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Deutsche Asset Management

n DWS Global Agribusiness

Investment Fund Organized under Luxembourg Law

Annual Report 2015DWS Global

Deutsche Asset & Wealth Management Investment S.A.

DWS Global Agribusiness

1

Contents

Annual report 2015

for the period from January 1, 2015, through December 31, 2015

General information 2

Annual report, DWS Global

DWS Global Agribusiness 4

Annual financial statements

Investment portfolios and statements of income and expenses 8

Report of the Réviseur d’Entreprises agréé 14

2015

2

General information

The fund described in this report

is a sub-fund of an umbrella fund

organized under Luxembourg law.

Performance

The investment return, or performance,

of a mutual fund investment is meas

ured 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 invest

ment accounts at Deutsche Asset &

Wealth Management Investment S.A.,

are used as the basis for calculating the

value. Past performance is not a guide

to future results.

The corresponding benchmark – if

available – is also presented in the

report. All financial data in this publi

cation is as of December 31, 2015

(unless otherwise stated).

Sales prospectuses

Fund 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 prices

The current issue and redemption

prices and all other information for

unitholders may be requested at any

time at the registered office of the

Management Company and from the

paying agents. In addition, the issue

and redemption prices are published in

every country of distribution through

appropriate media (such as the Internet,

electronic information systems, news

papers, etc.).

The names of the following companies will change in March 2016:

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

The official date of the entry into force of the renaming of the companies was not yet known at the time of the editorial deadline for this report; the previous company names are therefore used in this report.

Annual report

4


Investment objective and

performance in the reporting period

DWS 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 compa-

nies that contribute to the elimination

of global inefficiencies in food produc-

tion and logistics and in consumption.

These include, for instance, fertilizer

manufacturers and seed producers,

producers of crop-protection chem-

icals and food producers, as well as

companies that generally operate in

the entire food value-added chain.

In the fiscal year through the end of

December 2015, the sub-fund recorded

a decline of 17.5% per unit (A2 unit

class, BVI method, in U.S. dollars).

Investment policy

in the reporting period

In fiscal year 2015, declining emerg-

ing markets and their currencies as

well as the weak commodity and

materials sectors had an adverse

impact on the portfolio of DWS Global

Agribusiness. The positive performance

of the sub-themes New Agribusiness

Technologies, Private Label, Land Qual-

ity and Operators, and Premier Proces-

sor was more than offset by weakness

in the sub-themes Nutrient Scarcity,

Organic Food, Emerging Brands and

Logistics.

In 2015 the Global Agribusiness strat-

egy continued to focus on Materials

and Consumer Staples as building

blocks for the agribusiness value chain.

In the area of Materials, the perfor-

DWS GLOBAL AGRIBUSINESSFive-year performance

115

110

105

100

95

90

85

80

* 12/2010 = 100Data on U.S. dollar basis

DWS Global Agribusiness (A2 unit class)

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.As of: December 31, 2015

12/11 12/12 12/13 12/1412/10* 12/15

mance of some of the investments

within the sub-theme of Nutrient Scar-

city, including Yara International and

Incitec Pivot, was not able to offset

the weakness of Potash Corp, Mosaic,

CF Industries and Intrepid Potash.

The strength of Yara International and

Incitec Pivot was driven by a strong

start in 2015, with higher prices and

volumes being recorded prior to the

second quarter. The sub-fund manage-

ment sold these stocks, as the valu-

ation targets had been reached. The

subsequent weakness of the fertilizer

producers Potash Corp, Mosaic, CF

Industries and Intrepid Potash was

driven by a reduction in nutrient prices.

This was due to depreciations of the

import country currencies in the sec-

ond half of the year.

In the New Agribusiness Technologies

sub-theme, the strong performance

of Syngenta, Dow Chemical and BISI

International more than offset weak-

ness from Darling Ingredients, Vilmorin

and FMC Corp. Due to a consolidation

in the seeds and chemical sector, Syn-

genta and Dow Chemical rose signifi-

cantly in price, while BISI International

profited from favorable government

policies that supported land growth in

Indonesia. Darling Ingredients, Vilmorin

and FMC suffered from company-spe-

cific factors. Darling Ingredients experi-

enced weaker prices for fat, tallow and

Performance of unit classes (in USD)

Unit class ISIN 1 year 3 years 5 years

Class A2 LU0264451831 -17.5% -16.6% -15.9%

Class E2 LU0264451757 -16.9% -14.7% -12.7%

Class FC (EUR)1 LU0264452722 -7.3% 3.1% 5.7%

Class LC (EUR)1 LU0264453456 -8.1% 0.9% 2.2%

Class A2 (SGD)2 LU0289847823 -11.7% -3.5% -7.7%1 in EUR2 in SGD

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2015

5

renewable energies. Vilmorin posted

weaker volume growth in the Eastern

European grain markets. FMC Corp.

was confronted with the challenge

of a weaker Brazilian real and high-

er-than-expected inventories of generic

chemicals.

Within Consumer Staples, the port-

folio lagged, among other reasons,

due to its exposure to the sub-themes

Organic Food, Emerging Brands and

Logistics. In Organic Food, the strong

performance of Panera due to good

results from Panera 2.0 store remod-

els and Wessanen with the strong

underlying growth rates of organic

food in Europe was more than offset

by the weakness of The Fresh Market,

United Natural Foods and SunOpta.

The Fresh Market suffered as con-

sensus expected that the company

would need to reinvest in price relative

to traditional retailers. United Natural

Foods was challenged due to slowing

results at Whole Foods, one of its key

customers. SunOpta was also nega-

tively affected by the contraction of

the sector and by concerns about the

financing of its Sunrise Growers Deals.

The sub-themes Emerging Markets

Brands and Distribution Inefficiencies

also performed weakly. The positive

performance of Yum! and Cafe de Coral

was more than offset by the weakness

of Charoen Pokphand, Petra Foods

and Tiger Brands. The latter stocks

suffered from company-specific and

macroeconomic challenges. Charoen

was impacted by a weaker economy

in Thailand and a depreciation of the

baht. Petra Foods also suffered from

the weakening of their domestic

economy and a devaluation of the

Indonesian rupiah. The stock of Tiger

Brands dropped because of challenges

in South Africa and the depreciation of

the rand. The stock of Shoprite Hold-

ings, part of the Distribution Inefficien-

cies sub-theme, fell for similar reasons.

Equities: 99.7%Fertilizers & Agricultural Chemicals

Agricultural Products

Food Products & Meat

Food Distributors

Brewers

Food Retail

Diversified Chemicals

Gastronomy

Marine Ports & Services

Soft Drinks

Other sectors

Not classified by MSCI system

Cash and other assets

23.1

17.9

40.3

4.0

2.9

2.3

2.01.5

1.4

1.1

1.9

1.3

0.3

In % of the fund’s net assets

0 10As of: December 31, 2015

20 40 5030

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

DWS GLOBAL AGRIBUSINESSInvestment focus by sector

Annual financial statements with investment portfolios and

statements 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 213 682 702.75 99.71 Equities Australian Agricultural Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . Count 2 182 900 1 100 280 AUD 1.34 2 132 241.75 1.00Coca-Cola Amatil Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 342 645 18 069 119 484 AUD 9.3 2 322 871.32 1.08GrainCorp Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 730 077 156 451 AUD 8.65 4 603 440.97 2.15Select Harvests Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 250 554 51 011 437 838 AUD 8.45 1 543 319.54 0.72BrasilAgro - Co Brasileira de Propriedades Agricolas . . . . . . . Count 429 406 218 469 BRL 11.05 1 196 675.06 0.56Fertilizantes Heringer SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 781 356 2 517 BRL 1.34 264 058.17 0.12M Dias Branco SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 27 292 272 BRL 65.8 452 905.00 0.21Metalfrio Solutions SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 39 338 39 339 118 017 BRL 2.03 20 139.75 0.01Minerva SA/Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 026 683 333 593 9 603 BRL 12.78 3 309 124.29 1.54Rumo Logistica Operadora Multimodal SA . . . . . . . . . . . . . . . Count 220 980 2 446 944 2 225 964 BRL 6.13 341 632.59 0.16Rumo Logistica Operadora Multinational 01/02/2016 . . . . . . . Count 79 399 79 399 BRL 0.3 6 007.34 0.00Santos Brasil Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . Count 212 102 2 117 BRL 12.1 647 255.86 0.30Sao Martinho SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 961 26 921 708 BRL 45.07 806 590.57 0.38SLC Agricola SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 275 686 161 189 BRL 16.4 5 276 348.74 2.46Wilson Sons Ltd -BDR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 168 727 95 371 BRL 32.21 1 370 632.94 0.64Feronia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 199 515 CAD 0.155 22 209.73 0.01Aryzta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 68 547 77 249 8 702 CHF 51.25 3 546 548.63 1.66Syngenta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 404 5 386 35 251 CHF 394.2 4 538 344.15 2.12Anheuser-Busch InBev NV . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 14 895 14 895 EUR 115.75 1 882 712.93 0.88Ebro Puleva SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 110 926 301 371 EUR 18.28 2 214 277.99 1.03KTG Agrar AG-BR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 89 733 1 335 34 223 EUR 13.52 1 324 803.53 0.62KWS Saat AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 43 474 6 436 EUR 277 13 150 188.21 6.14Naturex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 737 18 EUR 71.91 214 924.88 0.10OCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 39 447 39 447 EUR 22.44 966 628.13 0.45Vilmorin & Cie SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 138 392 15 602 33 236 EUR 66.16 9 998 367.15 4.67Viscofan SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 13 542 8 875 EUR 57.74 853 851.19 0.40Tate & Lyle Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 329 440 71 068 95 140 GBP 6.025 2 942 876.46 1.37China Agri-Industries Holdings Ltd . . . . . . . . . . . . . . . . . . . . . Count 4 416 215 8 140 601 HKD 2.67 1 521 280.63 0.71China BlueChemical Ltd -H- . . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 067 250 1 987 321 HKD 2.13 2 216 935.13 1.03China Merchants Holdings International Co., Ltd . . . . . . . . . . Count 300 776 7 358 2 891 HKD 24.45 948 789.59 0.44CPMC Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 682 711 285 560 HKD 4.77 1 035 561.22 0.48WH Group Ltd 144A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 707 425 1 557 651 HKD 4.4 2 104 616.24 0.98BISI International Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 116 451 25 625 494 IDR 1 350 305 257.31 0.14Grupo Comercial Chedraui SA de CV . . . . . . . . . . . . . . . . . . . Count 218 587 132 712 MXN 46.07 580 120.00 0.27Food Empire Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 139 800 2 299 000 SGD 0.21 317 399.26 0.15Petra Foods Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 364 000 258 000 SGD 2.11 542 496.91 0.25Charoen Pokphand Foods PCL . . . . . . . . . . . . . . . . . . . . . . . . Count 3 753 256 37 500 THB 18.3 1 908 700.43 0.89Adecoagro SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 153 907 400 019 USD 12.45 1 916 142.15 0.89Agrium, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 190 681 10 226 48 671 USD 91.31 17 411 082.11 8.12Ambev SA -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 935 914 259 742 550 854 USD 4.55 4 258 408.70 1.99Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 29 758 17 889 197 USD 36.95 1 099 558.10 0.51Bunge Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 82 713 25 796 28 444 USD 68.87 5 696 444.31 2.66CF Industries Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 458 208 496 950 100 758 USD 42.34 19 400 526.72 9.05Credicorp Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 226 2 300 USD 98.23 611 579.98 0.29CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 21 957 25 304 USD 26.15 574 175.55 0.27Darling International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 266 113 31 840 USD 10.6 2 820 797.80 1.32Dow Chemical Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 83 099 7 129 61 810 USD 52.32 4 347 739.68 2.03FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 771 36 012 241 USD 40.54 1 450 156.34 0.68Fresh Market, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 118 580 8 348 35 663 USD 23.58 2 796 116.40 1.31Green Plains, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 32 089 32 409 320 USD 22.56 723 927.84 0.34Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 28 301 35 847 7 546 USD 90.78 2 569 164.78 1.20Ingredion, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 050 16 188 USD 98.13 691 816.50 0.32Intrepid Potash, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 175 696 63 822 76 537 USD 3.03 532 358.88 0.25Israel Chemicals Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 171 131 154 524 USD 4.19 717 038.89 0.33Mondelez International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 48 113 5 511 45 072 USD 45.47 2 187 698.11 1.02Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 81 749 82 299 550 USD 99.62 8 143 835.38 3.80Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 595 816 82 141 219 079 USD 28.94 17 242 915.04 8.05Noodles & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 91 594 53 956 842 USD 10.5 961 737.00 0.45Panera Bread Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 136 3 962 29 118 USD 196.3 419 296.80 0.20Potash Corp. of Saskatchewan, Inc. . . . . . . . . . . . . . . . . . . . . Count 754 342 64 012 252 722 USD 17.75 13 389 570.50 6.25SunOpta, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 597 944 574 918 4 751 USD 6.85 4 095 916.40 1.91The Andersons, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 160 902 83 155 5 264 USD 31.85 5 124 728.70 2.39Thermo Fisher Scientific, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 489 1 358 867 USD 142.78 498 159.42 0.23TreeHouse Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 59 442 40 650 26 534 USD 80.2 4 767 248.40 2.22Tyson Foods, Inc. -A- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 443 25 523 14 080 USD 53.59 613 230.37 0.29Union Agriculture Group SA . . . . . . . . . . . . . . . . . . . . . . . . . . Count 275 000 USD 10.2 2 805 000.00 1.31United Natural Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 86 334 86 830 496 USD 39.79 3 435 229.86 1.60Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 24 868 19 497 26 208 USD 73.81 1 835 507.08 0.86Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 362 42 248 USD 48.25 499 966.50 0.23Shoprite Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 170 787 177 303 ZAR 144.05 1 585 274.01 0.74Tiger Brands Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 515 55 763 ZAR 316.5 1 030 220.86 0.48 Unlisted securities 59.53 0.00 Equities Sintal Agriculture -Reg- -GDR- . . . . . . . . . . . . . . . . . . . . . . . . . Count 89 195 EUR 0 9.74 0.00Sintal Agriculture -Reg- -GDR- . . . . . . . . . . . . . . . . . . . . . . . . . Count 497 937 USD 0 49.79 0.00 Total securities portfolio 213 682 762.28 99.71

Investment portfolio – December 31, 2015

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

Cash at bank 1 018 612.50 0.48 Demand deposits at Depositary EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 7 177 7 837 .21 0 .00 Deposits in other EU/EEA currencies British pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 16 23 .80 0 .00Norwegian krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 1 719 194 .94 0 .00 Deposits in non-EU/EEA currencies Australian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 759 553 .31 0 .00Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRL 6 1 .46 0 .00Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 8 665 1 117 .88 0 .00Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 2 1 .47 0 .00South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 6 714 5 .73 0 .00U .S . dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 008 876 .70 0 .48 Other assets 545 455.41 0.26Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 567 .79 0 .16Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 887 .62 0 .10 Receivables from share certificate transactions 30 783.80 0.01 Total assets 215 277 613.99 100.46 Other liabilities -358 195.50 -0.17Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -358 195 .50 -0 .17 Liabilities from share certificate transactions -622 153.48 -0.29 Total liabilities -980 348.98 -0.46 Net assets 214 297 265.01 100.00 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 149 .24Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 138 .65Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 0 .95Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 119 .97Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 129 .14 Number of units outstanding Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 84 866Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 99 857Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 49 019 210Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 211 926Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 54 209 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 . . . . . . . . . . . . . . . . . . . . . . . . . % 76 .971 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 92 .520 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . % 87 .028 The values-at-risk were calculated for the period from January 1, 2015, through December 31, 2015, 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, 2015 Australian dollar . . . . . . . . . . . . . . . . . . AUD 1 .371836 = USD 1Brazilian real . . . . . . . . . . . . . . . . . . . . BRL 3 .965100 = USD 1Canadian dollar . . . . . . . . . . . . . . . . . . CAD 1 .392400 = USD 1Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 0 .990550 = USD 1Euro . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0 .915751 = USD 1British pound . . . . . . . . . . . . . . . . . . . GBP 0 .674468 = USD 1Hong Kong dollar . . . . . . . . . . . . . . . . HKD 7 .750900 = USD 1Indonesian rupiah . . . . . . . . . . . . . . . . IDR 13 782 .500000 = USD 1South Korean won . . . . . . . . . . . . . . . . KRW 1 172 .550000 = USD 1Mexican peso . . . . . . . . . . . . . . . . . . . MXN 17 .359000 = USD 1Norwegian krone . . . . . . . . . . . . . . . . . NOK 8 .819200 = USD 1Singapore dollar . . . . . . . . . . . . . . . . . SGD 1 .415750 = USD 1Thai baht . . . . . . . . . . . . . . . . . . . . . . . THB 35 .985000 = USD 1South African rand . . . . . . . . . . . . . . . . ZAR 15 .519000 = 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 .


11

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

EquitiesAGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 588ALL - America Latina Logistica SA . . . . . . . . . . . Count 772 581Astarta Holding NV . . . . . . . . . . . . . . . . . . . . . . . Count 158 805Cafe de Coral Holdings Ltd . . . . . . . . . . . . . . . . . Count 258 971China Fishery Group Ltd . . . . . . . . . . . . . . . . . . . Count 9 349 362China Fishery Group Ltd - Rights Exp 22Apr15 . Count 6 206 769 6 206 769ConAgra Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . Count 10 556 245 187Cresud SA -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . Count 272 652Fertilizantes Heringer SA -Rights Exp 09Jan15 . . Count 135 710Incitec Pivot Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 310 1 355 599Kernel Holding SA . . . . . . . . . . . . . . . . . . . . . . . . Count 478 376Keurig Green Mountain, Inc. . . . . . . . . . . . . . . . . Count 13 882 13 882Koninklijke Wessanen NV . . . . . . . . . . . . . . . . . . Count 374 538Minerva SA/Brazil . . . . . . . . . . . . . . . . . . . . . . . . Count 17 785 17 785Novorossiysk Commercial Sea Port PJSC . . . . . Count 5 095 078Novorossiysk Commercial Sea Port PJSC -GDR- Count 130 369Post Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . Count 43 831Razgulay Group . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 467 734 2 467 734Razgulay Group OJSC . . . . . . . . . . . . . . . . . . . . . Count 2 467 734SABMiller Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 47 506Yara International ASA . . . . . . . . . . . . . . . . . . . . . Count 222 082


Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown)

Additions DisposalsWarrants

Warrants on securities

Equity warrantsKTG Agrar SE Anrechte 20/08/2015 . . . . . . . . . . Count 112 140 112 140 Value (’000) Futures contracts

Currency futures (short)

Futures contracts to sell currenciesUSD/AUD USD 300USD/BRL USD 10USD/EUR USD 865USD/ZAR USD 174

12


Statement of changes in net assets 2015

I. Value of the fund’s net assets at the beginning of the fiscal year . . . . . . . . . . . . . . . . USD 347 998 856.83

1. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -87 028 244.82 a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . . USD 36 545 275.39 b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . . USD -123 573 520.212. Income adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -2 500 392.313. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 981 176.284. Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -20 528 681.825. Net change in unrealized appreciation/depreciation . . . . USD -25 625 449.15

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

Summary of the gains/losses 2015

Realized gains/losses (incl. income adjustment) . . . . . . . USD -20 528 681.82

from: Securities transactions . . . . . . . . . . . . . . . . . . . . . . . . . . USD -20 162 856.27 (Forward) currency transactions . . . . . . . . . . . . . . . . . . USD -365 825.55

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, 2015, through December 31, 2015

I. Income1. Dividends (before withholding tax) . . . . . . . . . . . . . . . . . USD 5 892 834.352. Deduction for foreign withholding tax . . . . . . . . . . . . . . . USD -72 059.013. Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 88 137.96

Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 5 908 913.30

II. Expenses1. Interest on borrowings and negative interest on deposits . . . . . . . . . . . . . . . . . . . . . USD -1 228.152. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -3 590 510.13 thereof: Basic management fee . . . . . . . . . . . . . . . . . . . . . . . . . USD -3 546 872.24 Administration fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -43 637.893. Depositary fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -4 430.094. Auditing, legal and publication costs . . . . . . . . . . . . . . . . USD -88 260.305. Taxe d‘abonnement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -111 442.796. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -131 865.56

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -3 927 737.02

III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD 1 981 176.28

IV. Sale transactionsRealized gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -20 528 681.82

Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -20 528 681.82

V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . USD -18 547 505.54

BVI total expense ratio (TER)

The total expense ratio for the unit classes was:

Class FC (EUR) 0.93% p.a., Class LC (EUR) 1.67% p.a., Class A2 (SGD) 1.66% p.a., Class A2 1.65% p.a., Class E2 0.89% p.a.

The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s 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 249 042.52.

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)

13

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 0.0% of all transactions. The total volume was USD 0.00.

Since the fund’s operations as of December 31, 2015, 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.


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 year2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 214 297 265.012014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 347 998 856.832013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 450 255 496.79 Net asset value per unit at the end of the fiscal year 2015 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 155.362013 Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 141.90 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 133.37 Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 1.04 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 145.67 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 154.46

14

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ

To the unitholders of DWS Global

We have audited the accompanying financial 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, 2015, the statement of

income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant

accounting policies and other explanatory notes to the financial statements.

Responsibility of the Management Board of the Management Company for the financial statements

The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the finan-

cial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements

and for the internal controls considered necessary to enable the financial statements to be prepared such that they are free from

material misstatement, irrespective of whether this is due to fraud or error.

Responsibility of the Réviseur d’Entreprises agréé

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance

with International Standards on Auditing as adopted by the Commission de Surveillance du Secteur Financier for Luxembourg. Those

standards require that we comply with professional conduct requirements and plan and perform the audit to obtain reasonable assur-

ance whether the financial statements are free from material misstatement.

An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the financial state-

ments. The procedures selected depend on the judgment of the Réviseur d’Entreprises agréé, including the assessment of the risks

of material misstatement of the financial 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 financial

statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of evaluating the

effectiveness of the entity’s internal control.

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 evaluating the overall presentation of the financial

statements.

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

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

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 issued an unqualified audit opinion for

the full annual report. The translation of the

report of the Réviseur d’Entreprises agréé

(the independent auditor’s opinion) is as follows:

15

Audit opinion

In our opinion, the financial statements give a true and fair view of the financial position of DWS Global and its sub-fund as of

December 31, 2015, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with

Luxembourg legal and regulatory requirements relating to the preparation of financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject

to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on

such information. However, we have no observation to make concerning such information in the context of the financial statements

taken as a whole.

Luxembourg, March 23, 2016

KPMG Luxembourg

Société coopérative

Cabinet de révision agréé

Harald Thönes

Management Company

Deutsche Asset & Wealth Management

Investment S.A.

2, Boulevard Konrad Adenauer

1115 Luxembourg, Luxembourg

Equity capital as of December 31, 2015:

EUR 251.7 million before profit appropriation

At the extraordinary general meeting of

DWS Investment S.A. on April 24, 2015, a

resolution was passed to change the name

of the company to Deutsche Asset & Wealth

Management Investment S.A. effective

May 1, 2015. Furthermore, it was decided to

change over from the single-tier organizational

structure in place up to that point to a dual

organizational structure. On the basis of this

resolution, the Management Board, under the

supervision of the Supervisory Board, has been

responsible for operational management since

May 1, 2015.

Board of Directors (until April 30, 2015)

Holger Naumann

Chairman


Investment GmbH, Frankfurt/Main

Heinz-Wilhelm Fesser

DWS Investment S.A., Luxembourg

Marzio Hug

Deutsche Bank AG, London

Dr. Boris N. Liedtke

Deutsche Bank Luxembourg S.A., Luxembourg

Dr. Matthias Liermann



Klaus-Michael Vogel


Dr. Asoka Wöhrmann



Supervisory Board (since May 1, 2015)

Holger Naumann

Chairman



Nathalie Bausch


Reinhard Bellet

Deutsche Bank AG, Frankfurt/Main

Marzio Hug

Deutsche Bank AG, London

Stefan Kreuzkamp (since February 1, 2016)



Dr. Boris N. Liedtke (until December 31, 2015)


Dr. Matthias Liermann



Dr. Asoka Wöhrmann (until December 31, 2015)

Deutsche Bank AG, Frankfurt/Main

Management (until April 30, 2015)

Klaus-Michael Vogel


Manfred Bauer


Markus Kohlenbach


Doris Marx


Ralf Rauch


Martin Schönefeld


Management Board (since May 1, 2015)

Dirk Bruckmann (since January 14, 2016)

Chairman



Manfred Bauer (until December 31, 2015)

Deutsche Bank AG,

Frankfurt/Main

Ralf Rauch


Investment S.A., Luxembourg

Martin Schönefeld



Barbara Schots



Auditor

KPMG Luxembourg

Société coopérative

39, Avenue John F. Kennedy


Depositary

Until April 22, 2015:

State Street Bank Luxembourg S.A.

49, Avenue J. F. Kennedy


Since April 23, 2015:

State Street Bank Luxembourg S.C.A.

49, Avenue J. F. Kennedy


Fund Manager

Global Thematic Partners, LLC

681 Fifth Avenue

New York, NY 10022

U.S.A.

Sales, Information and Paying Agent

LUxEMBOURG

Deutsche Bank Luxembourg S.A.

2, Boulevard Konrad Adenauer


As of: February 29, 2016

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

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