à la Société en vertu de l’alinéa 1, les dépenses suivantes peuvent également grever le fonds commun de placement OPCVM :
- les frais relatifs à l’exercice et à la satisfac- tion des droits légaux par la Société pour le compte du fonds commun de placement OPCVM, ainsi que ceux relatifs à la défense face aux recours contre la Société à la charge du fonds commun de placement OPCVM ;
- les frais de création et d’utilisation d’un support durable, sauf dans le cas des infor- mations sur les fusions de fonds de place- ment et sauf dans le cas des informations sur les mesures liées à des violations des plafonds d’investissement ou des erreurs de calcul de la valeur liquidative ;
- les impôts liés aux rémunérations à verser à la Société, à l’agence dépositaire et aux tiers, liés aux dépenses susmentionnées et liés à la gestion et à la conservation.
- Frais de transactionEn sus des rémunérations et des dépenses précitées, les frais encourus en rapport avec l’achat et la vente d’éléments d’actif sont impu- tés au fonds commun de placement OPCVM.
- La Société doit publier dans le rapport annuel et dans le rapport semestriel le montant des droits d’entrée et des droits de sortie qui ont été imputés au fonds commun de placement OPCVM, pendant la période sous revue, pour la souscription et le rachat de parts au sens de l’article 196 du KAGB. En cas d’acquisition de parts de fonds gérées directement ou indirecte- ment par la Société elle-même ou par une autre société à laquelle la Société est liée par une participation notable directe ou indirecte, la Société ou cette autre société ne pourra prélever de droits d’entrée ou de sortie pour l’acquisition ou le rachat de ces parts. La Société doit publier, dans le rapport annuel et dans le rapport semes- triel, la commission de gestion imputée au fonds commun de placement OPCVM pour les parts détenues dans ce dernier, et qui est calculée par la Société elle-même, par une autre société de gestion (de capitaux) ou par une autre société avec laquelle la Société est liée par le biais d’une participation directe ou indirecte.


## Affectation des résultats et exercice

### Article 34 Classes de parts de distribution
- Pour les classes de parts de distribution, la Société distribue les intérêts, dividendes et autres revenus proportionnels échus pendant l’exercice pour le compte du fonds commun de placement OPCVM et qui n’ont pas été affectés à la couver- ture des frais, compte tenu de la régularisation des revenus y afférente. Les plus-values de cession réalisées, compte tenu de la régularisa- tion des revenus correspondante, peuvent égale- ment faire l’objet d’une distribution.
- Le versement des revenus proportionnels distribuables, conformément à l’alinéa 1, peut être reporté à des exercices ultérieurs dès lors que la somme des revenus reportés n’excède pas 15 % de la valeur correspondante de l’actif du fonds commun de placement OPCVM à la fin de l’exercice. Les revenus issus d’exercices incomplets peuvent être reportés intégralement.
- En vue de la préservation du capital, la Société peut décider de réinvestir partiellement, ou intégralement à titre exceptionnel, des reve- nus dans le fonds commun de placement OPCVM.
- La distribution s’effectue annuellement dans les trois mois qui suivent la clôture de l’exercice.


### Article 35 Classes de parts de
capitalisation
Pour les classes de parts de capitalisation, la Société réinvestit dans le fonds commun de placement OPCVM les intérêts, dividendes et autres revenus proportionnels échus pendant l’exercice pour le compte du fonds commun de placement OPCVM et qui n’ont pas été affectés à la couverture des frais – compte tenu de la régularisation des revenus y afférente – ainsi que les plus-values de cession réalisées.

### Article 36 Exercice
L’exercice actuel du fonds commun de place- ment OPCVM commence le 1er octobre 2019 et s’achève le 30 septembre 2020. Un exercice incomplet sera arrêté du 1er octobre 2020 au
31 décembre 2020. Ensuite, le nouvel exercice du fonds commun de placement OPCVM com- mencera le 1er janvier et s’achèvera le
31 décembre.
Direction et gestion
Société de gestion des capitaux
DWS Investment GmbH
60612 Francfort-sur-le-Main, Allemagne Fonds propres
au 31 décembre 2019 : 289,2 millions d’euros Capital souscrit et libéré au 31 décembre 2019 : 115 millions d’euros

### Conseil de surveillance
Dr. Asoka Wöhrmann Président
DWS Management GmbH,
(Société personnellement responsable de DWS Group GmbH & Co. KGaA), Francfort-sur-le-Main
Christof von Dryander Vice-président
Cleary Gottlieb Steen & Hamilton LLP, Francfort-sur-le-Main
Hans-Theo Franken
Deutsche Vermögensberatung AG, Francfort-sur-le-Main
Dr. Alexander Ilgen Deutsche Bank AG, Francfort-sur-le-Main
Britta Lehfeldt Deutsche Bank AG Francfort-sur-le-Main
Dr. Stefan Marcinowski Ludwigshafen
Prof. Christian Strenger The Germany Funds New York
Gerhard Wiesheu Associé de la banque
B. Metzler seel. Sohn & Co. KGaA, Francfort-sur-le-Main
Susanne Zeidler
Deutsche Beteiligungs AG, Francfort-sur-le-Main

### Direction
Manfred Bauer
Porte-parole de la direction Membre de la direction de DWS Beteiligungs GmbH, Francfort-sur-le-Main Membre de la direction de DWS Management GmbH,
(Société personnellement responsable de DWS Group GmbH & Co. KGaA), Francfort-sur-le-Main
Membre du conseil de surveillance de DWS Investment S.A.,
Luxembourg
Dirk Görgen
Membre de la direction de DWS Management GmbH,
(Société personnellement responsable de DWS Group GmbH & Co. KGaA), Francfort-sur-le-Main
Membre de la direction de DWS Beteiligungs GmbH, Francfort-sur-le-Main
Director de Neo Strategic Holding Limited, Abu Dhabi, Émirats arabes unis
Président du conseil de surveillance de DWS Alternatives GmbH
Francfort-sur-le-Main
Membre du conseil de surveillance de DWS Grundbesitz GmbH
Francfort-sur-le-Main
Stefan Kreuzkamp Membre de la direction de DWS Management GmbH,
(Société personnellement responsable de DWS Group GmbH & Co. KGaA), Francfort-sur-le-Main
Membre de la direction de DWS Beteiligungs GmbH, Francfort-sur-le-Main
Membre du conseil de surveillance de DWS Investment S.A.,
Luxembourg
Dr. Matthias Liermann Membre de la direction de DWS Beteiligungs GmbH, Francfort-sur-le-Main Membre de la direction de DWS International GmbH, Francfort-sur-le-Main
Membre du conseil de surveillance de DWS Investment S.A.,
Luxembourg
Membre du conseil de surveillance de Deutsche Treuinvest Stiftung, Francfort-sur-le-Main
Petra Pflaum
Membre de la direction de DWS Beteiligungs GmbH, Francfort-sur-le-Main
Agence dépositaire
State Street Bank International GmbH Brienner Straße 59
80333 Munich, Allemagne Fonds propres
au 31 décembre 2019 : 2.208 millions d’euros (Au sens de l’article 72 du Règlement (UE)
n° 575/2013 (CRRI))
Capital souscrit et libéré
au 31 décembre 2019 : 109,4 millions d’euros
Actionnaire de la
DWS Investment GmbH
DWS Beteiligungs GmbH, Francfort-sur-le-Main
Situation au : 1/10/2020
DWS Investment GmbH
60612 Francfort-sur-le-Main, Allemagne
Tél. : +49 (0) 69-910-12371
Fax : +49 (0) 69-910-19090
www.dws.com