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Deutsche Premier Investments Funds

Annual Report for the financial year ended 31 December 2018 Deutsche China Equity Fund Deutsche Global Themes Equity Fund Deutsche India Equity Fund Deutsche Singapore Equity Fund

` MANAGERS DWS INVESTMENTS SINGAPORE LIMITED (formerly known as Deutsche Asset Management (Asia) Limited) One Raffles Quay #17-10 South Tower Singapore 048583 TRUSTEE HSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED 21 Collyer Quay #13-02 HSBC Building Singapore 049320 AUDITORS KPMG LLP 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 SOLICITORS TO THE MANAGER TAN PENG CHIN LLC 30 Raffles Place #11-00 Chevron House Singapore 048622 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

Deutsche China Equity Fund 3 Deutsche Global Themes Equity Fund 4 Deutsche India Equity Fund 8 Deutsche Singapore Equity Fund 9

Report of the Trustee 11 Statement by the Managers 12 Auditors’ Report 13 Financial Statements

Statements of Total Return 15 Statements of Financial Position 17 Statements of Movements in Unitholders’ Funds 18 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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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE 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 2018 Market Review and Performance Review For the period under review, the MSCI China 10/40 (as measured in USD) fell 18.3%. The China equity market held up well in first five months of the year, but experienced a shaper decline from June 2018 onwards, due to intensifying US/China trade tensions, weakening domestic economic growth, renewed concerns of a weakening Renminbi, and policy tightening in various private sectors including online gaming, education and healthcare sectors. The Fund outperformed the benchmark for the period under review. Our stock selections in the Real Estate, Internet, Materials and Consumer Discretionary, as well as our underweight in the Health Care sector, all contributed positively to the Fund’s performance during the period. Despite the difficult macro backdrop, the China equity market continued to deliver a resilient earnings growth. Our stock picks therefore continued to focus on quality growth companies trading at a reasonable valuation. Market Outlook and Investment Strategy In 2019, we expect a more challenging macro environment, as US/China trade tensions will likely continue, and China’s economic growth will also moderate along with a more uncertain global macro backdrop. Under these macro challenges, we expect China government will adopt a more flexible monetary policy and a more proactive fiscal policy to support the economy. Further to that, we believe China government will also roll-out more supportive measures to support the private sector this year, which will be positive to overall employment and consumption in China. Therefore, we remain constructive about the earnings growth outlook for MSCI China this year. In the medium-term, we also expect China will continue its market reform and structural reform, which we believe will attract more liquidity flow into the country. 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 (eg. education, consumer services, food staples), lifestyle & entertainment (eg. internet and travel) and industry consolidation (eg. real estate). 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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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE 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 2018 Investment policy and objective Deutsche 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 are more of an important role than any short-term stock price reactions. Market review in the reporting period of 2018 In 2018, the upward trend of global equity markets, which has taken place for an unusual long period, was discontinued during the year. While the first nine months of 2018 were characterized by solid growth across many regions, the last three months showed a correction of the prevailing upward trend. Several political events, such as the implementation of tariffs between the U.S. and China/Europe, the discussions around the Brexit, the fiscal budget situation of Italy und the monetary policy of central banks caused some market volatility. Overall, the environment remained constructive for global equities with reasonable economic expansion and decent corporate earnings. From a macroeconomic perspective, global GDP growth was supportive with about 3.7% expansion. The US contributed positively with an acceleration to about 2.9%, while GDP growth in the Eurozone decelerated to 1.9% growth. The UK slowed down to roughly 1.3% as uncertainty around the framework to leave the European Union continued to be a drag on economic activity. Japan experienced a deceleration to around 1%. Global growth was driven by Emerging Markets, which expanded more than 5% with above average growth in China of rather steady 6.5% and an accelerated expansion in India of about 8%. President Trump in the United States kicked off the year with some vivid discussions about tariffs, which could imply additional costs for producers and customers leading potentially to negative impacts on earnings of multinational companies. During the year, President Trump not only imposed tariffs on steel and aluminium imports to the United States, but also on imports of Chinese goods, including automobile parts, industrial machinery and railway products. As a consequence, China responded with its own tariffs on U.S. goods, so that trade tensions were intensified. During the reporting period around July and August, companies delivered solid results and provided a constructive outlook, so that the U.S. equity market reached an all-time high in August. Debates around a potential trade war and the implementation of tariffs gained momentum during the second half of the year accompanied by central bank decisions regarding monetary policy. Particularly during the last three months of 2018, equity markets were characterized by volatility and nervousness given some worries that the U.S. economy might have reached its peak and that the trade conflict between United States and China might imminently escalate. The pace and possibility of further interest rate hikes in the United States and some policy action in Europe contributed to the uncertainty. Political developments have increasingly been moving financial markets, not only in the U.S. and China, but also in the Eurozone. Especially, the German stock market faced some pressure due to potential tariffs on cars imported to the U.S. Additionally, the discussions around the Italian budget deficit, which have started in May, have led to volatility in the European market causing the Euro to depreciate against the US-dollar. Since then, there has been a divergence in performance of U.S. equities, which continued to increase, and declining European equities. While the United States continued a policy of gradual rate hikes during 2018, long-term bond yields only increased slightly in the United States during 2018, leading to a continuous flattening of the yield curve. Long-term yields in Europe and Japan were remarkably stable at historically low rates. The US-dollar strength was partly driven by a relatively strong economic momentum in the United States and partly by some higher concerns regarding the overall stability of the Eurozone. For European exporters, the weakness of the EUR has led to some tailwinds compared to the difficult environment of the past year given the EUR strength. In terms of volatility, the CBOE VIX Index, which is a measure for expected market movements, traded at higher levels than in the previous year. Spikes in early February and December emphasized the turmoil related to trade discussions and

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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE 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 2018 Market review in the reporting period of 2018 (continued) central bank decisions, but generally volatility was especially elevated in the fourth quarter. U.S. equities, measured by the S&P 500 Index, had a local currency total return of -4.4% in 2018, which translated into -2.5% in SGD as the USD appreciated about 2% vs. the SGD. The MSCI Europe Index underperformed global benchmarks with a return of -10.1% (in EUR) as the EUR depreciated against the SGD by about 3% (-12.7% in SGD terms). U.K. equities, measured by the UKX Index, showed a slightly better performance in local currency (-8.8%) vs. -12.3% in SGD terms. Japanese stocks achieved similar weak returns with the Nikkei Index declining about -10.4% in local currency, but only -6.5% translated into SGD as the JPY appreciated vs. the SGD. Emerging Markets underperformed global equities driven by weaker local returns due to the negative sentiment related to trade discussions in China, some slowdown in growth of technology-related companies and some weaker economic and manufacturing data. On a global sector basis, there was a strong divergence of performance. The health care and the utilities sector were by far the best performing sectors given their defensive character and their interest rate sensitivity. Additionally, the information technology sector outperformed global averages since the sector continued to deliver strong earnings growth and innovations that increased investors’ confidence in the future outlook of the industry despite some market volatility towards the end of the year. In contrast, the cyclical materials and industrials sectors underperformed global averages as economic momentum is weakening and manufacturing activity slowing. Besides the financials sector, the energy sector was the worst performer in 2018 as the recovery of oil prices remained below expectations. Oil prices in USD declined by 25% for WTI and 20% for Brent, primarily driven by the sharp correction in the last three months of 2018. Performance review and positioning in the reporting period 2018 In 2018, the Deutsche Global Themes Equity Fund was down 9.8%, while the benchmark MSCI World Net Total Return Index declined only 6.9% (both in SGD-Dollar). Overall, the contribution from the sector allocation was positive, while stock selection was not beneficial for the portfolio performance. On a sector basis, the overweight in health care and consumer staples contributed positively to the fund performance. Furthermore, the underweight in energy had a positive impact. In contrast, the underweight in utilities and real estate as well as a modest overweight in materials were a negative factor for active returns. On a regional basis, the contribution from the allocation effect was modestly negative. While the underweight of Europe in general and the UK in particular contributed positively, the positioning in the US had an almost neutral impact on the portfolio performance. On the flipside, the overweight in Japan hasn’t paid off. Other negative contributors include the exposure to some select Emerging Markets like China, Korea and India which were positively offset through the exposure in Taiwan, Indonesia and South Africa. From a stock selection perspective, the selection of single stocks within financials, industrials and consumer stocks especially paid off, while the stock selection within real estate, information technology, health care and cyclical consumer were not beneficial for the portfolio during the past year. When it comes down to trend allocation, the fund is very much focused on demographic change, changing living standards, industrial revolution as well as digitalization. Especially, the funds positioning within demographic change has paid off the most. The global society is ageing as a consequence of declining fertility rates in developed countries but also increasing life expectancy thanks to improving health care standards. This trend is unlikely to change. Hence, biotechnology and pharmaceutical companies continue to develop or acquire new treatments in the areas of oncology, neurology, cardiovascular, autoimmune, neuromuscular and rare diseases. Likewise, providers of health insurance, hygiene products/services, medical equipment and pharmacies should see stable growth over the cycle. In contrast, Millenials (1980-2000) and Generation Z (beyond 2000) will account for more than 50% of world population in the next two decades. Since the consumption behaviour of these ‘digital natives has changed massively compared to previous generations, it’s important to go with products and services that appeal to

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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE 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 2018 Performance review and positioning in the reporting period 2018 (continued) them (e.g. subscription content, live experiences, food delivery) The digital revolution continues to impact our lives in many areas. Whether it is in retail through m-/e-commerce, in healthcare with the ability to conduct an online doctor’s consultation or in financials with the rise of online-banking as well as increasing acceptance of cardless payments. We can’t think of a single sector that has not been disrupted or complemented through digitalization. Therefore we see multiple years of secular growth ahead which should at least partially outweigh any cyclical pressures. On the hardware side, i.e. semiconductors and smartphone supply chain, we monitor the situation very closely. Following some early signs of more moderate order growth for wafer manufacturing equipment and price deterioration in the memory end market (DRAM), we have decided to reduce our exposure. The same is true for the smartphone/tablet supply chain, as we think the smartphone shipments to have reached a more mature growth stage and consumers to stick with their smartphones and other devices longer than ever. Consequently, users are spending more within the ecosystem than ever before, creating a strong investment rationale for payments and live services providers. Another strong positive thematic contribution came in the fields of climate change which has been represented in the portfolio through various exposures. Natural disasters (hurricanes, flooding, wildfires) as well as the most recent special report of the Intergovernmental Panel on Climate Change put pressure on politics to achieve joint agreements on climate goals and accelerate their climate initiatives faster (e.g. share of renewable energy, reduction of greenhouse-gases, increase of energy efficiency). This foundation has and will create a benign environment with ample room of growth for companies that are positioned along the renewable energy supply chain (e.g. wind blades, solar Photo Voltaic inverters), produce energy efficient products (e.g. ductless air-conditionings, energy efficient lighting) or develop solutions to cut emissions (e.g. catalysts). Lastly, an ever changing living standards had also a very positive impact on the overall portfolio performance. The way people consume has changed in the recent past. For example Americans now consume software, music, movies, television, fitness, clothing and food via recurring payments (i.e. subscriptions). While merchants get revenue visibility months or more down the road, customers get convenience, customization, and the promise of ongoing service upgrades. And we believe this trend has just started and will even accelerate from here. Another result of changing living standards is the rising awareness around health, wellness and obesity. Some pockets of structural growth in these fields include organic good, sporting soft- and hardware and gym franchises. Region-wise, the US continues to dominate the portfolio, however, positions have been trimmed slightly following the strong performance in recent months. In contrast, the positioning in Japan remains modestly overweight. The United Kingdom continues to be underweight, since the uncertainties around the consequences of a “Brexit” is impacting more and more British companies. As part of the investment process, the fund management doesn’t place any significant active weights on currencies and remain broadly neutral. Outlook Global equity markets have experienced an unusually long upward trend ever since 2009, which has halted towards the end of 2018. As valuation levels were relatively high compared to long-term averages, valuation levels have compressed to some extent during these volatile months. The correction on equity markets has been backed by slower economic growth and weaker economic indicators. Global GDP growth is expected to remain at around 3.7% with reasonable expansion in the developed world and strong growth in Emerging Markets. US GDP is forecasted to grow by roughly 2.7% as the significant corporate tax reform continues to support economic expansion. The Eurozone is expected to show decelerated growth of 1.6%, while the UK might experience some recovery in GDP growth to around 1.5% after more clarity on the exit from the European Union. Growth in Japan is forecasted to further decelerate to around 0.8%, while Emerging Markets should drive global expansion with more than 5% growth, particularly driven by India and China. Some monetary policy actions have taken place in major economies during the past year. The Fed has continued its policy normalization with several rate hikes in 2018, but might be cautious on further rate hikes in 2019 given growing concerns

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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE 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 2018 Outlook (continued) about volatility in financial markets and trade tensions. The ECB has ended its € 2.6trn bond purchase scheme in December 2018 and left its key interest rate unchanged at 0% in 2018, which is likely to remain at record low levels at least through the summer of 2019. Japan might eventually follow this global trend of reducing monetary stimulus even as the Bank of Japan has not yet indicated any major changes to its policy. The geopolitical situation needs to be monitored closely, i.e. conflicts in Syria, North Korea, and the rising threat of terrorism. Key risk factors for equities include an unexpected weakening of macroeconomic conditions, protectionism and trade wars, and the impact of rising interest rates on economic expansion as well as equity market valuations. Against this backdrop, investors should expect modest global equity market returns as favourable earnings growth is somewhat offset by high valuation levels. Compared to still low risk free rates as measured by developed market government bond yields, equities are expected to generate attractive returns. 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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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE 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 2018 Market in 2018 2018 ended on a positive note, with the headline benchmark Nifty gaining 3.1% in Local Currency; and was one of the best performing emerging market globally. However, the broader market underperformed significantly with Nifty Midcap 100 Index down -15% and NSE Small-cap 100 Index down -29% for the calendar year. The move during the year was driven by sectors such as I.T. (Information Technology) (+23%), Banks (+6%) and FMCG (Fast Moving Consumer Goods) (+13%). Sectors such as Autos, Infrastructure, Pharmaceuticals and Metals were the laggards. Execution of key policy reform such as GST, Bankruptcy code and asset quality resolutions along with healthy monsoons and benign inflation environment kept the markets supported. However, the volatility in crude prices and BJP (government Party) losing 3 major states where Congress emerged victorious (Madhya Pradesh, Rajasthan & Chhattisgarh) were the dampeners. After several years; FIIs (Foreign Institutional Investors) actually turned net sellers in India markets during CY2018 to the tune of US$ 4.4 billion (highest outflow since 2008), it was the DIIs (Domestic Institutional Investors) which provided support as they poured in US$ 15.9 billion. Investment policy in the reporting period Our big underweight in Small and Mid-Cap stocks was the main reason for the excellent Ranking positioning of the Fund. Sector wise it was again good to remain out of the Utilities and Telecom Sectors, which underperformed the Index again but the biggest positive contribution came from the underweight in Consumer Discretionary and the Stock selection in Financials. In Consumer discretionary, we sold completely Tata Motors given the Trade War, the BREXIT and the weakness of the luxury cars sector in China. In Financials, we continue to avoid the Public Banks as they continue to lack Capital and keep losing market share in favour of the Private one; in the second half of the year we increased our exposure to Private Corporate Banks as we thought that Bad loans provisions must have peaked and, therefore, margins will improve going forward. On the negative side, we remained underweight the IT sector, which benefited from a weaker Currency and a better US demand. 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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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE 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 2018 Investment and Market Review For the period under review, the Singapore equity market has registered a negative SGD 1return of 8%, and has outperformed the broader regional index Asia-ex Japan, which registered a negative SGD 2return of 13%. Singapore market started the year on a strong footing with banks being supported by higher rate environment before market took breather in the second half of the year. While performance of the banks moderated, Comfort Delgro, Capitaland Mall and Singapore Tech Engineering still showed some impressive gains relative to the whole region. 3The Fund underperformed the 4benchmark for the period under review. Our overweight developers and underweight REIT within real estate impacted performance. Within industrials, performance was dragged by Venture on global slowdown and low visibilities to the business. Stock selection was particularly effective in Singapore Tech Engineering being a top gainers. Our relatively high cash level also mitigated the relative losses. We remain constructive on the outlook for the Singapore market as we believe resilient fundamentals and generous dividend yield shouldn’t be overlooked by investors in the region. Positioning wise, we’ve been deploying some cash in both yield and value stocks accordingly, while reducing exposure to engineering and consumer cyclicals. ________________________________ 1 MSCI Singapore Total Return index

2 MSCI Asia-ex Japan Total Return index SGD

3 Gross Return Basis 4 MSCI Singapore total return index 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 Deutsche 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 15 to 52, 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 26 March 2019

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STATEMENT BY THE MANAGER In the opinion of the directors of DWS Investments Singapore Limited (formerly known as Deutsche Asset Management (Asia) Limited), the accompanying financial statements set out on pages 15 to 52, 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 Deutsche Premier Investments Funds as at 31 December 2018, 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 Deutsche 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 (formerly known as Deutsche Asset Management (Asia) Limited) ____________________________ Authorised Signatory Singapore 26 March 2019

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INDEPENDENT AUDITORS’ REPORT UNITHOLDERS OF DEUTSCHE 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 Deutsche Premier Investments Funds (the “Fund”), which comprise the Statements of Financial Position and Statements of Portfolio as at 31 December 2018, 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 15 to 52. 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 2018 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 (formerly known as Deutsche Asset Management (Asia) 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 26 March 2019

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

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DEUTSCHE PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 December 2018

Deutsche China

Equity Fund Deutsche Global Themes

Equity Fund Note 2018 2017 2018 2017 S$ S$ S$ S$ Income Dividends 2,774,757 6,661,035 206,182 289,714 Interest income 12,815 1,280 129 461 Other income 143 - - 511 2,787,715 6,662,315 206,311 290,686 Less: Expenses Accounting fees 26,175 56,912 15,147 15,732 Management fees 1,747,257 4,575,300 171,422 213,834 Registration fees 15,488 18,049 9,962 10,708 Trustee’s fees 62,016 228,765 6,927 12,337 Custody fees 23,097 89,024 525 2,113 Valuation fees 48,737 152,510 5,482 8,225 Transaction costs 157,580 1,257,465 23,499 47,578 Audit fees 21,075 19,821 12,720 11,487 Others (10,224) (30,964) 3,732 (314) 2,091,201 6,366,882 249,416 321,700 Net income/(loss) 696,514 295,433 (43,105) (31,014) Net gains/(losses) on value of investments and financial derivatives Net gains/(losses) on investments (13,515,516) 100,173,551 (949,733) 2,701,493 Net gains/(losses) on foreign exchange

contracts 5,003 (311,918) (437) (3,780) Net foreign exchange gains/(losses) 65,324 (1,077,426) (4,718) (5,733) (13,445,189) 98,784,207 (954,888) 2,691,980 Total return for the year before income tax (12,748,675) 99,079,640 (997,993) 2,660,966 Less: Taxation 8 (207,265) (556,737) (44,936) (64,878) Total return for the year after income tax (12,955,940) 98,522,903 (1,042,929) 2,596,088


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DEUTSCHE PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 December 2018

Deutsche India

Equity Fund Deutsche Singapore

Equity Fund Note 2018 2017 2018 2017 S$ S$ S$ S$

Income Dividends 1,826,843 2,002,411 522,116 2,160,761 Interest income 18,015 1,449 - - 1,844,858 2,003,860 522,116 2,160,761 Less: Expenses Accounting fees 49,462 54,740 14,124 31,256 Management fees 737,463 789,073 168,979 362,957 Registration fees 9,709 10,038 11,010 11,938 Trustee’s fees 80,731 124,428 16,336 50,934 Custody fees 62,399 80,432 7,153 16,263 Valuation fees 64,165 82,952 11,614 33,956 Transaction costs 153,694 345,032 42,892 152,629 Audit fees 19,550 18,300 20,660 19,411 Others 21,693 421 (1,497) (10,196) 1,198,866 1,505,416 291,271 669,148 Net income 645,992 498,444 230,845 1,491,613 Net gains/(losses) on value of investments

and financial derivatives Net gains/(losses) on investments (3,760,054) 42,965,894 500,347 13,816,472 Net gain/(losses) on foreign exchange contracts (48,838) (26,484) (555) 2,818 Net foreign exchange losses (247,825) (125,325) (1,605) (5,780) (4,056,717) 42,814,085 498,187 13,813,510 Total return for the year before income tax (3,410,725) 43,312,529 729,032 15,305,123 Less: Taxation 8 - - (8,561) (24,649) Total return for the year after income tax (3,410,725) 43,312,529 720,471 15,280,474


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DEUTSCHE PREMIER INVESTMENTS FUNDS (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF FINANCIAL POSITION As at 31 December 2018

Deutsche China



Assets Portfolio of investments 87,256,848 122,202,346 10,287,721 14,413,815 Receivables 3 155,775 256,597 14,237 12,719 Sales awaiting settlement 183,324 167,244 - - Cash and bank balances 4 7,592,207 5,309,640 168,024 161,740 Total assets 95,188,154 127,935,827 10,469,982 14,588,274 Liabilities Payables 6 239,395 691,799 56,993 106,041 Purchases awaiting settlement - 139,265 - - Total liabilities 239,395 831,064 56,993 106,041 Equity Net assets attributable to unitholders 7 94,948,759 127,104,763 10,412,989 14,482,233

Deutsche India


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$

Assets Portfolio of investments 133,793,247 160,222,022 8,599,885 58,435,189 Receivables 3 33,702 17,272 26,000 151,177 Cash and bank balances 4 9,217,563 7,411,171 1,210,590 628,815 Financial derivatives at fair value 5 5,822 29 - - Total assets 143,050,334 167,650,494 9,836,475 59,215,181 Liabilities Payables 6 1,212,182 128,701 50,976 84,794 Total liabilities 1,212,182 128,701 50,976 84,794 Equity Net assets attributable to unitholders 7 141,838,152 167,521,793 9,785,499 59,130,387

Th i tes form an integral part of these financial statements


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DEUTSCHE 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 2018

Deutsche China



Net assets attributable to unitholders at the

beginning of financial year 127,104,763 310,885,829 14,482,233 17,121,391 Operations Change in net assets attributable to unitholders

resulting from operations (12,955,940) 98,522,903 (1,042,929) 2,596,088 Unitholders’ contributions/(withdrawals) Creation of units 9,974,297 20,689,671 74,243 1,049,083 Cancellation of units (29,174,361) (302,993,640) (3,100,558) (6,284,329) Change in net assets attributable to unitholders

resulting from net creation and cancellation of units (19,200,064) (282,303,969) (3,026,315) (5,235,246)

Total decrease in net assets attributable to

unitholders (32,156,004) (183,781,066) (4,069,244) (2,639,158) Net assets attributable to unitholders at the end of financial year 7 94,948,759 127,104,763 10,412,989 14,482,233

Deutsche India


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$ Net assets attributable to unitholders at the

beginning of financial year 167,521,793 150,581,345 59,130,387 62,696,443 Operations Change in net assets attributable to unitholders

resulting from operations (3,410,725) 43,312,529 720,471 15,280,474 Unitholders’ contributions/(withdrawals) Creation of units 903,098 1,429,819 2,077,610 3,426,305 Cancellation of units (23,176,014) (27,801,900) (52,142,969) (22,272,835) Change in net assets attributable to unitholders

resulting from net creation and cancellation of units (22,272,916) (26,372,081) (50,065,359) (18,846,530)

Total increase/(decrease) in net assets

attributable to unitholders (25,683,641) 16,940,448 (49,344,888) (3,566,056) Net assets attributable to unitholders at the end of financial year 7 141,838,152 167,521,793 9,785,499 59,130,387


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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2018

Holdings Fair Value

Percentage of Net Assets

Attributable to Unitholders

31 December

2018 31 December

2018 31 December

2018 Primary S$ % By Geography* Quoted Equities Bermuda China Resources Gas Group Limited 78,000 420,946 0.44 Cayman Islands Tencent Holdings Limited 171,010 9,342,101 9.84 Alibaba Group Holding Limited 44,107 8,239,751 8.68 Baidu Incorporation 11,324 2,451,479 2.58 Netease Inc 6,195 1,987,414 2.09 New Oriental Education & Technology Group 21,448 1,602,003 1.69 Longfor Group Holding Limited 310,000 1,260,140 1.33 China Resources Land Limited 237,333 1,241,574 1.31 Shenzhou International Group Holdings Limited 72,000 1,111,799 1.17 China Mengniu Dairy Company Limited 260,000 1,099,891 1.16 KWG Group Holding Limited 841,500 1,012,284 1.07 Health and Happiness (H&H) International Holdings Limited 127,500 984,405 1.04 China Yuhua Education Corporation Limited 1,630,000 902,370 0.95 Weibo Corporation 10,522 837,686 0.88 Geely Automobile Holdings Limited 335,000 803,645 0.84 ENN Energy Holdings Limited 66,000 797,969 0.84 IMAX China Holding Inc 218,500 789,296 0.83 China Everbright Greentech Limited 802,000 776,282 0.82 Xiabuxiabu Catering Management China Holdings Company Limited 328,500 704,557 0.74 Dali Foods Group Company Limited 669,500 674,838 0.71 China Resources Cement Holdings Limited 524,000 643,118 0.68 AAC Technologies Holdings Inc 61,000 482,652 0.51 Melco Resorts & Entertainment Limited 20,240 486,361 0.51 JD.Com Incorporation 15,396 439,001 0.46 3SBio Inc 233,500 408,123 0.43 Tencent Music Entertainment Group 6,541 117,861 0.12 GreenTree Hospitality Group Limited 5,702 100,956 0.11 39,297,556 41.39 China China Construction Bank H Shares 6,894,000 7,741,072 8.15 Industrial and Commercial Bank of China H Shares 6,522,204 6,347,114 6.68 Ping An Insurance (Group) Company of China Limited H Shares 351,500 4,228,375 4.45 China Merchants Bank Company Limited 460,000 2,298,317 2.42 China Railway Construction Corporation H Shares 1,127,000 2,126,784 2.24


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Holdings Fair Value



31 December

2018 31 December

2018 31 December

2018 Primary S$ % By Geography* Quoted Equities China (continued) China Life Insurance Co H Shares 681,000 1,972,743 2.08 China Vanke Company Limited H Shares 320,400 1,478,116 1.56 China Petroleum & Chemical Corporation Limited H Shares 1,482,000 1,439,635 1.52 Bank of Communications Limited H Shares 1,170,000 1,240,433 1.31 Guangzhou Automobile Group Company Limited 914,000 1,242,703 1.31 Jiangsu Yanghe Brewery Joint-Stock Company Limited 54,900 1,031,647 1.09 PICC Property And Casualty Company Limited H Shares 711,000 987,740 1.04 China Shenhua Energy Company Limited H Shares 328,000 979,854 1.03 Sinopec Engineering (Group) Company Limited H Shares 862,000 964,913 1.02 China Machinery Engineering Corporation H Shares 1,222,000 787,124 0.83 Midea Group Company Limited 89,300 652,839 0.69 HLA Corporation Limited 288,900 485,454 0.51 China Isotope & Radiation Corporation 170,000 450,437 0.47 Angang Steel Company Limited 366,000 344,068 0.36 36,799,368 38.76 Hong Kong China Mobile Limited 383,500 5,020,574 5.29 CNOOC Limited 1,357,000 2,853,756 3.01 China Overseas Land & Investment Limited 252,000 1,180,111 1.24 CSPC Pharmaceutical Group Limited 594,000 1,166,449 1.23 Galaxy Entertainment Group Limited 60,000 518,088 0.54 10,738,978 11.31 Portfolio of investments 87,256,848 91.90 Other net assets 7,691,911 8.10 Net assets attributable to unitholders 94,948,759 100.00


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31 December

2018 31 December

2017 Primary % % By Geography* (Summary) Quoted Bermuda 0.44 2.87 Cayman Islands 41.39 50.08 China 38.76 37.04 Hong Kong 11.31 6.15 Portfolio of investments 91.90 96.14 Other net assets 8.10 3.86 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

2018 31 December

2018 31 December

2017 Secondary S$ % % By Industry (Summary) Apparel 1,111,799 1.17 0.50 Automotive 2,046,348 2.15 4.50 Banks 17,626,936 18.56 17.25 Biotechnology 408,123 0.43 1.02 Chemicals 450,437 0.47 0.46 Coal 979,854 1.03 0.65 Commercial Services 902,370 0.95 0.99 Communications 837,686 0.88 0.99 Computer/Software 2,105,275 2.21 3.52 E-Commerce 8,678,752 9.14 13.26 Educational Services 1,602,003 1.69 2.13 Electrical/Electronics 1,135,491 1.20 2.79 Energy 1,574,251 1.66 0.77 Engineering/Construction 2,126,784 2.24 - Entertainment 1,275,657 1.34 0.92 Finance 643,118 0.68 0.88 Food & Beverage 3,790,781 4.00 - Hotels 619,044 0.65 - Industrials 787,124 0.83 0.83 Insurance 7,188,858 7.57 9.26 Internet Service 9,342,101 9.84 10.36 Iron/Steel 344,068 0.36 - Manufacturing - - 1.46 Media 2,451,479 2.58 5.40 Medical - Drugs 1,166,449 1.23 1.54 Oil & Gas 5,679,250 5.99 5.79 Real Estate 6,172,225 6.51 5.35 Restaurant 704,557 0.74 - Retail 485,454 0.51 - Semiconductors - - 0.92 Telecom Service 5,020,574 5.29 4.60 Portfolio of investments 87,256,848 91.90 96.14 Other net assets 7,691,911 8.10 3.86 Net assets attributable to unitholders 94,948,759 100.00 100.00


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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2018

Holdings Fair Value



31 December

2018 31 December

2018 31 December

2018 Primary S$ % By Geography* Quoted Equities Australia Computershare Limited 3,102 50,303 0.48 Canada Nutrien Limited 1,616 102,906 0.99 Cayman Islands Alibaba Group Holding Limited 297 55,483 0.53 Denmark ISS A/S 2,860 108,443 1.04 Finland Neste Oyj 920 96,329 0.93 Germany Beiersdorf AG 1,378 196,071 1.88 MTU Aero Engines AG 490 121,164 1.17 317,235 3.05 Great Britain Unilever PLC 2,350 167,602 1.61 Croda International PLC 1,030 83,768 0.80 Sophos Group PLC 10,820 70,623 0.68 Aptiv PLC 690 57,867 0.56 379,860 3.65 Hong Kong Techtronic Industries Company Limited 17,000 123,115 1.18 Ireland Medtronic PLC 1,880 233,105 2.24 Israel Nice Systems Limited ADR 610 89,969 0.86 Japan SMC Corporation 400 165,128 1.59 Hoya Corporation 1,700 139,683 1.34


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Holdings Fair Value



31 December

2018 31 December

2018 31 December

2018 Primary S$ % By Geography* Quoted Equities Japan (continued) Tokio Marine Holdings Inc 2,100 136,495 1.31 Daikin Industries Limited 400 58,016 0.56 Santen Pharmaceutical Company Limited 2,900 57,067 0.55 Shimano Inc 300 57,767 0.55 Daifuku Company Limited 800 49,792 0.48 Fukushima Industries Corporation 900 39,747 0.38 703,695 6.76 Netherlands ING Groep N.V. 16,327 239,384 2.30 Koninklijke Philips N.V. 4,474 215,404 2.07 Wolters Kluwer N.V. 1,510 120,743 1.16 Heineken N.V. 710 85,249 0.82 AMG Advanced Metallurgical Group N.V. 1,370 59,769 0.57

720,549 6.92 Norway Sbanken ASA 8,800 103,472 1.00 Leroy Seafood Group ASA 7,040 72,827 0.70 Equinor ASA 1,850 53,479 0.51 229,778 2.21 South Africa Naspers Limited 763 208,211 2.00 South Korea Samsung Electronics Company Limited 3,837 181,155 1.74 Switzerland Nestle SA 1,450 159,945 1.54 Givaudan SA 19 59,764 0.57 TE Connectivity Limited 540 55,687 0.53 275,396 2.64 Taiwan Taiwan Semiconductor Manufacturing Corporation Limited 6,000 59,864 0.57


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Holdings Fair Value



31 December

2018 31 December

2018 31 December

2018 Primary S$ % By Geography* Quoted Equities United States of America Alphabet Inc 289 411,901 3.96 Costco Wholesale Corporation 951 264,077 2.54 Booking Holdings Inc 106 248,914 2.39 Nasdaq Inc 2,229 247,729 2.38 Microsoft Corporation 1,780 246,641 2.37 Zoetis Inc 1,800 209,839 2.02 S&P Global Inc 895 207,307 1.99 The Progressive Corporation 2,269 186,579 1.79 Discover Financial Services 2,105 169,220 1.63 SVB Financial Group 634 163,988 1.57 Avery Dennison Corporation 1,330 162,807 1.56 Activision Blizzard Inc 2,520 160,060 1.54 United Technologies Corporation 1,074 155,828 1.50 Live Nation Entertainment Inc 2,270 152,349 1.46 Visa Inc 761 136,885 1.31 Fidelity National Information Services Inc 930 129,915 1.25 AbbVie Inc 1,030 129,411 1.24 Liberty Media Corp-Liberty SiriusXM 2,530 126,866 1.22 Brown-Forman Corporation 1,950 126,434 1.21 HP Inc 4,480 124,934 1.20 Centene Corporation 775 121,826 1.17 Synopsys Inc 1,020 117,199 1.13 TPI Composites Inc 3,410 114,151 1.10 Apple Inc 515 110,858 1.06 Thermo Fisher Scientific Inc 359 109,475 1.05 Logmein Inc 970 107,845 1.04 Equinix Inc 220 105,740 1.02 BioMarin Pharmaceutical Inc 810 94,085 0.90 Schlumberger Limited 1,841 90,711 0.87 Texas Instruments Inc 690 88,875 0.85 Darling Ingredients Inc 3,360 88,067 0.85 Adobe Inc 274 84,541 0.81 NVIDIA Corporation 455 82,786 0.80 Baxter International Inc 920 82,548 0.79 First Solar Inc 1,390 80,425 0.77 Honeywell International Inc 443 79,757 0.77 Intercept Pharmaceuticals Inc 550 75,550 0.73 Facebook Inc 420 75,164 0.72


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Holdings Fair Value



31 December

2018 31 December

2018 31 December

2018 Primary S$ % By Geography* Quoted Equities United States of America (continued) Ecolab Inc 370 74,310 0.71 Skyworks Solutions Inc 790 72,154 0.69 Take-Two Interactive Software Inc 510 71,598 0.69 Acuity Brands Inc 450 70,486 0.68 Incyte Corp 770 66,728 0.64 Teladoc Health Inc 925 62,497 0.60 Vertex Pharmaceuticals Inc 260 58,724 0.56 Portola Pharmaceuticals Inc 2,200 58,473 0.56 Rockwell Automation Inc 280 57,429 0.55 Sarepta Therapeutics Inc 370 55,050 0.53 The TJX Companies Inc 893 54,456 0.52 Monster Beverage Corporation 810 54,318 0.52 Colgate-Palmolive Company 623 50,541 0.49 Neurocrine Biosciences Inc 470 45,740 0.44 Bloom Energy Corporation 2,104 28,534 0.27 6,352,325 61.01 Portfolio of investments 10,287,721 98.80 Other net assets 125,268 1.20 Net assets attributable to unitholders 10,412,989 100.00


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31 December

2018 31 December

2017 Primary % % By Geography* (Summary) Quoted Austrialia 0.48 - Canada 0.99 1.09 Cayman Islands 0.53 1.28 Denmark 1.04 1.59 Finland 0.93 - France - 2.60 Germany 3.05 2.99 Great Britain 3.65 3.74 Hong Kong 1.18 1.29 India - 1.06 Indonesia - 0.83 Ireland 2.24 2.89 Israel 0.86 1.03 Japan 6.76 9.51 Luxembourg - 0.71 Netherlands 6.92 2.81 Norway 2.21 0.80 Singapore - 1.06 South Africa 2.00 0.77 South Korea 1.74 2.15 Switzerland 2.64 5.54 Taiwan 0.57 1.35 United States of America 61.01 54.44 Portfolio of investments 98.80 99.53 Other net assets 1.20 0.47 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

2018 31 December

2018 31 December

2017 Secondary S$ % % By Industry (Summary) Aerospace 276,992 2.67 3.01 Airlines - - 0.62 Agriculture 102,906 0.99 - Automotive 57,867 0.56 1.00 Banks 506,844 4.87 5.97 Biotechnology 201,002 1.93 - Chemicals 143,532 1.37 3.44 Commercial Services 390,060 3.74 4.20 Computer/Software 1,199,155 11.53 7.76 Consumer 54,456 0.52 3.82 Cosmetics/Personal Care 414,214 3.98 2.80 Diversified Resources - - 0.80 E-Commerce 304,397 2.92 1.28 Electrical/Electronics 660,505 6.35 3.31 Energy 223,110 2.14 0.56 Entertainment 152,349 1.46 0.52 Finance 604,137 5.80 6.25 Food & Beverage 586,840 5.64 2.56 Healthcare 312,611 3.00 4.66 Household - - 0.71 Insurance 323,074 3.10 2.62 Internet Service 487,065 4.68 8.43 Machine - Tools 377,782 3.63 3.46 Machinery 57,429 0.55 1.23 Manufacturing 197,450 1.89 2.76 Media 455,820 4.38 1.27 Medical - Drugs 94,085 0.90 4.42 Medical - Equipment 342,580 3.29 2.25 Metal Products 59,769 0.57 - Oil & Gas 240,519 2.31 2.62 Packaging 162,807 1.56 0.52 Pharmaceuticals 509,840 4.90 4.46 Real Estate - - 1.03 Real Estate Investment Trust 105,740 1.02 1.31 Retail 264,077 2.54 4.02 Semiconductors 220,893 2.11 2.60 Technology - - 0.86 Telecom Service 197,814 1.90 1.24 Transport - - 0.61 Transport - Rail - - 0.55 Portfolio of investments 10,287,721 98.80 99.53 Other net assets 125,268 1.20 0.47 Net assets attributable to unitholders 10,412,989 100.00 100.00


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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2018

Holdings Fair Value



31 December

2018 31 December

2018 31 December

2018 Primary S$ % By Geography* Quoted Equities India HDFC Bank Limited 310,000 12,841,728 9.05 Reliance Industries Limited 530,000 11,640,603 8.21 Housing Development Finance Corporation Limited 270,000 10,357,940 7.30 ICICI Bank Limited 1,450,000 10,199,511 7.19 Infosys Technologies Limited 530,000 6,823,980 4.81 Larsen & Toubro Limited 240,000 6,747,157 4.76 ITC Limited 1,200,000 6,597,220 4.65 Maruti Suzuki India Limited 40,000 5,817,861 4.10 TATA Consultancy Services Limited 150,000 5,542,098 3.91 Axis Bank Limited 430,000 5,203,579 3.67 Hindustan Unilever Limited 140,000 4,968,727 3.50 HCL Technologies Limited 200,000 3,764,820 2.65 State Bank of India Limited 600,000 3,463,189 2.44 Kotak Mahindra Bank Limited 135,000 3,302,417 2.33 Mahindra & Mahindra Limited 180,000 2,828,183 1.99 Indusind Bank Limited 70,000 2,186,374 1.54 Ultratech Cement Limited 26,000 2,024,303 1.43 RBL Bank Limited 180,000 2,019,930 1.42 Asian Paints Limited 65,000 1,736,051 1.22 Sun Pharmaceuticals Industries Limited 200,000 1,679,761 1.18 Zee Entertainment Enterprises Limited 180,000 1,673,436 1.18 Godrej Consumer Products Limited 100,000 1,583,317 1.12 Dr Reddy's Laboratories Limited 30,000 1,532,753 1.08 HDFC Standard Life Insurance Company Limited 200,000 1,508,739 1.06 Finolex Industries Limited 130,000 1,381,937 0.97 Shree Cement Limited 4,000 1,348,346 0.95 Container Corporation of India Limited 100,000 1,342,306 0.95 Britannia Industries Limited 20,000 1,217,456 0.86 Havells India Limited 90,000 1,214,400 0.86 Bharat Electronics Limited 683,940 1,171,689 0.83 Tata Steel Limited 122,400 1,055,975 0.75 Bajaj Finance Limited 20,000 1,031,011 0.73 Page Industries Limited 2,000 977,127 0.69 Pidilite Industries Limited 45,000 974,033 0.69 Petronet LNG Limited 200,000 873,070 0.62 Berger Paints India Limited 130,000 835,127 0.59 Vedanta Limited 200,000 789,121 0.56 Parag Milk Foods Limited 150,000 723,035 0.51


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Holdings Fair Value



31 December

2018 31 December

2018 31 December

2018 Primary S$ % By Geography* Quoted Equities India (continued) Escorts Limited 50,000 688,187 0.49 Jindal Steel & Power Limited 200,000 643,088 0.45 Bajaj Corporation Limited 87,937 629,120 0.44 Hindustan Zinc Limited 100,000 543,228 0.38 Crompton Greaves Consumer Electricals Limited 70,000 311,314 0.22 133,793,247 94.33 Portfolio of investments 133,793,247 94.33 Other net assets 8,044,905 5.67 Net assets attributable to unitholders 141,838,152 100.00



31 December

2018 31 December

2017 Primary % % By Geography* (Summary) Quoted India 94.33 95.64 Portfolio of investments 94.33 95.64 Other net assets 5.67 4.36 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

2018 31 December

2018 31 December

2017 Secondary S$ % % By Industry (Summary) Automotive 8,646,044 6.09 5.99 Banks 35,914,311 25.31 23.68 Cements 3,372,649 2.38 4.08 Chemicals 4,927,148 3.47 3.90 Computer/Software 10,588,800 7.46 4.69 Consumer 1,583,317 1.12 0.87 Cosmetics/Personal Care 629,120 0.44 0.54 Electrical/Electronics 2,697,403 1.91 4.66 Engineering/Machine - - 1.03 Finance 14,691,368 10.36 8.12 Food & Beverage 1,940,491 1.37 1.32 Insurance 1,508,739 1.06 1.23 Manufacturing 6,634,041 4.68 6.24 Media 1,673,436 1.18 1.45 Medical - Drugs 1,679,761 1.18 0.71 Metals 2,242,291 1.58 4.18 Mining 789,121 0.56 0.83 Miscellaneous 6,747,157 4.76 3.07 Oil & Gas 873,070 0.62 2.78 Petrochemical 11,640,603 8.21 6.67 Pharmaceuticals 1,532,753 1.08 - Retail - - 0.86 Services 5,542,098 3.91 4.89 Tobacco 6,597,220 4.65 2.99 Transport 1,342,306 0.95 0.86 Portfolio of investments 133,793,247 94.33 95.64 Other net assets 8,044,905 5.67 4.36 Net assets attributable to unitholders 141,838,152 100.00 100.00


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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2018

Holdings Fair Value



31 December

2018 31 December

2018 31 December

2018 Primary S$ % By Geography* Quoted Equities Bermuda Hongkong Land Holdings Limited 28,600 245,585 2.51 Isle of Man Genting Singapore PLC 181,600 177,060 1.81 Singapore DBS Group Holdings Limited 82,805 1,961,650 20.05 Oversea-Chinese Banking Corporation Limited 134,543 1,512,263 15.45 United Overseas Bank Limited 57,786 1,419,802 14.51 Singapore Telecommunications Limited 251,110 733,241 7.49 Keppel Corporation Limited 64,000 378,240 3.87 City Developments Limited 41,600 337,792 3.45 Singapore Technologies Engineering Limited 88,400 308,516 3.15 UOL Group Limited 44,038 270,834 2.77 Venture Corporation Limited 15,300 213,435 2.18 Ascendas Real Estate Investment Trust 79,400 203,264 2.08 Wilmar International Limited 46,500 145,080 1.48 Jardine Cycle & Carriage Limited 3,600 127,260 1.30 Frasers Logistics & Industrial Trust 121,220 123,645 1.26 Raffles Medical Group Limited 96,977 105,705 1.08 Netlink NBN Trust 88,700 67,412 0.69 Sembcorp Marine Limited 40,500 62,370 0.64 mm2 Asia Limited 160,400 50,526 0.52 Singapore Post Limited 45,800 41,678 0.42 8,062,713 82.39 Thailand Thai Beverage Public Company Limited 189,300 114,527 1.17 Portfolio of investments 8,599,885 87.88 Other net assets 1,185,614 12.12 Net assets attributable to unitholders 9,785,499 100.00


- 33 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 December 2018



31 December

2018 31 December

2017 Primary % % By Geography* (Summary) Quoted Bermuda 2.51 1.48 Isle of Man 1.81 3.67 Singapore 82.39 92.20 Thailand 1.17 1.47 Portfolio of investments 87.88 98.82 Other net assets 12.12 1.18 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

2018 31 December

2018 31 December

2017 Secondary S$ % % By Industry (Summary) Agriculture 145,080 1.48 1.97 Banks 4,893,715 50.01 38.81 Commercial Services - - 1.20 Diversified Resources 378,240 3.87 6.02 Electronics 213,435 2.18 2.31 Engineering/Machine 308,516 3.15 2.65 Finance - - 0.92 Food & Beverage 114,527 1.17 1.47 Healthcare 105,705 1.08 2.08 Hotels 177,060 1.81 3.67 Media 50,526 0.52 0.71 Real Estate 854,211 8.73 15.50 Real Estate Investment Trust 326,909 3.34 5.73 Shipbuilding 62,370 0.64 1.58 Telecom Service 733,241 7.49 8.62 Telecommunications 67,412 0.69 0.63 Transport 41,678 0.42 2.40 Wholesale 127,260 1.30 2.55 Portfolio of investments 8,599,885 87.88 98.82 Other net assets 1,185,614 12.12 1.18 Net assets attributable to unitholders 9,785,499 100.00 100.00

- 34 -

DEUTSCHE 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 2018 1 General

Deutsche 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 (formerly known as Deutsche Asset Management (Asia) 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 2018, Deutsche Premier Investments Funds had the following sub-funds:

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

Kong securities Deutsche Global Themes Equity Fund 24 July 2006 Investments in international securities

worldwide

On 1 June 2018, State Street Bank and Trust Company retired as the custodian of the Fund. The new custodian of the Fund is The Hongkong and Shanghai Banking Corporation Limited. On 7 December 2018, the Manager has changed their name to DWS Investments Singapore Limited (formerly known as Deutsche Asset Management (Asia) Limited). The Sub-Manager of the Deutsche Global Themes Equity Fund (Sub-Fund) and the Deutsche India Equity Fund (Sub-Fund) is now known as DWS Investment GmbH (formerly known as Deutsche Asset Management Investment GmbH), with effect from 1 September 2018. The Sub-Manager of the Deutsche China Equity Fund (Sub-Fund) and the Deutsche Singapore Equity Fund (Sub-Fund) is now known as DWS Investment Hong Kong Limited (formerly known as Deutsche Asset Management (Hong Kong) Limited).

2 Summary of Significant Accounting Policies

2.1 Basis of preparation The financial statements, expressed in Singapore Dollars which is the Trust’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.

The adoption of this revised RAP 7 did not result in substantial changes to the accounting policies of the

Trust and had no material effect on the amounts reported for the current or prior years. 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.

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DEUTSCHE 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 2018 2 Summary of Significant Accounting Policies (continued)

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. 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

Deutsche China


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$ Amounts receivable from creation of units 43,822 151,808 - - Dividends receivable 48,743 19,910 6,805 8,634 GST receivable 63,210 84,879 7,432 4,085 155,775 256,597 14,237 12,719

- 36 -

DEUTSCHE 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 2018 3 Receivables (continued)

Deutsche India


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$ Amounts receivable from creation of units 2,910 1,000 633 2,197 Dividends receivable - - 17,075 139,925 GST receivable 30,792 16,272 8,292 9,055 33,702 17,272 26,000 151,177

4 Cash and Bank Balances

Deutsche China


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$ Cash at banks - held with bank related to the Trustee 7,592,207 86,438 168,024 17,327 - others - 5,223,202 - 144,413 7,592,207 5,309,640 168,024 161,740

Deutsche India


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$ Cash at banks - held with bank related to the Trustee 9,217,563 29,430 1,210,590 12,909 - others - 7,381,741 - 615,906 9,217,563 7,411,171 1,210,590 628,815

5 Financial derivatives at fair value

Deutsche India Equity Fund Notional Fair value principal assets S$ S$ 2018 Foreign exchange contracts 1,107,358 5,822 2017 Foreign exchange contracts 8,118 29

6 Payables

Deutsche China


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$ Amounts payable for cancellation of units 86,162 495,417 24,978 75,399 Accrued management fee 124,078 160,313 11,935 16,190 Accrued trustee’s fee 2,895 8,016 321 935 Accrued valuation fee 2,895 5,344 321 623 Amount due to the Managers 70 428 - - Other payables and accruals 23,295 22,281 19,438 12,894 239,395 691,799 56,993 106,041

- 37 -

DEUTSCHE 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 2018 6 Payables (continued)

7 Units in Issue During the year ended 31 December, the number of shares issued, redeemed and outstanding were as follows:

Deutsche China


Equity Fund 2018 2017 2018 2017 Units Units Units Units Class A: Units at the beginning of the year 32,505,746 105,750,743 12,725,572 17,552,528 Units created 2,480,211 5,937,571 63,256 1,003,760 Units cancelled (7,181,530) (79,182,568) (2,638,598) (5,830,716) Units at the end of the year 27,804,427 32,505,746 10,150,230 12,725,572 Net assets attributable to unitholders (S$) 94,948,759 127,104,763 10,412,989 14,482,233 Net asset value per unit (S$) 3.41 3.91 1.03 1.14

Deutsche China Equity Fund Deutsche 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 (2017: 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 2018, the number of US$ units were 1,389,824 (2017: 1,779,301). Deutsche Global Themes Equity Fund Deutsche 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 (2017: 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 2018, the number of US$ units were 169,160 (2017: 236,804).

Deutsche India


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$ Amounts payable for cancellation of units 1,107,358 8,118 17,189 42,946 Accrued management fee 57,424 66,673 12,652 15,691 Accrued trustee’s fee 4,218 10,522 295 3,785 Accrued valuation fee 4,218 7,015 295 2,524 Other payables and accruals 38,964 36,373 20,545 19,848 1,212,182 128,701 50,976 84,794

- 38 -

DEUTSCHE 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 2018 7 Units in Issue (continued)

Deutsche India


Equity Fund 2018 2017 2018 2017 Units Units Units Units Class A: Units at the beginning of the year 1,830,162 2,266,717 3,905,006 9,438,094 Units created 449,203 124,296 186,807 895,447 Units cancelled (574,677) (560,851) (620,694) (6,428,535) Units at the end of the year 1,704,688 1,830,162 3,471,119 3,905,006 Class I: Units at the beginning of the year 1,000 2,000 - - Units created - - - - Units cancelled - (1,000) - - Units at the end of the year 1,000 1,000 - - Class J: Units at the beginning of the year 62,282,263 72,776,071 - - Units created - 514,679 - - Units cancelled (8,420,761) (11,008,487) - - Units at the end of the year 53,861,502 62,282,263 - - Class M: Units at the beginning of the year - - 13,316,323 13,999,336 Units created - - 396,205 284,436 Units cancelled - - (13,712,528) (967,449) Units at the end of the year - - - 13,316,323 Class A: Net assets attributable to unitholders (S$) 3,598,413 3,994,062 9,785,499 12,094,085 Net asset value per unit (S$) 2.11 2.18 2.82 3.10 Class I: Net assets attributable to unitholders (S$) 2,730 2,781 - - Net asset value per unit (S$) 2.73 2.78 - - Class J: Net assets attributable to unitholders (S$) 138,237,009 163,524,950 - - Net asset value per unit (S$) 2.57 2.63 - - Class M: Net assets attributable to unitholders (S$) - - - 47,036,302 Net asset value per unit (S$) - - - 3.53

Deutsche India Equity Fund Deutsche 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 (2017: Nil).

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

- 39 -

DEUTSCHE 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 2018 7 Units in Issue (continued) Deutsche India Equity Fund (continued) 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 2018, the number of JPY units were 376,739 (2017: 435,639). No Class A US$ units were

issued during the year (2017: Nil). Deutsche Singapore Equity Fund Deutsche 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 units were in issue during the year. (2017: Nil) The Class M units were fully redeemed during the year.

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. For financial reporting purpose, investments held are stated at the relevant bid market prices as at the reporting date. The effect of using bid market prices in the net assets attributable to unitholders per unit is as follows:

Deutsche China Equity Fund

Deutsche Global Themes Equity Fund

2018 2017 2018 2017 S$ S$ S$ S$ Class A: Net assets per unit attributable to unitholders

per financial statements 3.41 3.91 1.03 1.14 Effect of adopting bid prices at fair value for

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

for purpose of issuance/redemption 3.42 3.91 1.03 1.14

Deutsche India


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$ Class A: Net assets per unit attributable to unitholders

per financial statements 2.11 2.18 2.82 3.10 Effect of adopting bid prices at fair value for

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

for purpose of issuance/redemption 2.11 2.18 2.82 3.10 Class I: Net assets per unit attributable to unitholders

per financial statements 2.73 2.78 - - Effect of adopting bid prices at fair value for

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

for purpose of issuance/redemption 2.73 2.78 - -

- 40 -

DEUTSCHE 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 2018 7 Units in Issue (continued)

Deutsche India


Equity Fund 2018 2017 2018 2017 S$ S$ S$ S$ Class J: Net assets per unit attributable to unitholders

per financial statements 2.57 2.63 - -

Effect of adopting bid prices at fair value for financial statements # # - -

Net assets per unit attributable to unitholders for purpose of issuance/redemption 2.57 2.63 - -

Class M: Net assets per unit attributable to unitholders

per financial statements - - - 3.53 Effect of adopting bid prices at fair value for

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

for purpose of issuance/redemption - - - 3.53 # indicates an effect of less than S$0.01 per unit.

8 Taxation

Deutsche China


Equity Fund Deutsche India

Equity Fund 2018 2018 2018 2017 2018 2017 S$ S$ S$ S$ S$ S$ Overseas income tax 207,265 556,737 44,936 64,878 - -

Deutsche Singapore

Equity Fund 2018 2017 S$ S$ Singapore income tax 8,561 24,649

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

- 41 -

DEUTSCHE 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 2018 8 Taxation (continued)

• distributions from foreign unit trusts derived from outside Singapore and received in Singapore. As at 31 December 2018, Deutsche India Equity Fund has accumulated capital losses of approximately S$21,159,977 (2017: S$21,593,331) 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 Deutsche India Equity Fund can utilise the benefits therefrom. No capital losses expired during the year ended 31 December 2018 (2017: S$44 million).

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

Deutsche India Equity Fund 2018 2017 S$ S$ Less than one year 6,519,765 7,045,345 Between one year and five years 13,026,529 13,970,445 More than five years 1,613,683 577,541 21,159,977 21,593,331

9 Distribution The Manager did not propose any distribution to unitholders for the financial year ended 31 December 2018 (2017:

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 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.

- 42 -

DEUTSCHE 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 2018 11 Financial Risk Management (continued)

(a) Market risk (continued)

(i) Price risk (continued)

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 2018 and 2017. 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 2018 and 2017, 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% (2017: 15%) movement in benchmark

on net assets attributable to the unitholders

2018 2017 2018 2017 S$ S$ Deutsche China Equity

Fund MSCI China 10/40

(Euro) (RI) index 0.94 0.99 12,303,216 18,147,048 Deutsche Global Themes

Equity Fund MSCI World Net

Return Index 1.03 1.01 1,589,453 2,183,693 Deutsche India Equity

Fund MSCI India Total

Return Index 0.87 0.92 17,460,019 22,110,639 Deutsche Singapore

Equity Fund MSCI Singapore Total

Return Index 0.92 0.95 1,186,784 8,327,014

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

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

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(iii) Currency risk (continued)

Deutsche China Equity Fund CNH HKD SGD USD Others Total S$ S$ S$ S$ S$ S$ 31 December 2018 Assets Portfolio of investments 2,169,940 68,824,396 - 16,262,512 - 87,256,848 Receivables - 48,743 79,996 27,036 - 155,775 Sales awaiting settlement - 183,324 - - - 183,324 Cash and bank balances 952,018 3,961,936 589,120 2,089,133 - 7,592,207 Total assets 3,121,958 73,018,399 669,116 18,378,681 - 95,188,154 Liabilities Payables - - 237,078 2,317 - 239,395 Total liabilities - - 237,078 2,317 - 239,395 Net currency exposure 3,121,958 73,018,399 432,038 18,376,364 - 94,948,759 31 December 2017 Assets Portfolio of investments - 87,921,048 - 34,281,298 - 122,202,346 Receivables - 19,910 104,383 132,304 - 256,597 Sales awaiting settlement - - - 167,244 - 167,244 Cash and bank balances - 1,797,344 1,880,432 1,631,725 139 5,309,640 Total assets - 89,738,302 1,984,815 36,212,571 139 127,935,827 Liabilities Payables - - 561,976 129,823 - 691,799 Purchases awaiting

settlement - 139,265 - - - 139,265 Total liabilities - 139,265 561,976 129,823 - 831,064 Net currency exposure - 89,599,037 1,422,839 36,082,748 139 127,104,763

- 44 -




Deutsche Global Themes Equity Fund CHF EUR GBP HKD SGD USD Others Total S$ S$ S$ S$ S$ S$ S$ S$ 31 December 2018 Assets Portfolio of investments 219,709 1,134,113 321,993 123,115 - 6,844,436 1,644,355 10,287,721 Receivables - - - - 7,432 4,204 2,601 14,237 Cash and bank balances 1,011 995 2,589 993 152,991 2,216 7,229 168,024 Total assets 220,720 1,135,108 324,582 124,108 160,423 6,850,856 1,654,185 10,469,982 Liabilities Payables - - - - 50,335 6,658 - 56,993 Total liabilities - - - - 50,335 6,658 - 56,993 Net currency exposure 220,720 1,135,108 324,582 124,108 110,088 6,844,198 1,654,185 10,412,989 31 December 2017 Assets Portfolio of investments 727,179 1,051,838 541,817 288,880 88,453 9,094,657 2,620,991 14,413,815 Receivables - - - - 4,085 5,904 2,730 12,719 Cash and bank balances 1,175 1,014 1,009 992 117,320 4,614 35,616 161,740 Total assets 728,354 1,052,852 542,826 289,872 209,858 9,105,175 2,659,337 14,588,274 Liabilities Payables - - - - 105,266 775 - 106,041 Total liabilities - - - - 105,266 775 - 106,041 Net currency exposure 728,354 1,052,852 542,826 289,872 104,592 9,104,400 2,659,337 14,482,233

- 45 -




Deutsche India Equity Fund INR SGD USD Others Total S$ S$ S$ S$ S$ 31 December 2018 Assets Portfolio of investments 133,793,247 - - - 133,793,247 Receivables - 33,702 - - 33,702 Cash and bank balances 6,894,531 555,919 1,732,191 34,922 9,217,563 Total assets (excluding

derivatives) 140,687,778 589,621 1,732,191 34,922 143,044,512 Liabilities Payables - 97,805 19,480 1,094,897 1,212,182 Total liabilities (excluding

derivatives) - 97,805 19,480 1,094,897 1,212,182 Net financial assets/

(liabilities) 140,687,778 491,816 1,712,711 (1,059,975) 141,832,330 Financial derivatives - 12,461 (1,101,536) 1,094,897 5,822 Net currency exposure 140,687,778 504,277 611,175 34,922 141,838,152 31 December 2017 Assets Portfolio of investments 160,222,022 - - - 160,222,022 Receivables - 17,272 - - 17,272 Cash and bank balances 4,412,873 20,425 2,944,411 33,462 7,411,171 Total assets (excluding

derivatives) 164,634,895 37,697 2,944,411 33,462 167,650,465 Liabilities Payables - 111,145 17,556 - 128,701 Total liabilities (excluding

derivatives) - 111,145 17,556 - 128,701 Net financial assets/

(liabilities) 164,634,895 (73,448) 2,926,855 33,462 167,521,764 Financial derivatives - 8,118 (8,089) - 29 Net currency exposure 164,634,895 (65,330) 2,918,766 33,462 167,521,793

- 46 -




Deutsche Singapore Equity Fund SGD USD Total S$ S$ S$ 31 December 2018 Assets Portfolio of investments 8,354,300 245,585 8,599,885 Receivables 26,000 - 26,000 Cash and bank balances 1,210,590 - 1,210,590 Total assets 9,590,890 245,585 9,836,475 Liabilities Payables 50,909 67 50,976 Total liabilities 50,909 67 50,976 Net currency exposure 9,539,981 245,518 9,785,499 31 December 2017 Assets Portfolio of investments 57,559,280 875,909 58,435,189 Receivables 151,177 - 151,177 Cash and bank balances 628,815 - 628,815 Total assets 58,339,272 875,909 59,215,181 Liabilities Payables 84,762 32 84,794 Total liabilities 84,762 32 84,794 Net currency exposure 58,254,510 875,877 59,130,387

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 separate sensitivity analysis has be 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 2018 and 2017, with respect to the monetary assets and monetary liabilities of the Fund, had the Singapore Dollar increased by 10% (2017: 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:

- 47 -




Sensitivity Analysis (continued)

Currency rates decrease by 10%

Increase/(decrease) in net assets

attributable to unitholders 2018 2017

S$ S$ Deutsche China Equity Fund HKD (419,400) (167,799) USD (211,385) (180,145) Deutsche India Equity Fund INR (689,453) (441,287) USD (171,271) (292,686)

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.

Deutsche China Equity

Fund

Deutsche Global Themes

Equity Fund

Deutsche India Equity

Fund

Deutsche Singapore

Equity Fund S$ S$ S$ S$ 31 December 2018 Payables 239,395 56,993 1,212,182 50,976 31 December 2017 Payables 691,799 106,041 128,701 84,794 Purchases awaiting settlement 139,265 - - -

(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.

- 48 -

DEUTSCHE 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 2018 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 2018 and 2017.

Credit rating Source of

credit rating 31 December 2018 The Hong Kong and Shanghai Banking Corporation AA- S&P 31 December 2017 The Hong Kong and Shanghai Banking Corporation AA- S&P State Street Bank & Trust Co AA- S&P Deutsche Bank A- S&P

(d) Fair value estimation

At 31 December 2018 and 2017, 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 2018 and 2017.

- 49 -


(d) Fair value estimation (continued) Deutsche China Equity Fund Level 1 Level 2 Level 3 Total 31 December 2018 S$ S$ S$ S$ Assets Equity securities 87,256,848 - - 87,256,848 31 December 2017 Assets Equity securities 122,202,346 - - 122,202,346 Deutsche Global Themes Equity Fund Level 1 Level 2 Level 3 Total 31 December 2018 S$ S$ S$ S$ Assets Equity securities 10,287,721 - - 10,287,721 31 December 2017 Assets Equity securities 14,413,815 - - 14,413,815

Deutsche India Equity Fund

Level 1 Level 2 Level 3 Total S$ S$ S$ S$ 31 December 2018 Assets Equities securities 133,793,247 - - 133,793,247 Derivatives - 5,822 - 5,822 133,793,247 5,822 - 133,799,069 31 December 2017 Assets Equities securities 160,222,022 - - 160,222,022 Derivatives - 29 - 29 160,222,022 29 - 160,222,051 Deutsche Singapore Equity Fund Level 1 Level 2 Level 3 Total S$ S$ S$ S$ 31 December 2018 Assets Equity securities 8,599,885 - - 8,599,885

- 50 -


(d) Fair value estimation (continued) Deutsche Singapore Equity Fund Level 1 Level 2 Level 3 Total S$ S$ S$ S$ 31 December 2017 Assets Equity securities 58,435,189 - - 58,435,189

(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:

Deutsche India Equity Fund

Gross amounts of recognised

financial assets

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$

2018 Financial assets Foreign exchange

spot contracts 5,822 - 5,822 - 5,822 2017 Financial assets Foreign exchange

spot contracts 29 - 29 - 29 12 Financial ratios

Deutsche China


Equity Fund 2018 2017 2018 2017 Class A : Total operating expenses (S$) 1,933,650 5,109,416 225,918 274,094 Average daily net asset value (S$) 116,585,819 305,393,185 13,200,646 16,452,350 Expense ratio (%) (Note 1) 1.66 1.67 1.71 1.67

- 51 -

DEUTSCHE 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 2018 12 Financial ratios (continued)

Deutsche India


Equity Fund 2018 2017 2018 2017 Class A: Total operating expenses (S$) 64,903 69,806 214,398 417,829 Average daily net asset value (S$) 3,836,227 4,049,661 11,271,266 24,923,183 Expense ratio (%) (Note 1) 1.69 1.72 1.90 1.72 Class I: Total operating expenses (S$) 5 7 - - Average daily net asset value (S$) 2,715 3,336 - - Expense ratio (%) (Note 1) 0.19 0.22 - - Class J: Total operating expenses (S$) 969,957 1,090,571 - - Average daily net asset value (S$) 151,278,385 161,847,987 - - Expense ratio (%) (Note 1) 0.64 0.67 - -

Class M: Total operating expenses (S$) - - 33,980 98,690 Average daily net asset value (S$) - - 47,958,916 43,693,014 Expense ratio (%) (Annualised) (Note 1) - - 0.24 0.23 Note 1- The expense ratios have 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 2018 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. . For Deutsche Singapore Equity Fund, the class M units were fully redeemed during the year.

Deutsche China


Equity Fund 2018 2017 2018 2017 Total value of purchases or sales (S$) 55,988,042 218,125,929 8,758,498 20,894,087 Average daily net asset value (S$) 116,585,816 305,393,185 13,200,646 16,452,350 Portfolio turnover ratio (%) (Note 2) 48.02 71.42 66.35 127.00

Deutsche India


Equity Fund 2018 2017 2018 2017 Total value of purchases or sales (S$) 37,719,305 28,636,805 6,785,947 22,451,551 Average daily net asset value (S$) 155,117,327 165,900,983 25,201,242 67,986,197 Portfolio turnover ratio (%) (Note 2) 24.32 17.26 26.93 33.02

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.

- 52 -

DEUTSCHE 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 2018 13 Events after the reporting date

With effect from 1 January 2019, the name of the umbrella Fund will be changed to DWS Premier Investments Funds.

The name of the Sub-Funds will be changed as follows:

Name prior to 1 January 2019 New name with effect from 1 January 2019 Deutsche Singapore Equity Fund DWS Singapore Equity Fund Deutsche India Equity Fund DWS India Equity Fund Deutsche China Equity Fund DWS China Equity Fund Deutsche Global Themes Equity Fund DWS Global Themes Equity Fund

- 53 -

Annual Disclosures according to Code of Collective Investment Scheme Guidelines

- 54 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 A Distribution of Investments

Fair Value NAV S$ % (i) Country Bermuda 420,946 0.44 Cayman Islands 39,297,556 41.39 China 36,799,368 38.76 Hong Kong 10,738,978 11.31 Portfolio of investments 87,256,848 91.90 Other net assets 7,691,911 8.10 Total 94,948,759 100.00 (ii) Industry Apparel 1,111,799 1.17 Automotive 2,046,348 2.15 Banks 17,626,936 18.56 Biotechnology 408,123 0.43 Chemicals 450,437 0.47 Coal 979,854 1.03 Commercial Services 902,370 0.95 Communications 837,686 0.88 Computer/Software 2,105,275 2.21 E-Commerce 8,678,752 9.14 Educational Services 1,602,003 1.69 Electrical/Electronics 1,135,491 1.20 Energy 1,574,251 1.66 Engineering/Construction 2,126,784 2.24 Entertainment 1,275,657 1.34 Finance 643,118 0.68 Food & Beverage 3,790,781 4.00 Hotels 619,044 0.65 Industrials 787,124 0.83 Insurance 7,188,858 7.57 Internet Service 9,342,101 9.84 Iron/Steel 344,068 0.36 Media 2,451,479 2.58 Medical - Drugs 1,166,449 1.23 Oil & Gas 5,679,250 5.99 Real Estate 6,172,225 6.51 Restaurant 704,557 0.74 Retail 485,454 0.51 Telecom Service 5,020,574 5.29 Portfolio of investments 87,256,848 91.90 Other net assets 7,691,911 8.10 Total 94,948,759 100.00 (iii) Asset Class Equities 87,256,848 91.90 Other net assets 7,691,911 8.10 Total 94,948,759 100.00 (iv) Credit Rating N/A

- 55 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 B Top 10 Holdings

Securities Fair Value NAV S$ % As at 31 December 2018 Tencent Holdings Limited 9,342,101 9.84 Alibaba Group Holding Limited 8,239,751 8.68 China Construction Bank H Shares 7,741,072 8.15 Industrial and Commercial Bank of China H Shares 6,347,114 6.68 China Mobile Limited 5,020,574 5.29 Ping An Insurance (Group) Company of China Limited H Shares 4,228,375 4.45 CNOOC Limited 2,853,756 3.01 Baidu Incorporation 2,451,479 2.58 China Merchants Bank Company Limited 2,298,317 2.42 China Railway Construction Corporation H Shares 2,126,784 2.24 As at 31 December 2017 Tencent Holdings Limited 12,146,987 9.56 Alibaba Group Holding Limited 11,422,945 8.99 China Construction Bank H Shares 8,427,766 6.63 Industrial and Commercial Bank of China H Shares 8,153,156 6.41 Baidu Incorporation 6,865,637 5.40 Ping An Insurance (Group) Company of China Limited H Shares 6,612,836 5.20 China Mobile Limited 5,127,962 4.04 JD.Com Incorporation 4,331,985 3.41 Bank of China Limited H Shares 4,042,505 3.18 Netease Inc 3,505,166 2.76

C Exposure to Derivatives Net realised gain on foreign exchange contracts for the financial year ended 31 December 2018 is S$5,003. 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

- 56 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 H Amount and Percentage of Borrowings of NAV N/A I Total Amount of Subscription and Redemption

Amount of subscription : S$ 9,647,539 US$ 239,734 Amount of redemption : S$27,261,665 US$1,403,299

J Amount and Terms of Related-Party Transactions

Equities trades with Deutsche Bank Group for the year ended 31 December 2018 was S$388,665. All transactions are carried out at arm’s length with Deutsche Bank Group at market prices. K Performance of Fund in a Consistent Format

Period NAV-to-NAV Index* 3 Months (10.58) (11.12) 6 Months (16.22) (16.55) 1 year (12.54) (16.63) 3 years 5.62 6.76 5 years 4.30 6.46 10 years 6.64 7.89 Since inception 9.18 9.02

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

As at 31 December 2018 1.66% As at 31 December 2017 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 2018 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: 2018 2017 S$ S$ Total operating expenses 1,933,650 5,109,416 Average daily net asset value 116,585,816 305,393,185

- 57 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE CHINA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 M Turnover Ratio


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: 2018 2017 S$ S$ Total value of purchases or sales of the underlying investments 55,988,042 218,125,929 Average daily net asset value 116,585,816 305,393,185

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

- 58 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 A Distribution of Investments

Fair Value NAV S$ % (i) Country Australia 50,303 0.48 Canada 102,906 0.99 Cayman Islands 55,483 0.53 Denmark 108,443 1.04 Finland 96,329 0.93 Germany 317,235 3.05 Great Britain 379,860 3.65 Hong Kong 123,115 1.18 Ireland 233,105 2.24 Israel 89,969 0.86 Japan 703,695 6.76 Netherlands 720,549 6.92 Norway 229,778 2.21 South Africa 208,211 2.00 South Korea 181,155 1.74 Switzerland 275,396 2.64 Taiwan 59,864 0.57 United States of America 6,352,325 61.01 Portfolio of investments 10,287,721 98.80 Other net assets 125,268 1.20 Total 10,412,989 100.00 (ii) Industry Aerospace 276,992 2.67 Agriculture 102,906 0.99 Automotive 57,867 0.56 Banks 506,844 4.87 Biotechnology 201,002 1.93 Chemicals 143,532 1.37 Commercial Services 390,060 3.74 Computer/Software 1,199,155 11.53 Consumer 54,456 0.52 Cosmetics/Personal Care 414,214 3.98 E-Commerce 304,397 2.92 Electrical/Electronics 660,505 6.35 Energy 223,110 2.14 Entertainment 152,349 1.46 Finance 604,137 5.80 Food & Beverage 586,840 5.64 Healthcare 312,611 3.00 Insurance 323,074 3.10 Internet Service 487,065 4.68 Machine - Tools 377,782 3.63 Machinery 57,429 0.55 Manufacturing 197,450 1.89 Media 455,820 4.38 Medical - Drugs 94,085 0.90 Medical - Equipment 342,580 3.29 Metal Products 59,769 0.57 Oil & Gas 240,519 2.31

- 59 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 A Distribution of Investments (continued)

Fair Value NAV S$ % (ii) Industry (continued) Packaging 162,807 1.56 Pharmaceuticals 509,840 4.90 Real Estate Investment Trust 105,740 1.02 Retail 264,077 2.54 Semiconductors 220,893 2.11 Telecom Service 197,814 1.90 Portfolio of investments 10,287,721 98.80 Other net assets 125,268 1.20 Total 10,412,989 100.00 (iii) Asset Class Equities 10,287,721 98.80 Other net assets 125,268 1.20 Total 10,412,989 100.00 (iv) Credit Rating N/A

B Top 10 Holdings

Securities Fair Value NAV S$ % As at 31 December 2018 Alphabet Inc 411,901 3.96 Costco Wholesale Corporation 264,077 2.54 Booking Holdings Inc 248,914 2.39 Nasdaq Inc 247,729 2.38 Microsoft Corporation 246,641 2.37 ING Groep N.V. 239,384 2.30 Medtronic PLC 233,105 2.24 Koninklijke Philips NV 215,404 2.07 Zoetis Inc 209,839 2.02 Naspers Limited 208,211 2.00 As at 31 December 2017 Alphabet Inc 426,552 2.95 The Priceline Group Inc 408,728 2.82 Samsung Electronics Company Limited 311,713 2.15 Apple Inc 298,636 2.06 Roche Holdings AG-Genusschein 297,357 2.05 Centene Corporation 268,417 1.85 Nestle SA 259,566 1.79 Nasdaq Inc 253,026 1.75 Discover Financial Services 252,878 1.75 S&P Global Inc 242,333 1.67

C Exposure to Derivatives Net realised loss on foreign exchange contracts for the financial year ended 31 December 2018 is S$437.

- 60 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 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$ 74,243 - Amount of redemption : S$3,018,326 US$60,332

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 A 3 Months (17.28) (13.63) 6 Months (14.45) (9.14) 1 year (9.82) (6.89) 3 years 4.75 4.89 5 years 3.09 6.17 10 years 6.75 9.05 Since inception 0.21 3.57

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

- 61 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE GLOBAL THEMES EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 L Expense Ratio

Class A As at 31 December 2018 1.71% As at 31 December 2017 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 2018 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: 2018 2017 S$ S$ Total operating expenses 225,918 274,094 Average daily net asset value 13,200,646 16,452,350

M Turnover Ratio






- 62 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 A Distribution of Investments

Fair Value NAV S$ % (i) Country India 133,793,247 94.33 Portfolio of investments 133,793,247 94.33 Other net assets 8,044,905 5.67 Total 141,838,152 100.00 (ii) Industry Automotive 8,646,044 6.09 Banks 35,914,311 25.31 Cements 3,372,649 2.38 Chemicals 4,927,148 3.47 Computer/Software 10,588,800 7.46 Consumer 1,583,317 1.12 Cosmetics/Personal Care 629,120 0.44 Electrical/Electronics 2,697,403 1.91 Finance 14,691,368 10.36 Food & Beverage 1,940,491 1.37 Insurance 1,508,739 1.06 Manufacturing 6,634,041 4.68 Media 1,673,436 1.18 Medical - Drugs 1,679,761 1.18 Metals 2,242,291 1.58 Mining 789,121 0.56 Miscellaneous 6,747,157 4.76 Oil & Gas 873,070 0.62 Petrochemical 11,640,603 8.21 Pharmaceuticals 1,532,753 1.08 Services 5,542,098 3.91 Tobacco 6,597,220 4.65 Transport 1,342,306 0.95 Portfolio of investments 133,793,247 94.33 Other net assets 8,044,905 5.67 Total 141,838,152 100.00 (iii) Asset Class Equities 133,793,247 94.33 Other net assets 8,044,905 5.67 Total 141,838,152 100.00 (iv) Credit Rating N/A

B Top 10 Holdings Securities Fair Value NAV S$ % As at 31 December 2018 HDFC Bank Limited 12,841,728 9.05 Reliance Industries Limited 11,640,603 8.21 Housing Development Finance Corporation Limited 10,357,940 7.30

- 63 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 B Top 10 Holdings (continued)

Securities Fair Value NAV S$ % As at 31 December 2018 (continued) ICICI Bank Limited 10,199,511 7.19 Infosys Technologies Limited 6,823,980 4.81 Larsen & Toubro Limited 6,747,157 4.76 ITC Limited 6,597,220 4.65 Maruti Suzuki India Limited 5,817,861 4.10 TATA Consultancy Services Limited 5,542,098 3.91 Axis Bank Limited 5,203,579 3.67 As at 31 December 2017 HDFC Bank Limited 15,803,018 9.43 ICICI Bank Limited 11,363,084 6.78 Reliance Industries Limited 11,179,187 6.67 Housing Development Finance Corporation Limited 8,953,476 5.34 Hindustan Unilever Limited 8,556,707 5.11 TATA Consultancy Services Limited 7,333,884 4.38 Infosys Technologies Limited 6,261,416 3.74 Larsen & Toubro Limited 5,147,246 3.07 Maruti Suzuki India Limited 5,095,865 3.04 ITC Limited 5,015,779 2.99

C Exposure to Derivatives

Foreign Bought Amount Marked-to-Market NAV Exchange Date Sold Amount Gain/(Loss) in S$ % 2 January 2019 S$12,461.04

US$9,088.08 73.99 #

4 January 2019 JPY88,134,000 US$799,082.45 5,747.78 #

# denotes less than 0.01% Net realised loss on foreign exchange contracts for the financial year ended 31 December 2018 is S$54,660 Net unrealised gain on foreign exchange contracts for the financial year ended 31 December 2018 is S$5,822.

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

- 64 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 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$ 903.098 Amount of redemption : S$23,176,014


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

S$ S$ (JPY) S$ S$ (JPY) 3 Months 3.21 3.61 0.21 2.28 2.28 (0.96) 6 Months (0.87) (0.12) (1.25) 0.19 0.19 (0.72) 1 year (3.24) (1.78) (6.62) (5.46) (5.46) (9.72) 3 years 7.76 9.38 7.03 6.79 6.79 4.95 5 years 11.02 12.69 11.44 9.73 9.73 9.00 10 years 7.99 9.61 11.85 10.04 10.04 12.78 Since inception 5.50 7.37 8.02 8.50 8.71 10.02

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 2018 1.69% 0.19% 0.64% As at 31 December 2017 1.72% 0.22% 0.67%

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 ratio at 31 December 2018 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: 2018 2017 S$ S$ Total operating expenses - Class A 64,903 69,806 - Class I 5 7 - Class J 969,957 1,090,571

- 65 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE INDIA EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 L Expense Ratio (continued)

2018 2017 S$ S$ Average daily net asset value - Class A 3,836,227 4,049,661 - Class I 2,715 3,336 - Class J 151,278,385 161,847,987

M Turnover Ratio






- 66 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 A Distribution of Investments

Fair Value NAV S$ % (i) Country Bermuda 245,585 2.51 Isle Of Man 177,060 1.81 Singapore 8,062,713 82.39 Thailand 114,527 1.17 Portfolio of investments 8,599,885 87.88 Other net assets 1,185,614 12.12 Total 9,785,499 100.00 (ii) Industry Agriculture 145,080 1.48 Banks 4,893,715 50.01 Diversified Resources 378,240 3.87 Electronics 213,435 2.18 Engineering/Machine 308,516 3.15 Food & Beverage 114,527 1.17 Healthcare 105,705 1.08 Hotels 177,060 1.81 Media 50,526 0.52 Real Estate 854,211 8.73 Real Estate Investment Trust 326,909 3.34 Shipbuilding 62,370 0.64 Telecom Service 733,241 7.49 Telecommunications 67,412 0.69 Transport 41,678 0.42 Wholesale 127,260 1.30 Portfolio of investments 8,599,885 87.88 Other net assets 1,185,614 12.12 Total 9,785,499 100.00 (iii) Asset Class Equities 8,599,885 87.88 Other net assets 1,185,614 12.12 Total 9,785,499 100.00 (iv) Credit Rating N/A

B Top 10 Holdings

Securities Fair Value NAV S$ % As at 31 December 2018 DBS Group Holdings Limited 1,961,650 20.05 Oversea-Chinese Banking Corporation Limited 1,512,263 15.45 United Overseas Bank Limited 1,419,802 14.51

- 67 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 B Top 10 Holdings (continued)

Securities Fair Value NAV S$ % As at 31 December 2018 Singapore Telecommunications Limited 733,241 7.49 Keppel Corporation Limited 378,240 3.87 City Developments Limited 337,792 3.45 Singapore Technologies Engineering Limited 308,516 3.15 UOL Group Limited 270,834 2.77 Hongkong Land Holdings Limited 245,585 2.51 Venture Corporation Limited 213,435 2.18 As at 31 December 2017 DBS Group Holdings Limited 9,485,369 16.04 Oversea-Chinese Banking Corporation Limited 7,517,546 12.71 United Overseas Bank Limited 5,947,550 10.06 Singapore Telecommunications Limited 5,097,282 8.62 Keppel Corporation Limited 3,167,850 5.36 UOL Group Limited 2,597,811 4.39 Capitaland Limited 2,467,168 4.17 City Developments Limited 2,186,496 3.70 Genting Singapore PLC 2,172,766 3.67 Singapore Technologies Engineering Limited 1,564,225 2.65

C Exposure to Derivatives Net realised loss on foreign exchange spot contracts for the financial year ended 31 December 2018 is S$555. 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

- 68 -

DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 I Total Amount of Subscription and Redemption


Period NAV-to-NAV Index* Class A Class A 3 Months (7.62) (6.94) 6 Months (7.37) (4.71) 1 year (8.96) (7.57) 3 years 4.99 6.21 5 years 1.87 2.69 10 years 8.19 8.81 Since inception 7.13 7.08

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 Class M As at 31 December 2018 1.90% 0.24% As at 31 December 2017 1.72% 0.23%

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 2018 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: 2018 2017 S$ S$ Total operating expenses - Class A 214,398 417,829 - Class M 33,980 98,690 Average daily net asset value - Class A 11,271,266 24,293,183 - Class M 47,958,916 43,693,014 For Deutsche Singapore Equity Fund, the class M units were fully redeemed during the year.

M Turnover Ratio


Amount of subscription : S$ 2,077,610 Amount of redemption : S$52,142,969

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DEUTSCHE PREMIER INVESTMENTS FUNDS - DEUTSCHE SINGAPORE EQUITY FUND (Constituted under a Trust Deed in the Republic of Singapore) ANNUAL DISCLOSURE For the financial year ended 31 December 2018 M Turnover Ratio (continued) 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: 2018 2017 S$ S$ Total value of purchases or sales of the underlying investments 6,785,947 22,451,551 Average daily net asset value 25,201,242 67,986,197




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