DWS Investment S.A. DWS Globalinternetfileserver.phillip.com.sg/Poems/UnitTrust/...1 Contents Annual report 2014 for the period from January 1, 2014, through December 31, 2014 General

Deutsche Asset & Wealth Management

n DWS Global Agribusinessn DWS Global Thematic

Investment Fund Organized under Luxembourg Law

Annual Report 2014DWS Global

DWS Investment S.A.

DWS Global Agribusiness

DWS Global Thematic

1

Contents

Annual report 2014

for the period from January 1, 2014, through December 31, 2014

General information 2

Annual report, DWS Global

DWS Global Agribusiness 4

DWS Global Thematic 6

Investment portfolios for the reporting period

Investment portfolios and financial statements 8

Report of the Réviseur d’Entreprises agréé 20

2014

2

General information

The funds described in this report

are sub-funds of an umbrella fund

organized under Luxmbourg law.

Performance

The 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 DWS, are used

as the basis for calculating the value.

Past performance is not a guide to

future results.

The corresponding benchmarks – if

available – are also presented in the

report. All financial data in this publi-

cation is as of December 31, 2014

(unless otherwise specified).

Sales prospectuses

Fund units are purchased on the basis

of the current sales prospectus, the

management regulations and 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, newspapers, etc.).

Liquidation of sub-funds

Following a resolution to that effect adopted by the Board of Directors of the Management Company, the sub-fund DWS Global Thematic was liquidated on January 21, 2014. The issue of new units was discontinued on January 14, 2014. Investors were able to redeem their units until January 14, 2014.

Annual report

4


Investment objective and

performance in the reporting period

DWS Global Agribusiness focused on

equities of global companies that are

active in the agribusiness value chain.

As part of the investment process, par-

ticular attention was paid to companies

that contributed to the elimination of

global inefficiencies in food production

and logistics, as well as in consump-

tion. These included, for instance,

fertilizer manufacturers and seed pro-

ducers, producers of crop-protection

chemicals 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 2014, the sub-fund recorded

a decline of 0.2% per unit (USD LC unit

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

Investment policy in the

reporting period

In the calendar year 2014, DWS Global

Agribusiness profited from strongly

performing consumer-oriented sub-

themes: Organic Food Products

(SunOpta), Ingredients (Senomyx,

Frutarom), Store Brands (ConAgra,

TreeHouse) and Premier Processing

Operations (Hillshire, Post Holdings).

While organic foods are an expression

of the growing awareness of quality

and the increasing importance of the

health aspects and sustainability of

food, store brands appeal more to the

bottom end of this globally diverging

food-products segment. Although well

known to European consumers, store

brands or private labels have increas-

ingly become a growth segment in

view of the more brand-conscious

DWS GLOBAL AGRIBUSINESSFive-year performance

1351281211141071009386

* 12/2009 = 100Data on U.S. dollar basis

DWS Global Agribusiness (A2 unit class)

12/10 12/11 12/12 12/1312/09* 12/14

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.As of: December 31, 2014

Performance of unit classes (in USD)

Unit class ISIN 1 year 3 years 5 years

Class A2 LU0264451831 -0.2% 18.6% 19.1%

Class E2 LU0264451757 0.6% 21.3% 23.7%

Class FC (EUR)1 LU0264452722 13.5% 28.8% 43.6%

Class LC (EUR)1 LU0264453456 13.1% 26.4% 39.6%

Class A2 (SGD)2 LU0289847823 4.1% 20.8% 11.9%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, 2014

U.S. consumer. The growth of the

companies selected for Organic Food

Products was better than the market

expected. At the same time, costs

and capital bases have been optimized

successfully. In the area of Ingredi-

ents (which benefited from increasing

supermarket penetration and the

resulting rise in consumption of pack-

aged foods), the sub-fund included

special companies in its portfolio.

These were either involved in biotech-

nology / food technology ( Senomyx),

or were able to increase their market

share as a result of the sector’s con-

solidation (Frutarom). Within Store

Brands, ConAgra was a company with

potential for restructuring, whose fields

of activity included store brands, name-

brand food products and gastronomy.

By being in the correct growth cate-

gory and through successful integra-

tion of acquired businesses, TreeHouse

recorded a good performance. Premier

Processing Operations, which were

defined as high-quality processing

companies that expanded into new

global categories and markets, and

which included the animal-protein

producer Hillshire (acquisition) and Post

Holdings, the third-largest producer

of cereals in the United States (dis-

counted valuations for competitors),

additionally supported performance.

5

DWS GLOBAL AGRIBUSINESSInvestment focus by sector

Equities: 100.5%Fertilizers & Agricultural ChemicalsAgricultural ProductsFood Products & MeatFood RetailBrewersDiversified ChemicalsGastronomyMarine Ports & ServicesFood DistributorsSoft DrinksRailroadsOther sectorsCash and other assets

23.217.1

40.0

3.52.92.8

2.61.61.31.00.9

3.6-0.5

In % of the fund’s net assets

-10 0 10As of: December 31, 2014

20 40 5030

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

In the Upstream segment, U.S. nitro-

gen, represented by CF Industries and

Agrium, performed very well. Both

companies profited from lower natural

gas input costs and from the stabiliza-

tion of urea prices as output variables.

The potash and phosphate markets

recovered thanks to rising demand

(potash) and a price development that

exceeded expectations (phosphate).

Performance was encumbered by

weaknesses in “Soil Quality and

Operators“, a sub-theme that focused

on yield-improvement strategies. Diffi-

culties also arose from rising valuation

estimates of agricultural companies,

which particularly affected the invest-

ment in Brazil and small investments

in agricultural companies with Ukraine

exposure (SLC Agricola and Kernel).

Agricultural companies want to

improve yields and increase economies

of scale for existing land by optimizing

input factors. The discounted valuation

observed for net asset values was the

decisive investment factor and reason

in the past year. Some new technolo-

gies in agribusiness, e.g., agribiotech

(Syngenta, KWS Saat), were unable

to meet expectations due to delayed

successes with new product launches

and profit margins that fell just a little

short. The negative performance is, for

the most part, not due to stock selec-

tion; instead it resulted from securities

with emerging-market exposure in

Brazil, China, Russia and Ukraine, as

well as from certain Western European

securities across all sub-themes. 2014

witnessed several mergers and acqui-

sitions; they included portfolio holdings

such as Annie’s, Hillshire, Olam Interna-

tional and Nutreco. As a consequence,

these positions made gains and were

sold at prices close to the target prices.

6

DWS Global Thematic

Investment objective and

performance in the reporting period

The investment focus of the inter-

nationally oriented sub-fund DWS

Global Thematic was on equities of

companies, which according to assess-

ments by the sub-fund management

profited from global, social, political

and economic themes or trends. In the

relatively short reporting period from

the start of January 2014 through to

its liquidation on January 21, 2014, the

sub-fund recorded a decline of 0.6%

per unit (A2 unit class, BVI method). Its

benchmark, the MSCI World, posted a

slight gain of 0.3% in the same period

(both percentages in U.S. dollars).

Investment policy in the

reporting period

Due to the increased cash level in

advance of the liquidation, the sub-

fund was no longer able to participate

in the slight rise in prices in the equity

markets in the short reporting period.

Up to the time of the sale of all of the

securities within the framework of

the liquidation, DWS Global Thematic

invested with global diversification in

equities within various themes.

Liquidation of the sub-fund

The sub-fund DWS Global Thematic was

liquidated effective January 21, 2014.

The issue of new units was discon-

tinued for the terminating sub-fund

on January 14, 2014. Investors were

able to redeem their units until

January 14, 2014.

DWS GLOBAL THEMATICFive-year performance

20819017215413611810082

* January 21, 2009 = 100Data on U.S. dollar basis

DWS Global Thematic (A2 unit class)

1/21/09* 1/10 1/121/11 1/21/141/13

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.As of: January 21, 2014 (Liquidation date)

Performance of unit classes (in USD)

Unit class ISIN 1 year 3 years 5 years Since beginning of fiscal year

Class A2 LU0264452219 13.9% 12.8% 101.0% -0.6%

Class E2 LU0264451914 14.9% 15.9% 110.2% -0.6%

Class LC (EUR)1 LU0264454009 12.7% 13.7% 93.9% 1.5%

MSCI World 22.7% 38.4% 127.1% 0.3%

1 in EUR

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: January 21, 2014 (Liquidation date)

00

Investment portfolios and financial statements

for the reporting period

The format used for complete dates

in securities descriptions in the invest-

ment portfolio is “day/month/year”.

8

Securities traded on an exchange 349 754 726.73 100.50 Equities Australian Agricultural Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . Count 3 283 180 70 287 498 694 AUD 1.465 3 940 236.65 1.13Coca-Cola Amatil Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 444 060 394 892 41 973 AUD 9.31 3 386 735.84 0.97GrainCorp Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 886 528 74 123 3 433 AUD 8.28 6 013 298.76 1.73Incitec Pivot Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 352 289 171 826 1 144 086 AUD 3.17 3 511 710.98 1.01Select Harvests Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 637 381 67 600 234 627 AUD 6.59 3 440 919.53 0.99ALL - America Latina Logistica SA . . . . . . . . . . . . . . . . . . . . . Count 772 581 16 539 77 546 BRL 5.02 1 464 083.28 0.42BrasilAgro - Co Brasileira de Propriedades Agricolas . . . . . . . Count 647 875 100 200 BRL 8.7 2 127 788.79 0.61Fertilizantes Heringer SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 783 873 63 054 BRL 5.31 1 571 296.95 0.45Fertilizantes Heringer SA -Rights Exp 09Jan15 . . . . . . . . . . . Count 135 710 135 710 BRL 0.01 512.31 0.00M Dias Branco SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 27 564 27 564 BRL 92.02 957 508.22 0.28Metalfrio Solutions SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 118 016 BRL 1.16 51 679.34 0.01Minerva SA/Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 702 693 702 693 BRL 9.67 2 565 134.51 0.74Santos Brasil Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . Count 214 219 4 586 830 BRL 14.55 1 176 627.58 0.34Sao Martinho SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 44 748 164 147 BRL 35.63 601 876.65 0.17SLC Agricola SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 436 875 91 547 BRL 14.01 7 599 327.58 2.18Wilson Sons Ltd -BDR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 264 098 48 953 BRL 31.5 3 140 463.19 0.90Feronia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 199 515 199 515 CAD 0.375 64 398.46 0.02Syngenta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 41 269 12 650 3 472 CHF 319.8 13 359 475.86 3.84Ebro Puleva SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 412 297 73 463 70 180 EUR 13.745 6 898 467.75 1.98Koninklijke Wessanen NV . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 374 538 203 938 228 085 EUR 5.192 2 367 163.69 0.68KTG Agrar AG-BR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 122 621 11 188 EUR 14.99 2 237 505.98 0.64KWS Saat AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 49 910 285 100 EUR 269.5 16 373 595.54 4.70Naturex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 755 2 755 EUR 49.51 166 039.82 0.05Sintal Agriculture -Reg- -GDR- . . . . . . . . . . . . . . . . . . . . . . . . Count 89 195 EUR 0 10.86 0.00Vilmorin & Cie SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 156 025 1 955 100 EUR 85.18 16 178 175.63 4.65Viscofan SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 22 417 22 417 EUR 44.31 1 209 141.04 0.35SABMiller Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 47 506 18 680 96 459 GBP 33.36 2 465 314.27 0.71Tate & Lyle Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 353 512 412 876 59 364 GBP 6.035 3 318 785.76 0.95Cafe de Coral Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 258 971 4 000 861 027 HKD 26.7 891 271.09 0.26China Agri-Industries Holdings Ltd . . . . . . . . . . . . . . . . . . . . . Count 12 556 816 3 612 469 35 383 HKD 3.01 4 871 844.88 1.40China BlueChemical Ltd -H- . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 054 571 214 000 38 900 HKD 2.7 3 499 248.10 1.01China Merchants Holdings International Co., Ltd . . . . . . . . . Count 296 309 15 354 1 113 HKD 25.75 983 488.99 0.28CPMC Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 968 271 18 000 7 716 HKD 4 1 014 827.70 0.29WH Group Ltd 144A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 265 076 5 265 076 HKD 4.24 2 877 517.19 0.83BISI International Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 28 741 945 IDR 790 1 824 298.92 0.52Grupo Comercial Chedraui SA de CV . . . . . . . . . . . . . . . . . . . Count 351 299 153 042 MXN 42.96 1 024 006.31 0.29Yara International ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 222 082 69 912 165 724 NOK 333.8 9 974 364.30 2.87Astarta Holding NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 158 805 300 PLN 19 854 915.21 0.25Kernel Holding SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 478 376 206 131 PLN 28.55 3 869 730.91 1.11Razgulay Group OJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 467 734 2 467 734 RUB 4.43 195 281.64 0.06China Fishery Group Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 349 362 1 915 000 SGD 0.285 2 015 482.15 0.58Food Empire Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 438 800 1 331 000 SGD 0.3 1 007 253.89 0.29Petra Foods Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 622 000 278 000 SGD 3.7 1 740 781.36 0.50Charoen Pokphand Foods PCL . . . . . . . . . . . . . . . . . . . . . . . . Count 3 790 756 81 200 508 500 THB 27.25 3 139 759.91 0.90Adecoagro SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 553 926 34 968 122 803 USD 7.94 4 398 172.44 1.26AGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 588 7 094 113 USD 45.98 1 636 336.24 0.47Agrium, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 229 126 70 329 54 015 USD 94.94 21 753 222.44 6.25Ambev SA -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 227 026 493 904 70 928 USD 6.16 7 558 480.16 2.17Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 066 12 066 USD 53.06 640 221.96 0.18Bunge Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 85 361 37 495 143 591 USD 92.59 7 903 574.99 2.27CF Industries Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 62 016 17 777 104 780 USD 274.57 17 027 733.12 4.89ConAgra Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 234 631 178 167 20 192 USD 36.84 8 643 806.04 2.48Credicorp Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 526 282 12 922 USD 162.04 1 381 553.04 0.40Cresud SA -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 272 652 8 846 64 722 USD 10.19 2 778 323.88 0.80CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 47 261 1 252 52 169 USD 36.57 1 728 334.77 0.50Darling International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 297 953 277 213 22 689 USD 18.13 5 401 887.89 1.55Dow Chemical Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 137 780 57 008 160 031 USD 45.91 6 325 479.80 1.82Fresh Market, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 145 895 58 388 9 846 USD 41.3 6 025 463.50 1.73Ingredion, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 23 238 30 718 7 480 USD 86.17 2 002 418.46 0.58Intrepid Potash, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 188 411 188 411 USD 14.19 2 673 552.09 0.77Israel Chemicals Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 325 655 325 655 USD 7.19 2 341 459.45 0.67Mondelez International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 87 674 1 877 12 286 USD 37.28 3 268 486.72 0.94Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 732 754 30 617 163 012 USD 46.05 33 743 321.70 9.70Noodles & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 38 480 46 159 7 679 USD 26.38 1 015 102.40 0.29Novorossiysk Commercial Sea Port PJSC -GDR- . . . . . . . . . . Count 130 369 USD 1.479 192 784.59 0.06Panera Bread Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 27 292 27 292 USD 175.26 4 783 195.92 1.37Post Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 43 831 43 831 USD 42.37 1 857 119.47 0.53Potash Corp. of Saskatchewan, Inc. . . . . . . . . . . . . . . . . . . . Count 943 052 13 211 310 307 USD 35.66 33 629 234.32 9.66Sintal Agriculture -Reg- -GDR- . . . . . . . . . . . . . . . . . . . . . . . . Count 497 937 USD 0 49.79 0.00SunOpta, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 27 777 27 777 541 790 USD 12.04 334 435.08 0.10The Andersons, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 83 011 83 011 USD 54.35 4 511 647.85 1.30Thermo Fisher Scientific, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 998 2 998 26 214 USD 126.97 380 656.06 0.11TreeHouse Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 45 326 3 919 39 913 USD 87.6 3 970 557.60 1.14Union Agriculture Group SA . . . . . . . . . . . . . . . . . . . . . . . . . . Count 275 000 USD 10.2 2 805 000.00 0.81Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 31 579 37 779 6 200 USD 73.31 2 315 056.49 0.67Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 52 610 40 585 90 375 USD 43.92 2 310 631.20 0.66Shoprite Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 348 090 70 524 1 348 ZAR 168.99 5 078 453.69 1.46Tiger Brands Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 106 278 2 275 105 452 ZAR 367.03 3 367 626.21 0.97 Unlisted securities 100 459.65 0.03

Investment portfolio – December 31, 2014

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

Equities Novorossiysk Commercial Sea Port PJSC . . . . . . . . . . . . . . . Count 5 095 078 USD 0 .02 100 459 .65 0 .03 Total securities portfolio 349 855 186.38 100.53 Cash at bank 1 211 468.95 0.35 Demand deposits at Custodian EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 38 989 47 461 .36 0 .02 Deposits in other EU/EEA currencies British pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 13 20 .57 0 .00Norwegian krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 15 019 2 020 .79 0 .00 Deposits in non-EU/EEA currencies Australian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 1 0 .65 0 .00Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRL 24 345 9 190 .31 0 .00Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 8 625 1 111 .77 0 .00Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 2 1 .58 0 .00South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 6 710 6 .10 0 .00U .S . dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 151 655 .82 0 .33 Other assets 372 082.45 0.11Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 082 .45 0 .11 Receivables from share certificate transactions 28 351.42 0.01 Total assets 351 467 089.20 101.00 Other liabilities -561 613.40 -0.16Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -561 613 .40 -0 .16 Liabilities from share certificate transactions -2 906 618.97 -0.84 Total liabilities -3 468 232.37 -1.00 Net assets 347 998 856.83 100.00 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 161 .03Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 150 .84Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 1 .08Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 145 .42Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 155 .36 Number of units outstanding Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 86 513Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 131 093Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 65 071 333Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 640 463Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 99 050 Composition of the reference portfolio (according to CSSF circular 11/512)MSCI World Mid Cap in USD Constituents (January 1, 2014, through May 25, 2014), S&P Global Agribusiness Equity Index (May 26, 2014, through December 31, 2014) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 86 .965

Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . % 158 .881

Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . % 121 .857 The values-at-risk were calculated for the period from January 1, 2014, through December 31, 2014, 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 .



10

Exchange rates (indirect quotes)

As of December 30, 2014 Australian dollar . . . . . . . . . . . . . . . . . AUD 1 .220703 = USD 1Brazilian real . . . . . . . . . . . . . . . . . . . . BRL 2 .649000 = USD 1Canadian dollar . . . . . . . . . . . . . . . . . . CAD 1 .161800 = USD 1Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 0 .987900 = USD 1Euro . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0 .821490 = USD 1British pound . . . . . . . . . . . . . . . . . . . GBP 0 .642839 = USD 1Hong Kong dollar . . . . . . . . . . . . . . . . HKD 7 .758050 = USD 1Indonesian rupiah . . . . . . . . . . . . . . . . IDR 12 446 .500000 = USD 1South Korean won . . . . . . . . . . . . . . . KRW 1 099 .150000 = USD 1Mexican peso . . . . . . . . . . . . . . . . . . . MXN 14 .738000 = USD 1Norwegian krone . . . . . . . . . . . . . . . . NOK 7 .432150 = USD 1Polish zloty . . . . . . . . . . . . . . . . . . . . . PLN 3 .529350 = USD 1Russian rouble . . . . . . . . . . . . . . . . . . RUB 55 .981000 = USD 1Singapore dollar . . . . . . . . . . . . . . . . . . SGD 1 .322050 = USD 1Thai baht . . . . . . . . . . . . . . . . . . . . . . . THB 32 .900000 = USD 1South African rand . . . . . . . . . . . . . . . ZAR 11 .583000 = 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 stated 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

EquitiesAgroton Public Ltd . . . . . . . . . . . . . . . . . . . . . . . Count 191 778Annie‘s, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 108 559 108 559Aryzta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 81 935China Merchants -Rights Exp 05Jun14 . . . . . . . Count 56 191 56 191CP ALL PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 534 000 534 000Erste Group Bank AG . . . . . . . . . . . . . . . . . . . . . Count 80 617Feronia, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 995 158Frutarom Industries Ltd . . . . . . . . . . . . . . . . . . . Count 121 571Greencore Group Plc . . . . . . . . . . . . . . . . . . . . . Count 20 546 1 563 816Hain Celestial Group, Inc . . . . . . . . . . . . . . . . . . . Count 5 555Hillshire Brands Co . . . . . . . . . . . . . . . . . . . . . . . Count 5 726 66 027Hite Jinro Co ., Ltd . . . . . . . . . . . . . . . . . . . . . . . Count 33 739ICICI Bank Ltd -ADR- . . . . . . . . . . . . . . . . . . . . . Count 6 060 175 327Mead Johnson Nutrition Co . . . . . . . . . . . . . . . . Count 19 100 19 100Noble Group Ltd . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 140 1 587 278Nutreco NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 379 50 379Olam International Ltd . . . . . . . . . . . . . . . . . . . . Count 295 000 5 624 000Raiffeisen Bank International AG . . . . . . . . . . . . Count 78 528Raiffeisen Bank International AG -Rights Exp 07Feb14 . . . . . . . . . . . . . . . . . . . . . Count 78 528 78 528Senomyx, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 476 820Unilever NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 23 272 71 926Weyerhaeuser Co . . . . . . . . . . . . . . . . . . . . . . . . Count 85 891WhiteWave Foods Co . . . . . . . . . . . . . . . . . . . . . Count 180 724X 5 Retail Group NV -GDR- . . . . . . . . . . . . . . . . . Count 55 257 55 257

Unlisted securities

EquitiesRazguliay Group . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 514 732


12


Statement of changes in net assets 2014

I. Value of the fund’s net assets at the beginning of the fiscal year . . . . . . . . . . . . . . . USD 450 255 496.79

1. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -103 956 380.31 a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . . USD 55 363 583.09 b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . . USD -159 319 963.402. Income adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 3 494 529.643. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . USD 740 501.554. Realized gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 23 776 385.785. Net change in unrealized appreciation/depreciation . . . . USD -26 311 676.62

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

Summary of the gains/losses 2014

Realized gains/losses (incl. income adjustment) . . . . . . . USD 23 776 385.78

from: Securities transactions . . . . . . . . . . . . . . . . . . . . . . . . . . USD 23 911 951.89 (Forward) currency transactions . . . . . . . . . . . . . . . . . . USD -135 566.11

Details on the distribution policy 1

Class FC (EUR)

The income for the fiscal year is reinvested.

Class LC (EUR)


Class A2 (SGD)


Class A2


Class E2


1 Additional information is provided in the sales prospectus.

for the period from January 1, 2014, through December 31, 2014

I. Income1. Dividends (before withholding tax) . . . . . . . . . . . . . . . . . USD 7 872 265.172. Interest from investments of liquid assets

(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . USD 64.943. Deduction for foreign withholding tax . . . . . . . . . . . . . . USD -1 472 631.86

Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 6 399 698.25

II. Expenses1. Interest on borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . USD -1 392.312. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -5 175 096.22 thereof: Basic management fee . . . . . . . . . . . . . . . . . . . . . . . . . USD -5 118 411.89 Administration fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -56 684.333. Custodian fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -22 479.704. Auditing, legal and publication costs . . . . . . . . . . . . . . . USD -102 811.605. Taxe d‘abonnement . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -171 007.016. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -186 409.86

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -5 659 196.70

III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD 740 501.55

IV. Sale transactionsRealized gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 23 776 385.78

Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 23 776 385.78

V. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . USD 24 516 887.33

BVI total expense ratio (TER)

The total expense ratio for the unit classes was:

Class FC (EUR) 1.11% p.a., Class LC (EUR) 1.65% p.a.,Class A2 (SGD) 1.65% 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 percent-age of a fund’s average net assets in relation to the respective unit class for a given fiscal year.

Transaction costsThe transaction costs paid in the reporting period amounted to USD 324 071.09.

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)

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

13


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 year2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 347 998 856 .832013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 450 255 496 .792012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 785 265 880 .08 Net asset value per unit at the end of the fiscal year 2014 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 .462012 Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 144 .77 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 137 .37 Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 0 .99 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 143 .89 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 151 .43

14

Total securities portfolio 0.00 0.00 Cash at bank 2 380 836.50 96.85 Deposits in non-EU/EEA currencies U.S. dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 2 380 836.50 96.85 Other assets 109 338.67 4.45Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 959.86 0.41Receivables from exceeding the expense cap . . . . . . . . . . . 99 378.81 4.04 Total assets 2 490 175.17 101.30 Other liabilities -31 816.87 -1.29Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -31 816.87 -1.29 Liabilities from share certificate transactions -2 458 358.30 -100.01 Total liabilities -2 490 175.17 -101.30 Net assets 0.00 0.00 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 LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.00Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.00Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.00

Number of units outstanding Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 0Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 0Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 0 Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX Constituents USD Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 0.000

Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . % 123.916

Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . % 65.945 The values-at-risk were calculated for the period from January 1, 2014, through January 21, 2014, 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.

Exchange rates (indirect quotes)

As of January 21, 2014

Euro . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.738798 = 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 not valued at derived market values.

Investment portfolio – January 21, 2014 (Liquidation date)


DWS Global Thematic

15

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


Securities traded on an exchange

Aktien Adidas AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 358Adobe Systems, Inc . . . . . . . . . . . . . . . . . . . . . . Count 1 308All America Latina Logistica SA . . . . . . . . . . . . . Count 10 395Aluminium Bahrain B .S .C . (Alba) -GDR- . . . . . . . Count 5 819Ambev SA -ADR- . . . . . . . . . . . . . . . . . . . . . . . . Count 2 019 42 931AP Moeller - Maersk A/S . . . . . . . . . . . . . . . . . . Count 5Apple, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 336Ashland, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 852AstraZeneca Plc . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 886Axel Springer AG . . . . . . . . . . . . . . . . . . . . . . . . Count 2 607Axiall Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 455Bangkok Bank PCL . . . . . . . . . . . . . . . . . . . . . . . Count 5 000 12 500Bank of America Corp . . . . . . . . . . . . . . . . . . . . . Count 12 935BR Properties SA . . . . . . . . . . . . . . . . . . . . . . . . Count 3 407 6 773Braskem SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 808Calpine Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 15 394CF Industries Holdings, Inc . . . . . . . . . . . . . . . . . Count 410China Life Insurance Co ., Ltd -H- . . . . . . . . . . . . Count 77 669Citigroup, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 373 1 373Citrix Systems, Inc . . . . . . . . . . . . . . . . . . . . . . . Count 1 182CP ALL PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 33 825Credicorp Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 311CSX Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 596Cubist Pharmaceuticals, Inc . . . . . . . . . . . . . . . . Count 887Detour Gold Corp . . . . . . . . . . . . . . . . . . . . . . . . Count 2 821Deutsche Lufthansa AG -Reg- . . . . . . . . . . . . . . Count 13 175Deutsche Post AG -Reg- . . . . . . . . . . . . . . . . . . Count 5 016Diagnosticos da America SA . . . . . . . . . . . . . . . Count 5 716Dow Chemical Co . . . . . . . . . . . . . . . . . . . . . . . . Count 6 905Embraer SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 473Energy Transfer Partners LP . . . . . . . . . . . . . . . Count 723Erste Group Bank AG . . . . . . . . . . . . . . . . . . . . . Count 6 560Estee Lauder Cos, Inc . . . . . . . . . . . . . . . . . . . . . Count 1 997FedEx Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 582Fraport AG Frankfurt Airport Services Worldwide . Count 3 710Freeport-McMoRan Copper & Gold, Inc . -B- . . . Count 2 243Fresh Market, Inc . . . . . . . . . . . . . . . . . . . . . . . . Count 1 903Global Telecom Holding -GDR- . . . . . . . . . . . . . Count 20 335Gol Linhas Aereas Inteligentes SA -ADR- . . . . . Count 4 578Gold Fields Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 352Grupo Televisa SA -ADR- . . . . . . . . . . . . . . . . . . Count 5 179Home Inns & Hotels Management, Inc . -ADR- . Count 1 693Hyundai Engineering & Construction Co ., Ltd . . Count 710Hyundai Motor Co . . . . . . . . . . . . . . . . . . . . . . . . Count 66 605ICICI Bank Ltd -ADR- . . . . . . . . . . . . . . . . . . . . . Count 8 771Infineon Technologies AG . . . . . . . . . . . . . . . . . Count 31 133InterContinental Hotels Group . . . . . . . . . . . . . Count 2 516Itau Unibanco Holding SA -ADR- . . . . . . . . . . . . Count 8 389Julius Baer Group Ltd . . . . . . . . . . . . . . . . . . . . . Count 6 112Kasikornbank PCL . . . . . . . . . . . . . . . . . . . . . . . . Count 4 600 16 800Kinder Morgan, Inc . . . . . . . . . . . . . . . . . . . . . . . Count 6 541Koninklijke KPN NV (MTN) . . . . . . . . . . . . . . . . . Count 31 794Laboratory Corp . of America Holdings . . . . . . . . Count 2 210Lazard Ltd -A- . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 725Li Ning Co ., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . Count 28 350Lojas Renner SA . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 879LUKOIL -ADR- -US . . . . . . . . . . . . . . . . . . . . . . . Count 637 1 711LVMH Moet Hennessy Louis Vuitton SA . . . . . . Count 1 135Mesoblast Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 972Millicom International Cellular SA -SDR- . . . . . . Count 1 481Mindray Medical International Ltd -ADR- . . . . . . Count 1 449Mondelez International, Inc . . . . . . . . . . . . . . . . . Count 3 452Mosaic Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 742MTN Group Ltd . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 579Navistar International Corp . . . . . . . . . . . . . . . . . Count 3 501NCR Corp . -GDR- . . . . . . . . . . . . . . . . . . . . . . . . Count 7 148Newmont Mining Corp . . . . . . . . . . . . . . . . . . . . Count 6 569Nike, Inc . -B- . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 943Novartis AG -Reg- . . . . . . . . . . . . . . . . . . . . . . . . Count 3 480NRG Energy, Inc . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 552Oracle Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 258Panera Bread Co . . . . . . . . . . . . . . . . . . . . . . . . Count 314Peabody Energy Corp . . . . . . . . . . . . . . . . . . . . . Count 4 614Ping An Insurance Group Co . of China Ltd . . . . Count 26 497Potash Corp . of Saskatchewan, Inc . . . . . . . . . . Count 4 809Qiagen NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 473

DWS Global Thematic

Roche Holding AG . . . . . . . . . . . . . . . . . . . . . . . Count 913Royal Bank of Scotland Group Plc . . . . . . . . . . . Count 11 580Royal Dutch Shell Plc -A- . . . . . . . . . . . . . . . . . . Count 8 013 SABMiller Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 057Samsung Electronics Co ., Ltd . . . . . . . . . . . . . . Count 42 364Sberbank of Russia -ADR- . . . . . . . . . . . . . . . . . Count 12 610Shoprite Holdings Ltd . . . . . . . . . . . . . . . . . . . . . Count 7 248Siam Commercial Bank PCL . . . . . . . . . . . . . . . Count 3 500 3 500SLC Agricola SA . . . . . . . . . . . . . . . . . . . . . . . . . Count 9 022SM Investments Corp . . . . . . . . . . . . . . . . . . . . . Count 1 805Standard Chartered Plc . . . . . . . . . . . . . . . . . . . Count 3 365Stanley Black & Decker, Inc . . . . . . . . . . . . . . . . Count 1 384Starwood Hotels & Resorts Worldwide, Inc . . . . Count 1 800Sun Hung Kai Properties Ltd . . . . . . . . . . . . . . . Count 7 366TAG Immobilien AG . . . . . . . . . . . . . . . . . . . . . Count 2 081Telefonaktiebolaget LM Ericsson -B- . . . . . . . . . Count 13 151Telefonica Deutschland Holding AG . . . . . . . . . . Count 13 664Tesoro Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 897Teva Pharmaceutical Industries Ltd -ADR- . . . . . Count 4 405Thermo Fisher Scientific, Inc . . . . . . . . . . . . . . . . Count 1 502Tumi Holdings, Inc . . . . . . . . . . . . . . . . . . . . . . . Count 3 395UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 382 2 382Unilever NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 774Valero Energy Corp . . . . . . . . . . . . . . . . . . . . . . . Count 3 217VF Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 264Vodafone Group Plc . . . . . . . . . . . . . . . . . . . . . . Count 45 807VTB Bank OJSC -GDR Reg- . . . . . . . . . . . . . . . . Count 10 296VTB Bank OJSC -Reg- . . . . . . . . . . . . . . . . . . . . Count 10 296 81 728Western Refining, Inc . . . . . . . . . . . . . . . . . . . . Count 1 619Weyerhaeuser Co . . . . . . . . . . . . . . . . . . . . . . . . Count 7 844X 5 Retail Group NV -GDR- . . . . . . . . . . . . . . . . . Count 3 595Yum! Brands, Inc . . . . . . . . . . . . . . . . . . . . . . . . Count 1 809

CertificatesHSBC Bank Plc - Bharti Airtel . . . . . . . . . . . . . . . Count 24 592HSBC Bank Plc - Bharti Airtel . . . . . . . . . . . . . . . Count 19 312HSBC Bank Plc - Larsen & Toubro . . . . . . . . . . . Count 387 7 567


16

DWS Global Thematic

Statement of changes in net assets 2014

I. Value of the fund’s net assets at the beginning of the reporting period . . . . . . . . . . USD 14 937 737.40

1. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -14 848 019.36 a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . . USD 3 523.80 b) Outflows from redemptions 1 . . . . . . . . . . . . . . . . . . USD -14 851 543.162. Income adjustment 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 680 854.543. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.004. Realized gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.005. Net change in unrealized appreciation/depreciation . . . . USD -1 770 572.58

II. Value of the fund’s net assets at the end of the reporting period . . . . . . . . . . . . . . . . USD 0.00

1 Includes the distribution of the proceeds based on the redemption of units on January 21, 2014, in the amount of USD -2 458 358.30.

2 Includes the income adjustment based on the redemption of units on January 21, 2014, in the amount of USD 2 925.14.

Summary of the gains/losses 2014

Realized gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.00

from: Securities transactions . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 690 070.57 (Forward) currency transactions . . . . . . . . . . . . . . . . . . USD -2 647.66 Income adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -1 687 422.91

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

Net assets at the end of the reporting period2014 (liquidation date) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.002013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 14 937 737.402012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 13 794 433.61 Net asset value per unit at the end of the reporting period2014 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0.00 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.00 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.002013 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 101.95 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 110.56 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 118.052012 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 88.10 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 91.90 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 97.18

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

for the period from January 1, 2014, through January 21, 2014

I. Income1. Dividends (before withholding tax) . . . . . . . . . . . . . . . . . USD 1 169.062. Interest from investments of liquid assets

(before withholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.213. Deduction for foreign withholding tax . . . . . . . . . . . . . . USD -416.424. Income adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -752.85

Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.00

II. Expenses1. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 6 976.13 thereof: Basic management fee . . . . . . . USD -5 630.95 Expense cap . . . . . . . . . . . . . . . USD 16 143.93 Administration fee . . . . . . . . . . USD -3 536.852. Custodian fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -64.233. Auditing, legal and publication costs . . . . . . . . . . . . . . . USD -3 395.644. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -10 837.48 thereof: Distribution costs . . . . . . . . . . . USD -2 437.35 Other . . . . . . . . . . . . . . . . . . . . . USD -8 400.135. Reimbursed expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 7 321.22

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.00

III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD 0.00

IV. Sale transactionsRealized gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 687 422.91Income adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -1 687 422.91

Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 0.00

V. Net gain/loss for the reporting period . . . . . . . . . . . . USD 0.00

BVI total expense ratio (TER)

The total expense ratio for the unit classes was:

Class LC (EUR) 0.11% 3, Class A2 0.11% 3,Class E2 0.05% 3

3 Annualization has not been performed for unit classes liquidated during the year.

The TER expresses total expenses and fees (excluding transaction costs) as a percent-age of a fund’s average net assets in relation to the respective unit class for a given reporting period.

Transaction costs

The transaction costs paid in the reporting period amounted to USD 4 849.29.

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

17

DWS Global – December 31, 2014

Statement of net assets as of December 31, 2014DWS

GlobalUSD


USD

Consolidated % of net assets

Assets

Total securities portfolio 349 855 186.38 100.52 349 855 186.38

Cash at bank 1 211 468.95 0.35 1 211 468.95

Other assets 372 082.45 0.11 372 082.45

Receivables from share certificate transactions 28 351.42 0.02 28 351.42

= Total assets 351 467 089.20 101.00 351 467 089.20

Liabilities

Other liabilities -561 613.39 -0.16 -561 613.40

Liabilities from share certificate transactions -2 906 618.98 -0.84 -2 906 618.97

-3 468 232.37 -1.00 -3 468 232.37

Net assets 347 998 856.83 100.00 347 998 856.83

18

Statement of changes in net assets for the period from January 1, 2014, through December 31, 2014DWS

GlobalUSD

Consolidated


USD

DWS Global Thematic

USD *

Income

Dividends (before withholding tax) 7 872 265.17 7 872 265.17 0.00

Interest from investments of liquid assets (before withholding tax)

64.94 64.94 0.00

Deduction for foreign withholding tax -1 472 631.86 -1 472 631.86 0.00

= Total income 6 399 698.25 6 399 698.25 0.00

Expenses

Interest on borrowings -1 392.31 -1 392.31 0.00

Management fee -5 175 096.22 -5 175 096.22 0.00

Custodian fee -22 479.70 -22 479.70 0.00

Auditing, legal and publication costs -102 811.60 -102 811.60 0.00

Taxe d‘abonnement -171 007.01 -171 007.01 0.00

Other expenses -186 409.86 -186 409.86 0.00

= Total expenses -5 659 196.70 -5 659 196.70 0.00

Net investment income 740 501.55 740 501.55 0.00

Sale transactions

Realized gains/losses 23 776 385.78 23 776 385.78 0.00

= Capital gains/losses 23 776 385.78 23 776 385.78 0.00

= Net gain/loss for the fiscal year 24 516 887.33 24 516 887.33 0.00


* This sub-fund was liquidated during the year. The period represented is therefore the period from January 1, 2014, through to the liquidation date of the respective sub-fund. Taking the corresponding income adjustment into account and applying it to the period after the rescindment of the last unit certificate transaction would result in a figure of zero for the corresponding result items “Net investment income”/”Net investment expense” and “Net gain/loss for the reporting period”. For further information, please refer to the general information pages.

19


Statement of changes in net assets for the period from January 1, 2014, through December 31, 2014DWS

GlobalUSD

Consolidated


USD

DWS Global Thematic

USD

Value of the fund‘s net assets at the beginning of the fiscal year 465 193 234.19 450 255 496.79 14 937 737.40

Net inflows -118 804 399.67 -103 956 380.31 -14 848 019.36

Income adjustment 5 175 384.18 3 494 529.64 1 680 854.54

Net investment income 740 501.55 740 501.55 0.00

Realized gains/losses 23 776 385.78 23 776 385.78 0.00

Net change in unrealized appreciation/depreciation -28 082 249.20 -26 311 676.62 -1 770 572.58

Net assets at the end of the fiscal year 347 998 856.83 347 998 856.83 0.00

20

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

To the unitholders of DWS Global

We have audited the accompanying financial statements of DWS Global and its respective sub-funds, which comprise the statement

of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2014, 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 Board of Directors of the Management Company for the financial statements

The Board of Directors of the Management Company is responsible for the preparation and proper overall presentation of the financial

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

assurance 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 Board of Directors 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.

Audit opinion

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

as of December 31, 2014, 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.

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 71L-1855 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 (the independent

auditor’s opinion) is as follows:

21

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, April 7, 2015 KPMG Luxembourg

Société coopérative

Cabinet de révision agréé

Harald Thönes

Management Company

DWS Investment S.A.

2, Boulevard Konrad Adenauer

L-1115 Luxembourg

Equity capital as of December 31, 2014:

EUR 231.5 million before profit appropriation

Board of Directors

Holger Naumann

Chairman

Managing Director of Deutsche Asset & Wealth

Management Investment GmbH,

Frankfurt/Main

Managing Director of

DWS Holding & Service GmbH,

Frankfurt/Main


RREEF Spezial Invest GmbH,

Frankfurt/Main

Chairman of the Board of Directors of

Oppenheim Asset Management

Services S.à r.l., Luxembourg

Heinz-Wilhelm Fesser

Luxembourg

Marzio Hug

Deutsche Bank AG, London

Dr. Boris N. Liedtke

Chairman of the Management Board of

Deutsche Bank Luxembourg S.A., Luxembourg

Dr. Matthias Liermann

Deutsche Asset & Wealth Management

Investment GmbH,

Frankfurt/Main

Klaus-Michael Vogel

Executive Member of the Board of Directors of

DWS Investment S.A., Luxembourg

Dr. Asoka Wöhrmann

Managing Director of Deutsche Asset & Wealth

Management Investment GmbH,

Frankfurt/Main


DWS Holding & Service GmbH,

Frankfurt/Main

Wolfgang Matis (until June 30, 2014)

Frankfurt/Main

Management

Klaus-Michael Vogel

Executive Member of the Board of Directors of


Manfred Bauer


Markus Kohlenbach


Doris Marx


Ralf Rauch


Martin Schönefeld


Auditor

Until December 31, 2014:

KPMG Luxembourg S.à r.l.

9, Allée Scheffer

L-2520 Luxembourg

Since January 1, 2015:

KPMG Luxembourg

Société coopérative

39, Avenue John F. Kennedy

L-1855 Luxembourg

Depositary

State Street Bank Luxembourg S.A.

49, Avenue J. F. Kennedy

L-1855 Luxembourg

Fund Manager

Global Thematic Partners, LLC

681 Fifth Avenue

New York, NY 10022

U.S.

Sales, Information and Paying Agent

LUXEMBOURG

Deutsche Bank Luxembourg S.A.

2, Boulevard Konrad Adenauer

L-1115 Luxembourg

As of: February 28, 2015

DWS Investment S.A.2, Boulevard Konrad AdenauerL-1115 LuxembourgTel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00

Documents

DWS Investment S.A. DWS Globalinternetfileserver.phillip.com.sg/Poems/UnitTrust/...1 Contents Annual report 2014 for the period from January 1, 2014, through December 31, 2014 General