Item 5 / Fees and Compensation
Fees, account minimums and payment arrangements
The general policy of DWS International is to assess client fees according to those negotiated with such client. Actual fees, minimum
fees and minimum accounts size are negotiated based on the particular circumstances of the client, additional or differing levels of
service, or as otherwise agreed with specific clients. In some cases, performance fees are also charged subject to federal or local law
and are negotiable.
The fees are generally based on the combined market value of all securities and cash on the accounting date and are normally
payable quarterly or monthly in arrears. DWS International may also enter into performance-based fee arrangements with eligible
clients.
Typically, DWS International does not impose multiple advisory fees when an advisory client’s assets are invested in an affiliated
investment vehicle. Specifically, client holdings of investment companies advised or sub-advised by DWS International and held in
a separately managed account are excluded from the basis of DWS International’s fee computation. However, when deemed legally
permissible, DWS International may charge multiple advisory fees to certain clients such as hedge fund of funds and separately
managed accounts investing in Collateralized Debt Obligation Funds (“CDO”), hedge funds or other investment funds managed by
DWS International. Clients will incur additional fees and expenses relating to third party services, including, but not limited to
administration, custodian, transfer and other similar fees.
Registered investment companies/commingled vehicles/structured products
DWS International acts as sub-advisers and investment managers for certain registered investment companies and other
commingled vehicles ("Funds"). For registered investment companies, the management fees paid by the Funds are subject to
negotiation with the Board of Trustees/Directors of each Fund. DWS International's current investment management fees range up
to 1.50% of aggregate net assets on an annual basis depending on the nature of the Fund, the advisory fee structure, and the size of
the Fund's assets. DWS International may have arrangements with certain registered investment companies whereby the base
annual investment management fee is subject to upward or downward adjustment on the basis of the investment performance of
one or more classes of the Fund's shares as compared with the performance of the relevant benchmark, and DWS International
may establish similar arrangements with other registered investment companies/or and commingled vehicles with respect to
other market indices.
Certain funds may utilize fair valuation pricing, in accordance with internal control procedures and coordinated with the Fund's
service providers should an event occur warranting fair valuation under the procedures.
DWS International acts as an investment adviser to U.S. and non-U.S. unregistered pooled investment vehicles and receives fees for
such services at a negotiated rate based on each investment vehicle's particular circumstance. Fees for such services are generally
set forth in the offering circular or other relevant offering document.
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Form ADV Part 2A
DWS International GmbH
Collateral management of structured securities
The fee arrangements for CDOs and CLOs generally are described in the offering circular for each CDO/CLO. The fees are calculated
as well as performance fees based on the total portfolio collateral and may include both senior and subordinated components.
Termination arrangements
In general, DWS International's investment advisory relationship with its clients is terminable at will by either party. Certain
agreements may require a notice period by DWS International before the termination becomes effective. Furthermore, certain
agreements may also stipulate that DWS International may not resign as investment adviser until a successor has been appointed.
In the event of termination, investment advisory fees are prorated to the date of termination and, to the extent they have been paid
for periods beyond the date of termination, the fees are refunded. Under contractual agreements, either the adviser, DWS
International or the investment company client may terminate an investment advisory contract as stipulated in the terms and
conditions of the contract.
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Form ADV Part 2A
DWS International GmbH