# The fund posted a slightly negative return of - 8 basis points for July as unexpected lower rates weighed now on our duration hedges that worked so well earlier in the year.
| Portfolio Analysis |
| --- |
| Principal holdings |  | (in %) | Sector Exposure	(in %) |
| UNITED STATES TREASURY GERMANY (FEDERAL REPUBL TELECOM ITALIA SPA SOUTH AFRICA (REPUBLIC O CREDIT SUISSE GROUP AG MORGAN STANLEY BRAZIL FEDERATIVE REPUBLI AUSTRALIA AND NEW ZEALA NATURGY FINANCE BV SOCIETE GENERALE SA |  | 13.1 6.7 1.3 1.2 1.2 1.2 1.1 1.1 1.1 1.0 | Corporate bonds	39.0 Sovereigns	19.8 Financials	14.6 EM Corporates	11.2 EM Sovereigns	9.4 Corporate Hybrids	5.6 Cash and Equivalents	0.4 |
| Breakdown by country |  | (in %) | Rating allocation	(in % of bond holdings) |
| United States Germany France Spain Italy United Kingdom Netherlands Switzerland Australia Brazil |  | 21.3 10.4 6.8 4.9 4.3 3.9 3.5 2.4 2.4 2.3 | AAA	19.8 AA	1.9 A	10.3 BBB	36.2 BB	26.0 B	5.1 Not Rated	0.7 |
|  |
| Modified Duration (in years) |
| DWS Invest Global Bonds FC |
| Key Figures regarding the Fund's Assets |
| Average Rating | BBB | Yield (in %) | 0.8 | Maturity (in years)	7.0 |
| Current Interest Rate (in %) | 1.0 | Number of Bonds | 149 |  |

Address	Note
DWS Investment GmbH	
¹ Based on the gross investment.
Mainzer Landstraße 11-17	Please note that not all share classes and subfunds respectively are registered in every country.
60329 Frankfurt am Main	Units issued by DWS Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted.
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090	Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change
Internet: www.dws.com	at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. E-Mail: info@dws.com
Indices are just examples, no Benchmarks.
| Performance³ Performance (indexed) FC(EUR)	(in %) DWS Invest Global Bonds FC |
| --- |
| Cumulative Performance |  |  |  |  |  |  |  |  |  |  |  | (in %) |
|  | 1 m | 1 y | 3 y | 5 y | s. Inception | YTD | 3 y avg | 5 y avg | 2017 | 2018 | 2019 | 2020 |
| CHF FCH(CHF) | -- | 0.9 | -2.9 | -4.4 | -5.5 | 0.0 | -1.2 | -1.0 | 0.5 | -5.2 | 1.8 | -1.5 |
| CHF LCH(CHF) | -0.2 | 0.6 | -3.9 | -6.0 | -7.4 | -0.1 | -1.3 | -1.2 | 0.2 | -5.4 | 1.5 | -2.0 |
| FC(EUR) | -0.2 | 1.3 | -1.3 | -1.7 | 12.7 | 0.3 | -0.4 | -0.3 | 1.1 | -4.5 | 2.4 | -1.1 |
| FD(EUR) | -0.2 | 1.3 | -1.3 | -1.6 | -2.0 | 0.3 | -0.4 | -0.3 | 1.1 | -4.5 | 2.4 | -1.1 |
| GBP CH RD(GBP) | -0.1 | 1.9 | 1.3 | 2.5 | 3.9 | 0.6 | 0.4 | 0.5 | 1.8 | -3.5 | 3.6 | -0.4 |
| GBP DH RD(GBP) | -0.1 | 2.0 | 1.3 | 2.5 | 5.0 | 0.6 | 0.4 | 0.5 | 1.8 | -3.5 | 3.6 | -0.4 |
| GBP IDH(GBP) | -0.1 | 2.2 | 2.0 | 3.5 | 6.5 | 0.8 | 0.6 | 0.7 | 2.0 | -3.4 | 3.8 | -0.3 |
| IC(EUR) | -0.2 | 1.5 | -0.7 | -0.7 | -0.6 | 0.4 | -0.2 | -0.1 | 1.3 | -4.3 | 2.7 | -0.9 |
| LC(EUR) | -0.2 | 0.9 | -2.6 | -3.7 | -2.5 | 0.0 | -0.9 | -0.7 | 0.7 | -4.9 | 2.0 | -1.5 |
| LD(EUR) | -0.2 | 0.9 | -2.6 | -3.7 | -1.4 | 0.0 | -0.9 | -0.7 | 0.7 | -4.9 | 2.0 | -1.5 |
| NC(EUR) | -0.3 | 0.4 | -4.1 | -6.1 | -6.1 | -0.3 | -1.4 | -1.3 | 0.2 | -5.4 | 1.5 | -2.0 |
| NDQ(EUR) | -0.3 | 0.4 | -4.1 | -- | -6.6 | -0.3 | -1.4 | -- | -- | -5.4 | 1.5 | -2.0 |
| SEK LCH(SEK) | -0.2 | 1.4 | -1.8 | -3.5 | -2.6 | 0.3 | -0.6 | -0.7 | 0.4 | -5.1 | 2.2 | -1.0 |
| TFC(EUR) | -0.2 | 1.2 | -1.5 | -- | -3.1 | 0.2 | -0.5 | -- | -- | -4.5 | 2.4 | -1.2 |
| TFD(EUR) | -0.2 | 1.2 | -1.5 | -- | -3.1 | 0.2 | -0.5 | -- | -- | -4.5 | 2.3 | -1.1 |
| USD FCH(USD) | -0.1 | 2.1 | 5.0 | 8.9 | 10.3 | 0.7 | 1.6 | 1.7 | 3.0 | -1.8 | 5.5 | 0.4 |
| USD LCH(USD) | -0.2 | 1.7 | 3.5 | 6.6 | 7.6 | 0.5 | 1.2 | 1.3 | 2.7 | -2.3 | 5.0 | 0.1 |
| USD TFCH(USD) | -0.1 | 2.1 | 4.8 | -- | 4.9 | 0.7 | 1.6 | -- | -- | -1.9 | 5.3 | 0.5 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |

| Fund Data |
| --- |
| Portfolio Manager |  |  | Francois Fabreges	Assets |  |  | 155.0 Mio. EUR |
| Portfolio Manager since |  |  | 30/11/2020 |  | Fund Currency |  |  | EUR |
| Portfolio Management Company |  |  | DWS Investment GmbH	Launch Date |  |  | 22/12/2011 |
| Portfolio Management Location |  |  | Germany |  | Fiscal Year End |  |  | 31/12/2021 |
| Management Company |  |  | DWS Investment S.A.	Investor profile |  |  | Income-oriented |
| Legal Structure |  |  | SICAV |  |  |
| Custodian |  |  | State Street Bank GmbH, Lux. |  |
| Share Classes |
| Share Class | Cur. |  | ISIN Code | German Sec. Code | Earnings | Front-end Load Issue Price	Redemption	Interim Gains ¹ up to	Price | Management Fee | Running costs / TER | plus	 Minimum performance- Invest- ment related fee	Amount |
| CHF FCH |  | CHF | LU1054335655 | DWS 1PG | Accumulation | 0.00%	0.00	0.00 | 0.500% | 0.62% (1) | -- | 2,000,000 |
| CHF LCH |  | CHF | LU1054335812 | DWS 1PS | Accumulation | 3.00%	95.43	92.56 | 0.900% | 1.04% (1) | -- | -- |
| FC |  | EUR | LU0616846035 | DWS 049 | Accumulation | 0.00%	112.71	112.71 | 0.500% | 0.59% (1) | -- | 2,000,000 |
| FD |  | EUR | LU1054334179 | DWS 1ME | Distribution | 0.00%	87.78	87.78 | 0.500% | 0.59% (1) | -- | 2,000,000 |
| GBP CH RD |  | GBP | LU1249493864 | DWS 2A2 | Accumulation | 0.00%	103.85	103.85 | 0.500% | 0.62% (1) | -- | -- |
| GBP DH RD |  | GBP | LU1054335226 | DWS 1N1 | Distribution | 0.00%	92.93	92.93 | 0.500% | 0.63% (1) | -- | -- |
| GBP IDH |  | GBP | LU1054335069 | DWS 1NR | Distribution | 0.00%	92.95	92.95 | 0.350% | 0.45% (1) | -- | 10,000,000 |
| IC |  | EUR | LU1054333791 | DWS 1LU | Accumulation | 0.00%	99.40	99.40 | 0.350% | 0.41% (1) | -- | 10,000,000 |
| LC |  | EUR | LU0616844923 | DWS 044 | Accumulation | 3.00%	100.54	97.52 | 0.900% | 0.99% (1) | -- | -- |
| LD |  | EUR | LU0616845144 | DWS 045 | Distribution | 3.00%	90.86	88.14 | 0.900% | 0.99% (1) | -- | -- |
| NC |  | EUR | LU0616845490 | DWS 046 | Accumulation | 1.50%	95.38	93.95 | 1.300% | 1.49% (1) | -- | -- |
| NDQ |  | EUR | LU1576724360 | DWS 2M3 | Distribution | 1.50%	90.90	89.54 | 1.300% | 1.50% (1) | -- | -- |
| SEK LCH |  | SEK | LU1281067741 | DWS 2C1 | Accumulation | 3.00%	1,003.90	973.78 | 0.900% | 0.79% (1) | -- | -- |
| TFC |  | EUR | LU1663911300 | DWS 2QR | Accumulation | 0.00%	96.94	96.94 | 0.500% | 0.63% (1) | -- | -- |
| TFD |  | EUR | LU1663913009 | DWS 2QS | Distribution | 0.00%	91.36	91.36 | 0.500% | 0.58% (1) | -- | -- |
| USD FCH |  | USD | LU1054334682 | DWS 1M5 | Accumulation | 0.00%	110.29	110.29 | 0.500% | 0.67% (1) | -- | 2,000,000 |
| USD LCH |  | USD | LU1054334849 | DWS 1NF | Accumulation | 3.00%	110.97	107.64 | 0.900% | 1.06% (1) | -- | -- |
| USD TFCH |  | USD | LU1663914742 | DWS 2QT | Accumulation | 0.00%	104.91	104.91 | 0.500% | 0.65% (1) | -- | -- |
| (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2020. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. |

Translation (ENFR, 2021-07-30):
# Le compartiment a cédé 8 points de base en juillet, la baisse des taux inattendue ayant impacté nos couvertures sur la duration, si porteuses au 1er semestre.
| Composition du portefeuille à la date du reporting |
| --- |
| Principales valeurs |  | (en %) | Exposition sectorielle | (en %) |
| UNITED STATES TREASURY |  | 13,1 | Obligations d’entreprises | 39,0 |
| GERMANY (FEDERAL REPUBL | 6,7 | Souverains | 19,8 |
| TELECOM ITALIA SPA | 1,3 | Valeurs financières | 14,6 |
| SOUTH AFRICA (REPUBLIC O | 1,2 | EM Corporates | 11,2 |
| CREDIT SUISSE GROUP AG | 1,2 | Emprunts d'Etat des marchés é | 9,4 |
| MORGAN STANLEY | 1,2 | Obligations d'entreprises hybride | 5,6 |
| BRAZIL FEDERATIVE REPUBLI | 1,1 | Cash and Equivalents | 0,4 |
| AUSTRALIA AND NEW ZEALA | 1,1 |  |  |
| NATURGY FINANCE BV | 1,1 |  |  |
| SOCIETE GENERALE SA | 1,0 |  |  |
| Répartition par pays |  | (en %) | Allocation par notation	(en % des positions obligataires) |
| Etats-Unis |  | 21,3 | AAA | 19,8 |
| Allemagne | 10,4 | AA | 1,9 |
| France | 6,8 | A | 10,3 |
| Espagne | 4,9 | BBB | 36,2 |
| Italie | 4,3 | BB | 26,0 |
| Royaume-Uni | 3,9 | B | 5,1 |
| Pays-Bas | 3,5 | Not rated | 0,7 |
| Suisse | 2,4 |  |
| Australie | 2,4 |  |
| Brésil | 2,3 |  |
|  |
| Duration mod. (en années) |
| DWS Invest Global Bonds LC |
| Les chiffres clés se rapportent à l'actif du compartiment |
| Note moyenne | BBB | Rendement (en %) | 0,8 | Maturité (en années) | 7,0 |
| Taux d'intérêt actuel (en %) | 1,0 | Nombre d’obligations	149 |  |

| Performance cumulée |  |  |  |  |  |  |  |  |  |  |  | (en %) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 1 M | 1 A | 3 A | 5 A | Lancem. | Ytd. | 3 A a. | 5 A a. | 2017 | 2018 | 2019 | 2020 |
| FC(EUR) | -0,2 | 1,3 | -1,3 | -1,7 | 12,7 | 0,3 | -0,4 | -0,3 | 1,1 | -4,5 | 2,4 | -1,1 |
| LC(EUR) | -0,2 | 0,9 | -2,6 | -3,7 | -2,5 | 0,0 | -0,9 | -0,7 | 0,7 | -4,9 | 2,0 | -1,5 |
| TFC(EUR) | -0,2 | 1,2 | -1,5 | -- | -3,1 | 0,2 | -0,5 | -- | -- | -4,5 | 2,4 | -1,2 |

| Compartiment |
| --- |
| Gérant de portefeuille	Francois Fabreges | Encours	155,0 M EUR |
| Gérant depuis	30.11.2020 | Devise du compartiment	EUR |
| Société de gérant	DWS Investment GmbH | Date de lancement	22.12.2011 |
| Localisation du gérant	Allemagne | Exercise clos le	31.12.2021 |
| Société de gestion	DWS Investment S.A. | Profil de l’investisseur	Orienté sur le rendement |
| Forme juridique	SICAV |  |
| Banque dépositaire	State Street Bank GmbH, Lux. |  |
| Classes d' actions |
|  |
| Classes Devise	Code ISIN	Affectation des	Droits d'entrée		Valeur	Frais de gestion Frais courants / Plus comm. de		Invest. d' actions			résultats		max. ¹	liquidative		TER	performance	minimum |
| FC	EUR LU0616846035	Capitalisation	0,00%	112,71	0,500%	0,59% (1)	--	2.000.000 |
| LC	EUR LU0616844923	Capitalisation	3,00%	97,52	0,900%	0,99% (1)	--	néant |
| TFC	EUR LU1663911300	Capitalisation	0,00%	96,94	0,500%	0,63% (1)	--	néant (1) Les frais courants (TFE) reprennent en principe l’ensemble des coûts imputés au compartiment, à l’exception des frais de transaction et de la commission de performance. Si le compartiment investit une part substantielle de son actif dans d’autres fonds, les coûts supportés par ces derniers et les versements à leur bénéfice sont pris en compte. Les frais courants indiqués dans les présentes sont ceux engagés par le compartiment au cours du dernier exercice, clos au 31.12.2020. Ces frais peuvent varier d’une année sur l’autre. Informations importantes : Les distributeurs comme des banques ou autres établissements fournissant des services d'investissement, peuvent présenter aux investisseurs intéressés des coûts ou estimations de coûts différents des coûts indiqués dans les présentes, et éventuellement supérieurs à ces derniers. Cette divergence peut s'expliquer par l'évolution des dispositions réglementaires relatives au calcul et à la présentation des coûts par ces entités, notamment après l'entrée en vigueur de la directive 2014/65/UE (directive concernant les marchés d'instruments financiers, ou « MIFID II ») le 3 janvier 2018. |
| Adresse |  | Avertissement |
| DWS International GmbH, Paris Branch Succursale de Paris 23-25 av. Franklin Roosevelt F-75008 Paris Tel.: +33-1-4495-6400 Fax: +33-1-4495-9392 Internet: https://funds.dws.com/fr | ¹ Sur base du montant brut investi. * Performance moyenne annuelle Source des données : Bloomberg, Datastream et DWS Investment GmbH. |