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					                                      DWS Global Equity Agribusiness Fund
                                      Factsheet

                                      Investment philosophy
                                      The philosophy for the DWS Global Equity Agribusiness Fund is based on demographic trends.
                                      Increasing population, economic growth and the ongoing urbanisation trend will drive food demands.
DWS Global Equity                     Predictions suggest that the demand for food and other agricultural goods and services will double
Agribusiness Fund                     over the next generation. Furthermore, a dramatic shift in nutritional preferences to a higher intake of
Investing in a global                 protein occurs as a result of a global wealth effect.
megatrend: The business of
                                      Limited farmland will result in a booming demand for agrichemicals and seed together with newly
feeding the world.
The DW S Global Equity                developed agricultural methods. Globalisation and new free trade commitments will lead to
Agribusiness Fund provides            increased trade in agricultural products. Agricultural commodity prices are expected to increase
investors with exposure to an         following trends in hard commodity prices.
actively managed portfolio of
global agribusiness companies.
                                      We believe that the global agribusiness market is set to be one of the fastest growing segments in
The Fund seeks investments in all     the market. The DWS Global Equity Agribusiness Fund intends to invest all the way from
parts of the food                     agricultural commodities to consumer products. The Fund invests in promising companies in land
production-to-consumption value       and plantation, seed and fertiliser, planting, harvesting, protecting and irrigation, food processing
chain via stakes in listed            and manufacturing companies, offering investors the opportunity to capture value at various points
companies worldwide including         along the “food chain”.
those involved in land and
plantations, seeds and fertilisers,   Our universe is subject to regular review and can be modified as needed; it is not constrained as it is
equipment manufacturing for           benchmark-independent.
planting and harvesting, crop
protection, water and irrigation,
aquaculture, bio fuels, the           Our investment process
marketing and sales of                        Universe
agricultural and food products,
and climate services.                  Installed base                                                    Short List/ Risk
                                          Tractors                      Investable                        management               PORTFOLIO
                                          Combines                       Universe                                               Specific stress tests:
                                       Farmers’ purchasing power                                                Determining        Harvest shortfalls
                                                                                          Valuation             upside             Trade embargoes
                                         Africa                                                                 potential and
                                                                        Companies                                                  Irrigation problems
                                         South America                  whose screen                            risk
                                         North America                  metrics merit        CFROI                                 Pest, disease
                                                                                                                Target
                                         Europe                         closer               P/E                weightings         outbreaks
                                         Asia                           examination          P/B                Diversified        Dual-region
                                                                        (trading             ROE                across major       synchronous harvest
                                       Arable land growth               volume,              DCF                regions            impairment
                                                                        market                                  Diversified        Consumer behavior
                                       Crop production growth           capitalization,                         across major       changes
                                                                        liquidity)                              industrial
                                       Meteorological seasonality                                                                  Weather/climate
                                                                                                                service
                                                                                                                sectors            changes
                                       Regulatory issues
                                         GMO legislation
                                         Trade barriers



                                      The DWS Global Equity Agribusiness Fund invests over the full spectrum of the food chain
                                      including agriculture, aquaculture, agrochemicals, agro-tech and food products.
                                      For inclusion in the Fund, companies must meet the following criteria:
                                                   Strong market position in their specific area of activity.
                                                   Favourable balance sheet ratios.
                                                   Above-average quality of management, focused on generating strong and sustainable
                                                   earnings.
                                                   Clearly formulated corporate strategy with good prospects for success.
                                                   Transparent and shareholder-friendly information policy.
                                      In addition, we test the risk metrics by quantitatively defining the stocks whose cash flows are
                                      geared into the increase in global protein consumption. We then filter a large universe of stocks
                                      (700-800) to develop a list of companies that we actively interview and analyse. This step takes us
                                      across the globe and transcends sectors. The final step is to have a short list which qualifies for
                                      valuation and further stress-testing and admission to the portfolio construction process.
                                      We seek to construct our portfolio in such a way that the upside/downside asymmetry is
                                      commensurate with absolute position size. Risk aversion is our guiding factor - every unit of risk
                                      must be compensated with significantly more units of upside potential. The aim of our portfolio
                                      optimisation is the efficient allocation of capital, maximizing expected returns while limiting risk. It is
                                      important to note that our portfolio optimisation model is one of many tools we use to determine
                                      stock weightings.
                                      The DWS Global Equity Agribusiness Fund is theme-based, and as such sector and country
                                      allocations are a residual of our theme-based process. The Fund will invest into all principal areas
                                      of global agribusiness and will take further opportunities by investing into promising companies
                                      along the entire food chain.
                                                             DWS Global Equity Agribusiness Fund
                                                             Factsheet

                                                               About DWS
 Contact details                                               DWS Investments is the mutual fund arm of Deutsche Bank’s Asset Management division.
 To discuss any information in                                 Founded in Germany in 1956, DWS Investments is the largest mutual fund company in
 this report please call freecall:                             Germany1 and among the top ten players globally2 in terms of assets under management. DWS
                                                               Investments is the name under which Deutsche Asset Management (Australia) Limited markets
 Individual investors                                          a range of its funds in Australia.
                                                               Sources:
 1800 034 402                                                  1 BVI, as of December 2006.
                                                               2 Strategic Insight, FERI FMI, ITA as of December 2006, and AAM as of June 2006.

 Advisers
 1800 678 519                                                   About Deutsche Asset Management
                                                                Deutsche Asset Management is the asset management arm of the Deutsche Bank Group, which
 Alternatively, visit our web site
                                                                is one of the world’s strongest financial institutions. Deutsche Asset Management is one of the
 at
                                                                largest investment managers in the world. We have offices in more than 60 countries, allowing us
 www.am.australia.db.com
                                                                to draw on a breadth of investment skills, resources and insights to enhance the service that we
                                                                deliver to Australian investors.

                                                                 Fund at a glance
                                                                 Investment objective                                     To provide investors with exposure to an actively managed
                                                                                                                          portfolio of global agribusiness stocks in sectors such as
                                                                                                                          agrochemicals, biotechnology and food processing. The
                                                                                                                          Fund will invest in stocks to exploit value creation within
                                                                                                                          the whole supply chain of the global agricultural business.
                                                                 Income potential                                         Low
                                                                 Growth potential                                         High
                                                                 Volatility                                               High
                                                                 Primary investment universe                              MSCI World Index
                                                                 Inception date                                           March 2007
                                                                 Suggested investment period                              3-5 years
                                                                 Typical number of stocks                                 40-80
                                                                 Entry and exit fee                                       Nil
                                                                 Minimum investment amount                                $25,000
                                                                 Investment management fee                                0.90% pa (capped), inclusive of GST
                                                                 Buy/sell spread                                          +0.20/-0.20%
                                                                 Distribution Frequency                                   Semi-annually after 30 June and 31 December each year
                                                                 Currency Hedging                                         The intention is to fully hedge the foreign currency
                                                                                                                          exposure of the Fund. However, short term movements in
                                                                                                                          cash flows or fluctuations in market values may draw the
                                                                                                                          Fund away from a fully hedged position.
                                                                 APIR code                                                MGL0019AU

                                                               Why invest in the DWS Global Equity Ag ribusiness Fund?
                                                               The DWS Global Equity Agribusiness Fund offers:
                                                                      access to a global dynamic sector that represents one of the fastest growing segments of
                                                                      the global commodities market and participating in the entire agribusiness value chain;
                                                                      access to dedicated and experienced global specialists within the broader global thematic
                                                                      equities team;
                                                                      the ability to exploit the benefits of long term cashflow analysis;
                                                                      an established and proven investment process with detailed fundamental research within a
                                                                      risk controlled framework.


DWS Global Equity Agribusiness Fund ARSN 124 220 202 is a registered Managed Investment Scheme managed by Deutsche Asset Management (Australia) Limited and a Product Disclosure Statement for
the Fund can be obtained from http://www.am.australia.db.com or by calling Deutsche Client Services. This is not an offer of securities or financial products, nor is it financial product advice. You should consider
the Product Disclosure Statement in deciding to acquire or to continue to hold the Fund. As this document has been prepared without taking account of your objectives, financial situation and needs, you should
consider its appropriateness having regard to your objectives, financial situation and needs. An investment in the Fund is not a deposit with or any other type of liability of Deutsche Bank AG ARBN 064 165 162,
Deutsche Asset Management (Australia) Limited or any other member of the Deutsche Bank AG Group and the capital value of and performance of an investment in the Fund/s is not in any way guaranteed by
Deutsche Bank AG, Deutsche Asset Management (Australia) Limited or any other member of the Deutsche Bank AG Group. Investments are subject to investment risk, including possible delays in repayment
and loss of income and principal invested. Although non-Fund specific information has been prepared from sources believed to be reliable, we offer no guarantees as to its accuracy or completeness. Past
performance is not an indicator of future results. Any performance forecasts are not promises of future performance and are not guaranteed. Opinions expressed may change. All dollars are Australian dollars
unless otherwise specified. All indices are copyrighted by and proprietary to the issuer. Issued by Deutsche Asset Management (Australia) Limited ABN 63 116 232 154 Australian Financial Services Licence
Holder.

				
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