Deutsche Asset Management S.A. DWS Global · Annual Report 2016. DWS Global. 1 Contents Annual...

DWS Global

Deutsche Asset Management

Deutsche Asset Management S.A.

n DWS Global Agribusiness Investment Fund Organized under Luxembourg Law

Annual Report 2016

DWS Global

1

Contents

Annual report 2016 for the period from January 1, 2016, through December 31, 2016

General information ................................................................................................... 2

Annual report DWS Global DWS Global Agribusiness ........................................................................................... 4

Annual financial statements Investment portfolio and statement of income and expenses .................................. 8

Supplementary information Remuneration Disclosure ........................................................................................... 14

Information pursuant to Regulation (EU) 2015/2365 .................................................. 16

Report of the Réviseur d’Entreprises agréé ............................................................... 18

2

General information

The fund described in this report is a sub-fund of an umbrella fund organized under the laws of Luxembourg.

PerformanceThe investment return, or performance, of a mutual fund investment is measured by the change in value of the fund’s units. The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at Deutsche Asset Management S.A., are used as the basis for calculating the value. Past performance is not a guide to future results.

The corresponding bench-mark – if available – is also presented in the report. All financial data in this publication is as of December 31, 2016 (unless otherwise stated).

Sales prospectusesFund units are purchased on the basis of the current sales prospectus and management regulations, as well as the key investor information document, in combination with the latest audited annual report and any semiannual report that is more recent than the latest annual report.

Issue and redemption pricesThe current issue and redemp-tion prices and all other infor-mation for unitholders may be requested at any time at the registered office of the Man-agement Company and from the paying agents. In addition, the issue and redemption prices are published in every country of distribution through appro-priate media (such as the Internet, electronic information systems, newspapers, etc.).

The following companies were renamed on March 17, 2016:

Deutsche Asset & Wealth Management Investment GmbH became Deutsche Asset Management Investment GmbHDeutsche Asset & Wealth Management International GmbH became Deutsche Asset Management International GmbHDeutsche Asset & Wealth Management Investment S.A. became Deutsche Asset Management S.A.

Annual report

4

DWS Global Agribusiness

Investment objective and performance in the reporting periodDWS Global Agribusiness focuses on equities of global companies that are active in the agribusiness value chain. As part of the investment process, particular attention is paid to companies that contribute to the elimination of global ineffi-ciencies in food production and logistics and in consumption. These include, for instance, fertilizer manufacturers and seed producers, producers of crop-protection chemicals and food producers, as well as com-panies that generally operate in the entire food value-added chain.

In the reporting period, the investment environment was characterized by historically low interest rates in the indus-trial countries and marked volatility in the capital markets. Against this backdrop, DWS Global Agribusiness recorded an appreciation of 0.1% per unit in the fiscal year through the end of December 2016 (A2 unit class; BVI method; in U.S. dollars).

Investment policy in the reporting periodThe performance of the equity markets was volatile during the reporting period. At the begin-ning of the reporting period, the slowdown in economic activity in China temporarily put pressure on the international equity and commodity markets. Later in the period, the equity markets recovered significantly because of the continuation of the expansionary monetary

policy by the central banks in Europe and the United States and robust economic develop-ment, although political events such as the Brexit vote in the United Kingdom and the pres-idential election in the United States generated uncertainty at times. In the equity markets,a sharp overall increase in defen-sive stocks was seen until the summer of 2016, while cyclical stocks set the pace in the sec-ond half of the year. The energy sector gained ground due to the announcement of produc-tion cuts by OPEC. Metal prices (iron ore, copper, zinc) also rose sharply due to stronger demand from China. On the other hand, prices for agricultural raw

material stocks changed rela-tively little in 2016.

The change in portfolio man-agement to Deutsche Asset Management as of Septem-ber 15, 2016, was accompanied by a partial restructuring of the portfolio with the aim of even broader risk diversification. For this purpose, the position size for individual heavily weighted equities was reduced, among other things. In addition, new sub-sectors from the down-stream segment (such as restaurant chains, supermar-kets and organic food produc-ers) with a lower correlation to the upstream segment (fertilizer manufacturers, seed producers,

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DWS Global Agribusiness Performance of unit classes (in USD)

Unit class ISIN 1 year 3 years 5 years

Class A2 LU0264451831 0.1% -17.6% -2.1%

Class E2 LU0264451757 0.8% -15.7% 1.6%

Class FC (EUR)1 LU0264452722 4.3% 9.7% 24.5%

Class LC (EUR)1 LU0264453456 3.5% 7.6% 20.3%

Class A2 (SGD)2 LU0289847823 2.1% -6.1% 9.0%1 in EUR 2 in SGD

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2016

5

and producers of crop-protec-tion chemicals) were added to the portfolio. In addition, individual stocks with low market capitalization, which appeared to be less liquid, were sold, as were securities with a very low portfolio weighting. Individual reviews and adjust-ments were made with the aim of containing risks arising from currency fluctuations, including for equities or companies that operate in emerging markets. In addition, agricultural stocks traditionally associated with lower market sensitivity were included in the portfolio; this was linked with the objective of increasing the stability of the portfolio. Equities of this type were characterized primarily by the fact that, based on robust business models, they recorded below average losses during market phases of greater uncer-tainty in the past.

Later in the period, the sub-fund benefited in particular from its commitment to fertil-izer manufacturers that partici-pated in the increase in fertilizer prices in the second half of 2016, as well as investments in agricultural machinery manu-facturers, which benefited from solid corporate earnings and efficient cost management. In contrast, in the fourth quarter of 2016, positions in higher- capitalized, high-dividend con-sumer goods companies in the fourth quarter of 2016 recorded below-average price develop-ment in view of the expectation of rising interest rates.

DWS GLOBAL AGRIBUSINESSInvestment focus by sector

16.3

15.3

32.1

5.1

4.64.6

3.9

3.1

2.42.2

6.8

3.6

In % of the fund’s net assets

0 10As of: December 31, 2016

20 30 40

Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculatedpercentages.

Equities: 96.4%

Fertilizers & Agri Chemicals

Agricultural Products

Food Products & Meat

Agricultural & Farm Machinery

Tobacco

Food Retail

Diversified Chemicals

Specialty Chemicals

Food Distributors

Personal Care Products

Other sectors

Cash and other assets

Annual financial statements with investment portfolio and statement of income

and expenses

The format used for complete dates

in securities descriptions in the invest-

ment portfolio is “day/month/year”.

8

Securities traded on an exchange 166 165 190.68 95.48 Equities GrainCorp., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 264 689 465 388 AUD 9.56 1 828 866.38 1.05Select Harvests Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 180 613 74 183 144 124 AUD 6.64 866 772.80 0.50BrasilAgro - Co Brasileira de Propriedades Agricolas . . . . . . . Count 257 212 172 194 BRL 11.05 873 257.93 0.50JBS SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 608 300 608 300 BRL 11.4 2 130 647.99 1.22Metalfrio Solutions SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 951 33 387 BRL 1.72 3 144.90 0.00Minerva SA/Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 621 094 405 589 BRL 12.15 2 318 583.00 1.33Sao Martinho SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 342 837 338 958 67 082 BRL 19.5 2 054 051.53 1.18SLC Agricola SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 602 429 673 257 BRL 14.47 2 678 326.00 1.54AG Growth International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 18 400 18 400 CAD 52.9 724 603.59 0.42Canadian Pacific Railway Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 400 15 400 CAD 192.555 2 207 509.12 1.27Syngenta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 542 12 166 12 028 CHF 405.2 4 598 189.36 2.64Anheuser-Busch InBev SA/NV . . . . . . . . . . . . . . . . . . . . . . . . Count 15 495 15 495 EUR 100.6 1 644 297.16 0.95Carrefour SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 117 400 117 400 EUR 22.935 2 840 256.67 1.63Evonik Industries AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 119 800 119 800 EUR 28.38 3 586 410.16 2.06Koninklijke DSM NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 29 600 41 300 11 700 EUR 57.02 1 780 367.55 1.02KWS Saat SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 19 119 24 355 EUR 282 5 687 285.47 3.27Unilever NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 94 300 94 300 EUR 39.045 3 883 898.45 2.23Vilmorin & Cie SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 102 689 35 703 EUR 60.07 6 506 872.59 3.74British American Tobacco Plc . . . . . . . . . . . . . . . . . . . . . . . . . Count 25 400 25 400 GBP 46.215 1 453 121.98 0.84Imperial Brands Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 65 500 65 500 GBP 35.423 2 872 174.43 1.65Tate & Lyle Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 94 109 7 323 242 654 GBP 7.075 824 219.73 0.47WH Group Ltd 144A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 497 316 513 000 723 109 HKD 6.27 2 827 653.65 1.63Japan Tobacco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 000 70 000 JPY 3 844 2 304 852.46 1.32Kubota Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 206 900 206 900 JPY 1 668.5 2 956 980.17 1.70NH Foods Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 83 000 83 000 JPY 3 155 2 243 051.09 1.29Seven & I Holdings Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 44 700 44 700 JPY 4 453 1 704 990.36 0.98KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 16 900 16 900 KRW 101 000 1 413 230.67 0.81Yara International ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 148 900 148 900 NOK 340.2 5 881 931.24 3.38Charoen Pokphand Foods PCL . . . . . . . . . . . . . . . . . . . . . . . . Count 1 107 656 2 645 600 THB 29.5 912 465.67 0.52Adecoagro SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 81 302 72 605 USD 10.37 843 101.74 0.48AGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 300 65 400 5 100 USD 57.95 3 494 385.00 2.01Agrium, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 103 892 5 368 92 157 USD 101.5 10 545 038.00 6.06Ambev SA -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 299 855 636 059 USD 4.95 1 484 282.25 0.85Andersons, Inc./The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 73 429 87 473 USD 43.95 3 227 204.55 1.85Aramark Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 23 805 23 805 USD 35.7 849 838.50 0.49Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 104 813 75 900 845 USD 45.4 4 758 510.20 2.73Bunge Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 60 570 49 719 71 862 USD 71.33 4 320 458.10 2.48CF Industries Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 345 335 134 132 247 005 USD 31.82 10 988 559.70 6.31Darling Ingredients, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 65 073 201 040 USD 12.97 843 996.81 0.49Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 16 900 40 600 23 700 USD 103 1 740 700.00 1.00Dow Chemical Co./The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 67 900 67 900 83 099 USD 57.24 3 886 596.00 2.23EI du Pont de Nemours & Co. . . . . . . . . . . . . . . . . . . . . . . . . . Count 39 900 39 900 USD 73.36 2 927 064.00 1.68FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 66 101 42 000 11 670 USD 56.64 3 743 960.64 2.15GrubHub, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 34 700 46 815 12 115 USD 37.44 1 299 168.00 0.75Hain Celestial Group, Inc./The . . . . . . . . . . . . . . . . . . . . . . . . . Count 46 375 46 375 USD 39.25 1 820 218.75 1.05Hormel Foods Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 78 000 78 000 USD 35.001 2 730 078.00 1.57Kroger Co./The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 91 700 91 700 USD 34.83 3 193 911.00 1.84Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 88 659 37 425 30 515 USD 105.34 9 339 339.06 5.37Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 178 859 24 791 441 748 USD 29.69 5 310 323.71 3.05Potash Corp. of Saskatchewan, Inc. . . . . . . . . . . . . . . . . . . . . Count 284 832 20 391 489 901 USD 18.33 5 220 970.56 3.00Sanderson Farms, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 33 600 43 400 9 800 USD 94.22 3 165 792.00 1.82SunOpta, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 344 787 104 443 357 600 USD 7 2 413 509.00 1.39Tyson Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 39 180 41 900 14 163 USD 61.56 2 411 920.80 1.39United Natural Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 18 853 67 481 USD 47.57 896 837.21 0.52Whole Foods Market, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 99 500 99 500 USD 31.17 3 101 415.00 1.78 Securities admitted to or included in organized markets 1 559 250.00 0.89 Equities Union Agriculture Group SA . . . . . . . . . . . . . . . . . . . . . . . . . . Count 275 000 USD 5.67 1 559 250.00 0.89 Total securities portfolio 167 724 440.68 96.37 Bank balances 6 676 618.74 3.84 Demand deposits at Depositary EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 782 459 825 376.78 0.47 Deposits in other EU/EEA currencies British pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 86 178 106 679.14 0.06Norwegian krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 124 708 14 480.51 0.01

Investment portfolio – December 31, 2016

Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % ofDescription units/ principal additions disposals value in net assets currency amount in the reporting period USD


9

Deposits in non-EU/EEA currencies Australian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 867 391 626 907 .04 0 .36Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRL 2 960 728 909 677 .56 0 .52Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 806 103 .99 0 .00Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 4 702 708 40 281 .88 0 .02Canadian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 31 684 23 586 .44 0 .01Mexican peso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MXN 142 076 6 888 .19 0 .00Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 0 0 .25 0 .00Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 529 580 366 643 .67 0 .21South African rand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ZAR 5 232 381 .92 0 .00South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 73 502 751 60 856 .72 0 .03Thai baht . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THB 15 704 204 438 536 .31 0 .25U .S . dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 3 256 218 .34 1 .90 Other assets 789 064.34 0.45Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 035 .60 0 .12Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578 028 .74 0 .33 Receivables from share certificate transactions 40 075.14 0.02 Total assets 175 230 198.90 100.68 Other liabilities -451 088.16 -0.25Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -350 844 .64 -0 .20Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -100 243 .52 -0 .05 Liabilities from share certificate transactions -741 023.31 -0.43 Total liabilities -1 192 111.47 -0.68 Net assets 174 038 087.43 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages . Net asset value per unit and Count/ Net asset value per unitnumber of units outstanding currency in the respective currency

Net asset value per unit Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 155 .72Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 143 .53Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 0 .97Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 120 .05Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 130 .20 Number of units outstanding Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 52 401Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 84 133Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 41 821 460Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 000 311Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 34 373 Composition of the reference portfolio (according to CSSF circular 11/512)S&P Global Agribusiness Equity Index

Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 82 .659 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 112 .509 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . % 94 .557 The values-at-risk were calculated for the period from January 1, 2016, through December 31, 2016, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

In the reporting period, the average leverage effect from the use of derivatives was 0 .0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach) .

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0 .00 as of the reporting date .


Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % ofDescription units/ principal additions disposals value in net assets currency amount in the reporting period USD

10

Exchange rates (indirect quotes)

As of: December 30, 2016 Australian dollar . . . . . . . . . . . . . . . . . . AUD 1 .383604 = USD 1Brazilian real . . . . . . . . . . . . . . . . . . . . BRL 3 .254700 = USD 1Canadian dollar . . . . . . . . . . . . . . . . . . CAD 1 .343300 = USD 1Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1 .017100 = USD 1Euro . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0 .948002 = USD 1British pound . . . . . . . . . . . . . . . . . . . GBP 0 .807820 = USD 1Hong Kong dollar . . . . . . . . . . . . . . . . HKD 7 .754900 = USD 1Japanese yen . . . . . . . . . . . . . . . . . . . JPY 116 .745000 = USD 1South Korean won . . . . . . . . . . . . . . . . KRW 1 207 .800000 = USD 1Mexican peso . . . . . . . . . . . . . . . . . . . MXN 20 .626050 = USD 1Norwegian krone . . . . . . . . . . . . . . . . . NOK 8 .612100 = USD 1Singapore dollar . . . . . . . . . . . . . . . . . SGD 1 .444400 = USD 1Thai baht . . . . . . . . . . . . . . . . . . . . . . . THB 35 .810500 = USD 1South African rand . . . . . . . . . . . . . . . . ZAR 13 .700000 = USD 1

Notes on valuation

The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund . The basic provision of price data and price validation are per-formed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus .

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters . This procedure is subject to an ongoing monitoring process . The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure . Assets reported in this report are valued to a small extent at derived market values .

The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses . A plus sign means that a performance-based fee may also be charged . As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds . No initial sales charges or redemption fees were paid in the reporting period .


Transactions completed during the reporting period that no longer appear in the investment portfolio:

Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date

Count/ Purchases/ Sales/ Description units/ currency additions disposals

Securities traded on an exchange

EquitiesAnheuser-Busch InBev SA/NV . . . . . . . . . . . . . . Count 14 895Aryzta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 17 476 86 023Australian Agricultural Co ., Ltd . . . . . . . . . . . . . . Count 2 182 900Bayer AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 23 594 23 594BISI International Tbk PT . . . . . . . . . . . . . . . . . . . Count 3 116 451China Agri-Industries Holdings Ltd . . . . . . . . . . . Count 4 416 215China BlueChemical Ltd -H- . . . . . . . . . . . . . . . . Count 8 067 250China Merchants Holdings International Co ., Ltd Count 8 072 308 848Chipotle Mexican Grill, Inc . . . . . . . . . . . . . . . . . . Count 4 400 4 400Coca-Cola Amatil Ltd . . . . . . . . . . . . . . . . . . . . . . Count 16 243 358 888ConAgra Foods, Inc . . . . . . . . . . . . . . . . . . . . . . . Count 6 547 6 547CPMC Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . Count 1 682 711Credicorp Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 226CSX Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 21 957Diageo Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 28 461 28 461Ebro Foods SA . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 110 926Feronia, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 199 515Fertilizantes Heringer SA . . . . . . . . . . . . . . . . . . . Count 781 356Food Empire Holdings Ltd . . . . . . . . . . . . . . . . . . Count 2 139 800Fresh Market, Inc . . . . . . . . . . . . . . . . . . . . . . . . . Count 118 580Green Plains, Inc . . . . . . . . . . . . . . . . . . . . . . . . . Count 32 089Greencore Group Plc . . . . . . . . . . . . . . . . . . . . . Count 114 649 114 649Grupo Comercial Chedraui SA de CV . . . . . . . . . Count 218 587Hershey Co ./The . . . . . . . . . . . . . . . . . . . . . . . . . Count 28 301Ingredion, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 050International Flavors & Fragrances, Inc . . . . . . . . Count 19 349 19 349Intrepid Potash, Inc . . . . . . . . . . . . . . . . . . . . . . . Count 175 696Israel Chemicals Ltd . . . . . . . . . . . . . . . . . . . . . . Count 171 131KTG Agrar AG-BR . . . . . . . . . . . . . . . . . . . . . . . . Count 89 733M Dias Branco SA . . . . . . . . . . . . . . . . . . . . . . . . Count 1 500 28 792Minerva SA/Brazil -Rights Exp 25Feb16 . . . . . . . Count 522 566 522 566Mondelez International, Inc . . . . . . . . . . . . . . . . . Count 4 688 52 801

Naturex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 737Noodles & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 91 594OCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 39 447Panera Bread Co . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 136Petra Foods Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 364 000Rumo Logistica Operadora Multimodal SA . . . . . Count 220 980Rumo Logistica Operadora Multinational 01/02/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 79 399Santos Brasil Participacoes SA . . . . . . . . . . . . . . Count 1 030 355 1 030 355Santos Brasil Participacoes SA . . . . . . . . . . . . . . Count 212 102Shoprite Holdings Ltd . . . . . . . . . . . . . . . . . . . . . Count 170 787Sintal Agriculture -Reg- -GDR- . . . . . . . . . . . . . . . Count 89 195Thermo Fisher Scientific, Inc . . . . . . . . . . . . . . . . Count 3 489Tiger Brands Ltd . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 515TreeHouse Foods, Inc . . . . . . . . . . . . . . . . . . . . . Count 818 60 260US Foods Holding Corp . . . . . . . . . . . . . . . . . . . . Count 40 056 40 056Viscofan SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 13 542WhiteWave Foods Co ./The . . . . . . . . . . . . . . . . . Count 15 158 15 158Wilson Sons Ltd -BDR- . . . . . . . . . . . . . . . . . . . . Count 168 727Yum! Brands, Inc . . . . . . . . . . . . . . . . . . . . . . . . . Count 24 868Zoetis, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 362

Securities admitted to or included in organized markets

EquitiesSintal Agriculture -Reg- -GDR- . . . . . . . . . . . . . . . Count 497 937

Investment fund units

In-group fund unitsdb x-trackers - db Hedge Fund Index ETF -1C- EUR - (0 .700%) . . . . . . . . . . . . . . . . . . . Units 138 826 138 826

Count/ Purchases/ Sales/ Description units/ currency additions disposals

11


Statement of changes in net assets 2016

I. Value of the fund’s net assets at the beginning of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 214 297 265.01

1. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -38 677 453.06 a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . . USD 19 739 945.91 b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . . USD -58 417 398.972. Income adjustment and reimbursed expenses . . . . . . . . USD -4 978 598.923. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . USD 747 020.084. Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -63 566 672.645. Net change in unrealized appreciation/depreciation . . . . USD 66 216 526.96

II. Value of the fund’s net assets at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 174 038 087.43

Summary of gains/losses 2016

Realized gains/losses (incl. income adjustment) . . . . . . . USD -63 566 672.64

from: Securities transactions . . . . . . . . . . . . . . . . . . . . . . . . . . USD -63 340 160.92 (Forward) currency transactions . . . . . . . . . . . . . . . . . . USD -226 511.72

Details on the distribution policy*

Class FC (EUR)

The income for the fiscal year is reinvested.

Class LC (EUR)


Class A2 (SGD)


Class A2


Class E2


* Additional information is provided in the sales prospectus.

for the period from January 1, 2016, through December 31, 2016

I. Income1. Dividends (before withholding tax) . . . . . . . . . . . . . . . . . USD 4 249 813.112. Interest from securities (before withholding tax) . . . . . . USD 5 083.273. Interest from investments of liquid assets

(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . . USD 2 262.674. Deduction for foreign withholding tax . . . . . . . . . . . . . . . USD -722 556.79

Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 3 534 602.26

II. Expenses1. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -2 476 564.03 thereof: Basic management fee . . . . . . . USD -2 435 850.43 Administration fee . . . . . . . . . . . USD -40 713.602. Depositary fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -5 263.593. Auditing, legal and publication costs . . . . . . . . . . . . . . . . USD -51 225.104. Taxe d‘abonnement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -82 351.885. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -172 177.58

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -2 787 582.18

III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD 747 020.08

IV. Sale transactionsRealized gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -63 566 672.64

Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -63 566 672.64

V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . USD -62 819 652.56

BVI total expense ratio (TER)

The total expense ratio for the unit classes was:

Class FC (EUR) 0.98% p.a., Class LC (EUR) 1.76% p.a.,Class A2 (SGD) 1.71% p.a., Class A2 1.70% p.a.,Class E2 0.95% p.a.

The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a funds average net assets in relation to the respective unit class for a given fiscal year.

Transaction costs

The transaction costs paid in the reporting period amounted to USD 365,156.97.

The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.

Statement of income and expenses (incl. income adjustment)

12

Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)

The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.42% of all transactions. The total volume was USD 3,751,153.22.


Changes in net assets and in the net asset value per unit over the last three years

Net assets at the end of the fiscal year2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 174 038 087.432015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 214 297 265.012014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 347 998 856.83 Net asset value per unit at the end of the fiscal year 2016 Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 155.72 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 143.53 Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 0.97 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 120.05 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 130.202015 Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 149.24 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 138.65 Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 0.95 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 119.97 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 129.142014 Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 161.03 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 150.84 Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 1.08 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 145.42 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 155.36

Since the fund’s operations as of December 31, 2016, referred only to the sub-fund DWS Global Agribusiness, the financial statements for the sub-fund simultaneously represent the consolidated figures for the entire fund.

Supplementary information

14

Remuneration Disclosure

The Deutsche Asset Management S.A. (“the Company“) is a subsidiary in Deutsche Bank Group (“Deutsche Bank”). The businesses of Deutsche Bank encompass a wide range of products and services incorporating investment, corporate and retail banking as well as asset management in all regions across the world. The institution at the highest level of consolidation of Deutsche Bank Group is Deutsche Bank AG.

Deutsche Bank AG is subject to the EU’s Capital Requirements Directive (CRD) and the Capital Requirements Regulation (CRR) as a credit institution and is supervised by the European Central Bank (ECB). Deutsche Bank AG has established a compensation framework applying to the whole Deutsche Bank Group (excluding Postbank), which therefore also applies to the Company. For further information on the remuneration system of Deutsche Bank Group as provided below, please refer to the Deutsche Bank Group Compensation Report, which is part of the Financial Report.1)

Governance Structure

Deutsche Bank AG is managed by its Management Board. It is overseen by the Supervisory Board which has established a Compensation Control Committee (CCC). The CCC is, inter alia, responsible for monitoring the compensation system of the Group’s employees and its appropriateness. The Management Board of Deutsche Bank AG has established the Senior Executive Compensation Committee (SECC) which has the mandate to develop sustainable compensation principles, to prepare recommendations on Total Compensation levels and to ensure appropriate compensation governance and oversight. Furthermore, a Compensation Officer for Deutsche Bank Group was appointed who independently monitors the appropriateness of the employee’s compensation systems on a regular basis.

The annual central and independent internal review of the remuneration system concluded its design to be appropriate and no significant irregularities were recognized.

Compensation Structure

The employees of Deutsche Bank Group and of the Company are subject to the compensation standards and principles as outlined in the Group Compensation Strategy and the Compensation Policy. Both policies are reviewed on an annual basis. As part of the Compensation Strategy, Deutsche Bank Group, including the Company, employs a Total Compensation philosophy, which comprises Fixed Pay and Variable Compensation.

In 2016, Deutsche Bank introduced a new compensation framework to align employee compensation even more closely with Deutsche Bank’s strategic and business objectives, while reducing complexity at the same time. The new compensation framework also puts a stronger emphasis on Fixed Pay over Variable Compensation and aims to ensure that these components are appropriately balanced.

Fixed Pay is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role. The appropriate level of Fixed Pay is determined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.

Variable Compensation has the advantage of being able to differentiate between individual performance and drive behaviour through appropriate incentive systems that can positively influence culture. It also allows for flexibility in the cost base. Under the new compensation framework, Variable Compensation generally consists of two elements – the “Group Component” and the “Individual Component”.

In particular, one of the overarching goals of the new compensation framework is to strengthen the link between Variable Compensation and the performance of the Group. To that end, it was decided to align the “Group Component” directly and comprehensible for the employees to Deutsche Bank’s achievements in reaching its strategic targets. To assess progress towards the strategic aspirations, the Management Board of Deutsche Bank AG has decided to utilise four Key Performance Indicators (KPIs) that are significant metrics for the capital, risk, cost and revenue profile: Common Equity Tier 1 (CET1) capital ratio (fully loaded), Leverage ratio, Adjusted cost base (without Postbank and Non-Core Operations Unit) and Post-tax return on tangible equity (RoTE).

Depending on eligibility, the “Individual Component” is delivered either in the form of Individual Variable Compensation or a Recognition Award. Whereas the “Group Component” links to Group performance, Individual Variable Compensation takes into consideration a number of financial and non-financial factors. These include the applicable divisional performance, the employee’s individual performance and conduct, relativities within the employee’s peer group and retention considerations. The Recognition Award program is targeted at non-tariff employees at the lower hierarchy levels. It provides the opportunity to acknowledge and reward outstanding contributions made by the target population in a transparent and timely manner. Generally, there are two nomination cycles per year.

Under the new compensation framework, there continues to be no guarantee of Variable Compensation in an existing employment relationship.

Compensation for 2016

Deutsche Bank has a robust methodology in place, aimed at ensuring that the determination of Variable Compensation reflects the risk-adjusted performance as well as the capital position of Deutsche Bank and its divisions. The total amount of Variable Compensation is primarily driven by (i) Group affordability (i.e. what “can Deutsche Bank award in alignment with regulatory requirements) and (ii) Group strategy (what “should” Deutsche Bank award in order to provide an appropriate compensation while protecting the long-term health of the franchise).

For 2016, the Management Board of Deutsche Bank AG decided to only award a limited pool of Variable Compensation given the operating environment. Specifically, the Management Board decided that Deutsche Bank’s senior employees (Corporate Titles ‘Vice President’, ‘Director’ and ‘Managing Director’) would only receive a “Group Component” but no “Individual Component”. For 2016, the Management Board of Deutsche Bank AG determined a target achievement rate of 50 % with regard to KPIs of the “Group Component”.

1) The most current Compensation Report is linked on: https://www.db.com/cr/en/concrete-compensation-structures.htm

15

Identification of Material Risk Takers

In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the guidelines on sound remuneration policies under UCITS published by the European Securities and Markets Authority (ESMA), the Company has identified individuals who have a material impact of the Company’s risk profile (Material Risk Takers). At least 40 % of the Variable Compensation for Material Risk Takers is deferred. Additionally, at least 50 % of both, the upfront and the deferred proportion, are granted in Deutsche Bank shares or share-based instruments. All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment. In case the Variable Compensation is lower than EUR 50,000, the Material Risk Takers receive their entire Variable Compensation in cash without any deferral.

Aggregate Compensation Information for the Company for 2016

Number of employees on an annual average 136

Total Compensation EUR 10,375,011

Fixed Pay EUR 10,017,020

Variable Compensation EUR 357,991

Total Compensation for Senior Management1) EUR 894,775

Total Compensation for other Material Risk Takers2) EUR 0

Total Compensation for Control Function employees3) EUR 223,641

1) Senior Management refers to the Members of the Management Board of the Company. In case that Members of Senior Management receive their compensation completely or partly from other companies in the Deutsche Bank Group, such compensation is included in the amount of Total Compensation. The above mentioned amount includes EUR 272,417 which was paid by other companies of Deutsche Bank Group. Members of the Management Board meet the definition of managers, too. Apart from the Members of Senior Management, no further managers have been identified.

2) Apart from the Members of the Senior Management, no further Material Risk Takers and / or individuals in the same remuneration bracket have been identified.3) In case that Control Function employees receive their compensation completely or partly from other companies in the Deutsche Bank Group, such compensation is included in the amount

of Total Compensation. The above mentioned amount includes EUR 17,876 which was paid by other companies of Deutsche Bank Group.

16

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

In the reporting period, there were no securities financing transactions according to the above-mentioned regulation.


18

To the unitholders ofDWS Global2, Boulevard Konrad Adenauer1115 Luxembourg, Luxembourg

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ

We have audited the accompanying fi nancial statements of DWS Global and its sub-fund, which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2016, the statement of income and expenses and the statement of changes in net assets for the fi scal year then ended, as well as a summary of signifi cant accounting policies and other explanatory notes to the fi nancial statements.

Responsibility of the Management Board of the Management Company for the fi nancial statementsThe Management Board of the Management Company is responsible for the preparation and proper overall presentation of the fi nancial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of fi nancial statements and for the internal controls considered necessary to enable the fi nancial statements to be prepared such that they are free from material misstatement, irrespec-tive of whether this is due to fraud or error.

Responsibility of the Réviseur d’Entreprises agrééOur responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Commission de Surveil-lance du Secteur Financier for Luxembourg. Those standards require that we comply with professional con-duct requirements and plan and perform the audit to obtain reasonable assurance whether the fi nancial statements are free from material misstatement.

An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the judgment of the Réviseur d’Entreprises agréé, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agréé considers internal control relevant to the entity’s preparation and proper overall presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of eval-uating the eff ectiveness of the entity’s internal control.

KPMG Luxembourg, Société coopérative Tel: +352 22 51 51 139, Avenue John F. Kennedy Fax: +352 22 51 711855 Luxembourg, Luxembourg Email: [email protected] Internet: www.kpmg.lu

KPMG Luxembourg, Société coopérative, a Luxembourg entity and a T.V.A. LU 27351518member fi rm of the KPMG network of independent member fi rms R.C.S. Luxembourg B 149133affi liated with KPMG International Cooperative (”KPMG International“), a Swiss entity

KPMG issued an unqualifi ed audit opinion for

the full annual report. The translation of the report

of the Réviseur d’Entreprises (the independent

auditor’s opinion) is as follows:

19

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Management Board of the Management Company, as well as evaluat-ing the overall presentation of the fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

Audit opinionIn our opinion, the fi nancial statements give a true and fair view of the fi nancial position of DWS Global and its sub-fund as of December 31, 2016, and of the results of its operations and changes in its net assets for the fi scal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of fi nancial statements.

Other informationThe Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the fi nancial statements and our Report of the Réviseur d’Entreprises agréé on these fi nancial statements.

Our audit opinion on the fi nancial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.

In connection with the audit of the fi nancial statements, it is our responsibility to read the other information and to assess whether there is a material discrepancy between this information and the annual fi nancial statements or the fi ndings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclu-sion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard.

Luxembourg, April 6, 2017 KPMG Luxembourg Société coopérative Cabinet de révision agréé

Harald Thönes

Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor

Deutsche Asset Management S.A.2, Boulevard Konrad Adenauer1115 Luxembourg, LuxembourgEquity capital as of December 31, 2016: EUR 263.5 million before profit appropriation

Supervisory Board

Holger NaumannChairmanDeutsche Asset Management Investment GmbH, Frankfurt/Main

Nathalie BauschDeutsche Bank Luxembourg S.A., Luxembourg

Reinhard BelletDeutsche Asset Management Investment GmbH, Frankfurt/Main

Marzio HugDeutsche Bank AG, London

Stefan Kreuzkamp (since February 1, 2016)Deutsche Asset Management Investment GmbH, Frankfurt/Main

Frank Krings (since May 10, 2016)Deutsche Bank Luxembourg S.A., Luxembourg

Dr. Matthias LiermannDeutsche Asset ManagementInvestment GmbH, Frankfurt/Main

Management Board

Dirk Bruckmann (since January 14, 2016)ChairmanDeutsche Asset Management Investment GmbH, Frankfurt/Main

Ralf RauchDeutsche Asset Management Investment GmbH, Frankfurt/Main

Martin SchönefeldDeutsche Asset Management S.A., Luxembourg

Barbara SchotsDeutsche Asset Management S.A., Luxembourg

Auditor

KPMG LuxembourgSociété coopérative39, Avenue John F. Kennedy1855 Luxembourg, Luxembourg

Depositary and Administrator

State Street Bank Luxembourg S.C.A.49, Avenue John F. Kennedy1855 Luxembourg, Luxembourg

Fund Manager (since September 15, 2016)

Deutsche Asset ManagementInvestment GmbHMainzer Landstraße 11-1760329 Frankfurt/Main, Germany

Fund Manager (until September 14, 2016)

Global Thematic Partners, LLC681 Fifth AvenueNew York, NY 10022U.S.A.

Sales, Information and Paying Agent

LUXEMBOURGDeutsche Bank Luxembourg S.A.2, Boulevard Konrad Adenauer1115 Luxembourg, Luxembourg

As of: January 31, 2017

Deutsche Asset Management S.A.2, Boulevard Konrad Adenauer1115 Luxembourg, LuxembourgTel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00

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