UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-04670
Deutsche DWS Global/International Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 8/31 |
Date of reporting period: | 2/29/2024 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
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43 |
2 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund | | | 3 |
Class A | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/29/24 | ||||
Unadjusted for Sales Charge | 7.57% | 12.55% | 6.74% | 4.66% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 1.38% | 6.08% | 5.49% | 3.99% |
MSCI EAFE® Index† | 9.23% | 14.41% | 6.77% | 5.23% |
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 16.27% | 8.30% | 4.48% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 9.59% | 7.02% | 3.80% | |
MSCI EAFE® Index† | 18.24% | 8.16% | 5.06% |
Class C | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/29/24 | ||||
Unadjusted for Sales Charge | 7.16% | 11.77% | 5.95% | 3.88% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 6.16% | 11.77% | 5.95% | 3.88% |
MSCI EAFE® Index† | 9.23% | 14.41% | 6.77% | 5.23% |
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 15.41% | 7.47% | 3.70% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 15.41% | 7.47% | 3.70% | |
MSCI EAFE® Index† | 18.24% | 8.16% | 5.06% |
Class S | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/29/24 | ||||
No Sales Charges | 7.70% | 12.76% | 6.95% | 4.84% |
MSCI EAFE® Index† | 9.23% | 14.41% | 6.77% | 5.23% |
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | 16.48% | 8.51% | 4.67% | |
MSCI EAFE® Index† | 18.24% | 8.16% | 5.06% |
4 | | | DWS ESG International Core Equity Fund |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/29/24 | ||||
No Sales Charges | 7.66% | 12.79% | 7.01% | 4.92% |
MSCI EAFE® Index† | 9.23% | 14.41% | 6.77% | 5.23% |
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | 16.50% | 8.56% | 4.74% | |
MSCI EAFE® Index† | 18.24% | 8.16% | 5.06% |
DWS ESG International Core Equity Fund | | | 5 |
* | The Fund commenced operations on November 11, 2014. |
† | The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE®) Index is an unmanaged equity index which captures large and mid-capitalization representation across 21 developed markets countries around the world, excluding the U.S. and Canada. It covers approximately 85% of the free float-adjusted market capitalization in each country. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class C | Class S | Institutional Class | |
Net Asset Value | ||||
2/29/24 | $13.34 | $13.11 | $13.37 | $13.41 |
8/31/23 | $12.87 | $12.60 | $12.91 | $12.96 |
Distribution Information as of 2/29/24 | ||||
Income Dividends, Six Months | $.49 | $.38 | $.51 | $.52 |
6 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund | | | 7 |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 2/29/24 | 8/31/23 |
Common Stocks | 98% | 97% |
Cash Equivalents | 1% | 1% |
Exchange-Traded Funds | 1% | 2% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 2/29/24 | 8/31/23 |
Financials | 18% | 19% |
Industrials | 15% | 16% |
Health Care | 14% | 15% |
Consumer Discretionary | 13% | 12% |
Information Technology | 10% | 7% |
Consumer Staples | 9% | 10% |
Materials | 7% | 7% |
Energy | 5% | 5% |
Communication Services | 4% | 4% |
Utilities | 3% | 3% |
Real Estate | 2% | 2% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 2/29/24 | 8/31/23 |
Japan | 23% | 23% |
United Kingdom | 13% | 11% |
France | 11% | 11% |
Switzerland | 11% | 12% |
Germany | 10% | 7% |
Australia | 7% | 8% |
Netherlands | 6% | 5% |
Sweden | 4% | 3% |
Denmark | 3% | 4% |
Hong Kong | 3% | 3% |
Spain | 2% | 2% |
Ireland | 2% | 2% |
Italy | 1% | 2% |
Finland | 1% | 2% |
Norway | 0% | 2% |
Other | 3% | 3% |
100% | 100% |
8 | | | DWS ESG International Core Equity Fund |
Ten Largest Equity Holdings at February 29, 2024 (23.9% of Net Assets) | Country | Percent | |
1ASML Holding NV | Netherlands | 3.7% | |
Developer of semiconductor manufacturing equipment | |||
2Novo Nordisk AS | Denmark | 3.4% | |
Developer of pharmaceutical products | |||
3LVMH Moet Hennessy Louis Vuitton SE | France | 2.8% | |
Diversified luxury goods group | |||
4Nestle SA | Switzerland | 2.7% | |
Multinational company that markets a wide range of food products | |||
5Shell PLC | United Kingdom | 2.2% | |
Explores, produces, and refines petroleum | |||
6Mitsubishi UFJ Financial Group, Inc. | Japan | 2.0% | |
Provider of commercial banking and a variety of financial services | |||
7Allianz SE | Germany | 1.8% | |
Provider of multi-line insurance services | |||
8RELX PLC | United Kingdom | 1.8% | |
Provider of information and analytics for professional and business customers across industries | |||
9Stellantis NV | Netherlands | 1.8% | |
Manufacturer and producer of automobiles, commercial vehicles and metallurgical products | |||
10Sumitomo Mitsui Financial Group, Inc. | Japan | 1.7% | |
Provider of commercial banking and a variety of financial services |
DWS ESG International Core Equity Fund | | | 9 |
Shares | Value ($) | ||
Common Stocks 98.5% | |||
Australia 6.7% | |||
Aurizon Holdings Ltd. | 17,850 | 44,289 | |
BHP Group Ltd. | 3,087 | 88,395 | |
Brambles Ltd. | 5,891 | 57,766 | |
Endeavour Group Ltd. | 13,902 | 49,709 | |
IGO Ltd. | 6,743 | 34,891 | |
Macquarie Group Ltd. | 471 | 59,668 | |
Treasury Wine Estates Ltd. | 10,525 | 84,558 | |
Woodside Energy Group Ltd. | 1,505 | 29,690 | |
Woolworths Group Ltd. | 2,989 | 63,445 | |
(Cost $593,007) | 512,411 | ||
Belgium 0.9% | |||
KBC Group NV (Cost $72,852) | 1,043 | 73,108 | |
Denmark 3.4% | |||
Novo Nordisk AS “B” (Cost $46,640) | 2,173 | 258,596 | |
Finland 1.4% | |||
Kone Oyj “B” | 1,101 | 53,831 | |
Neste Oyj | 1,831 | 50,163 | |
(Cost $105,467) | 103,994 | ||
France 10.9% | |||
Aeroports de Paris SA | 226 | 30,717 | |
Arkema SA | 580 | 60,117 | |
BNP Paribas SA | 1,823 | 109,339 | |
Capgemini SE | 468 | 113,717 | |
Danone SA | 1,252 | 79,976 | |
Kering SA | 92 | 42,317 | |
LVMH Moet Hennessy Louis Vuitton SE | 233 | 212,571 | |
Renault SA | 1,118 | 46,673 | |
Schneider Electric SE | 186 | 42,234 | |
STMicroelectronics NV | 1,046 | 47,365 | |
TotalEnergies SE | 478 | 30,476 | |
Worldline SA 144A* | 1,841 | 21,171 | |
(Cost $644,768) | 836,673 | ||
Germany 9.6% | |||
adidas AG | 198 | 40,074 | |
Allianz SE (Registered) | 511 | 140,348 | |
BASF SE | 1,729 | 88,204 |
10 | | | DWS ESG International Core Equity Fund |
Shares | Value ($) | ||
Bayerische Motoren Werke AG | 476 | 56,273 | |
Deutsche Boerse AG | 535 | 112,076 | |
HelloFresh SE* | 1,543 | 21,372 | |
Merck KGaA | 293 | 50,004 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 87 | 40,517 | |
Puma SE | 1,288 | 59,201 | |
SAP SE | 211 | 39,474 | |
Siemens AG (Registered) | 222 | 43,904 | |
Volkswagen AG | 272 | 42,728 | |
(Cost $584,060) | 734,175 | ||
Hong Kong 3.3% | |||
Budweiser Brewing Co., APAC Ltd. 144A | 24,500 | 39,505 | |
HKT Trust & HKT Ltd. (Units) | 74,000 | 90,209 | |
Hong Kong Exchanges & Clearing Ltd. | 1,000 | 30,876 | |
Prudential PLC | 9,231 | 90,501 | |
(Cost $332,402) | 251,091 | ||
Ireland 1.7% | |||
CRH PLC | 519 | 43,774 | |
Kingspan Group PLC | 951 | 85,794 | |
(Cost $89,181) | 129,568 | ||
Italy 1.4% | |||
Moncler SpA (Cost $20,588) | 1,536 | 110,683 | |
Japan 23.2% | |||
ANA Holdings, Inc.* | 1,200 | 26,165 | |
Astellas Pharma, Inc. | 4,200 | 46,318 | |
Canon, Inc. | 1,800 | 52,636 | |
Chugai Pharmaceutical Co., Ltd. | 2,800 | 112,069 | |
Daiichi Sankyo Co., Ltd. | 1,900 | 63,207 | |
Daiwa House Industry Co., Ltd. | 1,400 | 40,535 | |
Hitachi Construction Machinery Co., Ltd. | 1,400 | 40,510 | |
Hulic Co., Ltd. | 3,400 | 33,932 | |
Inpex Corp. | 4,000 | 53,928 | |
Japan Post Bank Co., Ltd. | 9,600 | 102,336 | |
KDDI Corp. | 2,500 | 75,997 | |
Mitsubishi Corp. | 5,700 | 122,305 | |
Mitsubishi UFJ Financial Group, Inc. | 15,100 | 155,288 | |
Mitsui & Co., Ltd. | 2,800 | 122,689 | |
Murata Manufacturing Co., Ltd. | 2,100 | 42,449 | |
Nippon Building Fund, Inc. (REIT) | 5 | 19,248 | |
Nippon Steel Corp. | 3,600 | 89,524 |
DWS ESG International Core Equity Fund | | | 11 |
Shares | Value ($) | ||
Nippon Telegraph & Telephone Corp. | 30,000 | 36,530 | |
Nomura Real Estate Holdings, Inc. | 1,100 | 27,309 | |
Obayashi Corp. | 3,900 | 37,767 | |
Sony Group Corp. | 400 | 34,596 | |
Sumitomo Mitsui Financial Group, Inc. | 2,400 | 133,825 | |
Takeda Pharmaceutical Co., Ltd. | 3,000 | 87,811 | |
Terumo Corp. | 1,600 | 62,381 | |
Tokio Marine Holdings, Inc. | 1,400 | 40,893 | |
Tokyo Electron Ltd. | 300 | 74,513 | |
Toyota Motor Corp. | 1,700 | 41,177 | |
(Cost $1,342,199) | 1,775,938 | ||
Netherlands 5.9% | |||
ASML Holding NV | 298 | 281,602 | |
Prosus NV | 1,236 | 36,122 | |
Stellantis NV | 5,132 | 134,083 | |
(Cost $179,415) | 451,807 | ||
Norway 0.5% | |||
DNB Bank ASA (Cost $29,856) | 1,765 | 35,258 | |
Singapore 0.5% | |||
Singapore Telecommunications Ltd. (Cost $46,214) | 23,800 | 41,488 | |
Spain 1.9% | |||
Grifols SA* | 4,019 | 34,501 | |
Iberdrola SA | 9,420 | 108,143 | |
(Cost $168,327) | 142,644 | ||
Sweden 3.5% | |||
Assa Abloy AB “B” | 2,926 | 83,463 | |
Getinge AB “B” | 947 | 18,761 | |
Hexagon AB “B” | 6,743 | 79,040 | |
Skanska AB “B” | 1,464 | 26,974 | |
Svenska Handelsbanken AB “A” | 4,941 | 59,107 | |
(Cost $219,272) | 267,345 | ||
Switzerland 10.6% | |||
ABB Ltd. (Registered) | 2,041 | 94,270 | |
Kuehne & Nagel International AG (Registered) | 185 | 62,345 | |
Lonza Group AG (Registered) | 189 | 98,271 | |
Nestle SA (Registered) | 2,007 | 208,173 | |
Novartis AG (Registered) | 1,061 | 107,769 | |
Sandoz Group AG* | 1,431 | 44,465 | |
Sika AG (Registered) | 396 | 114,487 |
12 | | | DWS ESG International Core Equity Fund |
Shares | Value ($) | ||
Straumann Holding AG (Registered) | 180 | 28,386 | |
Swiss Prime Site AG (Registered) | 550 | 52,563 | |
(Cost $566,945) | 810,729 | ||
United Kingdom 13.1% | |||
Ashtead Group PLC | 855 | 61,395 | |
AstraZeneca PLC | 256 | 32,254 | |
BP PLC | 3,932 | 22,866 | |
Compass Group PLC | 4,025 | 110,498 | |
Diageo PLC | 3,568 | 133,671 | |
HSBC Holdings PLC | 4,663 | 36,256 | |
London Stock Exchange Group PLC | 325 | 36,409 | |
M&G PLC | 28,349 | 80,635 | |
National Grid PLC | 6,960 | 91,267 | |
RELX PLC | 3,117 | 136,474 | |
Rio Tinto PLC | 521 | 33,392 | |
Shell PLC | 5,404 | 167,699 | |
SSE PLC | 1,456 | 29,887 | |
Vodafone Group PLC | 33,420 | 29,395 | |
(Cost $820,337) | 1,002,098 | ||
Total Common Stocks (Cost $5,861,530) | 7,537,606 | ||
Exchange-Traded Funds 0.6% | |||
iShares ESG Aware MSCI EAFE ETF (a) (Cost $41,964) | 593 | 45,821 | |
Securities Lending Collateral 0.4% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.27% (b) (c) (Cost $31,500) | 31,500 | 31,500 | |
Cash Equivalents 1.4% | |||
DWS Central Cash Management Government Fund, 5.35% (b) (Cost $104,388) | 104,388 | 104,388 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $6,039,382) | 100.9 | 7,719,315 | |
Other Assets and Liabilities, Net | (0.9 ) | (71,343 ) | |
Net Assets | 100.0 | 7,647,972 |
DWS ESG International Core Equity Fund | | | 13 |
Value ($) at 8/31/2023 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 2/29/2024 | Value ($) at 2/29/2024 |
Securities Lending Collateral 0.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.27% (b) (c) | ||||||||
73,750 | — | 42,250 (d) | — | — | 223 | — | 31,500 | 31,500 |
Cash Equivalents 1.4% | ||||||||
DWS Central Cash Management Government Fund, 5.35% (b) | ||||||||
92,251 | 487,404 | 475,267 | — | — | 1,556 | — | 104,388 | 104,388 |
166,001 | 487,404 | 517,517 | — | — | 1,779 | — | 135,888 | 135,888 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $30,908, which is 0.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
EAFE: Europe, Australasia and Far East |
MSCI: Morgan Stanley Capital International |
REIT: Real Estate Investment Trust |
14 | | | DWS ESG International Core Equity Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $512,411 | $— | $512,411 |
Belgium | — | 73,108 | — | 73,108 |
Denmark | — | 258,596 | — | 258,596 |
Finland | — | 103,994 | — | 103,994 |
France | — | 836,673 | — | 836,673 |
Germany | — | 734,175 | — | 734,175 |
Hong Kong | — | 251,091 | — | 251,091 |
Ireland | — | 129,568 | — | 129,568 |
Italy | — | 110,683 | — | 110,683 |
Japan | — | 1,775,938 | — | 1,775,938 |
Netherlands | — | 451,807 | — | 451,807 |
Norway | — | 35,258 | — | 35,258 |
Singapore | — | 41,488 | — | 41,488 |
Spain | — | 142,644 | — | 142,644 |
Sweden | — | 267,345 | — | 267,345 |
Switzerland | — | 810,729 | — | 810,729 |
United Kingdom | — | 1,002,098 | — | 1,002,098 |
Exchange-Traded Funds | 45,821 | — | — | 45,821 |
Short-Term Investments (a) | 135,888 | — | — | 135,888 |
Total | $181,709 | $7,537,606 | $— | $7,719,315 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS ESG International Core Equity Fund | | | 15 |
Assets | |
Investments in non-affiliated securities, at value (cost $5,903,494) — including $30,908 of securities loaned | $7,583,427 |
Investment in DWS Government & Agency Securities Portfolio (cost $31,500)* | 31,500 |
Investment in DWS Central Cash Management Government Fund (cost $104,388) | 104,388 |
Foreign currency, at value (cost $11,124) | 11,148 |
Dividends receivable | 9,261 |
Interest receivable | 15 |
Foreign taxes recoverable | 22,881 |
Due from Advisor | 10,729 |
Other assets | 31,728 |
Total assets | 7,805,077 |
Liabilities | |
Payable upon return of securities loaned | 31,500 |
Payable for investments purchased | 53,715 |
Accrued Directors' fees | 423 |
Other accrued expenses and payables | 71,467 |
Total liabilities | 157,105 |
Net assets, at value | $7,647,972 |
Net Assets Consist of | |
Distributable earnings (loss) | (8,953,712 ) |
Paid-in capital | 16,601,684 |
Net assets, at value | $7,647,972 |
16 | | | DWS ESG International Core Equity Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($3,891,603 ÷ 291,782 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $13.34 |
Maximum offering price per share (100 ÷ 94.25 of $13.34) | $14.15 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($133,385 ÷ 10,177 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $13.11 |
Class S | |
Net Asset Value, offering and redemption price per share ($1,886,622 ÷ 141,074 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $13.37 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($1,736,362 ÷ 129,445 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) | $13.41 |
DWS ESG International Core Equity Fund | | | 17 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $3,485) | $53,435 |
Income distributions — DWS Central Cash Management Government Fund | 1,556 |
Affiliated securities lending income | 223 |
Total income | 55,214 |
Expenses: | |
Management fee | 16,227 |
Administration fee | 3,498 |
Services to shareholders | 5,684 |
Distribution and service fees | 5,399 |
Custodian fee | 3,213 |
Audit fee | 32,324 |
Legal fees | 11,886 |
Tax fees | 2,984 |
Reports to shareholders | 12,740 |
Registration fees | 29,071 |
Directors' fees and expenses | 1,092 |
Other | 9,937 |
Total expenses before expense reductions | 134,055 |
Expense reductions | (106,355 ) |
Total expenses after expense reductions | 27,700 |
Net investment income | 27,514 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 144,271 |
Foreign currency | 2,388 |
146,659 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 368,209 |
Foreign currency | (2,050 ) |
366,159 | |
Net gain (loss) | 512,818 |
Net increase (decrease) in net assets resulting from operations | $540,332 |
18 | | | DWS ESG International Core Equity Fund |
Six Months Ended February 29, 2024 | Year Ended August 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $27,514 | $166,149 |
Net realized gain (loss) | 146,659 | (83,698 ) |
Change in net unrealized appreciation (depreciation) | 366,159 | 1,102,477 |
Net increase (decrease) in net assets resulting from operations | 540,332 | 1,184,928 |
Distributions to shareholders: | ||
Class A | (136,475 ) | (61,303 ) |
Class C | (5,819 ) | (8,113 ) |
Class S | (70,021 ) | (40,595 ) |
Institutional Class | (66,384 ) | (34,983 ) |
Total distributions | (278,699 ) | (144,994 ) |
Fund share transactions: | ||
Proceeds from shares sold | 355,245 | 1,135,130 |
Reinvestment of distributions | 277,041 | 144,036 |
Payments for shares redeemed | (666,319 ) | (2,099,799 ) |
Net increase (decrease) in net assets from Fund share transactions | (34,033 ) | (820,633 ) |
Increase (decrease) in net assets | 227,600 | 219,301 |
Net assets at beginning of period | 7,420,372 | 7,201,071 |
Net assets at end of period | $7,647,972 | $7,420,372 |
DWS ESG International Core Equity Fund | | | 19 |
DWS ESG International Core Equity Fund — Class A | ||||||
Six Months Ended 2/29/24 | Years Ended August 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.87 | $11.11 | $14.53 | $11.50 | $11.13 | $12.19 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .04 | .27 | .22 | .13 | .07 | .16 |
Net realized and unrealized gain (loss) | .92 | 1.73 | (3.49 ) | 3.05 | .63 | (1.02 ) |
Total from investment operations | .96 | 2.00 | (3.27 ) | 3.18 | .70 | (.86 ) |
Less distributions from: | ||||||
Net investment income | (.49 ) | (.24 ) | (.15 ) | (.15 ) | (.33 ) | (.20 ) |
Net asset value, end of period | $13.34 | $12.87 | $11.11 | $14.53 | $11.50 | $11.13 |
Total Return (%)b,c | 7.57 * | 18.12 | (22.67 ) | 27.86 | 6.24 | (6.75 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 4 | 3 | 3 | 4 | 3 | 4 |
Ratio of expenses before expense reductions (%) | 3.80 ** | 3.82 | 3.55 | 3.04 | 2.47 | 1.82 |
Ratio of expenses after expense reductions (%) | .85 ** | .85 | 1.22 | 1.25 | 1.13 | 1.13 |
Ratio of net investment income (%) | .67 ** | 2.21 | 1.66 | 1.00 | .65 | 1.44 |
Portfolio turnover rate (%) | 12 * | 6 | 27 | 38 | 68 | 100 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
20 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund — Class C | ||||||
Six Months Ended 2/29/24 | Years Ended August 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.60 | $10.88 | $14.22 | $11.26 | $10.89 | $11.93 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | .01 | .17 | .11 | .02 | (.01 ) | .06 |
Net realized and unrealized gain (loss) | .88 | 1.69 | (3.41 ) | 2.99 | .62 | (.97 ) |
Total from investment operations | .89 | 1.86 | (3.30 ) | 3.01 | .61 | (.91 ) |
Less distributions from: | ||||||
Net investment income | (.38 ) | (.14 ) | (.04 ) | (.05 ) | (.24 ) | (.13 ) |
Net asset value, end of period | $13.11 | $12.60 | $10.88 | $14.22 | $11.26 | $10.89 |
Total Return (%)b,c | 7.16 * | 17.28 | (23.31 ) | 26.93 | 5.51 | (7.48 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | .1 | .4 | 1 | 1 | 1 | 2 |
Ratio of expenses before expense reductions (%) | 4.72 ** | 4.58 | 4.28 | 3.78 | 3.19 | 2.57 |
Ratio of expenses after expense reductions (%) | 1.60 ** | 1.60 | 1.97 | 1.98 | 1.88 | 1.88 |
Ratio of net investment income (loss) (%) | .17 ** | 1.46 | .88 | .18 | (.12 ) | .53 |
Portfolio turnover rate (%) | 12 * | 6 | 27 | 38 | 68 | 100 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
DWS ESG International Core Equity Fund | | | 21 |
DWS ESG International Core Equity Fund — Class S | ||||||
Six Months Ended 2/29/24 | Years Ended August 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.91 | $11.16 | $14.59 | $11.55 | $11.18 | $12.24 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .06 | .29 | .25 | .13 | .06 | .10 |
Net realized and unrealized gain (loss) | .91 | 1.72 | (3.50 ) | 3.09 | .67 | (.94 ) |
Total from investment operations | .97 | 2.01 | (3.25 ) | 3.22 | .73 | (.84 ) |
Less distributions from: | ||||||
Net investment income | (.51 ) | (.26 ) | (.18 ) | (.18 ) | (.36 ) | (.22 ) |
Net asset value, end of period | $13.37 | $12.91 | $11.16 | $14.59 | $11.55 | $11.18 |
Total Return (%)b | 7.70 * | 18.30 | (22.55 ) | 28.10 | 6.54 | (6.60 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 2 | 2 | 2 | 2 | 3 | 8 |
Ratio of expenses before expense reductions (%) | 3.60 ** | 3.61 | 3.31 | 2.84 | 2.23 | 1.63 |
Ratio of expenses after expense reductions (%) | .65 ** | .65 | 1.02 | 1.04 | .92 | .93 |
Ratio of net investment income (%) | .88 ** | 2.39 | 1.90 | .99 | .53 | .89 |
Portfolio turnover rate (%) | 12 * | 6 | 27 | 38 | 68 | 100 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
22 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund — Institutional Class | ||||||
Six Months Ended 2/29/24 | Years Ended August 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.96 | $11.19 | $14.63 | $11.59 | $11.21 | $12.28 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .06 | .30 | .25 | .16 | .05 | .25 |
Net realized and unrealized gain (loss) | .91 | 1.74 | (3.50 ) | 3.07 | .70 | (1.09 ) |
Total from investment operations | .97 | 2.04 | (3.25 ) | 3.23 | .75 | (.84 ) |
Less distributions from: | ||||||
Net investment income | (.52 ) | (.27 ) | (.19 ) | (.19 ) | (.37 ) | (.23 ) |
Net asset value, end of period | $13.41 | $12.96 | $11.19 | $14.63 | $11.59 | $11.21 |
Total Return (%)b | 7.66 * | 18.38 | (22.50 ) | 28.16 | 6.58 | (6.52 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 2 | 2 | 2 | 3 | 3 | 19 |
Ratio of expenses before expense reductions (%) | 3.53 ** | 3.54 | 3.25 | 2.76 | 2.16 | 1.49 |
Ratio of expenses after expense reductions (%) | .60 ** | .60 | .98 | .99 | .87 | .88 |
Ratio of net investment income (%) | .93 ** | 2.44 | 1.86 | 1.22 | .40 | 2.28 |
Portfolio turnover rate (%) | 12 * | 6 | 27 | 38 | 68 | 100 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
DWS ESG International Core Equity Fund | | | 23 |
24 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund | | | 25 |
26 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund | | | 27 |
28 | | | DWS ESG International Core Equity Fund |
Class A | .85% | ||
Class C | 1.60% | ||
Class S | .65% | ||
Institutional Class | .60% |
Class A | $52,616 |
Class C | 3,640 |
Class S | 25,921 |
Institutional Class | 24,178 |
$106,355 |
DWS ESG International Core Equity Fund | | | 29 |
Services to Shareholders | Total Aggregated | Unpaid at February 29, 2024 |
Class A | $374 | $124 |
Class C | 82 | 26 |
Class S | 877 | 316 |
Institutional Class | 73 | 31 |
$1,406 | $497 |
Sub-Recordkeeping | Total Aggregated |
Class A | $2,094 |
Class C | 262 |
Class S | 631 |
Institutional Class | 745 |
$3,732 |
30 | | | DWS ESG International Core Equity Fund |
Distribution Fee | Total Aggregated | Unpaid at February 29, 2024 |
Class C | $876 | $87 |
Service Fee | Total Aggregated | Unpaid at February 29, 2024 | Annualized Rate |
Class A | $4,237 | $1,607 | .24% |
Class C | 286 | 76 | .25% |
$4,523 | $1,683 |
DWS ESG International Core Equity Fund | | | 31 |
Six Months Ended February 29, 2024 | Year Ended August 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 25,264 | $320,653 | 51,275 | $643,345 |
Class C | 361 | 4,603 | 1,125 | 13,830 |
Class S | 1,425 | 18,429 | 8,563 | 109,398 |
Institutional Class | 917 | 11,560 | 29,718 | 368,557 |
$355,245 | $1,135,130 |
32 | | | DWS ESG International Core Equity Fund |
Six Months Ended February 29, 2024 | Year Ended August 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 10,476 | $134,817 | 5,225 | $60,345 |
Class C | 459 | 5,819 | 714 | 8,113 |
Class S | 5,428 | 70,021 | 3,506 | 40,595 |
Institutional Class | 5,130 | 66,384 | 3,013 | 34,983 |
$277,041 | $144,036 | |||
Shares redeemed | ||||
Class A | (14,627 ) | $(185,124 ) | (58,384 ) | $(700,814 ) |
Class C | (25,062 ) | (310,784 ) | (31,142 ) | (380,250 ) |
Class S | (4,550 ) | (57,599 ) | (29,167 ) | (372,254 ) |
Institutional Class | (8,763 ) | (112,812 ) | (55,971 ) | (646,481 ) |
$(666,319 ) | $(2,099,799 ) | |||
Net increase (decrease) | ||||
Class A | 21,113 | $270,346 | (1,884 ) | $2,876 |
Class C | (24,242 ) | (300,362 ) | (29,303 ) | (358,307 ) |
Class S | 2,303 | 30,851 | (17,098 ) | (222,261 ) |
Institutional Class | (2,716 ) | (34,868 ) | (23,240 ) | (242,941 ) |
$(34,033 ) | $(820,633 ) |
DWS ESG International Core Equity Fund | | | 33 |
34 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund | | | 35 |
Actual Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 9/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/29/24 | $1,075.70 | $1,071.60 | $1,077.00 | $1,076.60 |
Expenses Paid per $1,000* | $4.39 | $8.24 | $3.36 | $3.10 |
Hypothetical 5% Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 9/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/29/24 | $1,020.64 | $1,016.91 | $1,021.63 | $1,021.88 |
Expenses Paid per $1,000* | $4.27 | $8.02 | $3.27 | $3.02 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratios | Class A | Class C | Class S | Institutional Class |
DWS ESG International Core Equity Fund | .85% | 1.60% | .65% | .60% |
36 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund | | | 37 |
38 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund | | | 39 |
40 | | | DWS ESG International Core Equity Fund |
DWS ESG International Core Equity Fund | | | 41 |
42 | | | DWS ESG International Core Equity Fund |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWS PO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com and is available free of charge by contacting your financial intermediary or, if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
DWS ESG International Core Equity Fund | | | 43 |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class C | Class S | Institutional Class | |
Nasdaq Symbol | DURAX | DURCX | DURSX | DURIX |
CUSIP Number | 25156A 684 | 25156A 676 | 25156A 650 | 25156A 668 |
Fund Number | 1009 | 1309 | 2009 | 1409 |
44 | | | DWS ESG International Core Equity Fund |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS ESG International Core Equity Fund, a series of Deutsche DWS Global/International Fund, Inc. |
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive |
Date: | 4/29/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive |
Date: | 4/29/2024 |
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 4/29/2024 |