Income investors have historically used short-term bonds to help weather changing interest rates

Short-term bonds may be a compelling income option as they provide investors with a potential hedge against fluctuations in interest rates.

The fund uses a high-quality, multi-sector approach to diversify risk across sectors and geographies.

Investors may seek the fund for interest-rate hedging and the potential for attractive income levels—all with a low historical correlation to other corporate and government bonds.

Effective 7/15/20, for Class A shares, there is a front-end sales charge of 2.25%. There are related sales charge discountsand contingent deferred sales charges (CDSC) which may apply to new fund share purchases for Class A shares. Between 2/11/19 and 7/15/20, there were no sales charges to purchase Class A shares and no CDSC charges apply to shares of the fund acquired directly. However, Class A shares acquired in an exchange from shares of another DWS fund that were subject to a CDSC at the time of the exchange will continue to be subject to the CDSC schedule of the shares of the fund you originally purchased. Investments of $250,000 or more made on or after July 15, 2020 may be eligible to buy Class A shares without a sales charge (load), but may be subject to a contingent deferred sales charge of 0.75% if redeemed within 12 months of the original purchase date. See the prospectus for details.

Average annual total returns As of

Quarter-end returns As of

DWS Short Duration Fund

-1.42% 0.84% 0.00% 1.62% 3.96% 0.44% 2.96% 3.74% 2.96% 2.28% 2.75% 1.88% 1.70% 1.93% 1.49% 3.26% 3.37% NA

Bloomberg Barclays 1-3 Year Government/Credit Index

0.00% 0.44% 2.96% 1.88% 1.49% NA

Month-end returns As of

DWS Short Duration Fund

-1.39% 0.88% 0.17% 0.77% 3.09% 0.43% 2.86% 3.64% 2.99% 2.27% 2.73% 1.91% 1.69% 1.93% 1.48% 3.25% 3.36% NA

Bloomberg Barclays 1-3 Year Government/Credit Index

0.17% 0.43% 2.99% 1.91% 1.48% NA

Expense Ratio as of Current Prospectus

More information

Without a waiver, returns would have been lower and any rankings/ratings might have been less favorable.

Distribution Rates As of 07/31/21

More information

Current annualized distribution rate based upon NAV is the latest monthly dividend shown as an annualized percentage of net asset value as of 7/31/21. Current annualized distribution rate, based upon maximum offering price which is adjusted for sales changes (MOP), where applicable, is the latest monthly dividend shown as an annualized percentage of maximum offering price as of 7/31/21. Distribution rate simply measures the level of dividends and is not a complete measure of performance. Distribution rates are historical and will fluctuate.

Yield Information As of 07/31/21

Sec 30-day Subsidized

0.72%

Sec 30-day Non-Subsidized

0.64%

More information

Yields are historical, will fluctuate and are not guaranteed. The nonsubsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during the period shown.

Growth of a $10,000 Investment from MM/DD/YYYY to MM/DD/YYYY

Morningstar Rating As of

Based on risk adjusted performance

Lipper Ranking As of 06/30/21

Based on total returns

More information

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on the fund’s total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, where applicable, results might have been less favorable.

Geographic Distribution As of

Geographic Distribution As of

Management Team

Rick Smith CFA

38 years experience

Thomas J. Sweeney CFA

19 years experience

Jeff Morton CFA

23 years experience

Fund Facts As of 06/30/21

Key Facts

Fund Inception Date

12/23/1998

Share Class Inception Date

12/02/2002

Asset Class

Taxable Fixed Income

Total Net Assets

$1.2 billion

Morningstar Category

Short-Term Bond

Lipper Classification

Short Investment Grade Debt Funds

Characteristics

Effective Maturity

2.48 years

Effective Duration

1.32 years

Investment Minimum

Minimum Initial Investment

$1,000

Subsequent Investment Amount

$50

Minimum Initial IRA Investment

$500

Subsequent IRA Investment

--

Class A and T shares are subject to a maximum front-end sales charge. Class C shares include a deferred sales charge which declines to zero after first year. The Institutional, R6 and S share classes are not subject to a sales charge.
Class T shares are closed to new purchases, except in connection with the reinvestment of dividends or other distributions where Class T shares have been issued. 
Class R6 shares are generally available only to certain qualifying plans and programs, which may have their own policies or instructions for buying and selling fund shares.
Class S shares are only available to a limited group of investors as well as through firms that have an agreement with DWS Distributors, Inc. to offer the shares on an agency basis on brokerage platforms.
Institutional Class shares are generally available only to qualified institutions.

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Eastmond- Sukel street no. 62, 79540 Hanga Roa, Easter Island

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Jaquelinee Wrate
+74 201 709 645
Mon - Fri, 9:00-15:00

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