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DWS Premier Investments Funds

Annual Report for the financial year ended 31 December 2020 DWS China Equity Fund DWS Global Themes Equity Fund

DWS India Equity Fund

DWS Singapore Equity Fund

` MANAGERS DWS INVESTMENTS SINGAPORE LIMITED One Raffles Quay #17-10 South Tower Singapore 048583 TRUSTEE HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 10 Marina Boulevard Marina Bay Financial Centre Tower 2 #48-01 Singapore 018983 AUDITORS KPMG LLP 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 SOLICITORS TO THE MANAGER TAN PENG CHIN LLC 50 Raffles Place #27-01 Singapore Land Tower Singapore 048623 SOLICITORS TO THE TRUSTEE Allen & Gledhill LLP One Marina Boulevard #28-00 Singapore 018989

This report is prepared by DWS Investments Singapore Limited for information purposes only. It does not constitute an offer or solicitation to buy or sell units of this fund. Please see the Prospectus for further details. All application for units in the unit trust must be made on the application forms accompanying the Prospectus. Investors should read the Prospectus for details. The value of units and the income from them may fall as well as rise. Any forecasts made are not necessarily indicative of future or likely performance of the funds and past performance is not necessarily a guide to future performance.

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CONTENTS Page No. Managers’ Market Review and Strategy

DWS China Equity Fund 3 DWS Global Themes Equity Fund 4 DWS India Equity Fund 6 DWS Singapore Equity Fund 8

Report of the Trustee 10 Statement by the Managers 11 Auditors’ Report 12 Financial Statements

Statements of Total Return 14 Statements of Financial Position 16 Statements of Movements in Unitholders’ Funds 17 Statements of Portfolio


Notes to the Financial Statements 34

Disclosures According to Code of Collective Investment Scheme Guidelines


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Manager’s Market Review and Strategy

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DWS PREMIER INVESTMENTS FUNDS - DWS CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) MANAGER’S MARKET REVIEW AND STRATEGY For the financial year ended 31 December 2020 Market Review and Performance Review 2020 was full of surprises. Covid-19 unexpectedly hit China at the beginning of 2020 with many business activities came to an abrupt halt in 1Q2020, but with the successful epidemic control and gradual economic re-opening in the 2H2020, China economy witnessed a V-shaped recovery in 2H2020. As a result, the MSCI China 10/40 gained 30.7% (in USD-term), the second best annual return in the past decade. The Fund outperformed the benchmark in 2020, mainly helped by the Fund’s stock selection in the Industrial, Information Technology, Financials and Real Estate sectors, as well as the underweight in the Financials and Utilities sectors. On the other hand, the sub-fund stock underweight in the Healthcare sector and the stock selection in the Consumer Staples sector, detracted the Fund’s performance. Despite the volatile market performance in 2020, the Fund’s stock picks continued to focus on quality growth companies trading at a reasonable valuation. Market Outlook and Investment Strategy In 2021, we expect China government will keep a prudent monetary and fiscal measures, to ensure the economy can continue to grow at a healthy pace and yet at the same time lowering the financial systematic risks in the economy. The US and China geopolitical tensions remain, but we do not expect that to deteriorate further, given the global economy is yet to recover from the Covid-19. The Fund will continue to invest in stocks with quality growth trading at a reasonable valuation. The Fund continue to favor investment themes exhibiting structural growth potential, such as consumption upgrade and lifestyle (eg. education, e-commerce, consumer services, online entertainment), new technologies (eg. electric vehicles, cloud & datacenters), and industrial upgrade (eg. automation machinery). Further to that, the Fund will also explore investment opportunities in the cyclical sectors, as opportunities may emerge along with China government policy support and as the country’s structural reform progresses. This information is intended for informational purposes only and does not constitute investment advice, a recommendation, an offer or solicitation and was prepared without regard to the specific investment objectives, financial situation or particular needs of any particular person. All opinions expressed are made as at the date of this publication but are subject to change without notice. Past performance is not indicative of future returns. Forecasts and forward looking statements are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect. This document may not be reproduced in any form or disseminated to any third party without our express written consent.

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DWS PREMIER INVESTMENTS FUNDS - DWS GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) MANAGER’S MARKET REVIEW AND STRATEGY For the financial year ended 31 December 2020 Investment policy and objective DWS Global Themes Equity Fund strives for a sustainable accumulation of value. In order to achieve this target, the fund predominantly invests in stocks of domestic and foreign companies, which capitalize on long-term structural trends like demographic change, scarcity of resources, climate change, urbanization, digitalization, industrial revolution and changing living standards. The portfolio is comprised of companies, which allow for a favorable development of business and strength of returns over the long-term. Thereby, the fund management’s long-term investment horizon provides for a strong continuity of each portfolio position. Particularly, the sustainability of the business model, the quality of the responsible corporate management teams, soundness of balance sheets and a reasonable valuation play more of an important role than any short-term stock price reactions. Market review in the reporting period of 2020 2020 was a year of extremes and records for the global equity markets which were mostly driven by the COVID-19 pandemic newsflow. In the first two months, it was considered more of an APAC problem rather than a global one. This lead to a strong underperformance of the Chinese markets and of global companies where the business model is strongly reliant on China. In the end of the third week of February when the virus spread to Italy, this was the beginning of the fastest decline in history when global stock markets lost more than 30% within one month. Massive fiscal programs, central bank easing, and increased control of the virus helped to stabilize the markets in the fourth week of March. Afterwards the markets gained confidence due to increased control of the virus with first therapeutics coming on the markets and vaccines progressing faster than initially expected. More important, first countries in APAC recovered from the pandemic and a blueprint path to normalcy gave light at the end of the tunnel. Meanwhile strong fiscal and central bank support remained. These developments lead to another record: the fastest recovery in history. In 4Q the markets gained further confidence when the very strong vaccine data was released in November. This caused the strongest anti-momentum move in history when the stocks who were hit most by the lockdowns saw a strong recovery and the work from home stocks underperformed. In 2020, the U.S. equity market, measured by the S&P 500 Index, won 17% (in USD) and European stocks decreased 1% (Stoxx 600 in EUR), the Japanese equity market increased 8% (Topix Index in JPY). The MSCI Emerging Markets increased 19% (in USD). From a sector perspective, the IT sector had by far a standout performance. Healthcare and consumer discretionary followed. In contrast, energy and financials were the weakest sectors. The DWS Global Themes Equity Fund outperformed the benchmark by 28.6%. The fund gained 42.5%, while the bench-mark MSCI World Net Total Return Index gained 13.9% (both SGD). In the current reporting period, the relative performance difference came 27.2% from security selection and 1.4% from sector allocation. From a regional perspective, the US continues to dominate the portfolio and remains overweight versus the MSCI World Index. Lower taxes, less regulation and more government spending should in general help to boost economic well-being as well as stock exchanges. On a sector level, all sectors despite the Consumer Discretionary sector where positive contributors. The highest contributor by far was Health Care followed by Industrials and IT. The long-term investment horizon of the fund management ensures a strong continuity among the single stock positions as well as the relative weights of the different sectors and regions. The sustainability of the business model, the quality of the management, sound balance sheets and the valuation levels have a more important role than short-term share price fluctuations. Based upon these characteristics the fund generally puts a large emphasis on technology companies with large innovation capabilities, consumer stocks with strong brands and innovative health care companies. In contrast, companies from the raw materials and energy space are considered only selectively due to an often poor discipline with regard to capacity expansion projects as well as the direct dependency on raw material prices which could be negative for shareholder return. The same holds for the utility sector, where regulatory interventions such as the energy transition (to renewables), translated into uncertainties around the sustainability of their business models. Another strong overweight are Asian technology companies, which oftentimes are at the forefront of technological developments. Health care companies, especially biotechnology, remain a focal element of the portfolio.

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DWS PREMIER INVESTMENTS FUNDS - DWS GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) MANAGER’S MARKET REVIEW AND STRATEGY For the financial year ended 31 December 2020 Market review in the reporting period of 2020 (continued) When it comes down to trend allocation, the fund is very much focused on demographic change, changing living standards, climate change as well as digitalization. The digitalization and demographic change trends has paid off the most during 2020 due to the fund’s strong weights in the technology and healthcare sector especially overweighting biotech stocks. In particular, trends in the areas of the future of banking, like digital channels, branchless banking or data analytics, have materialized in rising stock prices. In addition, ad-retargeting (better known as cookies) is getting more widespread and adopted in digital marketing campaigns by ad agencies and global brands. The most recent data breaches and cyber-attacks led to an increase in the fund’s exposure to IT security companies that focus on the protection of the endpoint and network. Companies that profited from demographic trends are especially companies that are on the forefront of therapeutic innovations in the healthcare space. Companies that gained a lot from that in 2020 were biotech and pharma companies who were working on therapeutics and vaccines fighting the global pandemic. Despite the pandemic clinical research in other areas remained ongoing and the fund benefitted from advances in research areas such as cancer, cardiologic and liver diseases. Additionally, changing habits of the Millennials and Centennials like the way they book a travel, how they communicate, consume content (like video gaming, live concerts) as well as lodge and eat are proxied through various investments in the cyclical and non-cyclical consumer sector as well as technology stocks. Past performance is not indicative of future returns. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect. This information is intended for informational purposes only and does not constitute investment advice, a recommendation, an offer or solicitation. This information is intended for informational purposes only and does not constitute investment advice, a recommendation, an offer or solicitation and was prepared without regard to the specific investment objectives, financial situation or particular needs of any particular person. All opinions expressed are made as at the date of this publication but are subject to change without notice. Past performance is not indicative of future returns. Forecasts and forward looking statements are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect. This document may not be reproduced in any form or disseminated to any third party without our express written consent.

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DWS PREMIER INVESTMENTS FUNDS - DWS INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) MANAGER’S MARKET REVIEW AND STRATEGY For the financial year ended 31 December 2020 Market Review in 2020 The equity markets in India have closed CY2020 at new highs. The sectors that outperformed included; Pharmaceutical, I.T., Consumption and Metals. Banking, Infrastructure and Realty were the laggards. Brent Crude corrected by 22% during the year, which is a key positive, as India remains a net importer. Market posted a strong up move in December 2020 helped by continued inflows from foreign institutional investor on the back of risk-on sentiment becoming stronger and a weak dollar. During the month there were some concerns regarding emergence of a second wave on account of a more infectious strain of the COVID19 virus. While Europe saw cases rising again, India’s cases are on a notable decline and the government is planning to inoculate the frontline workers and the more vulnerable sections of the society with the approved vaccines thereby raising hopes of normalcy returning sooner rather than later. Flashback to the start of the year and COVID19 was just a notion and India was turning the corner as economy was expected to come out of the woods. The union budget was presented on February 1, 2020 and turned out to be a non-event. While there were no stark negatives, however against heightened expectations there was lack of any concrete policy measures to foster growth. February ushered in the advent of the ‘mysterious virus’ and the times when ‘No one knew anything’. Indian markets just like their global peers saw a sharp correction over March-April 2020 by rising cases of COVID19. March was the worst calendar month since Oct 2008. India announced its first stringent lockdown from March 25, 2020 with only essential goods and services available to control the pandemic. From May 2020, equity markets in India started to see some pullback primarily due to excess domestic and global liquidity which supported asset prices. “Flattening of the curve” became a colloquial term and paramount for market revival. Then came in the element of government fiscal measures catering to the welfare of poor & rural households. Fiscal support though looked paltry vs economic packages announced in the developed nations. Another round of stimulus in May, brought in some measures for Non-Banking Financial Company (NBFCs) and Small and Medium Enterprises (SMEs) that exceeded expectations. On the macro front the central bank upped it FY21 GDP projection from -9.5% to -7.5% indicating a recovery in H2FY21. Inflation also saw some moderation with Consumer Price Index (CPI) print coming in at 6.9% in November (from 7.6% in Oct) as supply chains further normalised. While expected (due to the pandemic), India’s fiscal deficit touched 135% of the budgeted figures (as of Nov end) as revenue receipt lagged from the budgeted figures. The central bank continued to maintain a dovish stance even as inflation remained above desired levels. Till this day we discuss the apparent disconnect between reality and markets. Large global central banks have injected liquidity to the tune of USD 8 +trillion in 2020 vs USD 3.1 trillion in 2008. For Indian equity markets Pharmaceuticals and I.T. sectors were themes that conquered and still going strong. Metal pack surprised in December with a beat versus Nifty and rural economy continues to show resilience. Foreign Institutional Investor money has been pouring in India equity markets. Foreign Institutional Investors were net buyers in December 2020 again for the third straight month (Inflows of US$7.3bn in Dec vs US$ 9.6bn in Nov) and they have pumped in US$23.4bn for CY2020. Domestic Institutional Investors on the other hand continued there selling spree with outflows of US$5bn taking CY2020 outflows at US$4.9bn. Investment policy in the reporting period We stick to our preference to high quality stocks and the fund outperformed the benchmark in 2020, driven by stock selection in financials and consumer staples. We preferred large private banks and Non-Banking Financial Company with good asset quality rather the stated owned banks, which drove our outperformance. An overweight in healthcare and avoiding utilities was also positive. Some gains were offset by the selection in communication services and underweighting consumer discretionary. At the stock level, overweight in Bajaj Finance, HCL Technologies and State Bank of India were the main contributors, while the underweight exposure in Infosys, Axis Bank and Reliance Industries detracted the performance.

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DWS PREMIER INVESTMENTS FUNDS - DWS INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) MANAGER’S MARKET REVIEW AND STRATEGY For the financial year ended 31 December 2020 Outlook For India, the widescale implementation of vaccination programs, gradual uptick in GDP growth, sustainability of low interest rates versus sticky inflation, crude prices, revival of credit growth, fiscal deficit and roll-out of government linked incentive schemes are the key monitorable over the medium term. We expect India will continue to remain one of the fastest growing emerging markets in the world and potential long-term equity returns will continue to attract sizeable inflows. In terms of earnings, while FY21 is likely going to be a muted year (primarily because of the pandemic), recovery expectations in H2 and a healthy exit run rate would provide a strong platform for earnings growth recovery from FY22 onwards. We think the basic demand drivers have not changed. While the fallout of the lockdown will see transformation across sectors, part of the economies will benefit from the on-going turmoil. While some changes maybe temporary some changes are here to stay. India is in a sweet spot to capitalise on impending opportunities in a somewhat changed world order and if it gets its act right, we can expect many years of strong performance from the equity markets. Times are still ambiguous, and we stick to quality and strong business models with ability to transform, disrupt and withstand external shocks (sustainable moats, low leverage, positive operating cashflows, good management and corporate governance standards This information is intended for informational purposes only and does not constitute investment advice, a recommendation, an offer or solicitation and was prepared without regard to the specific investment objectives, financial situation or particular needs of any particular person. All opinions expressed are made as at the date of this publication but are subject to change without notice. Past performance is not indicative of future returns. Forecasts and forward looking statements are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect. This document may not be reproduced in any form or disseminated to any third party without our express written consent.

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DWS PREMIER INVESTMENTS FUNDS - DWS SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) MANAGER’S MARKET REVIEW AND STRATEGY For the financial year ended 31 December 2020 Investment and Market Review For the period under review, the Singapore equity market has registered a negative SGD return of 8.99%1, and has underperformed the broader regional index Asia-ex Japan, which registered a positive SGD 21.15%2. Korea and Taiwan stood out in terms of market performance in the region, both regions contain the COVID-19 virus well and technology sectors continued to be resilient in the pandemic. Singapore suffered from capital outflow and a stop of international travels. The fund came broadly in-line with the benchmark for the period under review. Our cash position, underweight exposure in Industrials and selection to communication services helped the performance. Underweighting ComfortDelGro Corp and Yangzijiang Shipbuilding in Industrials contributed to the performance. Some gains were offset by overweight exposure in real estate and financials, with UOL Group and CapitaLand being the largest detractors. ________________________________ 1 MSCI Singapore Total Return index

2 MSCI Asia-ex Japan Total Return index SGD

This information is intended for informational purposes only and does not constitute investment advice, a recommendation, an offer or solicitation and was prepared without regard to the specific investment objectives, financial situation or particular needs of any particular person. All opinions expressed are made as at the date of this publication but are subject to change without notice. Past performance is not indicative of future returns. Forecasts and forward looking statements are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect. This document may not be reproduced in any form or disseminated to any third party without our express written consent.

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Financial Statements

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REPORT OF THE TRUSTEE The Trustee is under a duty to take into custody and hold the assets of DWS Premier Investments Funds (the “Fund”) in trust for the unitholders. In accordance with the Securities and Futures Act (Cap. 289), its subsidiary legislation and the Code on Collective Investment Schemes, the Trustee shall monitor the activities of the Manager for compliance with the limitations imposed on the investment and borrowing powers as set out in the Trust Deed in each annual accounting year and report thereon to unitholders in an annual report. To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Fund during the year covered by these financial statements, set out on pages 14 to 50, in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed. For and on behalf of the Trustee HSBC Institutional Trust Services (Singapore) Limited ____________________________ Authorised Signatory Singapore 31 March 2021

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STATEMENT BY THE MANAGER In the opinion of the directors of DWS Investments Singapore Limited, the accompanying financial statements set out on pages 14 to 50, comprising the Statements of Total Return, Statements of Financial Position, Statements of Movements in Unitholders’ Funds, Statements of Portfolio and Notes to the Financial Statements are drawn up so as to present fairly, in all material respects, the financial position of DWS Premier Investments Funds as at 31 December 2020, and the total return and changes in unitholders' funds for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trusts (‘RAP 7’) issued by the Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonable grounds to believe that the DWS Premier Investments Funds will be able to meet its financial obligations as and when they materialise For and on behalf of directors of DWS Investments Singapore Limited ____________________________ Authorised Signatory Singapore 31 March 2021

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INDEPENDENT AUDITORS’ REPORT UNITHOLDERS OF DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) Report on the Audit of the Financial Statements Opinion We have audited the financial statements of DWS Premier Investments Funds (the “Fund”), which comprise the Statements of Financial Position and Statements of Portfolio as at 31 December 2020, the Statements of Total Return and Statements of Movements in Unitholders’ Funds for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 14 to 50. In our opinion, the accompanying financial statements are properly drawn up in accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trusts (‘RAP7’) issued by the Institute of Singapore Chartered Accountants so as to present fairly, in all material respects, the financial position and portfolio holdings of the Fund as at 31 December 2020 and the financial performance and movements in unitholders’ funds of the Fund for the year ended on that date. Basis for opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the ‘Auditors’ responsibilities for the audit of the financial statements’ section of our report. We are independent of the Fund in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information DWS Investments Singapore Limited, the Manager of the Fund (“the Manager”), is responsible for the other information contained in the annual report. Other information is defined as all information in the annual report other than the financial statements and our auditors’ report thereon. We have obtained all other information prior to the date of the auditors’ report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Manager for the financial statements The Manager is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of RAP 7 issued by the Institute of Singapore Chartered Accountants, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting

KPMG LLP 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581

Telephone +65 6213 3388 Fax +65 6225 0984 Internet www.kpmg.com.sg

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Report on the Audit of the Financial Statements (continued) Responsibilities of the Manager for the financial statements (continued) unless the Manager either intends to terminate the Fund or to cease the Fund’s operations, or has no realistic alternative but to do so. The Manager’s responsibilities include overseeing the Fund’s financial reporting process. Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,

design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and

related disclosures made by the Manager. • Conclude on the appropriateness of the Manager’s use of the going concern basis of accounting and, based on the

audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and

whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. KPMG LLP Public Accountants and Chartered Accountants Singapore 31 March 2021

The accompanying notes form an integral part of these financial statements.

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DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 December 2020

DWS China

Equity Fund DWS Global Themes

Equity Fund Note 2020 2019 2020 2019 S$ S$ S$ S$ Income Dividends 1,640,962 2,178,002 97,181 156,676 Interest income 2,146 17,203 3 35 Other income 8,375 - 1 - 1,651,483 2,195,205 97,185 156,711 Less: Expenses Accounting fees 43,265 16,511 25,480 10,792 Management fees 1,418,069 1,435,164 141,094 140,967 Registration fees 15,299 13,904 9,837 9,783 Trustee’s fees 33,088 33,487 3,799 3,795 Custody fees 20,019 20,140 2,082 1,532 Valuation fees 33,088 33,487 3,799 3,795 Transaction costs 192,997 198,358 70,729 1,945 Audit fees 19,552 19,498 11,331 11,300 Others 29,132 6,574 3,107 1,651 1,804,509 1,777,123 271,258 185,560 Net income/(loss) (153,026) 418,082 (174,073) (28,849) Net gains on value of investments and

financial derivatives Net gains on investments 26,987,688 14,499,998 3,988,221 2,633,985 Net gains/(losses) on foreign exchange

contracts (168) 11,024 (4,799) 1,461 Net foreign exchange gains/(losses) 88,421 (104,810) (5,073) (2,262) 27,075,941 14,406,212 3,978,349 2,633,184 Total return for the year before income tax 26,922,915 14,824,294 3,804,276 2,604,335 Less: Taxation 8 (95,982) (153,521) (25,237) (37,465) Total return for the year after income tax 26,826,933 14,670,773 3,779,039 2,566,870


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DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 December 2020

DWS India

Equity Fund DWS Singapore

Equity Fund Note 2020 2019 2020 2019 S$ S$ S$ S$

Income Dividends 1,068,958 1,396,016 341,331 432,762 Interest income 1,757 39,501 - - 1,070,715 1,435,517 341,331 432,762 Less: Expenses Accounting fees 63,054 54,795 23,459 5,363 Management fees 559,569 654,324 122,831 149,951 Registration fees 10,360 10,073 10,901 10,535 Trustee’s fees 40,946 47,801 2,866 3,499 Custody fees 59,394 69,626 1,607 1,756 Valuation fees 40,946 47,801 2,866 3,499 Transaction costs 72,883 139,595 4,281 5,209 Audit fees 20,299 19,843 19,050 18,998 Others 11,030 302 5,103 1,998 878,481 1,044,160 192,964 200,808 Net income 192,234 391,357 148,367 231,954 Net gains/(losses) on value of investments

and financial derivatives Net gains/(losses) on investments 20,090,230 12,007,626 (1,105,017) 900,991 Net losses on foreign exchange contracts (66,249) (47,254) (253) (65) Net foreign exchange gains/(losses) (191,854) (315,667) 815 (27) 19,832,127 11,644,705 (1,104,455) 900,899 Total return/(deficit) for the year before

income tax 20,024,361 12,036,062 (956,088) 1,132,853 Less: Taxation 8 (213,663) - (10,616) (3,609) Total return/(deficit) for the year after income

tax 19,810,698 12,036,062 (966,704) 1,129,244


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DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF FINANCIAL POSITION As at 31 December 2020

DWS China


Equity Fund Note 2020 2019 2020 2019 S$ S$ S$ S$

Assets Portfolio of investments 102,870,205 92,235,391 13,140,858 10,332,939 Receivables 3 209,856 115,499 46,734 10,591 Sales awaiting settlement - 1,038,542 - - Cash and bank balances 4 3,418,166 1,589,687 102,680 82,695 Total assets 106,498,227 94,979,119 13,290,272 10,426,225 Liabilities Payables 6 336,034 322,254 40,073 24,603 Purchases awaiting settlement - 926,385 - - Total liabilities 336,034 1,248,639 40,073 24,603 Equity Net assets attributable to unitholders 7 106,162,193 93,730,480 13,250,199 10,401,622

DWS India


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$

Assets Portfolio of investments 131,119,650 125,775,805 7,956,800 9,737,567 Sales awaiting settlement - 637,138 26,953 - Receivables 3 21,000 46,764 20,009 32,456 Cash and bank balances 4 2,689,855 5,888,961 162,562 194,107 Total assets 133,830,505 132,348,668 8,166,324 9,964,130 Liabilities Payables 6 117,263 98,786 104,273 38,983 Financial derivatives at fair value 5 51 15 - - Total liabilities 117,314 98,801 104,273 38,983 Equity Net assets attributable to unitholders 7 133,713,191 132,249,867 8,062,051 9,925,147

The accompan ing notes form an integral part of these


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DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF MOVEMENTS IN UNITHOLDERS’ FUNDS For the financial year ended 31 December 2020

DWS China


Equity Fund Note 2020 2019 2020 2019 S$ S$ S$ S$ Net assets attributable to unitholders at the

beginning of financial year 93,730,480 94,948,759 10,401,622 10,412,989 Operations Change in net assets attributable to unitholders

resulting from operations 26,826,933 14,670,773 3,779,039 2,566,870 Unitholders’ contributions/(withdrawals) Creation of units 6,158,095 4,494,526 916,812 789,053 Cancellation of units (20,553,315) (20,383,578) (1,847,274) (3,367,290) Change in net assets attributable to unitholders

resulting from net creation and cancellation of units (14,395,220) (15,889,052) (930,462) (2,578,237)

Total increase/(decrease) in net assets

attributable to unitholders 12,431,713 (1,218,279) 2,848,577 (11,367) Net assets attributable to unitholders at the end of financial year 7 106,162,193 93,730,480 13,250,199 10,401,622

DWS India


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Net assets attributable to unitholders at the

beginning of financial year 132,249,867 141,838,152 9,925,147 9,785,499 Operations Change in net assets attributable to unitholders

resulting from operations 19,810,698 12,036,062 (966,704) 1,129,244 Unitholders’ contributions/(withdrawals) Creation of units 1,306,083 2,798,534 582,172 261,314 Cancellation of units (19,653,457) (24,422,881) (1,478,564) (1,250,910) Change in net assets attributable to unitholders

resulting from net creation and cancellation of units (18,347,374) (21,624,347) (896,392) (989,596)

Total increase/(decrease) in net assets

attributable to unitholders 1,463,324 (9,588,285) (1,863,096) 139,648 Net assets attributable to unitholders at the end of financial year 7 133,713,191 132,249,867 8,062,051 9,925,147


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DWS PREMIER INVESTMENTS FUNDS - DWS CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2020

Holdings Fair Value

Percentage of Net Assets

Attributable to Unitholders

31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities Cayman Islands Tencent Holdings Limited 90,210 8,672,271 8.17 Alibaba Group Holding Limited 20,458 6,289,923 5.92 Meituan Company 116,000 5,824,917 5.49 JD.com Incorporation 50,037 5,808,982 5.47 Pinduoduo Incorporation 14,547 3,410,700 3.21 New Oriental Education & Technology Group 12,889 3,164,886 2.98 NIO Incorporation 39,178 2,523,220 2.38 TAL Education Group 25,423 2,402,758 2.26 Xiaomi Corporation 392,600 2,221,710 2.09 Netease Incorporation 16,616 2,100,086 1.98 Li Ning Company Limited 223,000 2,024,061 1.91 Wuxi Biologics Cayman Incorporation 96,000 1,677,236 1.58 Sunny Optical Technology Group Company Limited 54,000 1,561,977 1.47 ENN Energy Holdings Limited 78,794 1,528,391 1.44 Shenzhou International Group Holdings Limited 47,000 1,210,490 1.14 China Mengniu Dairy Company Limited 150,000 1,195,286 1.13 Geely Automobile Holdings Limited 230,000 1,036,938 0.98 Bosideng International Holdings Limited 1,476,000 988,731 0.93 KWG Group Holding Limited 532,500 960,294 0.90 JD Health International Incorporation 36,000 918,593 0.87 China Resources Land Limited 151,333 821,565 0.77 Innovent Biologics Incorporation 54,500 762,209 0.72 Topsports International Holdings Limited 384,000 757,947 0.71 21Vianet Group Incorporation 16,324 747,561 0.70 CIFI Holdings Group Company Limited 598,000 667,639 0.63 Tingyi (Cayman Islands) Holdings Corporation 270,000 606,566 0.57 Country Garden Services Holdings Company Limited 58,000 518,034 0.49 Sino Biopharmaceutical Limited 396,000 506,239 0.48 60,909,210 57.37 China China Construction Bank H Shares 3,557,000 3,571,069 3.36 Ping An Insurance (Group) Company of China Limited H Shares 203,500 3,293,506 3.10 LONGi Green Energy Technology Company Limited 116,700 2,188,914 2.06 Industrial and Commercial Bank of China H Shares 2,271,204 1,943,385 1.83 Contemporary Amperex Technology Company Limited 27,100 1,935,706 1.83 BYD Company Limited 55,000 1,903,083 1.79 China Tourism Group Duty Free Corporation Limited 26,429 1,518,352 1.43 Estun Automation Company Limited 246,419 1,494,888 1.41


- 19 -


Holdings Fair Value



31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities China (continued) China Merchants Bank Company Limited 175,500 1,464,296 1.38 Sany Heavy Industry Company Limited 183,700 1,307,242 1.23 Kweichow Moutai Company Limited 2,900 1,178,717 1.11 Jiangsu Hengrui Medicine Company Limited 50,945 1,155,174 1.09 Huatai Securities Company Limited H Shares 541,000 1,119,477 1.05 Gree Electric Appliances Incorporation 85,948 1,083,014 1.02 Pharmaron Beijing Company Limited 41,400 923,012 0.87 Wuliangye Yibin Company Limited 15,000 890,590 0.84 Luxshare Precision Industry Company Limited 75,727 864,406 0.81 Industrial Bank Company Limited 173,000 734,506 0.69 Inner Mongolia BaoTou Steel Union Company Limited 262,000 697,699 0.66 Postal Savings Bank of China Company Limited H Shares 820,000 612,191 0.58 China Oilfield Services Limited 536,000 599,332 0.57 China Life Insurance Co H Shares 199,000 580,027 0.55 Angang Steel Company Limited H Shares 1,046,000 563,401 0.53 Zoomlion Heavy Industry Science And Technology Company Limited 249,500 502,496 0.47 32,124,483 30.26 Hong Kong China Mobile Limited 196,500 1,480,416 1.39 Shimao Group Holdings Limited 309,000 1,290,398 1.22 Hong Kong Exchanges and Clearing Limited 16,400 1,188,042 1.12 CNOOC Limited 895,000 1,095,334 1.03 MMG Limited 1,640,000 930,866 0.88 AIA Group Limited 50,000 809,641 0.76 Hua Hong Semiconductor Limited 81,000 606,106 0.57 China Resources Beer Holdings Company Limited 46,000 559,829 0.53 China Overseas Land & Investment Limited 156,000 447,781 0.42 8,408,413 7.92 United States of America Yum China Holdings Incorporation 18,927 1,428,099 1.35 Portfolio of investments 102,870,205 96.90 Other net assets 3,291,988 3.10 Net assets attributable to unitholders 106,162,193 100.00


- 20 -




31 December

2020 31 December

2019 Primary % % By Geography* (Summary) Quoted Bermuda - 0.76 Cayman Islands 57.37 51.97 China 30.26 28.94 Great Britain - 1.32 Hong Kong 7.92 12.68 Luxembourg - 2.73 United States of America 1.35 - Portfolio of investments 96.90 98.40 Other net assets 3.10 1.60 Net assets attributable to unitholders 100.00 100.00 * Geographical classification is based on the country in which the investee companies are incorporated.


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Fair Value Percentage of Net Assets


31 December

2020 31 December

2020 31 December

2019 Secondary S$ % % By Industry (Summary) Apparel 1,968,437 1.85 2.28 Automotive 5,463,241 5.15 2.45 Banks 8,325,447 7.84 12.37 Biotechnology 762,209 0.72 - Coal - - 0.51 Computer/Software 2,847,647 2.68 1.31 Consumer - - 0.40 E-Commerce 21,334,522 20.09 14.62 Educational Services 5,567,644 5.24 6.08 Electrical/Electronics 3,883,126 3.66 1.76 Energy 3,717,305 3.50 0.79 Engineering & Construction - - 0.81 Entertainment 1,518,352 1.43 1.32 Exchange Traded Funds - - 2.73 Finance 3,597,917 3.39 2.28 Food & Beverage 4,430,988 4.18 5.43 Healthcare Services 3,518,841 3.32 0.59 Industrials 1,561,977 1.47 1.85 Insurance 4,683,174 4.41 7.54 Internet Service 8,672,271 8.17 9.88 Iron/Steel 563,401 0.53 - Machinery 3,304,626 3.11 - Media - - 1.51 Medical - Drugs 1,155,174 1.09 2.16 Mining 1,628,565 1.54 - Oil & Gas 1,694,666 1.60 2.53 Pharmaceuticals 506,239 0.48 0.94 Real Estate 3,415,313 3.21 8.40 Restaurant 1,428,099 1.35 1.32 Retail 3,012,792 2.84 0.96 Semiconductors 606,106 0.57 0.97 Telecom Service 3,702,126 3.48 2.94 Transport - - 1.67 Portfolio of investments 102,870,205 96.90 98.40 Other net assets 3,291,988 3.10 1.60 Net assets attributable to unitholders 106,162,193 100.00 100.00


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DWS PREMIER INVESTMENTS FUNDS - DWS GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2020

Holdings Fair Value



31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities Belgium Galapagos Company 484 62,990 0.48 Bermuda Norwegian Cruise Line Holdings Limited 1,077 36,183 0.27 Canada CAE Incorporation 939 34,201 0.26 Cayman Islands Zai Lab Limited 772 137,681 1.04 Alibaba Group Holding Limited 360 110,684 0.84 Tencent Holdings Limited 600 57,680 0.43 New Oriental Education & Technology Group 145 35,605 0.27 341,650 2.58 Denmark Genmab A/S 119 63,624 0.48 Finland Neste Oyj 3,212 308,220 2.33 France Alstom SA 1,873 141,174 1.06 Teleperformance 262 114,945 0.87 Nexans SA 727 69,656 0.52 Gensight Biologics SA 5,607 64,558 0.49 Unibail-Rodamco-Westfield SE 354 36,969 0.28 Erytech Pharma SA 1,368 15,729 0.12 443,031 3.34 Germany Lanxess AG 1,129 115,823 0.87 Instone Real Estate Group 2,842 96,282 0.73 HelloFresh SE 871 89,440 0.68 Home24 SE 2,219 79,913 0.60 MTU Aero Engines 182 63,130 0.48 444,588 3.36


- 23 -


Holdings Fair Value



31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities Great Britain Aptiv PLC 770 132,582 1.00 Astrazeneca PLC 548 72,510 0.55 GW Pharmaceuticals PLC 294 44,782 0.34 249,874 1.89 Guernsey Amdocs Limited 1,106 103,682 0.78 Ireland Medtronic PLC 794 122,842 0.93 Kingspan Group PLC 589 54,958 0.41 Horizon Pharma PLC 555 53,664 0.40

231,464 1.74 Israel Nice Systems Limited ADR 208 77,872 0.59 Nano-X Imaging Limited 292 17,621 0.13 95,493 0.72 Japan Daifuku Company Limited 700 114,250 0.86 Recruit Holdings Company Limited 1,600 88,481 0.67 Tokio Marine Holdings Inc 1,300 88,316 0.67 Central Japan Railway Company 400 74,682 0.56 Hoya Corporation 400 72,966 0.55 Shimano Inc 200 61,612 0.47 Shiseido Company Limited 600 54,802 0.41 555,109 4.19 Jersey Novocure Limited 285 65,262 0.49 Liberia Royal Caribbean Cruises Limited 294 29,006 0.22 Netherlands Heineken N.V. 787 116,092 0.88 Alfen Beheer BV 625 83,180 0.63


- 24 -


Holdings Fair Value



31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities Netherlands (continued) AerCap Holdings NV 1,128 67,937 0.51 Accell Group 1,503 62,829 0.47 Airbus SE 417 60,541 0.46 Signify NV 1,078 60,194 0.45 Koninklijke Philips N.V. 841 59,540 0.45 Wolters Kluwer N.V. 496 55,392 0.42 CureVac NV Company 199 21,264 0.16 586,969 4.43 Panama Carnival Corporation 1,295 37,055 0.28 South Korea Samsung Electronics Company Limited 1,551 152,849 1.15 Samsung SDI Company Limited 58 44,245 0.33 LG Chemical Limited 38 38,096 0.29 235,190 1.77 Spain Soltec Power Holdings SA 6,804 145,237 1.10 Solaria Energia Y Medio Ambiente SA 2,118 80,968 0.61 International Consolidated Airlines Group 11,884 34,309 0.26 260,514 1.97 Sweden Sandvik AB 2,075 67,654 0.51 Hansa Biopharma AB 1,497 57,964 0.44 125,618 0.95 Switzerland Chubb Limited 460 93,528 0.71 Landis+Gyr Group AG 699 72,427 0.55 Dufry AG 804 66,789 0.50 TE Connectivity Limited 402 64,325 0.49 CRISPR Therapeutics AG 147 29,747 0.22 326,816 2.47


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Holdings Fair Value



31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities Taiwan Taiwan Semiconductor Manufacturing Corporation Limited 10,000 248,827 1.88 Merida Industry Company Limited 5,000 55,504 0.42 KMC Kuei Meng International 6,000 48,683 0.37 Giant Manufacturing Company Limited 2,000 25,870 0.19 378,884 2.86 United Kingdom Cineworld Group PLC 34,257 39,671 0.30 Informa PLC 2,866 28,354 0.21 68,025 0.51 United States of America Apple Inc 1,977 346,419 2.61 Amazon.com Incorporation 78 335,699 2.53 Alphabet Inc 145 335,526 2.53 Microsoft Corporation 1,113 326,826 2.47 Citigroup Incorporation 3,253 265,054 2.00 Enphase Energy Incorporation 985 228,431 1.72 Darling Ingredients Incorporation 2,411 183,797 1.39 NVIDIA Corporation 255 175,962 1.33 Applied Materials Incorporation 1,338 152,522 1.15 Synopsys Inc 426 145,778 1.10 Zoetis Inc 639 139,669 1.05 Paypal Holdings Incorporation 424 131,140 0.99 The TJX Companies Inc 1,452 131,109 0.99 Mastercard Incorporation 269 126,670 0.96 Visa Incorporation 432 124,770 0.94 NextEra Energy Incorporation 1,220 124,253 0.94 Intercontinental Exchange Incorporation 809 123,227 0.93 Texas Instruments Inc 568 123,159 0.93 Global Payments Incorporation 428 121,714 0.92 Nasdaq Inc 682 119,539 0.90 First Solar Inc 894 116,879 0.88 Uber Technologies Incorporation 1,733 116,811 0.88 Verisk Analytics Incorporation 418 114,578 0.86 Chegg Incorporation 931 111,147 0.84 Equinix Inc 117 110,337 0.83 Facebook Inc 305 110,051 0.83 Apellis Pharmaceuticals Incorporation 1,377 104,099 0.79


- 26 -


Holdings Fair Value



31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities United States of America (Continued) Carrier Global Corporation 2,060 102,669 0.77 Eli Lilly & Company 453 100,984 0.76 Becton, Dickinson & Company 301 99,542 0.75 Sage Therapeutics Incorporation 852 97,414 0.74 CF Industries Holdings 1,902 97,283 0.73 American Express Company 594 94,890 0.72 Discover Financial Services 781 93,425 0.71 Ecolab Inc 323 92,333 0.70 Unitedhealth Group Incorporation 196 90,787 0.69 Sunnova Energy International Incorporation 1,517 90,483 0.68 Amicus Therapeutics Incorporation 2,923 89,240 0.67 TopBuild Corporation 365 88,801 0.67 Vertex Pharmaceuticals Inc 281 87,687 0.66 Covanta Holding Corporation 4,822 83,677 0.63 Sarepta Therapeutics Inc 347 78,093 0.59 Centene Corporation 914 72,503 0.55 Illumina Incorporation 147 71,885 0.54 Twilio Incorporation 159 71,131 0.54 AbbVie Incorporation 495 70,014 0.53 AutoZone Incorporation 44 68,961 0.52 BioMarin Pharmaceutical Inc 583 67,475 0.51 Heron Therapeutics Incorporation 2,398 67,063 0.51 Dynatrace Incorporation 1,154 65,995 0.50 Acadia Pharmaceuticals Incorporation 915 64,650 0.49 Karuna Therapeutics Incorporation 478 64,179 0.48 J2 Global Incorporation 492 63,523 0.48 Salesforce.com Incorporation 213 62,566 0.47 Kura Oncology Incorporation 1,431 61,769 0.47 Universal Display Corporation 201 61,020 0.46 Netflix Incorporation 85 60,744 0.46 Moody's Corporation 158 60,533 0.46 TransMedics Group Incorporation 2,280 59,966 0.45 PTC Therapeutics Company 739 59,608 0.45 Madrigal Pharmaceuticals Incorporation 391 57,402 0.43 Editas Medicine Incorporation 615 56,986 0.43 Intellia Therapeutics Incorporation 785 56,398 0.43 Reata Pharmaceuticals Incorporation 337 55,055 0.42 Envestnet Incorporation 506 55,032 0.42 Alnylam Pharmaceuticals Incorporation 309 53,078 0.40 VMware Incorporation 279 51,708 0.39


- 27 -


Holdings Fair Value



31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities United States of America (continued) Coherus BioSciences Incorporation 2,072 47,567 0.36 Global Blood Therapeutics Incorporation 734 42,015 0.32 9 Meters Biopharma Incorporation 36,940 41,494 0.31 Cinemark Holdings Incorporation 1,598 36,770 0.28 Hydrofarm Holdings Group Incorporation 469 32,592 0.25 Delta Air Lines Incorporation 585 31,074 0.23 BioLife Solutions Incorporation 589 31,052 0.23 Simon Property Group Incorporation 275 30,963 0.23 Brooks Automation Incorporation 328 29,409 0.22 Sangamo Therapeutics Incorporation 1,390 28,659 0.22 Relmada Therapeutics Incorporation 669 28,347 0.21 Cryoport Incorporation 487 28,217 0.21 Novavax Incorporation 186 27,400 0.21 Insmed Incorporation 609 26,795 0.20 Arcturus Therapeutics Holdings Incorporation 448 25,703 0.19 Vaxart Incorporation 3,121 23,470 0.18 Teladoc Health Inc 71 18,761 0.14 Intercept Pharmaceuticals Inc 546 17,824 0.13 Durect Corporation 6,426 17,580 0.13 8,057,410 60.80 Portfolio of investments Other net assets 13,140,858 99.17 Net assets attributable to unitholders 109,341 0.83 13,250,199 100.00


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31 December

2020 31 December

2019 Primary % % By Geography* (Summary) Quoted Belgium 0.48 - Bermuda 0.27 - Canada 0.26 1.00 Cayman Islands 2.58 1.36 Denmark 0.48 1.47 Finland 2.33 1.24 France 3.34 2.94 Germany 3.36 0.56 Great Britain 1.89 2.05 Guernsey 0.78 - Ireland 1.74 2.98 Israel 0.72 1.22 Japan 4.19 5.84 Jersey 0.49 - Liberia 0.22 - Netherlands 4.43 5.94 Norway - 2.01 Panama 0.28 - South Korea 1.77 - Spain 1.97 - Sweden 0.95 0.20 Switzerland 2.47 2.86 Taiwan 2.86 0.86 United Kingdom 0.51 - United States of America 60.80 66.81 Portfolio of investments 99.17 99.34 Other net assets 0.83 0.66 Net assets attributable to unitholders 100.00 100.00 * Geographical classification is based on the country in which the investee companies are incorporated.


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31 December

2020 31 December

2020 31 December

2019 Secondary S$ % % By Industry (Summary) Aerospace 157,872 1.20 1.75 Agriculture 183,797 1.39 1.00 Airlines 65,383 0.49 - Automotive 132,582 1.00 0.63 Banks 265,054 2.00 3.09 Biotechnology 1,374,755 10.37 3.02 Building Materials 54,958 0.41 1.62 Chemicals 251,202 1.89 1.33 Commercial Services 410,337 3.10 6.31 Computer/Software 1,364,940 10.31 16.77 Consumer 234,594 1.77 0.71 Cosmetics/Personal Care - - 1.41 E-Commerce 190,597 1.44 4.78 Educational Services 146,752 1.11 - Electrical/Electronics 920,682 6.93 4.60 Energy 818,102 6.17 1.88 Engineering & Construction 171,981 1.30 - Entertainment 178,685 1.35 - Finance 939,075 7.10 6.36 Food & Beverage 205,532 1.56 4.64 Healthcare 295,986 2.23 3.99 Insurance 181,844 1.38 3.65 Internet Service 838,956 6.32 6.11 IT Services 345,263 2.60 - Machinery 214,496 1.62 3.23 Manufacturing 419,955 3.16 1.75 Media 144,490 1.09 2.72 Medical - Drugs 125,439 0.95 1.20 Medical - Equipment 122,842 0.93 2.94 Oil & Gas 308,220 2.33 1.72 Pharmaceuticals 1,113,429 8.41 3.75 Real Estate 96,282 0.73 - Real Estate Investment Trust 178,269 1.34 1.66 Retail 135,750 1.02 3.04 Semiconductors 371,986 2.81 1.77 Technology - - 0.69 Telecom Service 77,872 0.59 1.22 Transportation 102,899 0.77 - Portfolio of investments 13,140,858 99.17 99.34 Other net assets 109,341 0.83 0.66 Net assets attributable to unitholders 13,250,199 100.00 100.00


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DWS PREMIER INVESTMENTS FUNDS - DWS INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2020

Holdings Fair Value



31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities India ICICI Bank Limited 1,030,000 11,838,682 8.85 HDFC Bank Limited 400,000 10,407,512 7.78 Reliance Industries Limited 265,000 9,499,916 7.10 Infosys Technologies Limited 400,000 9,069,719 6.78 HCL Technologies Limited 450,000 7,693,986 5.75 Bajaj Finance Limited 75,000 7,166,605 5.36 TATA Consultancy Services Limited 130,000 6,734,549 5.04 Housing Development Finance Corporation Limited 140,000 6,457,314 4.83 Larsen & Toubro Limited 250,000 5,825,036 4.36 Hindustan Unilever Limited 130,000 5,624,666 4.21 Kotak Mahindra Bank Limited 125,000 4,510,712 3.38 State Bank of India Limited 900,000 4,467,029 3.34 Maruti Suzuki India Limited 30,000 4,151,212 3.11 Dr Reddy's Laboratories Limited 43,500 4,097,816 3.06 Bharti Airtel Limited 340,080 3,133,518 2.34 Tata Consumer Products Limited 230,000 2,454,551 1.84 Mahindra & Mahindra Limited 180,000 2,347,632 1.76 Ultratech Cement Limited 24,000 2,289,103 1.71 Axis Bank Limited 200,000 2,239,303 1.67 Shree Cement Limited 5,000 2,170,478 1.62 Divi's Laboratories Limited 29,500 2,047,949 1.53 Petronet LNG Limited 430,000 1,921,911 1.44 Pidilite Industries Limited 60,000 1,914,441 1.43 Ramco Cements Limited 110,000 1,588,765 1.19 Asian Paints Limited 30,000 1,497,990 1.12 SBI Life Insurance Company Limited 85,000 1,386,812 1.04 Finolex Industries Limited 116,952 1,366,571 1.02 Apollo Hospitals Enterprise Limited 25,000 1,087,997 0.81 Sun Pharmaceuticals Industries Limited 100,000 1,068,010 0.80 UPL Limited 120,000 1,012,245 0.76 Nippon Life India Asset Management Limited 180,000 968,128 0.73 Ashok Leyland Limited 500,000 864,610 0.65 ITC Limited 220,000 831,888 0.62 Jindal Steel & Power Limited 150,000 723,071 0.54 Dabur India Limited 60,000 578,402 0.43 TATA Steel Limited 22,400 81,521 0.06 131,119,650 98.06 Portfolio of investments 131,119,650 98.06 Other net assets 2,593,541 1.94 Net assets attributable to unitholders 133,713,191 100.00


- 31 -

DWS PREMIER INVESTMENTS FUNDS - DWS INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2020



31 December

2020 31 December

2019 Primary % % By Geography* (Summary) Quoted India 98.06 95.10 Portfolio of investments 98.06 95.10 Other net assets 1.94 4.90 Net assets attributable to unitholders 100.00 100.00 * Geographical classification is based on the country in which the investee companies are incorporated.



31 December

2020 31 December

2020 31 December

2019 Secondary S$ % % By Industry (Summary) Apparel - - 0.99 Automotive 7,363,454 5.52 4.88 Banks 27,574,577 20.61 22.73 Cements 6,048,346 4.52 3.15 Chemicals 5,791,247 4.33 2.87 Computer/Software 16,763,705 12.53 8.62 Consumer 578,402 0.43 1.41 Electrical/Electronics - - 1.26 Engineering/Machine - - 0.56 Finance 18,134,631 13.57 14.23 Food & Beverage 2,454,551 1.84 1.14 Healthcare 1,087,997 0.81 - Insurance 2,764,761 2.07 3.14 Investment 968,128 0.73 - Manufacturing 5,624,666 4.21 3.28 Media - - 1.25 Medical - Drugs 1,068,010 0.80 1.23 Metals 804,592 0.60 1.30 Miscellaneous 5,825,036 4.36 4.09 Oil & Gas 1,921,911 1.44 1.64 Petrochemical 9,499,916 7.10 8.85 Pharmaceuticals 6,145,765 4.59 1.23 Services 6,734,549 5.04 4.32 Telecom Services 3,133,518 2.34 - Tobacco 831,888 0.62 2.03 Transport - - 0.90 Portfolio of investments 131,119,650 98.06 95.10 Other net assets 2,593,541 1.94 4.90 Net assets attributable to unitholders 133,713,191 100.00 100.00


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DWS PREMIER INVESTMENTS FUNDS - DWS SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2020

Holdings Fair Value



31 December

2020 31 December

2020 31 December

2020 Primary S$ % By Geography* Quoted Equities Singapore DBS Group Holdings Limited 68,805 1,722,877 21.37 Oversea-Chinese Banking Corporation Limited 126,643 1,274,029 15.80 United Overseas Bank Limited 48,286 1,090,781 13.53 Singapore Telecommunications Limited 345,210 797,435 9.89 CapitaLand Mall Trust 166,900 360,504 4.47 CapitaLand Limited 98,400 320,784 3.98 Ascendas REIT 90,844 270,715 3.36 Keppel Corporation Limited 50,300 270,614 3.36 Wilmar International Limited 53,700 249,705 3.10 Singapore Technologies Engineering Limited 59,400 226,908 2.81 Frasers Centrepoint Trust 82,300 202,458 2.51 Venture Corporation Limited 10,000 194,200 2.41 Singapore Exchange Limited 18,000 167,040 2.07 Genting Singapore Limited 170,700 145,095 1.80 City Developments Limited 17,700 141,069 1.75 ESR REIT 324,000 127,980 1.59 Jardine Cycle & Carriage Limited 5,500 107,415 1.33 Mapletree Commercial Trust 41,700 88,404 1.10 UOL Group Limited 11,138 85,651 1.06 Yangzijiang Shipbuilding Holdings Limited 49,200 46,986 0.58 7,890,650 97.87 Thailand Thai Beverage Public Company Limited 90,000 66,150 0.82 Portfolio of investments 7,956,800 98.69 Other net assets 105,251 1.31 Net assets attributable to unitholders 8,062,051 100.00


- 33 -

DWS PREMIER INVESTMENTS FUNDS - DWS SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2020



31 December

2020 31 December

2019 Primary % % By Geography* (Summary) Quoted Bermuda - 1.78 Isle of Man - 1.32 Singapore 97.87 93.94 Thailand 0.82 1.07 Portfolio of investments 98.69 98.11 Other net assets 1.31 1.89 Net assets attributable to unitholders 100.00 100.00 * Geographical classification is based on the country in which the investee companies are incorporated.



31 December

2020 31 December

2020 31 December

2019 Secondary S$ % % By Industry (Summary) Agriculture 249,705 3.10 3.20 Banks 4,087,687 50.70 47.54 Diversified Resources 270,614 3.36 3.91 Electronics 194,200 2.41 1.83 Engineering/Machine 226,908 2.81 2.00 Entertainment 145,095 1.80 - Finance 167,040 2.07 2.41 Food & Beverage 66,150 0.82 1.07 Hotels - - 1.32 Real Estate 547,504 6.79 12.51 Real Estate Investment Trust 1,050,061 13.03 9.77 Shipbuilding 46,986 0.58 0.56 Telecom Service 797,435 9.89 9.85 Transport - - 1.05 Wholesale 107,415 1.33 1.09 Portfolio of investments 7,956,800 98.69 98.11 Other net assets 105,251 1.31 1.89 Net assets attributable to unitholders 8,062,051 100.00 100.00

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DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 1 General

DWS Premier Investments Funds ("the Fund") is an open-ended umbrella fund constituted pursuant to the Trust Deed dated 28 November 2003 as amended by Supplemental and Amending and Restating Deeds between DWS Investments Singapore Limited ("the Manager") and HSBC Institutional Trust Services (Singapore) Limited ("the Trustee"). The Deed of Trust, subsequent Supplemental Deeds and Amending and Restating Deeds are governed by the laws of the Republic of Singapore. As at 31 December 2020, DWS Premier Investments Funds had the following sub-funds:

Sub-fund Launch date Underlying investments DWS Singapore Equity Fund 9 December 2003 Investments in Singapore securities DWS India Equity Fund 16 November 2004 Investments in India securities DWS China Equity Fund 29 December 2004 Investments in China, including Hong Kong

securities DWS Global Themes Equity Fund 24 July 2006 Investments in international securities worldwide

2 Summary of Significant Accounting Policies

2.1 Basis of preparation The financial statements, expressed in Singapore Dollars which is the Fund’s functional currency, are

prepared on the historical cost basis, as modified by the revaluation of financial instruments at fair value, in accordance with the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” revised and issued by the Institute of Singapore Chartered Accountants.

2.2 Basis of valuation of investments

The investments are initially recognised at fair value on trade date, with transaction costs recognised in the Statement of Total Return. The investments are subsequently stated at fair value based on quoted bid prices at the reporting date. Financial liabilities are based on the quoted ask prices at the reporting date. The net gains or losses on investments include all fair value changes and foreign exchange differences, but exclude interest and dividend income and are recognised in the Statement of Total Return.

2.3 Recognition of income Dividend income is recognised in profit or loss on the date that the Fund’s right to receive payment is

established, which in the case of quoted securities is normally the ex-dividend date. Interest income is recognised on the accrual basis using the effective interest rate method. 2.4 Foreign currency transactions

Transactions in foreign currencies are translated at the exchange rate at the date of transaction. Monetary

assets and liabilities denominated in foreign currencies at the reporting date are translated at exchange rates at the reporting date. All exchange differences are recognised in the Statements of Total Return.

For investments at fair value, the exchange differences are recognised in the net gains or losses on

investments in the Statements of Total Return.

- 35 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 2 Summary of Significant Accounting Policies (continued)

2.5 Financial derivatives

The Fund may enter into foreign exchange and other derivative contracts. Such contracts are stated at fair value at the reporting date. The net resultant profit or loss is included in the Statements of Total Return.

2.6 Tax Tax expense comprises current and deferred tax. Current tax is the expected tax payable or receivable on

the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and

liabilities for financial reporting purposes and the amounts used for taxation purposes. The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the

Fund expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to

the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

2.7 Units All units issued by the Fund provide the investors with the right to redeem for cash the value proportionate to

the investor’s share in the Fund’s net assets at redemption date.

3 Receivables

DWS China


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Amounts receivable from creation of units 135,132 38,769 40,538 - Dividends receivable 50,224 5,981 3,696 2,934 GST receivable 24,500 70,749 2,500 7,657 209,856 115,499 46,734 10,591

DWS India


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Amounts receivable from creation of units 10,500 9,585 403 4,057 Dividends receivable - - 17,606 19,721 GST receivable 10,500 37,179 2,000 8,678 21,000 46,764 20,009 32,456

- 36 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 4 Cash and Bank Balances

DWS China


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Cash at banks - held with bank related to the Trustee 3,418,166 1,589,687 102,680 82,695

DWS India


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Cash at banks - held with bank related to the Trustee 2,689,855 5,888,961 162,562 194,107

5 Financial derivatives at fair value

DWS India Equity Fund Notional Fair value Fair value principal assets liabilities S$ S$ S$ 2020 Foreign exchange contracts 10,500 - 51 2019 Foreign exchange contracts 4,985 - 15

6 Payables

DWS China


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Amounts payable for cancellation of units 176,021 176,907 11,182 - Accrued management fee 129,445 117,512 14,348 11,476 Accrued trustee’s fee 3,020 2,742 385 308 Accrued valuation fee 3,020 2,742 385 308 Amount due to the Managers 2,478 874 - - Other payables and accruals 22,050 21,477 13,773 12,511 336,034 322,254 40,073 24,603

DWS India


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Amounts payable for cancellation of units 26,508 1,905 66,477 2,970 Accrued management fee 53,697 54,649 10,382 12,561 Accrued trustee’s fee 3,924 4,006 242 293 Accrued valuation fee 3,924 4,006 242 293 Other payables and accruals 29,210 34,220 26,930 22,866 117,263 98,786 104,273 38,983

- 37 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 7 Units in Issue During the year ended 31 December, the number of shares issued, redeemed and outstanding were as follows:

DWS China


Equity Fund 2020 2019 2020 2019 Units Units Units Units Class A: Units at the beginning of the year 23,567,987 27,804,427 7,993,774 10,150,230 Units created 1,358,035 1,204,523 579,540 679,643 Units cancelled (4,730,146) (5,440,963) (1,272,844) (2,836,099) Units at the end of the year 20,195,876 23,567,987 7,300,470 7,993,774 Net assets attributable to unitholders (S$) 106,162,193 93,730,480 13,250,199 10,401,622 Net asset value per unit (S$) 5.26 3.98 1.81 1.30

DWS China Equity Fund DWS China Equity Fund offers four classes of units, namely Class A, Class B, Class I and Class J. Class J units

will only be offered to collective investment schemes established outside Singapore. Classes of units may differ in terms of the rate of management fee, the minimum threshold amount relating to subscription, realisation and holding and the availability of participation in the Manager’s regular savings plan. No Class B, Class I and Class J units were in issue during the year (2019: Nil).

Other than S$, the sub-fund also offers units in US$. Units are issued in US$ based on the S$ net asset value

converted to US$ on the date of subscription. Unitholders can redeem units in US$ based on the net asset value in S$ converted to US$ on the date of redemption.

As at 31 December 2020, the number of US$ units were 806,084 (2019: 1,011,598). DWS Global Themes Equity Fund DWS Global Themes Equity Fund offers three classes of units, namely Class A, Class B and Class I. Classes of

units may differ in terms of the rate of management fee, the minimum threshold amount relating to subscription, realisation and holding and the availability of participation in the Manager’s regular savings plan. No Class B and Class I units were in issue during the year (2019: Nil).

Other than S$, the sub-fund also offers units in US$. Units are issued in US$ based on the S$ net asset value

converted to US$ on the date of subscription. Unitholders can redeem units in US$ based on the net asset value in S$ converted to US$ on the date of redemption.

As at 31 December 2020, the number of US$ units were 87,542 (2019: 155,873).

DWS India


Equity Fund 2020 2019 2020 2019 Units Units Units Units Class A: Units at the beginning of the year 1,536,262 1,704,688 3,144,936 3,471,119 Units created 394,460 921,442 217,148 84,772 Units cancelled (520,031) (1,089,868) (538,322) (410,955) Units at the end of the year 1,410,691 1,536,262 2,823,762 3,144,936

- 38 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 7 Units in Issue (continued)

DWS India


Equity Fund 2020 2019 2020 2019 Units Units Units Units Class I: Units at the beginning of the year - 1,000 - - Units created - - - - Units cancelled - (1,000) - - Units at the end of the year - - - - Class J: Units at the beginning of the year 45,983,972 53,861,502 - - Units created 200,152 285,934 - - Units cancelled (6,519,329) (8,163,464) - - Units at the end of the year 39,664,795 45,983,972 - - Class A: Net assets attributable to unitholders (S$) 3,723,256 3,500,766 8,062,051 9,925,147 Net asset value per unit (S$) 2.64 2.28 2.86 3.16 Class J: Net assets attributable to unitholders (S$) 129,989,935 128,749,101 - - Net asset value per unit (S$) 3.28 2.80 - -

DWS India Equity Fund DWS India Equity Fund offers four classes of units, namely Class A, Class B, Class I and Class J. Class J units will

only be offered to collective investment schemes established outside Singapore. Classes of units may differ in terms of the rate of management fee, the minimum threshold amount relating to subscription, realisation and holding and the availability of participation in the Manager’s regular savings plan. No Class B units were in issue during the year (2019: Nil). Class I units were fully redeemed during 2019.

Other than S$, the sub-fund also offers units in Japanese Yen (JPY) and US$. Units are issued in JPY or US$

based on the S$ net asset value converted to JPY or US$ on the date of subscription. Unitholders can redeem units in JPY or US$ based on the net asset value in S$ converted to JPY or US$ on the date of redemption.

As at 31 December 2020, the number of JPY units were 277,439 (2019: 321,639). No Class A US$ units were

issued during the year (2019: Nil) DWS Singapore Equity Fund

DWS Singapore Equity Fund offers three classes of units, namely Class A, Class B and Class M. Classes of units may differ in terms of the rate of management fee, the minimum threshold amount relating to subscription, realisation and holding and the availability of participation in the Manager’s regular savings plan. No Class B and Class M units were in issue during the year (2019: Nil).

For subscriptions and redemptions and for various fee calculations, investments are stated at the last traded prices

on the valuation day for the purpose of determining net asset value per unit. While for financial reporting purpose, investments held are stated at the relevant bid market prices as at the reporting date.

- 39 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 7 Units in Issue (continued)

The effect of bid market prices in the net assets attributable to unitholders per unit is as follows:

DWS China Equity Fund

DWS Global Themes Equity Fund

2020 2019 2020 2019 S$ S$ S$ S$ Class A: Net assets per unit attributable to unitholders

per financial statements 5.26 3.98 1.81 1.30 Effect of adopting bid prices at fair value for

financial statements # 0.01 0.01 # Net assets per unit attributable to unitholders

for purpose of issuance/redemption 5.26 3.99 1.82 1.30

DWS India


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Class A: Net assets per unit attributable to unitholders

per financial statements 2.64 2.28 2.86 3.16 Effect of adopting bid prices at fair value for

financial statements # # # # Net assets per unit attributable to unitholders

for purpose of issuance/redemption 2.64 2.28 2.86 3.16 Class J: Net assets per unit attributable to unitholders

per financial statements 3.28 2.80 Effect of adopting bid prices at fair value for

financial statements # # Net assets per unit attributable to unitholders

for purpose of issuance/redemption 3.28 2.80 # indicates an effect of less than S$0.01 per unit.

8 Taxation

DWS China


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Overseas income tax 95,982 153,497 25,237 37,465 Singapore income tax - 24 - - 95,982 153,521 25,237 37,465

DWS India


Equity Fund 2020 2019 2020 2019 S$ S$ S$ S$ Overseas income tax 213,663 - - - Singapore income tax - - 10,616 3,609

- 40 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 8 Taxation (continued) The Singapore income tax represents tax deducted at source for Singapore sourced dividends. The overseas

income tax represents tax deducted at source on dividends derived from outside Singapore. All of the funds are designated unit trusts. Therefore, the following income is exempted from tax in accordance with Section 35(12) and (12A) of the Income Tax Act (Cap 134): • gains or profits derived from Singapore or elsewhere from the disposal of securities; • interest (other than interest for which Singapore tax has been withheld);

• dividend derived from outside Singapore and received in Singapore; • gains or profits derived from foreign exchange transactions, transactions in futures contracts, transactions in

interest rate or currency forwards, swaps or option contracts and transactions in forwards, swaps or option contracts relating to any securities or financial index; and

• distributions from foreign unit trusts derived from outside Singapore and received in Singapore. As at 31 December 2020, DWS India Equity Fund has accumulated capital losses of approximately S$15,735 (2019: S$11,802,459) which can be carried forward to offset against future capital gains, subject to the agreement of the Indian tax authorities. Under current tax legislation in India, the capital losses expire 8 years from assessment dates. Deferred tax assets have not been recognised in respect of these capital losses because it is not probable that future capital gains will be available against which DWS India Equity Fund can utilise the benefits therefrom. Approximately S$8.3 million of the accumulated capital losses expired during the year ended 31 December 2020 (2019: S$5.8 million).

The tax losses carried forward available for offsetting against future taxable income will expire as follows:

DWS India Equity Fund 2020 2019 S$ S$ Less than one year - 8,798,291 Between one year and five years - 2,531,804 More than five years 15,735 472,364 15,735 11,802,459

9 Distribution The Manager did not propose any distribution to unitholders for the financial year ended 31 December 2020 (2019:

S$Nil). 10 Related Party Transactions In the normal course of the business of the Fund, trustee’s fees, accounting fees and valuation fees have been paid

or are payable to the Trustee and management fees and performance fees have been paid or are payable to the Managers respectively as noted in the Statements of Total Return. The Fund has also carried out transactions which include banking and custodian services with the bank holding company of the Trustee in the normal course of business. Transactions with related parties were at terms agreed between the parties and within the provisions of the Deed of Trust.

11 Financial Risk Management The Fund’s activities expose it to a variety of market risks (including price risk, interest rate risk and currency risk),

credit risk and liquidity risk. The Fund’s overall risk management programme seeks to minimise potential adverse

- 41 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 11 Financial Risk Management (continued) effects on the Fund’s financial performance. The Fund may use futures contracts, and/or forward foreign exchange

contracts subject to the terms of the Trust Deed to moderate certain risk exposures. Specific guidelines on exposures to individual securities and certain industries are in place for the Fund at any time as part of the overall financial risk management to reduce the Fund’s risk exposures.

(a) Market risk

(i) Price risk Price risk is the risk that arises from uncertainties about future prices of financial instruments.

The Fund's investments are substantially dependent on the changes of market prices. The Fund's

overall market positions are monitored regularly so as to assess any deviation from the Fund's investment objective. However, events beyond reasonable control of the Manager could affect the prices of the underlying investments and hence the net asset value of the Fund.

The Fund’s sensitivity to the market is measured using its beta, a ratio that describes how the

expected return of a portfolio is correlated to the return of the financial market as a whole. The daily Fund price movements are measured against the daily price movement of the benchmark to derive the beta.

The table below summarises the impact of increases/decreases from the Fund’s underlying

investments on the Fund’s net assets attributable to the unitholders as at 31 December 2020 and 2019. The analysis was based on the assumption that the index components within the benchmark index increased/decreased by a reasonable possible shift, with all variables held constant and that the fair value of the Fund’s investments moved according to the beta. As at 31 December 2020 and 2019, the Fund’s beta is calculated based on the daily returns over the preceding 12 months for the Fund and benchmark.

Sub-Fund Benchmark Beta for

Impact of 15% (2019: 15%) movement in benchmark

on net assets attributable to the unitholders

2020 2019 2020 2019 S$ S$ DWS China Equity Fund

MSCI China 10/40 (Euro) (RI) index 1.00 0.92 15,430,531 12,728,484

DWS Global Themes

Equity Fund MSCI World Net

Return Index 0.99 1.07 1,951,417 1,658,437 DWS India Equity Fund

MSCI India Total Return Index 0.94 0.81 18,487,871 15,281,760

DWS Singapore Equity

Fund MSCI Singapore Total

Return Index 0.94 0.90 1,121,909 1,314,572

(ii) Interest rate risk Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in

market interest rates. The Fund is not subjected to significant risk of fluctuations in the market interest rates as the Fund’s

financial assets and liabilities are largely non-interest bearing other than the cash balances.

- 42 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 11 Financial Risk Management (continued)

(a) Market risk (continued)

(iii) Currency risk The Fund operates internationally and holds both monetary and non-monetary assets denominated in

currencies other than the Singapore Dollar, the functional currency. The assets and liabilities are denominated in the following currencies:

DWS China Equity Fund CNH HKD SGD USD Total S$ S$ S$ S$ S$ 31 December 2020 Assets Portfolio of investments 15,551,704 59,442,286 - 27,876,215 102,870,205 Receivables - 50,224 159,632 - 209,856 Cash and bank balances 8,490 2,211,507 671,176 526,993 3,418,166 Total assets 15,560,194 61,704,017 830,808 28,403,208 106,498,227 Liabilities Payables - 159,141 146,553 30,340 336,034 Total liabilities - 159,141 146,553 30,340 336,034 Net currency exposure 15,560,194 61,544,876 684,255 28,372,868 106,162,193 31 December 2019 Assets Portfolio of investments 4,546,484 64,599,502 - 23,089,405 92,235,391 Receivables - 5,981 109,518 - 115,499 Sales awaiting settlement - 737,226 - 301,316 1,038,542 Cash and bank balances 270,389 594,184 347,413 377,701 1,589,687 Total assets 4,816,873 65,936,893 456,931 23,768,422 94,979,119 Liabilities Payables - - 321,178 1,076 322,254 Purchases awaiting settlement - 926,385 - - 926,385 Total liabilities - 926,385 321,178 1,076 1,248,639 Net currency exposure 4,816,873 65,010,508 135,753 23,767,346 93,730,480

- 43 -



(iii) Currency risk (continued)

DWS Global Themes Equity Fund CHF EUR GBP HKD SGD USD Others Total S$ S$ S$ S$ S$ S$ S$ S$ 31 December 2020 Assets Portfolio of investments 139,216 2,037,760 174,844 57,680 - 9,338,732 1,392,626 13,140,858 Receivables - - - - 43,038 2,469 1,227 46,734 Cash and bank balances 3,104 999 1,016 1,034 58,811 30,464 7,252 102,680 Total assets 142,320 2,038,759 175,860 58,714 101,849 9,371,665 1,401,105 13,290,272 Liabilities Payables - - - - 38,960 1,113 - 40,073 Total liabilities - - - - 38,960 1,113 - 40,073 Net currency exposure 142,320 2,038,759 175,860 58,714 62,889 9,370,552 1,401,105 13,250,199 31 December 2019 Assets Portfolio of investments 238,840 1,187,629 147,663 - - 7,575,018 1,183,789 10,332,939 Receivables - - - - 7,657 2,159 775 10,591 Cash and bank balances 1,004 996 7,634 992 50,349 1,744 19,976 82,695 Total assets 239,844 1,188,625 155,297 992 58,006 7,578,921 1,204,540 10,426,225 Liabilities Payables - - - - 24,539 64 - 24,603 Total liabilities - - - - 24,539 64 - 24,603 Net currency exposure 239,844 1,188,625 155,297 992 33,467 7,578,857 1,204,540 10,401,622

- 44 -




DWS India Equity Fund INR SGD USD Others Total S$ S$ S$ S$ S$ 31 December 2020 Assets Portfolio of investments 129,155,677 - 1,963,973 - 131,119,650 Receivables - 21,000 - - 21,000 Cash and bank balances 1,323,820 206,504 1,042,679 116,852 2,689,855 Total assets (excluding

derivatives) 130,479,497 227,504 3,006,652 116,852 133,830,505 Liabilities Payables - 106,870 10,393 - 117,263 Total liabilities (excluding

derivatives) - 106,870 10,393 - 117,263 Net financial assets 130,479,497 120,634 2,996,259 116,852 133,713,242 Financial derivatives - (10,500) 10,449 - (51) Net currency exposure 130,479,497 110,134 3,006,708 116,852 133,713,191 31 December 2019 Assets Portfolio of investments 124,153,619 - 1,622,186 - 125,775,805 Receivables - 46,764 - - 46,764 Sales awaiting settlement 637,138 - - - 637,138 Cash and bank balances 2,245,272 606,816 3,002,132 34,741 5,888,961 Total assets (excluding

derivatives) 127,036,029 653,580 4,624,318 34,741 132,348,668 Liabilities Payables - 83,332 15,454 - 98,786 Total liabilities (excluding

derivatives) - 83,332 15,454 - 98,786 Net financial assets 127,036,029 570,248 4,608,864 34,741 132,249,882 Financial derivatives - (5,000) 4,985 - (15) Net currency exposure 127,036,029 565,248 4,613,849 34,741 132,249,867

- 45 -




DWS Singapore Equity Fund SGD USD Total S$ S$ S$ 31 December 2020 Assets Portfolio of investments 7,956,800 - 7,956,800 Sales awaiting settlement 26,953 - 26,953 Receivables 20,009 - 20,009 Cash and bank balances 162,496 66 162,562 Total assets 8,166,258 66 8,166,324 Liabilities Payables 104,156 117 104,273 Total liabilities 104,156 117 104,273 Net currency exposure 8,062,102 (51) 8,062,051 31 December 2019 Assets Portfolio of investments 9,561,283 176,284 9,737,567 Receivables 32,456 - 32,456 Cash and bank balances 194,107 - 194,107 Total assets 9,787,846 176,284 9,964,130 Liabilities Payables 38,983 - 38,983 Total liabilities 38,983 - 38,983 Net currency exposure 9,748,863 176,284 9,925,147

Sensitivity Analysis Equity/mutual fund investments are non-monetary financial assets and are exposed to both currency

risk and price risk. As these financial assets are non-monetary, no sensitivity analysis has been performed to analyse currency risk. The impact of currency risk arising from these financial assets on the Fund’s net asset value has been included in the above price risk sensitivity analysis.

The Fund’s monetary assets and liabilities (excluding portfolio of investments) are measured for their sensitivity to exchange rate movements based on the balance of the monetary assets and liabilities, forecasted exchange rate movements and the net asset value of the Fund. As at 31 December 2020 and 2019, with respect to the monetary assets and monetary liabilities of the Fund, had the Singapore Dollar increased by 10% (2019: 10%), with all other variables remaining constant, the increase/(decrease) in net assets attributable to unitholders is not considered to be significant and hence no sensitivity analysis has been presented except for the following sub-funds:

- 46 -




Sensitivity Analysis (continued)

Currency rates decrease by 10%

Increase/(decrease) in net assets

attributable to unitholders 2020 2019

S$ S$ DWS China Equity Fund HKD (210,259) (41,101) USD (49,665) (67,794) DWS India Equity Fund INR (132,382) (288,241) USD (103,229) (298,668)

A strengthening of the above currencies against the Singapore dollar at 31 December would have had the equal but opposite effect on the above currencies to the amount shown above, on the basis that all other variables remain constant. Other currencies are not considered to be significant and hence no sensitivity analysis has been presented.

(b) Liquidity risk

The Fund is exposed to daily redemption of units in the Fund. It therefore invests the majority of its assets in

investments that are traded in an active market and can be readily disposed of. The tables below analyses the Fund’s financial liabilities into relevant maturity groupings based on the

remaining period at the reporting date to the contractual maturity date. The amounts in the tables are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant. All Funds’ balances below are less than 3 months.

DWS China Equity

Fund

DWS Global Themes Equity

Fund

DWS India Equity

Fund

DWS Singapore

Equity Fund S$ S$ S$ S$ 31 December 2020 Payables 336,034 40,073 117,263 104,273 31 December 2019 Payables 322,254 24,603 98,786 38,983 Purchase awaiting settlement 926,385 - - -

(c) Credit risk

Credit risk is the risk that a counterparty will fail to perform contractual obligations, either in whole or in part, under a contract.

The Fund is exposed to counterparty credit risk on trading derivative products, cash and bank balances and

other receivables balances.

- 47 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 11 Financial Risk Management (continued) (c) Credit risk (continued)

All transactions in listed securities are settled/paid upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligations.

Credit risk also arises from cash and cash equivalents and assets held with financial institutions.

The Fund may also enter into derivatives to manage its exposures to currency risk and price risk, including

foreign exchange forward contracts and options. Hence, the Fund is also exposed to the risk that its derivatives held with counterparties may not be recoverable in the event of any default by the parties concerned. The Manager minimises the Fund’s credit risk by undertaking transactions with counterparties with good credit ratings assigned by international credit rating agencies.

The table below summarises the credit ratings of banks and custodian in which the Fund’s assets are held as at 31 December 2020 and 2019.

Credit rating Source of

credit rating 31 December 2020 The Hong Kong and Shanghai Banking Corporation AA- S&P 31 December 2019 The Hong Kong and Shanghai Banking Corporation AA- S&P

(d) Fair value estimation

At 31 December 2020 and 2019, the assets and liabilities are either measured at fair value or the fair values of assets and liabilities approximate their carrying values on the Statements of Financial Position.

The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the close of trading on the reporting date. The quoted market price used for financial assets held by the Fund is the current bid price; the appropriate quoted market price for financial liabilities is the current asking price. When the Fund holds derivatives with offsetting market risks, it uses mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies this bid or asking price to the net open position, as appropriate.

The Fund classifies fair value measurements using a fair value hierarchy that reflects the significance of the

inputs used in making the measurements. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). • Inputs other than quoted prices included within level 1 that are observable for the asset or liability,

either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). • Inputs for the asset or liability that are not based on observable market data (that is, unobservable

inputs) (Level 3).

The following table analyses within the fair value hierarchy the Fund’s financial assets and liabilities (by class) measured at fair value at 31 December 2020 and 2019.

- 48 -


(d) Fair value estimation (continued) DWS China Equity Fund Level 1 Level 2 Level 3 Total S$ S$ S$ S$ 31 December 2020 Assets Equity securities 102,870,205 - - 102,870,205 31 December 2019 Assets Equity securities 92,235,391 - - 92,235,391 DWS Global Themes Equity Fund Level 1 Level 2 Level 3 Total S$ S$ S$ S$ 31 December 2020 Assets Equity securities 13,140,858 - - 13,140,858 31 December 2019 Assets Equity securities 10,332,939 - - 10,332,939


Level 1 Level 2 Level 3 Total S$ S$ S$ S$ 31 December 2020 Assets Equities securities 131,119,650 - - 131,119,650 31 December 2019 Assets Equities securities 125,775,805 - - 125,775,805 DWS Singapore Equity Fund Level 1 Level 2 Level 3 Total S$ S$ S$ S$ 31 December 2020 Assets Equity securities 7,956,800 - - 7,956,800

- 49 -


(d) Fair value estimation (continued) DWS Singapore Equity Fund Level 1 Level 2 Level 3 Total S$ S$ S$ S$ 31 December 2019 Assets Equity securities 9,737,567 - - 9,737,567

(e) Offsetting financial assets and financial liabilities

The Fund has not offset any financial assets and financial liabilities in the statement of financial position. The disclosure set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting or similar agreement that covers similar financial instruments. The similar agreements include derivative clearing agreements, global master repurchase agreements and global master securities lending agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale and repurchase agreements, and securities borrowing agreements. The ISDA and similar master netting agreements do not meet the criteria for offsetting in the statement of financial position. This is because the Fund does not have any currently legally enforceable right to offset recognised amounts, because the right to offset is enforceable only on the occurrence of future events such as default of the Fund or the counterparties or other credit events. Financial assets/liabilities subject to offsetting, enforceable master netting arrangements and similar agreements:


Gross amounts of recognised

financial assets /

(liabilities)

Gross amounts of recognised

financial liabilities offset in the

statement of financial position

Net amounts of financial

assets presented in the statement

of financial position

Related financial

instruments that are not

offset Net

amount S$ S$ S$ S$ S$

2020 Financial liabilities Foreign exchange

spot contracts (51) - (51) - (51) 2019 Financial assets Foreign exchange

spot contracts (15) - (15) - (15) 12 Financial ratios

DWS China


Equity Fund 2020 2019 2020 2019 Class A : Total operating expenses (S$) 1,609,629 1,578,765 200,529 183,611 Average daily net asset value (S$) 94,450,544 95,571,542 10,819,043 10,842,920 Expense ratio (%) (Note 1) 1.70 1.67 1.85 1.69

- 50 -

DWS PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 12 Financial ratios (continued)

DWS India


Equity Fund 2020 2019 2020 2019 Class A: Total operating expenses (S$) 53,953 63,692 188,685 195,599 Average daily net asset value (S$) 3,158,205 3,773,853 8,180,383 9,997,868 Expense ratio (%) (Note 1) 1.70 1.69 2.31 1.96 Class I: Total operating expenses (S$) - 5 - - Average daily net asset value (S$) - 2,770 - - Expense ratio (%) (Note 1) - 0.18 - - Class J: Total operating expenses (S$) 751,644 840,867 - - Average daily net asset value (S$) 113,955,926 132,822,166 - - Expense ratio (%) (Note 1) 0.66 0.63 - -

Note 1- The expense ratios have been computed based on the guidelines laid down by the Investment Management Association of Singapore ("IMAS"). For DWS China Equity Fund, this is the sum of the Fund’s expense ratio and the weighted average of the underlying funds’ unaudited expense ratio of Nil% (2019: 0.02%). The calculation of the Fund's expense ratios at 31 December 2020 was based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include (where applicable) brokerage and other transaction costs, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The average net asset value is based on the daily balances.

DWS China


Equity Fund 2020 2019 2020 2019 Total value of purchases or sales (S$) 73,819,316 78,750,514 17,881,640 2,528,442 Average daily net asset value (S$) 94,450,544 95,571,542 10,819,043 10,842,920 Portfolio turnover ratio (%) (Note 2) 78.16 82.40 165.28 23.32

DWS India


Equity Fund 2020 2019 2020 2019 Total value of purchases or sales (S$) 19,054,836 35,746,520 1,749,408 2,563,110 Average daily net asset value (S$) 117,114,130 136,598,785 8,180,383 9,997,868 Portfolio turnover ratio (%) (Note 2) 16.27 26.17 21.39 25.64

Note 2 - The portfolio turnover ratios are calculated in accordance with the formula stated in the Code on Collective Investment

Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments for the 12 months preceding the reporting date, divided by the average daily net asset value.

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Annual Disclosures according to Code of Collective Investment Scheme Guidelines

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DWS PREMIER INVESTMENTS FUNDS - DWS CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 A Distribution of Investments

Fair Value NAV S$ % (i) Country Cayman Islands 60,909,210 57.37 China 32,124,483 30.26 Hong Kong 8,408,413 7.92

United States of America 1,428,099 1.35 Portfolio of investments 102,870,205 96.90 Other net assets 3,291,988 3.10 Total 106,162,193 100.00 (ii) Industry Apparel 1,968,437 1.85 Automotive 5,463,241 5.15 Banks 8,325,447 7.84 Biotechnology 762,209 0.72 Computer/Software 2,847,647 2.68 E-Commerce 21,334,522 20.09 Educational Services 5,567,644 5.24 Electrical/Electronics 3,883,126 3.66 Energy 3,717,305 3.50 Entertainment 1,518,352 1.43 Finance 3,597,917 3.39 Food & Beverage 4,430,988 4.18 Healthcare Services 3,518,841 3.32 Industrials 1,561,977 1.47 Insurance 4,683,174 4.41 Internet Service 8,672,271 8.17 Iron/Steel 563,401 0.53 Machinery 3,304,626 3.11 Medical - Drugs 1,155,174 1.09 Mining 1,628,565 1.54 Oil & Gas 1,694,666 1.60 Pharmaceuticals 506,239 0.48 Real Estate 3,415,313 3.21 Restaurant 1,428,099 1.35 Retail 3,012,792 2.84 Semiconductors 606,106 0.57

Telecom Service 3,702,126 3.48 Portfolio of investments 102,870,205 96.90 Other net assets 3,291,988 3.10 Total 106,162,193 100.00 (iii) Asset Class Equities 102,870,205 96.90 Other net assets 3,291,988 3.10 Total 106,162,193 100.00 (iv) Credit Rating N/A

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DWS PREMIER INVESTMENTS FUNDS - DWS CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 B Top 10 Holdings

Securities Fair Value NAV S$ % As at 31 December 2020 Tencent Holdings Limited 8,672,271 8.17 Alibaba Group Holding Limited 6,289,923 5.92 Meituan Company 5,824,917 5.49 JD.com Incorporation 5,808,982 5.47 China Construction Bank H Shares 3,571,069 3.36 Pinduoduo Incorporation 3,410,700 3.21 Ping An Insurance (Group) Company of China Limited H Shares 3,293,506 3.10 New Oriental Education & Technology Group 3,164,886 2.98 NIO Incorporation 2,523,220 2.38 TAL Education Group 2,402,758 2.26 As at 31 December 2019 Tencent Holdings Limited 9,256,688 9.88 Alibaba Group Holding Limited 9,210,692 9.83 China Construction Bank H Shares 5,939,464 6.34 Industrial and Commercial Bank of China H Shares 3,964,890 4.23 Ping An Insurance (Group) Company of China Limited H Shares 3,886,064 4.15 TAL Education Group 3,012,857 3.21 China Mobile Limited 2,755,947 2.94 New Oriental Education & Technology Group 2,686,938 2.87 DB Xtrackers CSI300 Swap UCITS ETF 2,559,765 2.73 China Overseas Land & Investment Limited 2,373,941 2.53

C Exposure to Derivatives Net realised loss on foreign exchange contracts for the financial year ended 31 December 2020 is S$168. D Global Exposure N/A E Collateral N/A F Securities Lending or Repurchase Transactions NIL G Amount and Percentage of NAV Invested in Other Unit Trusts, Mutual Funds and Collective Investment

Schemes NIL H Amount and Percentage of Borrowings of NAV N/A

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DWS PREMIER INVESTMENTS FUNDS - DWS CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 I Total Amount of Subscription and Redemption

Amount of subscription : S$ 6,099,633 US$ 44,234 Amount of redemption : S$19,592,747 US$ 726,794

J Amount and Terms of Related-Party Transactions

NIL K Performance of Fund in a Consistent Format

Period NAV-to-NAV Index* 3 Months 12.89 12.83 6 Months 21.83 22.01 1 year 32.00 28.52 3 years 10.38 8.88 5 years 12.63 13.51 10 years 6.74 8.12 Since inception 10.93 10.84

Note : Returns are calculated on a NAV-to-NAV basis with dividends reinvested at the NAV price For periods exceeding 1 year, performance is based on average annual compounded returns * MSCI China 10/40 (Euro) (RI) index The benchmark was changed from the MSCI China Total Return index, with Gross Dividends reinvested, to the MSCI China

10/40 (Euro) (RI) index with effect from 21 September 2017 L Expense Ratio

% of NAV As at 31 December 2020 Expense ratio for DWS China Equity Fund 1.70 As at 31 December 2019 Expense ratio for DWS China Equity Fund 1.65 Weighted expense ratio for DB Xtrackers CSI300 Swap UCITS ETF 0.02 Total expense ratio 1.67

The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ("IMAS"). The calculation of the expense ratios at 31 December 2020 was based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fees, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances. Total operating expenses and average net asset value are as below:

The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of

2020 2019 S$ S$ Total operating expenses 1,609,629 1,578,765 Average daily net asset value 94,450,544 95,571,542

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DWS PREMIER INVESTMENTS FUNDS - DWS CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 M Turnover Ratio

As at 31 December 2020 78.16% As at 31 December 2019 82.40%

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments for the 12 months preceding the reporting date, divided by the average daily net asset value as below: 2020 2019 S$ S$ Total value of purchases or sales of the underlying investments 73,819,316 78,750,514 Average daily net asset value 94,450,544 95,571,542

N Any Material Information That Will Adversely Impact The Valuation of The Fund Such As Contingent

Liabilities of Open Contracts

N/A O Soft Dollar Commissions Received by the Manager N/A

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DWS PREMIER INVESTMENTS FUNDS - DWS GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 A Distribution of Investments

Fair Value NAV S$ % (i) Country Belgium 62,990 0.48 Bermuda 36,183 0.27 Canada 34,201 0.26 Cayman Islands 341,650 2.58 Denmark 63,624 0.48 Finland 308,220 2.33 France 443,031 3.34 Germany 444,588 3.36 Great Britain 249,874 1.89 Guernsey 103,682 0.78 Ireland 231,464 1.74 Israel 95,493 0.72 Japan 555,109 4.19 Jersey 65,262 0.49 Liberia 29,006 0.22 Netherlands 586,969 4.43 Panama 37,055 0.28 South Korea 235,190 1.77 Spain 260,514 1.97 Sweden 125,618 0.95 Switzerland 326,816 2.47 Taiwan 378,884 2.86 United Kingdom 68,025 0.51 United States of America 8,057,410 60.8 Portfolio of investments 13,140,858 99.17 Other net assets 109,341 0.83 Total 13,250,199 100.00 (ii) Industry Aerospace 157,872 1.20 Agriculture 183,797 1.39 Airlines 65,383 0.49 Automotive 132,582 1.00 Banks 265,054 2.00 Biotechnology 1,374,755 10.37 Building Materials 54,958 0.41 Chemicals 251,202 1.89 Commercial Services 410,337 3.10 Computer/Software 1,364,940 10.31 Consumer 234,594 1.77 E-Commerce 190,597 1.44 Educational Services 146,752 1.11 Electrical/Electronics 920,682 6.93 Energy 818,102 6.17 Engineering & Construction 171,981 1.30 Entertainment 178,685 1.35 Finance 939,075 7.10 Food & Beverage 205,532 1.56 Healthcare 295,986 2.23

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DWS PREMIER INVESTMENTS FUNDS - DWS GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 A Distribution of Investments (continued)

Fair Value NAV S$ % (ii) Industry (continued) Insurance 181,844 1.38 Internet Service 838,956 6.32 IT Services 345,263 2.60 Machinery 214,496 1.62 Manufacturing 419,955 3.16 Media 144,490 1.09 Medical - Drugs 125,439 0.95 Medical - Equipment 122,842 0.93 Oil & Gas 308,220 2.33 Pharmaceuticals 1,113,429 8.41 Real Estate 96,282 0.73 Real Estate Investment Trust 178,269 1.34 Retail 135,750 1.02 Semiconductors 371,986 2.81 Telecom Service 77,872 0.59 Transportation 102,899 0.77 Portfolio of investments 13,140,858 99.17 Other net assets 109,341 0.83 Total 13,250,199 100.00 (iii) Asset Class Equities 13,140,858 99.17 Other net assets 109,341 0.83 Total 13,250,199 100.00 (iv) Credit Rating N/A

B Top 10 Holdings

Securities Fair Value NAV S$ % As at 31 December 2020 Apple Inc 346,419 2.61 Amazon.com Incorporation 335,699 2.53 Alphabet Inc 335,526 2.53 Microsoft Corporation 326,826 2.47 Neste Oyj 308,220 2.33 Citigroup Incorporation 265,054 2.00 Taiwan Semiconductor Manufacturing Corporation Limited 248,827 1.88 Enphase Energy Incorporation 228,431 1.72 Darling Ingredients Incorporation 183,797 1.39 NVIDIA Corporation 175,962 1.33 As at 31 December 2019 Alphabet Inc 519,839 5.00 Microsoft Corporation 376,925 3.62 Booking Holdings Inc 356,167 3.42

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DWS PREMIER INVESTMENTS FUNDS - DWS GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 B Top 10 Holdings (continued)

Securities Fair Value NAV S$ % As at 31 December 2019 (continued) Zoetis Inc 277,520 2.67 Discover Financial Services 240,025 2.31 Medtronic PLC 231,775 2.23 The Progressive Corporation 220,802 2.12 S&P Global Inc 220,556 2.12 Nasdaq Inc 204,353 1.96 Apple Inc 203,157 1.95

C Exposure to Derivatives

Net realised loss on foreign exchange contracts for the financial year ended 31 December 2020 is S$4,799.

D Global Exposure N/A E Collateral N/A F Securities Lending or Repurchase Transactions NIL G Amount and Percentage of NAV Invested in Other Unit Trusts, Mutual Funds and Collective Investment

Schemes N/A H Amount and Percentage of Borrowings of NAV N/A I Total Amount of Subscription and Redemption

Amount of subscription : S$ 916,812 - Amount of redemption : S$1,758,790 US$66,950

J Amount and Terms of Related-Party Transactions NIL

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DWS PREMIER INVESTMENTS FUNDS - DWS GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 K Performance of Fund in a Consistent Format

Period NAV-to-NAV Index* Class A Class A 3 Months 21.07 10.33 6 Months 30.35 16.53 1 year 39.46 13.92 3 years 16.79 10.11 5 years 15.23 10.60 10 years 9.08 10.20 Since inception 4.26 5.70

Note : Returns are calculated on a NAV-to-NAV basis with dividends reinvested at the NAV price For periods exceeding 1 year, performance is based on average annual compounded returns * MSCI World Net Return index, with Net Dividends reinvested L Expense Ratio

Class A As at 31 December 2020 1.85% As at 31 December 2019 1.69%

The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ("IMAS"). The calculation of the expense ratios at 31 December 2020 was based on total operating expenses divided by the average net asset value or the year. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fees, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances. Total operating expenses and average net asset value are as below: 2020 2019 S$ S$ Total operating expenses 200,529 183,611 Average daily net asset value 10,819,043 10,842,920

M Turnover Ratio






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DWS PREMIER INVESTMENTS FUNDS - DWS INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 A Distribution of Investments

Fair Value NAV S$ % (i) Country India 131,119,650 98.06 Portfolio of investments 131,119,650 98.06 Other net assets 2,593,541 1.94 Total 133,713,191 100.00 (ii) Industry Automotive 7,363,454 5.52 Banks 27,574,577 20.61 Cements 6,048,346 4.52 Chemicals 5,791,247 4.33 Computer/Software 16,763,705 12.53 Consumer 578,402 0.43 Finance 18,134,631 13.57 Food & Beverage 2,454,551 1.84 Healthcare 1,087,997 0.81 Insurance 2,764,761 2.07 Investment 968,128 0.73 Manufacturing 5,624,666 4.21 Medical - Drugs 1,068,010 0.80 Metals 804,592 0.60 Miscellaneous 5,825,036 4.36 Oil & Gas 1,921,911 1.44 Petrochemical 9,499,916 7.10 Pharmaceuticals 6,145,765 4.59 Services 6,734,549 5.04 Telecom Services 3,133,518 2.34 Tobacco 831,888 0.62

Portfolio of investments 131,119,650 98.06 Other net assets 2,593,541 1.94 Total 133,713,191 100.00 (iii) Asset Class Equities 131,119,650 98.06 Other net assets 2,593,541 1.94 Total 133,713,191 100.00 (iv) Credit Rating N/A

B Top 10 Holdings Securities Fair Value NAV S$ % As at 31 December 2020 ICICI Bank Limited 11,838,682 8.85 HDFC Bank Limited 10,407,512 7.78

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DWS PREMIER INVESTMENTS FUNDS - DWS INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 B Top 10 Holdings (continued)

Securities Fair Value NAV S$ % As at 31 December 2020 (continued) Reliance Industries Limited 9,499,916 7.10 Infosys Technologies Limited 9,069,719 6.78 HCL Technologies Limited 7,693,986 5.75 Bajaj Finance Limited 7,166,605 5.36 TATA Consultancy Services Limited 6,734,549 5.04 Housing Development Finance Corporation Limited 6,457,314 4.83 Larsen & Toubro Limited 5,825,036 4.36 Hindustan Unilever Limited 5,624,666 4.21 As at 31 December 2019 ICICI Bank Limited 10,247,393 7.75 Housing Development Finance Corporation Limited 8,182,439 6.19 Infosys Technologies Limited 6,481,162 4.90 Axis Bank Limited 6,371,946 4.82 Kotak Mahindra Bank Limited 5,713,686 4.32 TATA Consultancy Services Limited 5,707,544 4.32 Larsen & Toubro Limited 5,408,504 4.09 HCL Technologies Limited 4,922,096 3.72 ICICI Bank Limited 10,247,393 7.75 Housing Development Finance Corporation Limited 8,182,439 6.19

C Exposure to Derivatives

Foreign Bought Amount Marked-to-Market NAV Exchange Date Sold Amount Gain/(Loss) in S$ %

4 January 2021 US$ 377.53

S$ 500.00 (1.03) #

5 January 2021 US$ 7,528.16 S$10,000.00 (50.41) #

# denotes less than 0.01% Net realised loss on foreign exchange contracts for the financial year ended 31 December 2020 is S$66,198. Net unrealised loss on foreign exchange contracts for the financial year ended 31 December 2020 is S$51.

D Global Exposure Commitment approach is currently used to calculate exposure to Financial Derivatives if applicable. Presently, VaR

approach is not used for the fund. E Collateral N/A F Securities Lending or Repurchase Transactions NIL

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DWS PREMIER INVESTMENTS FUNDS - DWS INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 G Amount and Percentage of NAV Invested in Other Unit Trusts, Mutual Funds and Collective Investment

Schemes NIL H Amount and Percentage of Borrowings of NAV N/A I Total Amount of Subscription and Redemption

Amount of subscription : S$ 1,306,083 Amount of redemption : S$19,653,457

J Amount and Terms of Related-Party Transactions NIL K Performance of Fund in a Consistent Format

Period NAV-to-NAV Index* Class A Class J Class A Class J

S$ JPY S$ JPY 3 Months 20.83 22.42 17.31 18.54 6 Months 33.22 35.28 32.14 33.48 1 year 15.93 13.23 13.91 10.10 3 years 6.56 4.99 4.54 1.93 5 years 9.38 8.73 8.04 6.28 10 years 3.80 7.12 3.73 5.94 Since inception 6.27 8.43 8.68 9.81

Note : Returns are calculated on a NAV-to-NAV basis with dividends reinvested at the NAV price For periods exceeding 1 year, performance is based on average annual compounded returns * MSCI India Total Return index, with Gross Dividends reinvested L Expense Ratio

Class A Class I Class J As at 31 December 2020 1.70% - 0.66% As at 31 December 2019 1.69% 0.18% 0.63%

The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ("IMAS"). The calculation of the expense ratio at 31 December 2020 was based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The sub-fund does not pay any performance fee. The average net asset value is based on the daily balances. Total operating expenses and average net asset value are as below:

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DWS PREMIER INVESTMENTS FUNDS - DWS INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 L Expense Ratio (continued)

2020 2019 S$ S$ Total operating expenses - Class A 53,953 63,692 - Class I - 5 - Class J 751,644 840,867 Average daily net asset value - Class A 3,158,205 3,773,853 - Class I - 2,770 - Class J 113,955,926 132,822,166

M Turnover Ratio






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DWS PREMIER INVESTMENTS FUNDS - DWS SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 A Distribution of Investments

Fair Value NAV S$ % (i) Country Singapore 7,890,650 97.87 Thailand 66,150 0.82 Portfolio of investments 7,956,800 98.69 Other net assets 105,251 1.31 Total 8,062,051 100.00 (ii) Industry Agriculture 249,705 3.10 Banks 4,087,687 50.70 Diversified Resources 270,614 3.36 Electronics 194,200 2.41 Engineering/Machine 226,908 2.81 Entertainment 145,095 1.80 Finance 167,040 2.07 Food & Beverage 66,150 0.82 Real Estate 547,504 6.79 Real Estate Investment Trust 1,050,061 13.03 Shipbuilding 46,986 0.58 Telecom Service 797,435 9.89 Wholesale 107,415 1.33 Portfolio of investments 7,956,800 98.69 Other net assets 105,251 1.31 Total 8,062,051 100.00 (iii) Asset Class Equities 7,956,800 98.69 Other net assets 105,251 1.31 Total 8,062,051 100.00 (iv) Credit Rating N/A

B Top 10 Holdings

Securities Fair Value NAV S$ % As at 31 December 2020 DBS Group Holdings Limited 1,722,877 21.37 Oversea-Chinese Banking Corporation Limited 1,274,029 15.80 United Overseas Bank Limited 1,090,781 13.53 Singapore Telecommunications Limited 797,435 9.89 CapitaLand Mall Trust 360,504 4.47 CapitaLand Limited 320,784 3.98 Ascendas REIT 270,715 3.36 Keppel Corporation Limited 270,614 3.36 Wilmar International Limited 249,705 3.10 Singapore Technologies Engineering Limited 226,908 2.81

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DWS PREMIER INVESTMENTS FUNDS - DWS SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 B Top 10 Holdings (continued)

Securities Fair Value NAV S$ % As at 31 December 2019 DBS Group Holdings Limited 1,886,781 19.01 Oversea-Chinese Banking Corporation Limited 1,427,046 14.38 United Overseas Bank Limited 1,404,619 14.15 Singapore Telecommunications Limited 977,334 9.85 CapitaLand Limited 580,074 5.84 Keppel Corporation Limited 388,024 3.91 UOL Group Limited 364,635 3.67 CapitaLand Mall Trust 364,315 3.67 Ascendas Real Estate Investment Trust 344,544 3.47 Wilmar International Limited 317,240 3.20

C Exposure to Derivatives Net realised loss on foreign exchange spot contracts for the financial year ended 31 December 2020 is S$253. D Global Exposure N/A E Collateral N/A F Securities Lending or Repurchase Transactions NIL G Amount and Percentage of NAV Invested in Other Unit Trusts, Mutual Funds and Collective Investment

Schemes NIL H Amount and Percentage of Borrowings of NAV N/A I Total Amount of Subscription and Redemption

J Amount and Terms of Related-Party Transactions NIL

Amount of subscription : S$ 582,172 Amount of redemption : S$1,478,564

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DWS PREMIER INVESTMENTS FUNDS - DWS SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2020 K Performance of Fund in a Consistent Format

Period NAV-to-NAV Index* Class A Class A 3 Months 13.23 15.09 6 Months 9.13 11.51 1 year -9.65 -8.99 3 years -2.69 -1.53 5 years 3.21 4.35 10 years 1.63 2.43 Since inception 6.34 6.43

Note : Returns are calculated on a NAV-to-NAV basis with dividends reinvested at the NAV price For periods exceeding 1 year, performance is based on average annual compounded returns * MSCI Singapore Total Return index, with Gross Dividends reinvested L Expense Ratio

Class A As at 31 December 2020 2.31% As at 31 December 2019 1.96%

The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ("IMAS"). The calculation of the expense ratios at 31 December 2020 was based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fees, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances. Total operating expenses and average net asset value are as below: 2020 2019 S$ S$ Total operating expenses 188,685 195,599 Average daily net asset value 8,180,383 9,997,868

M Turnover Ratio






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