11/01/2024 | Press release | Distributed by Public on 11/01/2024 13:22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
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: | 8/31/2024 |
Item 1. | Reports to Stockholders. |
(a) |
This annual shareholder report contains important information about DWS ESG International Core Equity Fund ("the Fund") for the period September 1, 2023 to August 31, 2024.You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$91
|
0.85%
|
Gross expense ratio as of the latest prospectus: 3.80%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.
Class A shares of the Fund returned 13.78% (unadjusted for sales charges) for the period ended August 31, 2024. The Fund's index, the MSCI EAFE Index, returned 19.40% for the same period.
Stock selection was the primary reason for the Fund's underperformance. The weakest results occurred in the financials sector, where the U.K.-based insurer Prudential PLC (1.0%) was the largest detractor. The company missed earnings expectations, weighing on its stock price. The French payments provider Worldline SA (0.2%) detracted, as well. The company posted weaker-than-expected revenues and reduced its guidance, causing its shares to plunge nearly 60% in a single day in late October 2023.
Consumer staples was another area of weakness for the Fund. HelloFresh SE (Germany) (0.3%) lost ground after lowering its revenue outlook and receiving several analyst downgrades, and Budweiser Brewing Co. APAC, Ltd. (Hong Kong) (0.4%) was pressured by declining beer sales. The Fund also underperformed in the consumer discretionary sector, where shares of the European luxury good producers Kering SA (France) (0.3%), LVMH Moët Hennessy Louis Vuitton SE (France) (2.2%), and Moncler SpA (Italy) (0.3%) all slid on concerns that slower consumer spending would begin to affect even higher-end brands.
Outside of these sectors, the Australian mining company IGO, Ltd. (0.3%) - which was hit by multiple analyst downgrades in late 2023 - was a top detractor. The Fund was also hurt by its position in the Finland-based oil refiner Neste Oyj (0.5%), which reported weaker-than-expected earnings.
On the other hand, the Fund outperformed in industrials. The U.K. business analytics company RELX PLC (1.9%), whose shares rose on the strength of robust revenue and profit growth in the first half of 2024, was the top performer in the sector. ABB Ltd. (1.5%), a diversified industrial company based in Switzerland, also gained ground as solid end-market demand boosted its results. Health care was another area of strength for the Fund, led by Chugai Pharmaceuticals Co., Ltd. (Japan) (1.8%). The company reported solid progress on drugs in both the early and late stages of development, boosting its shares. Novo Nordisk (3.9%), which benefited from rising sales for its obesity drugs, was also a top performer in healthcare.
Percentages in parentheses are based on the Fund's net assets as of August 31, 2024.
MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Class A
|
MSCI EAFE Index
|
|
11/11/14
|
$9,736
|
$10,170
|
12/31/14
|
$9,293
|
$9,818
|
1/31/15
|
$9,397
|
$9,866
|
2/28/15
|
$10,075
|
$10,455
|
3/31/15
|
$10,254
|
$10,297
|
4/30/15
|
$10,038
|
$10,717
|
5/31/15
|
$10,358
|
$10,662
|
6/30/15
|
$9,943
|
$10,360
|
7/31/15
|
$10,471
|
$10,575
|
8/31/15
|
$9,595
|
$9,797
|
9/30/15
|
$9,255
|
$9,300
|
10/31/15
|
$10,000
|
$10,027
|
11/30/15
|
$10,160
|
$9,871
|
12/31/15
|
$9,687
|
$9,738
|
1/31/16
|
$9,175
|
$9,034
|
2/29/16
|
$8,843
|
$8,868
|
3/31/16
|
$8,938
|
$9,445
|
4/30/16
|
$8,947
|
$9,719
|
5/31/16
|
$9,251
|
$9,630
|
6/30/16
|
$8,814
|
$9,307
|
7/31/16
|
$8,976
|
$9,779
|
8/31/16
|
$9,042
|
$9,786
|
9/30/16
|
$9,147
|
$9,906
|
10/31/16
|
$9,090
|
$9,703
|
11/30/16
|
$8,919
|
$9,510
|
12/31/16
|
$9,374
|
$9,835
|
1/31/17
|
$9,630
|
$10,120
|
2/28/17
|
$9,659
|
$10,265
|
3/31/17
|
$10,057
|
$10,548
|
4/30/17
|
$10,503
|
$10,816
|
5/31/17
|
$10,883
|
$11,213
|
6/30/17
|
$10,778
|
$11,193
|
7/31/17
|
$11,196
|
$11,516
|
8/31/17
|
$11,139
|
$11,512
|
9/30/17
|
$11,547
|
$11,798
|
10/31/17
|
$11,632
|
$11,977
|
11/30/17
|
$11,594
|
$12,103
|
12/31/17
|
$11,756
|
$12,297
|
1/31/18
|
$12,410
|
$12,914
|
2/28/18
|
$11,575
|
$12,331
|
3/31/18
|
$11,481
|
$12,109
|
4/30/18
|
$11,756
|
$12,386
|
5/31/18
|
$11,594
|
$12,107
|
6/30/18
|
$11,538
|
$11,959
|
7/31/18
|
$11,756
|
$12,254
|
8/31/18
|
$11,566
|
$12,017
|
9/30/18
|
$11,528
|
$12,121
|
10/31/18
|
$10,304
|
$11,156
|
11/30/18
|
$9,934
|
$11,142
|
12/31/18
|
$9,439
|
$10,601
|
1/31/19
|
$10,020
|
$11,298
|
2/28/19
|
$10,388
|
$11,586
|
3/31/19
|
$10,505
|
$11,659
|
4/30/19
|
$11,105
|
$11,987
|
5/31/19
|
$10,398
|
$11,411
|
6/30/19
|
$11,193
|
$12,088
|
7/31/19
|
$10,960
|
$11,935
|
8/31/19
|
$10,786
|
$11,626
|
9/30/19
|
$10,921
|
$11,959
|
10/31/19
|
$11,290
|
$12,389
|
11/30/19
|
$11,454
|
$12,528
|
12/31/19
|
$11,868
|
$12,935
|
1/31/20
|
$11,638
|
$12,665
|
2/29/20
|
$10,861
|
$11,520
|
3/31/20
|
$9,317
|
$9,983
|
4/30/20
|
$9,785
|
$10,628
|
5/31/20
|
$10,333
|
$11,090
|
6/30/20
|
$10,682
|
$11,468
|
7/31/20
|
$10,881
|
$11,735
|
8/31/20
|
$11,459
|
$12,339
|
9/30/20
|
$11,250
|
$12,018
|
10/31/20
|
$10,752
|
$11,538
|
11/30/20
|
$12,296
|
$13,327
|
12/31/20
|
$13,028
|
$13,946
|
1/31/21
|
$12,725
|
$13,798
|
2/28/21
|
$13,008
|
$14,107
|
3/31/21
|
$13,401
|
$14,432
|
4/30/21
|
$13,915
|
$14,866
|
5/31/21
|
$14,510
|
$15,351
|
6/30/21
|
$14,258
|
$15,178
|
7/31/21
|
$14,419
|
$15,292
|
8/31/21
|
$14,651
|
$15,562
|
9/30/21
|
$14,177
|
$15,110
|
10/31/21
|
$14,520
|
$15,482
|
11/30/21
|
$13,905
|
$14,761
|
12/31/21
|
$14,539
|
$15,517
|
1/31/22
|
$13,826
|
$14,767
|
2/28/22
|
$13,490
|
$14,506
|
3/31/22
|
$13,347
|
$14,599
|
4/30/22
|
$12,471
|
$13,655
|
5/31/22
|
$12,654
|
$13,757
|
6/30/22
|
$11,452
|
$12,481
|
7/31/22
|
$12,165
|
$13,103
|
8/31/22
|
$11,330
|
$12,480
|
9/30/22
|
$10,260
|
$11,313
|
10/31/22
|
$10,749
|
$11,921
|
11/30/22
|
$12,277
|
$13,264
|
12/31/22
|
$12,093
|
$13,275
|
1/31/23
|
$13,091
|
$14,350
|
2/28/23
|
$12,790
|
$14,050
|
3/31/23
|
$13,143
|
$14,398
|
4/30/23
|
$13,486
|
$14,805
|
5/31/23
|
$12,904
|
$14,178
|
6/30/23
|
$13,528
|
$14,824
|
7/31/23
|
$13,850
|
$15,303
|
8/31/23
|
$13,382
|
$14,717
|
9/30/23
|
$12,883
|
$14,214
|
10/31/23
|
$12,384
|
$13,638
|
11/30/23
|
$13,258
|
$14,904
|
12/31/23
|
$14,061
|
$15,696
|
1/31/24
|
$13,931
|
$15,786
|
2/29/24
|
$14,395
|
$16,075
|
3/31/24
|
$14,730
|
$16,604
|
4/30/24
|
$14,115
|
$16,179
|
5/31/24
|
$14,654
|
$16,805
|
6/30/24
|
$14,374
|
$16,534
|
7/31/24
|
$14,848
|
$17,019
|
8/31/24
|
$15,226
|
$17,572
|
Yearly periods ended August 31
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial invesment of $9,425.
Class/Index
|
1-Year
|
5-Year
|
Since Inception 11/11/14
|
Class A Unadjusted for Sales Charge
|
13.78%
|
7.14%
|
5.02%
|
Class A Adjusted for the Maximum Sales Charge (max 5.75% load)
|
7.24%
|
5.88%
|
4.38%
|
MSCI EAFE Index
|
19.40%
|
8.61%
|
5.92%
|
Net Assets ($)
|
7,773,930
|
Number of Portfolio Holdings
|
111
|
Portfolio Turnover Rate (%)
|
17
|
Total Net Advisory Fees Paid ($)
|
0
|
Asset Type
|
% of Net Assets
|
Common Stocks
|
99%
|
Cash Equivalents
|
1%
|
Other Assets and Liabilities, Net
|
0%
|
Total
|
100%
|
Holdings-based data is subject to change.
Sector
|
% of Net Assets
|
Financials
|
19%
|
Industrials
|
16%
|
Health Care
|
16%
|
Consumer Discretionary
|
10%
|
Information Technology
|
9%
|
Consumer Staples
|
8%
|
Materials
|
7%
|
Communication Services
|
4%
|
Utilities
|
4%
|
Energy
|
4%
|
Real Estate
|
2%
|
Holdings
|
23.6% of Net Assets
|
Novo Nordisk AS
|
3.9%
|
ASML Holding NV
|
3.2%
|
Nestle SA
|
2.8%
|
LVMH Moet Hennessy Louis Vuitton SE
|
2.2%
|
Allianz SE
|
2.0%
|
Shell PLC
|
2.0%
|
Mitsubishi UFJ Financial Group, Inc.
|
1.9%
|
RELX PLC
|
1.9%
|
Sumitomo Mitsui Financial Group, Inc.
|
1.9%
|
Chugai Pharmaceutical Co., Ltd.
|
1.8%
|
Country
|
% of Net Assets
|
Japan
|
24%
|
United Kingdom
|
13%
|
Switzerland
|
11%
|
Germany
|
10%
|
France
|
10%
|
Australia
|
7%
|
Netherlands
|
5%
|
Denmark
|
4%
|
Hong Kong
|
4%
|
Sweden
|
3%
|
Other
|
9%
|
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.
Stocks may decline in value. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The impact of the use of quantitative models and the analysis of specific metrics on a stock's performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Quantitative models also entail the risk that the models themselves may be limited or incorrect. The Fund's use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreportsto view or download a prospectus. Please read the prospectus carefully before you invest.
This annual shareholder report contains important information about DWS ESG International Core Equity Fund ("the Fund") for the period September 1, 2023 to August 31, 2024.You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$170
|
1.60%
|
Gross expense ratio as of the latest prospectus: 4.56%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.
Class C shares of the Fund returned 12.96% (unadjusted for sales charges) for the period ended August 31, 2024. The Fund's index, the MSCI EAFE Index, returned 19.40% for the same period.
Stock selection was the primary reason for the Fund's underperformance. The weakest results occurred in the financials sector, where the U.K.-based insurer Prudential PLC (1.0%) was the largest detractor. The company missed earnings expectations, weighing on its stock price. The French payments provider Worldline SA (0.2%) detracted, as well. The company posted weaker-than-expected revenues and reduced its guidance, causing its shares to plunge nearly 60% in a single day in late October 2023.
Consumer staples was another area of weakness for the Fund. HelloFresh SE (Germany) (0.3%) lost ground after lowering its revenue outlook and receiving several analyst downgrades, and Budweiser Brewing Co. APAC, Ltd. (Hong Kong) (0.4%) was pressured by declining beer sales. The Fund also underperformed in the consumer discretionary sector, where shares of the European luxury good producers Kering SA (France) (0.3%), LVMH Moët Hennessy Louis Vuitton SE (France) (2.2%), and Moncler SpA (Italy) (0.3%) all slid on concerns that slower consumer spending would begin to affect even higher-end brands.
Outside of these sectors, the Australian mining company IGO, Ltd. (0.3%) - which was hit by multiple analyst downgrades in late 2023 - was a top detractor. The Fund was also hurt by its position in the Finland-based oil refiner Neste Oyj (0.5%), which reported weaker-than-expected earnings.
On the other hand, the Fund outperformed in industrials. The U.K. business analytics company RELX PLC (1.9%), whose shares rose on the strength of robust revenue and profit growth in the first half of 2024, was the top performer in the sector. ABB Ltd. (1.5%), a diversified industrial company based in Switzerland, also gained ground as solid end-market demand boosted its results. Health care was another area of strength for the Fund, led by Chugai Pharmaceuticals Co., Ltd. (Japan) (1.8%). The company reported solid progress on drugs in both the early and late stages of development, boosting its shares. Novo Nordisk (3.9%), which benefited from rising sales for its obesity drugs, was also a top performer in healthcare.
Percentages in parentheses are based on the Fund's net assets as of August 31, 2024.
MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Class C
|
MSCI EAFE Index
|
|
11/11/14
|
$10,320
|
$10,170
|
12/31/14
|
$9,850
|
$9,818
|
1/31/15
|
$9,960
|
$9,866
|
2/28/15
|
$10,670
|
$10,455
|
3/31/15
|
$10,850
|
$10,297
|
4/30/15
|
$10,610
|
$10,717
|
5/31/15
|
$10,950
|
$10,662
|
6/30/15
|
$10,500
|
$10,360
|
7/31/15
|
$11,050
|
$10,575
|
8/31/15
|
$10,120
|
$9,797
|
9/30/15
|
$9,760
|
$9,300
|
10/31/15
|
$10,540
|
$10,027
|
11/30/15
|
$10,700
|
$9,871
|
12/31/15
|
$10,190
|
$9,738
|
1/31/16
|
$9,650
|
$9,034
|
2/29/16
|
$9,290
|
$8,868
|
3/31/16
|
$9,380
|
$9,445
|
4/30/16
|
$9,390
|
$9,719
|
5/31/16
|
$9,700
|
$9,630
|
6/30/16
|
$9,240
|
$9,307
|
7/31/16
|
$9,400
|
$9,779
|
8/31/16
|
$9,470
|
$9,786
|
9/30/16
|
$9,570
|
$9,906
|
10/31/16
|
$9,510
|
$9,703
|
11/30/16
|
$9,320
|
$9,510
|
12/31/16
|
$9,790
|
$9,835
|
1/31/17
|
$10,050
|
$10,120
|
2/28/17
|
$10,070
|
$10,265
|
3/31/17
|
$10,480
|
$10,548
|
4/30/17
|
$10,940
|
$10,816
|
5/31/17
|
$11,330
|
$11,213
|
6/30/17
|
$11,210
|
$11,193
|
7/31/17
|
$11,640
|
$11,516
|
8/31/17
|
$11,570
|
$11,512
|
9/30/17
|
$11,990
|
$11,798
|
10/31/17
|
$12,070
|
$11,977
|
11/30/17
|
$12,030
|
$12,103
|
12/31/17
|
$12,180
|
$12,297
|
1/31/18
|
$12,860
|
$12,914
|
2/28/18
|
$11,980
|
$12,331
|
3/31/18
|
$11,880
|
$12,109
|
4/30/18
|
$12,150
|
$12,386
|
5/31/18
|
$11,980
|
$12,107
|
6/30/18
|
$11,920
|
$11,959
|
7/31/18
|
$12,130
|
$12,254
|
8/31/18
|
$11,930
|
$12,017
|
9/30/18
|
$11,880
|
$12,121
|
10/31/18
|
$10,620
|
$11,156
|
11/30/18
|
$10,230
|
$11,142
|
12/31/18
|
$9,720
|
$10,601
|
1/31/19
|
$10,307
|
$11,298
|
2/28/19
|
$10,672
|
$11,586
|
3/31/19
|
$10,784
|
$11,659
|
4/30/19
|
$11,392
|
$11,987
|
5/31/19
|
$10,672
|
$11,411
|
6/30/19
|
$11,473
|
$12,088
|
7/31/19
|
$11,230
|
$11,935
|
8/31/19
|
$11,037
|
$11,626
|
9/30/19
|
$11,179
|
$11,959
|
10/31/19
|
$11,544
|
$12,389
|
11/30/19
|
$11,706
|
$12,528
|
12/31/19
|
$12,121
|
$12,935
|
1/31/20
|
$11,873
|
$12,665
|
2/29/20
|
$11,076
|
$11,520
|
3/31/20
|
$9,494
|
$9,983
|
4/30/20
|
$9,959
|
$10,628
|
5/31/20
|
$10,518
|
$11,090
|
6/30/20
|
$10,869
|
$11,468
|
7/31/20
|
$11,056
|
$11,735
|
8/31/20
|
$11,645
|
$12,339
|
9/30/20
|
$11,428
|
$12,018
|
10/31/20
|
$10,900
|
$11,538
|
11/30/20
|
$12,472
|
$13,327
|
12/31/20
|
$13,202
|
$13,946
|
1/31/21
|
$12,890
|
$13,798
|
2/28/21
|
$13,171
|
$14,107
|
3/31/21
|
$13,555
|
$14,432
|
4/30/21
|
$14,075
|
$14,866
|
5/31/21
|
$14,656
|
$15,351
|
6/30/21
|
$14,397
|
$15,178
|
7/31/21
|
$14,552
|
$15,292
|
8/31/21
|
$14,781
|
$15,562
|
9/30/21
|
$14,293
|
$15,110
|
10/31/21
|
$14,635
|
$15,482
|
11/30/21
|
$14,002
|
$14,761
|
12/31/21
|
$14,628
|
$15,517
|
1/31/22
|
$13,899
|
$14,767
|
2/28/22
|
$13,555
|
$14,506
|
3/31/22
|
$13,399
|
$14,599
|
4/30/22
|
$12,513
|
$13,655
|
5/31/22
|
$12,690
|
$13,757
|
6/30/22
|
$11,482
|
$12,481
|
7/31/22
|
$12,180
|
$13,103
|
8/31/22
|
$11,336
|
$12,480
|
9/30/22
|
$10,263
|
$11,313
|
10/31/22
|
$10,742
|
$11,921
|
11/30/22
|
$12,263
|
$13,264
|
12/31/22
|
$12,071
|
$13,275
|
1/31/23
|
$13,063
|
$14,350
|
2/28/23
|
$12,747
|
$14,050
|
3/31/23
|
$13,105
|
$14,398
|
4/30/23
|
$13,432
|
$14,805
|
5/31/23
|
$12,842
|
$14,178
|
6/30/23
|
$13,454
|
$14,824
|
7/31/23
|
$13,770
|
$15,303
|
8/31/23
|
$13,295
|
$14,717
|
9/30/23
|
$12,799
|
$14,214
|
10/31/23
|
$12,282
|
$13,638
|
11/30/23
|
$13,137
|
$14,904
|
12/31/23
|
$13,932
|
$15,696
|
1/31/24
|
$13,801
|
$15,786
|
2/29/24
|
$14,247
|
$16,075
|
3/31/24
|
$14,562
|
$16,604
|
4/30/24
|
$13,954
|
$16,179
|
5/31/24
|
$14,475
|
$16,805
|
6/30/24
|
$14,193
|
$16,534
|
7/31/24
|
$14,649
|
$17,019
|
8/31/24
|
$15,019
|
$17,572
|
Yearly periods ended August 31
Class/Index
|
1-Year
|
5-Year
|
Since Inception 11/11/14
|
Class C Unadjusted for Sales Charge
|
12.96%
|
6.35%
|
4.24%
|
Class C Adjusted for the Maximum Sales Charge (max 1.00% CDSC)
|
11.96%
|
6.35%
|
4.24%
|
MSCI EAFE Index
|
19.40%
|
8.61%
|
5.92%
|
Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance.Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance.Fund performance includes reinvestment of all distributions.
Net Assets ($)
|
7,773,930
|
Number of Portfolio Holdings
|
111
|
Portfolio Turnover Rate (%)
|
17
|
Total Net Advisory Fees Paid ($)
|
0
|
Asset Type
|
% of Net Assets
|
Common Stocks
|
99%
|
Cash Equivalents
|
1%
|
Other Assets and Liabilities, Net
|
0%
|
Total
|
100%
|
Holdings-based data is subject to change.
Sector
|
% of Net Assets
|
Financials
|
19%
|
Industrials
|
16%
|
Health Care
|
16%
|
Consumer Discretionary
|
10%
|
Information Technology
|
9%
|
Consumer Staples
|
8%
|
Materials
|
7%
|
Communication Services
|
4%
|
Utilities
|
4%
|
Energy
|
4%
|
Real Estate
|
2%
|
Holdings
|
23.6% of Net Assets
|
Novo Nordisk AS
|
3.9%
|
ASML Holding NV
|
3.2%
|
Nestle SA
|
2.8%
|
LVMH Moet Hennessy Louis Vuitton SE
|
2.2%
|
Allianz SE
|
2.0%
|
Shell PLC
|
2.0%
|
Mitsubishi UFJ Financial Group, Inc.
|
1.9%
|
RELX PLC
|
1.9%
|
Sumitomo Mitsui Financial Group, Inc.
|
1.9%
|
Chugai Pharmaceutical Co., Ltd.
|
1.8%
|
Country
|
% of Net Assets
|
Japan
|
24%
|
United Kingdom
|
13%
|
Switzerland
|
11%
|
Germany
|
10%
|
France
|
10%
|
Australia
|
7%
|
Netherlands
|
5%
|
Denmark
|
4%
|
Hong Kong
|
4%
|
Sweden
|
3%
|
Other
|
9%
|
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.
Stocks may decline in value. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The impact of the use of quantitative models and the analysis of specific metrics on a stock's performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Quantitative models also entail the risk that the models themselves may be limited or incorrect. The Fund's use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreportsto view or download a prospectus. Please read the prospectus carefully before you invest.
This annual shareholder report contains important information about DWS ESG International Core Equity Fund ("the Fund") for the period September 1, 2023 to August 31, 2024.You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class S
|
$70
|
0.65%
|
Gross expense ratio as of the latest prospectus: 3.59%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.
Class S shares of the Fund returned 14.14% for the period ended August 31, 2024. The Fund's index, the MSCI EAFE Index, returned 19.40% for the same period.
Stock selection was the primary reason for the Fund's underperformance. The weakest results occurred in the financials sector, where the U.K.-based insurer Prudential PLC (1.0%) was the largest detractor. The company missed earnings expectations, weighing on its stock price. The French payments provider Worldline SA (0.2%) detracted, as well. The company posted weaker-than-expected revenues and reduced its guidance, causing its shares to plunge nearly 60% in a single day in late October 2023.
Consumer staples was another area of weakness for the Fund. HelloFresh SE (Germany) (0.3%) lost ground after lowering its revenue outlook and receiving several analyst downgrades, and Budweiser Brewing Co. APAC, Ltd. (Hong Kong) (0.4%) was pressured by declining beer sales. The Fund also underperformed in the consumer discretionary sector, where shares of the European luxury good producers Kering SA (France) (0.3%), LVMH Moët Hennessy Louis Vuitton SE (France) (2.2%), and Moncler SpA (Italy) (0.3%) all slid on concerns that slower consumer spending would begin to affect even higher-end brands.
Outside of these sectors, the Australian mining company IGO, Ltd. (0.3%) - which was hit by multiple analyst downgrades in late 2023 - was a top detractor. The Fund was also hurt by its position in the Finland-based oil refiner Neste Oyj (0.5%), which reported weaker-than-expected earnings.
On the other hand, the Fund outperformed in industrials. The U.K. business analytics company RELX PLC (1.9%), whose shares rose on the strength of robust revenue and profit growth in the first half of 2024, was the top performer in the sector. ABB Ltd. (1.5%), a diversified industrial company based in Switzerland, also gained ground as solid end-market demand boosted its results. Health care was another area of strength for the Fund, led by Chugai Pharmaceuticals Co., Ltd. (Japan) (1.8%). The company reported solid progress on drugs in both the early and late stages of development, boosting its shares. Novo Nordisk (3.9%), which benefited from rising sales for its obesity drugs, was also a top performer in healthcare.
Percentages in parentheses are based on the Fund's net assets as of August 31, 2024.
MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Class S
|
MSCI EAFE Index
|
|
11/11/14
|
$10,330
|
$10,170
|
12/31/14
|
$9,860
|
$9,818
|
1/31/15
|
$9,970
|
$9,866
|
2/28/15
|
$10,690
|
$10,455
|
3/31/15
|
$10,890
|
$10,297
|
4/30/15
|
$10,660
|
$10,717
|
5/31/15
|
$11,000
|
$10,662
|
6/30/15
|
$10,560
|
$10,360
|
7/31/15
|
$11,120
|
$10,575
|
8/31/15
|
$10,190
|
$9,797
|
9/30/15
|
$9,830
|
$9,300
|
10/31/15
|
$10,630
|
$10,027
|
11/30/15
|
$10,800
|
$9,871
|
12/31/15
|
$10,295
|
$9,738
|
1/31/16
|
$9,750
|
$9,034
|
2/29/16
|
$9,397
|
$8,868
|
3/31/16
|
$9,498
|
$9,445
|
4/30/16
|
$9,518
|
$9,719
|
5/31/16
|
$9,841
|
$9,630
|
6/30/16
|
$9,377
|
$9,307
|
7/31/16
|
$9,549
|
$9,779
|
8/31/16
|
$9,609
|
$9,786
|
9/30/16
|
$9,730
|
$9,906
|
10/31/16
|
$9,669
|
$9,703
|
11/30/16
|
$9,488
|
$9,510
|
12/31/16
|
$9,972
|
$9,835
|
1/31/17
|
$10,244
|
$10,120
|
2/28/17
|
$10,274
|
$10,265
|
3/31/17
|
$10,698
|
$10,548
|
4/30/17
|
$11,182
|
$10,816
|
5/31/17
|
$11,575
|
$11,213
|
6/30/17
|
$11,464
|
$11,193
|
7/31/17
|
$11,918
|
$11,516
|
8/31/17
|
$11,857
|
$11,512
|
9/30/17
|
$12,301
|
$11,798
|
10/31/17
|
$12,392
|
$11,977
|
11/30/17
|
$12,352
|
$12,103
|
12/31/17
|
$12,523
|
$12,297
|
1/31/18
|
$13,229
|
$12,914
|
2/28/18
|
$12,331
|
$12,331
|
3/31/18
|
$12,231
|
$12,109
|
4/30/18
|
$12,533
|
$12,386
|
5/31/18
|
$12,362
|
$12,107
|
6/30/18
|
$12,311
|
$11,959
|
7/31/18
|
$12,533
|
$12,254
|
8/31/18
|
$12,341
|
$12,017
|
9/30/18
|
$12,301
|
$12,121
|
10/31/18
|
$11,000
|
$11,156
|
11/30/18
|
$10,607
|
$11,142
|
12/31/18
|
$10,082
|
$10,601
|
1/31/19
|
$10,701
|
$11,298
|
2/28/19
|
$11,093
|
$11,586
|
3/31/19
|
$11,217
|
$11,659
|
4/30/19
|
$11,867
|
$11,987
|
5/31/19
|
$11,114
|
$11,411
|
6/30/19
|
$11,970
|
$12,088
|
7/31/19
|
$11,723
|
$11,935
|
8/31/19
|
$11,527
|
$11,626
|
9/30/19
|
$11,681
|
$11,959
|
10/31/19
|
$12,084
|
$12,389
|
11/30/19
|
$12,249
|
$12,528
|
12/31/19
|
$12,696
|
$12,935
|
1/31/20
|
$12,451
|
$12,665
|
2/29/20
|
$11,622
|
$11,520
|
3/31/20
|
$9,974
|
$9,983
|
4/30/20
|
$10,473
|
$10,628
|
5/31/20
|
$11,069
|
$11,090
|
6/30/20
|
$11,441
|
$11,468
|
7/31/20
|
$11,654
|
$11,735
|
8/31/20
|
$12,281
|
$12,339
|
9/30/20
|
$12,058
|
$12,018
|
10/31/20
|
$11,515
|
$11,538
|
11/30/20
|
$13,185
|
$13,327
|
12/31/20
|
$13,964
|
$13,946
|
1/31/21
|
$13,640
|
$13,798
|
2/28/21
|
$13,953
|
$14,107
|
3/31/21
|
$14,373
|
$14,432
|
4/30/21
|
$14,934
|
$14,866
|
5/31/21
|
$15,559
|
$15,351
|
6/30/21
|
$15,301
|
$15,178
|
7/31/21
|
$15,484
|
$15,292
|
8/31/21
|
$15,732
|
$15,562
|
9/30/21
|
$15,225
|
$15,110
|
10/31/21
|
$15,592
|
$15,482
|
11/30/21
|
$14,934
|
$14,761
|
12/31/21
|
$15,613
|
$15,517
|
1/31/22
|
$14,849
|
$14,767
|
2/28/22
|
$14,499
|
$14,506
|
3/31/22
|
$14,336
|
$14,599
|
4/30/22
|
$13,408
|
$13,655
|
5/31/22
|
$13,604
|
$13,757
|
6/30/22
|
$12,316
|
$12,481
|
7/31/22
|
$13,080
|
$13,103
|
8/31/22
|
$12,185
|
$12,480
|
9/30/22
|
$11,038
|
$11,313
|
10/31/22
|
$11,562
|
$11,921
|
11/30/22
|
$13,211
|
$13,264
|
12/31/22
|
$13,019
|
$13,275
|
1/31/23
|
$14,091
|
$14,350
|
2/28/23
|
$13,767
|
$14,050
|
3/31/23
|
$14,158
|
$14,398
|
4/30/23
|
$14,526
|
$14,805
|
5/31/23
|
$13,901
|
$14,178
|
6/30/23
|
$14,571
|
$14,824
|
7/31/23
|
$14,928
|
$15,303
|
8/31/23
|
$14,415
|
$14,717
|
9/30/23
|
$13,890
|
$14,214
|
10/31/23
|
$13,354
|
$13,638
|
11/30/23
|
$14,292
|
$14,904
|
12/31/23
|
$15,164
|
$15,696
|
1/31/24
|
$15,025
|
$15,786
|
2/29/24
|
$15,524
|
$16,075
|
3/31/24
|
$15,896
|
$16,604
|
4/30/24
|
$15,234
|
$16,179
|
5/31/24
|
$15,826
|
$16,805
|
6/30/24
|
$15,524
|
$16,534
|
7/31/24
|
$16,035
|
$17,019
|
8/31/24
|
$16,453
|
$17,572
|
Yearly periods ended August 31
Class/Index
|
1-Year
|
5-Year
|
Since Inception 11/11/14
|
Class S No Sales Charge
|
14.14%
|
7.38%
|
5.21%
|
MSCI EAFE Index
|
19.40%
|
8.61%
|
5.92%
|
Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance.Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance.Fund performance includes reinvestment of all distributions.
Net Assets ($)
|
7,773,930
|
Number of Portfolio Holdings
|
111
|
Portfolio Turnover Rate (%)
|
17
|
Total Net Advisory Fees Paid ($)
|
0
|
Asset Type
|
% of Net Assets
|
Common Stocks
|
99%
|
Cash Equivalents
|
1%
|
Other Assets and Liabilities, Net
|
0%
|
Total
|
100%
|
Holdings-based data is subject to change.
Sector
|
% of Net Assets
|
Financials
|
19%
|
Industrials
|
16%
|
Health Care
|
16%
|
Consumer Discretionary
|
10%
|
Information Technology
|
9%
|
Consumer Staples
|
8%
|
Materials
|
7%
|
Communication Services
|
4%
|
Utilities
|
4%
|
Energy
|
4%
|
Real Estate
|
2%
|
Holdings
|
23.6% of Net Assets
|
Novo Nordisk AS
|
3.9%
|
ASML Holding NV
|
3.2%
|
Nestle SA
|
2.8%
|
LVMH Moet Hennessy Louis Vuitton SE
|
2.2%
|
Allianz SE
|
2.0%
|
Shell PLC
|
2.0%
|
Mitsubishi UFJ Financial Group, Inc.
|
1.9%
|
RELX PLC
|
1.9%
|
Sumitomo Mitsui Financial Group, Inc.
|
1.9%
|
Chugai Pharmaceutical Co., Ltd.
|
1.8%
|
Country
|
% of Net Assets
|
Japan
|
24%
|
United Kingdom
|
13%
|
Switzerland
|
11%
|
Germany
|
10%
|
France
|
10%
|
Australia
|
7%
|
Netherlands
|
5%
|
Denmark
|
4%
|
Hong Kong
|
4%
|
Sweden
|
3%
|
Other
|
9%
|
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.
Stocks may decline in value. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The impact of the use of quantitative models and the analysis of specific metrics on a stock's performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Quantitative models also entail the risk that the models themselves may be limited or incorrect. The Fund's use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreportsto view or download a prospectus. Please read the prospectus carefully before you invest.
This annual shareholder report contains important information about DWS ESG International Core Equity Fund ("the Fund") for the period September 1, 2023 to August 31, 2024.You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$64
|
0.60%
|
Gross expense ratio as of the latest prospectus: 3.52%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.
Institutional Class shares of the Fund returned 14.08% for the period ended August 31, 2024. The Fund's index, the MSCI EAFE Index, returned 19.40% for the same period.
Stock selection was the primary reason for the Fund's underperformance. The weakest results occurred in the financials sector, where the U.K.-based insurer Prudential PLC (1.0%) was the largest detractor. The company missed earnings expectations, weighing on its stock price. The French payments provider Worldline SA (0.2%) detracted, as well. The company posted weaker-than-expected revenues and reduced its guidance, causing its shares to plunge nearly 60% in a single day in late October 2023.
Consumer staples was another area of weakness for the Fund. HelloFresh SE (Germany) (0.3%) lost ground after lowering its revenue outlook and receiving several analyst downgrades, and Budweiser Brewing Co. APAC, Ltd. (Hong Kong) (0.4%) was pressured by declining beer sales. The Fund also underperformed in the consumer discretionary sector, where shares of the European luxury good producers Kering SA (France) (0.3%), LVMH Moët Hennessy Louis Vuitton SE (France) (2.2%), and Moncler SpA (Italy) (0.3%) all slid on concerns that slower consumer spending would begin to affect even higher-end brands.
Outside of these sectors, the Australian mining company IGO, Ltd. (0.3%) - which was hit by multiple analyst downgrades in late 2023 - was a top detractor. The Fund was also hurt by its position in the Finland-based oil refiner Neste Oyj (0.5%), which reported weaker-than-expected earnings.
On the other hand, the Fund outperformed in industrials. The U.K. business analytics company RELX PLC (1.9%), whose shares rose on the strength of robust revenue and profit growth in the first half of 2024, was the top performer in the sector. ABB Ltd. (1.5%), a diversified industrial company based in Switzerland, also gained ground as solid end-market demand boosted its results. Health care was another area of strength for the Fund, led by Chugai Pharmaceuticals Co., Ltd. (Japan) (1.8%). The company reported solid progress on drugs in both the early and late stages of development, boosting its shares. Novo Nordisk (3.9%), which benefited from rising sales for its obesity drugs, was also a top performer in healthcare.
Percentages in parentheses are based on the Fund's net assets as of August 31, 2024.
MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Institutional Class
|
MSCI EAFE Index
|
|
11/11/14
|
$1,033,000
|
$1,017,000
|
12/31/14
|
$986,108
|
$981,770
|
1/31/15
|
$998,109
|
$986,569
|
2/28/15
|
$1,070,117
|
$1,045,547
|
3/31/15
|
$1,089,119
|
$1,029,664
|
4/30/15
|
$1,066,117
|
$1,071,704
|
5/31/15
|
$1,101,121
|
$1,066,218
|
6/30/15
|
$1,056,116
|
$1,036,008
|
7/31/15
|
$1,113,122
|
$1,057,519
|
8/31/15
|
$1,020,112
|
$979,725
|
9/30/15
|
$984,108
|
$929,979
|
10/31/15
|
$1,064,117
|
$1,002,675
|
11/30/15
|
$1,080,118
|
$987,076
|
12/31/15
|
$1,030,275
|
$973,776
|
1/31/16
|
$976,793
|
$903,358
|
2/29/16
|
$941,476
|
$886,808
|
3/31/16
|
$951,566
|
$944,510
|
4/30/16
|
$952,575
|
$971,855
|
5/31/16
|
$984,866
|
$963,026
|
6/30/16
|
$939,457
|
$930,700
|
7/31/16
|
$956,612
|
$977,869
|
8/31/16
|
$963,675
|
$978,563
|
9/30/16
|
$975,784
|
$990,584
|
10/31/16
|
$969,730
|
$970,322
|
11/30/16
|
$951,566
|
$950,997
|
12/31/16
|
$1,000,002
|
$983,516
|
1/31/17
|
$1,027,248
|
$1,012,046
|
2/28/17
|
$1,030,275
|
$1,026,518
|
3/31/17
|
$1,072,656
|
$1,054,777
|
4/30/17
|
$1,121,092
|
$1,081,616
|
5/31/17
|
$1,161,456
|
$1,121,316
|
6/30/17
|
$1,150,356
|
$1,119,333
|
7/31/17
|
$1,195,765
|
$1,151,621
|
8/31/17
|
$1,189,710
|
$1,151,187
|
9/30/17
|
$1,234,110
|
$1,179,829
|
10/31/17
|
$1,243,192
|
$1,197,744
|
11/30/17
|
$1,239,155
|
$1,210,307
|
12/31/17
|
$1,257,319
|
$1,229,734
|
1/31/18
|
$1,327,955
|
$1,291,417
|
2/28/18
|
$1,238,146
|
$1,233,128
|
3/31/18
|
$1,228,055
|
$1,210,902
|
4/30/18
|
$1,257,319
|
$1,238,550
|
5/31/18
|
$1,241,174
|
$1,210,710
|
6/30/18
|
$1,235,119
|
$1,195,918
|
7/31/18
|
$1,258,328
|
$1,225,356
|
8/31/18
|
$1,239,155
|
$1,201,691
|
9/30/18
|
$1,235,119
|
$1,212,120
|
10/31/18
|
$1,104,947
|
$1,115,645
|
11/30/18
|
$1,064,584
|
$1,114,239
|
12/31/18
|
$1,012,613
|
$1,060,149
|
1/31/19
|
$1,074,609
|
$1,129,822
|
2/28/19
|
$1,113,874
|
$1,158,623
|
3/31/19
|
$1,127,306
|
$1,165,929
|
4/30/19
|
$1,191,370
|
$1,198,709
|
5/31/19
|
$1,115,940
|
$1,141,140
|
6/30/19
|
$1,201,702
|
$1,208,839
|
7/31/19
|
$1,176,904
|
$1,193,491
|
8/31/19
|
$1,158,305
|
$1,162,573
|
9/30/19
|
$1,173,804
|
$1,195,888
|
10/31/19
|
$1,213,069
|
$1,238,855
|
11/30/19
|
$1,230,634
|
$1,252,821
|
12/31/19
|
$1,276,104
|
$1,293,537
|
1/31/20
|
$1,250,539
|
$1,266,518
|
2/29/20
|
$1,167,454
|
$1,152,028
|
3/31/20
|
$1,002,349
|
$998,269
|
4/30/20
|
$1,052,413
|
$1,062,760
|
5/31/20
|
$1,112,064
|
$1,109,038
|
6/30/20
|
$1,150,411
|
$1,146,800
|
7/31/20
|
$1,170,650
|
$1,173,531
|
8/31/20
|
$1,234,561
|
$1,233,863
|
9/30/20
|
$1,212,192
|
$1,201,803
|
10/31/20
|
$1,157,867
|
$1,153,816
|
11/30/20
|
$1,325,103
|
$1,332,673
|
12/31/20
|
$1,403,902
|
$1,394,637
|
1/31/21
|
$1,371,479
|
$1,379,779
|
2/28/21
|
$1,402,821
|
$1,410,726
|
3/31/21
|
$1,444,971
|
$1,443,163
|
4/30/21
|
$1,501,170
|
$1,486,587
|
5/31/21
|
$1,564,935
|
$1,535,066
|
6/30/21
|
$1,537,916
|
$1,517,791
|
7/31/21
|
$1,556,288
|
$1,529,219
|
8/31/21
|
$1,582,227
|
$1,556,193
|
9/30/21
|
$1,531,431
|
$1,511,031
|
10/31/21
|
$1,568,177
|
$1,548,195
|
11/30/21
|
$1,502,251
|
$1,476,136
|
12/31/21
|
$1,571,178
|
$1,551,720
|
1/31/22
|
$1,494,535
|
$1,476,735
|
2/28/22
|
$1,458,404
|
$1,450,624
|
3/31/22
|
$1,443,075
|
$1,459,948
|
4/30/22
|
$1,348,914
|
$1,365,497
|
5/31/22
|
$1,368,622
|
$1,375,734
|
6/30/22
|
$1,238,329
|
$1,248,083
|
7/31/22
|
$1,316,067
|
$1,310,275
|
8/31/22
|
$1,226,285
|
$1,248,044
|
9/30/22
|
$1,111,321
|
$1,131,293
|
10/31/22
|
$1,163,876
|
$1,192,128
|
11/30/22
|
$1,329,206
|
$1,326,404
|
12/31/22
|
$1,310,590
|
$1,327,470
|
1/31/23
|
$1,418,125
|
$1,434,965
|
2/28/23
|
$1,385,641
|
$1,405,022
|
3/31/23
|
$1,424,846
|
$1,439,844
|
4/30/23
|
$1,461,812
|
$1,480,495
|
5/31/23
|
$1,399,083
|
$1,417,843
|
6/30/23
|
$1,466,292
|
$1,482,368
|
7/31/23
|
$1,502,138
|
$1,530,332
|
8/31/23
|
$1,451,730
|
$1,471,701
|
9/30/23
|
$1,397,963
|
$1,421,431
|
10/31/23
|
$1,344,195
|
$1,363,804
|
11/30/23
|
$1,438,288
|
$1,490,389
|
12/31/23
|
$1,526,778
|
$1,569,572
|
1/31/24
|
$1,512,792
|
$1,578,605
|
2/29/24
|
$1,562,908
|
$1,607,500
|
3/31/24
|
$1,600,203
|
$1,660,370
|
4/30/24
|
$1,534,937
|
$1,617,850
|
5/31/24
|
$1,593,211
|
$1,680,517
|
6/30/24
|
$1,562,908
|
$1,653,387
|
7/31/24
|
$1,615,355
|
$1,701,892
|
8/31/24
|
$1,656,146
|
$1,757,231
|
Yearly periods ended August 31
Class/Index
|
1-Year
|
5-Year
|
Since Inception 11/11/14
|
Institutional Class No Sales Charge
|
14.08%
|
7.41%
|
5.28%
|
MSCI EAFE Index
|
19.40%
|
8.61%
|
5.92%
|
Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance.Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance.Fund performance includes reinvestment of all distributions.
Net Assets ($)
|
7,773,930
|
Number of Portfolio Holdings
|
111
|
Portfolio Turnover Rate (%)
|
17
|
Total Net Advisory Fees Paid ($)
|
0
|
Asset Type
|
% of Net Assets
|
Common Stocks
|
99%
|
Cash Equivalents
|
1%
|
Other Assets and Liabilities, Net
|
0%
|
Total
|
100%
|
Holdings-based data is subject to change.
Sector
|
% of Net Assets
|
Financials
|
19%
|
Industrials
|
16%
|
Health Care
|
16%
|
Consumer Discretionary
|
10%
|
Information Technology
|
9%
|
Consumer Staples
|
8%
|
Materials
|
7%
|
Communication Services
|
4%
|
Utilities
|
4%
|
Energy
|
4%
|
Real Estate
|
2%
|
Holdings
|
23.6% of Net Assets
|
Novo Nordisk AS
|
3.9%
|
ASML Holding NV
|
3.2%
|
Nestle SA
|
2.8%
|
LVMH Moet Hennessy Louis Vuitton SE
|
2.2%
|
Allianz SE
|
2.0%
|
Shell PLC
|
2.0%
|
Mitsubishi UFJ Financial Group, Inc.
|
1.9%
|
RELX PLC
|
1.9%
|
Sumitomo Mitsui Financial Group, Inc.
|
1.9%
|
Chugai Pharmaceutical Co., Ltd.
|
1.8%
|
Country
|
% of Net Assets
|
Japan
|
24%
|
United Kingdom
|
13%
|
Switzerland
|
11%
|
Germany
|
10%
|
France
|
10%
|
Australia
|
7%
|
Netherlands
|
5%
|
Denmark
|
4%
|
Hong Kong
|
4%
|
Sweden
|
3%
|
Other
|
9%
|
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.
Stocks may decline in value. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The impact of the use of quantitative models and the analysis of specific metrics on a stock's performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Quantitative models also entail the risk that the models themselves may be limited or incorrect. The Fund's use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreportsto view or download a prospectus. Please read the prospectus carefully before you invest.
(b) Not applicable | |
Item 2. | Code of Ethics. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR. |
|
Item 3. | Audit Committee Financial Expert. |
The fund's audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund's Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund's audit committee including Ms. Catherine Schrand, the chair of the fund's audit committee. An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an "audit committee financial expert" does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
Item 4. | Principal Accountant Fees and Services. |
DWS ESg INternational Core Equity FUNd
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP ("EY"), the Fund's Independent Registered Public Accounting Firm, billed to the Fund during the Fund's last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund's Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended August 31, |
Audit Fees Billed to Fund |
Audit-Related Fees Billed to Fund |
Tax Fees Billed to Fund |
All Other Fees Billed to Fund |
2024 | $65,905 | $0 | $5,969 | $0 |
2023 | $63,111 | $0 | $5,969 | $0 |
The above "Tax Fees" were billed for professional services rendered for tax preparation.
Services that the Fund's Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. ("DIMA" or the "Adviser"), and any entity controlling, controlled by or under common control with DIMA ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years.
Fiscal Year Ended August 31, |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2024 | $0 | $0 | $0 |
2023 | $0 | $539,907 | $0 |
The above "Tax Fees" were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund's last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY's independence.
Fiscal Year Ended August 31, |
Total Non-Audit Fees Billed to Fund (A) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) |
Total of (A), (B) and (C) |
2024 | $5,969 | $0 | $0 | $5,969 |
2023 | $5,969 | $539,907 | $0 | $545,876 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund's Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund's Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund's Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund's Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund's Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant's principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.
***
In connection with the audit of the 2023 and 2024 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Item 5. | Audit Committee of Listed Registrants |
Not applicable | |
Item 6. | Investments. |
Not applicable | |
Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
(a) |
3
|
Investment Portfolio
|
9
|
Statement of Assets and Liabilities
|
11
|
Statement of Operations
|
12
|
Statements of Changes in Net Assets
|
13
|
Financial Highlights
|
17
|
Notes to Financial Statements
|
28
|
Report of Independent Registered Public Accounting Firm
|
30
|
Tax Information
|
31
|
Advisory Agreement Board Considerations and Fee Evaluation
|
2
|
|
|
DWS ESG International Core Equity Fund
|
|
Shares
|
Value ($)
|
|
Common Stocks 99.3%
|
|||
Australia 7.3%
|
|||
Aurizon Holdings Ltd.
|
|
17,850
|
40,938
|
BHP Group Ltd.
|
|
3,087
|
85,470
|
Brambles Ltd.
|
|
5,891
|
72,894
|
CSL Ltd.
|
|
207
|
43,148
|
Endeavour Group Ltd.
|
|
13,902
|
50,307
|
IGO Ltd.
|
|
6,743
|
25,352
|
Macquarie Group Ltd.
|
|
471
|
69,060
|
Treasury Wine Estates Ltd.
|
|
10,525
|
81,643
|
Woodside Energy Group Ltd.
|
|
1,505
|
27,827
|
Woolworths Group Ltd.
|
|
2,989
|
72,398
|
(Cost $630,923)
|
|
569,037
|
|
Belgium 1.0%
|
|||
KBC Group NV (Cost $72,852)
|
|
1,043
|
81,276
|
Denmark 3.9%
|
|||
Novo Nordisk AS "B" (Cost $46,641)
|
|
2,173
|
301,698
|
Finland 1.3%
|
|||
Kone Oyj "B"
|
|
1,101
|
59,466
|
Neste Oyj
|
|
1,831
|
42,668
|
(Cost $105,467)
|
|
102,134
|
|
France 9.6%
|
|||
Aeroports de Paris SA
|
|
226
|
29,599
|
Arkema SA
|
|
580
|
54,079
|
BNP Paribas SA
|
|
1,823
|
126,599
|
Capgemini SE
|
|
468
|
97,052
|
Danone SA
|
|
1,252
|
87,016
|
Kering SA
|
|
92
|
26,291
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
233
|
173,626
|
Renault SA
|
|
1,118
|
53,253
|
Schneider Electric SE
|
|
186
|
47,403
|
TotalEnergies SE
|
|
478
|
32,985
|
Worldline SA 144A*
|
|
1,841
|
16,812
|
(Cost $600,521)
|
|
744,715
|
|
Germany 10.5%
|
|||
adidas AG
|
|
198
|
50,738
|
Allianz SE (Registered)
|
|
511
|
158,968
|
BASF SE
|
|
1,729
|
87,807
|
DWS ESG International Core Equity Fund
|
|
|
3
|
|
Shares
|
Value ($)
|
|
Bayerische Motoren Werke AG
|
|
476
|
44,229
|
Deutsche Boerse AG
|
|
535
|
120,169
|
HelloFresh SE*
|
|
3,134
|
25,737
|
Merck KGaA
|
|
293
|
57,084
|
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
(Registered)
|
|
87
|
47,153
|
Puma SE
|
|
1,288
|
55,703
|
SAP SE
|
|
422
|
93,080
|
Siemens AG (Registered)
|
|
222
|
41,835
|
Volkswagen AG
|
|
272
|
30,440
|
(Cost $634,132)
|
|
812,943
|
|
Hong Kong 3.5%
|
|||
AIA Group Ltd.
|
|
5,800
|
40,828
|
Budweiser Brewing Co., APAC Ltd. 144A
|
|
24,500
|
27,977
|
HKT Trust & HKT Ltd. (Units)
|
|
74,000
|
93,902
|
Hong Kong Exchanges & Clearing Ltd.
|
|
1,000
|
30,554
|
Prudential PLC
|
|
9,231
|
79,453
|
(Cost $369,745)
|
|
272,714
|
|
Ireland 1.1%
|
|||
Kingspan Group PLC (Cost $51,426)
|
|
951
|
83,025
|
Italy 0.9%
|
|||
Moncler SpA
|
|
443
|
27,192
|
UniCredit SpA
|
|
1,023
|
42,469
|
(Cost $44,465)
|
|
69,661
|
|
Japan 23.8%
|
|||
ANA Holdings, Inc.
|
|
1,200
|
24,231
|
Astellas Pharma, Inc.
|
|
4,200
|
52,222
|
Canon, Inc.
|
|
1,800
|
62,141
|
Chugai Pharmaceutical Co., Ltd.
|
|
2,800
|
141,886
|
Daiichi Sankyo Co., Ltd.
|
|
1,900
|
79,828
|
Daiwa House Industry Co., Ltd.
|
|
1,400
|
43,171
|
Hitachi Construction Machinery Co., Ltd.
|
|
1,400
|
34,383
|
Hitachi Ltd.
|
|
2,000
|
48,773
|
Hulic Co., Ltd.
|
|
3,400
|
35,273
|
Japan Post Bank Co., Ltd.
|
|
9,600
|
89,709
|
KDDI Corp.
|
|
2,500
|
84,289
|
Mitsubishi Corp.
|
|
3,900
|
81,188
|
Mitsubishi UFJ Financial Group, Inc.
|
|
14,100
|
148,098
|
Mitsui & Co., Ltd.
|
|
3,000
|
65,233
|
Murata Manufacturing Co., Ltd.
|
|
2,100
|
43,930
|
Nintendo Co., Ltd.
|
|
800
|
43,466
|
4
|
|
|
DWS ESG International Core Equity Fund
|
|
Shares
|
Value ($)
|
|
Nippon Building Fund, Inc. (REIT)
|
|
5
|
22,471
|
Nippon Steel Corp.
|
|
3,600
|
81,959
|
Nippon Telegraph & Telephone Corp.
|
|
30,000
|
32,024
|
Nomura Real Estate Holdings, Inc.
|
|
1,100
|
31,638
|
Obayashi Corp.
|
|
3,900
|
49,990
|
Recruit Holdings Co., Ltd.
|
|
900
|
56,011
|
Sony Group Corp.
|
|
400
|
39,175
|
Sumitomo Mitsui Financial Group, Inc.
|
|
2,200
|
144,443
|
Takeda Pharmaceutical Co., Ltd.
|
|
3,000
|
89,252
|
Terumo Corp.
|
|
3,200
|
59,354
|
Tokio Marine Holdings, Inc.
|
|
1,400
|
53,106
|
Tokyo Electron Ltd.
|
|
300
|
53,548
|
Toyota Motor Corp.
|
|
3,300
|
62,906
|
(Cost $1,393,514)
|
|
1,853,698
|
|
Netherlands 4.7%
|
|||
ASML Holding NV
|
|
273
|
246,702
|
Prosus NV
|
|
1,236
|
45,899
|
Stellantis NV
|
|
4,449
|
74,896
|
(Cost $161,366)
|
|
367,497
|
|
Norway 0.5%
|
|||
DNB Bank ASA (Cost $29,856)
|
|
1,765
|
37,299
|
Singapore 0.7%
|
|||
Singapore Telecommunications Ltd. (Cost $46,214)
|
|
23,800
|
57,130
|
Spain 2.3%
|
|||
Grifols SA*
|
|
4,019
|
44,774
|
Iberdrola SA
|
|
9,697
|
137,611
|
(Cost $171,889)
|
|
182,385
|
|
Sweden 3.4%
|
|||
Assa Abloy AB "B"
|
|
2,926
|
94,558
|
Getinge AB "B"
|
|
947
|
19,770
|
Hexagon AB "B"
|
|
6,743
|
69,002
|
Skanska AB "B"
|
|
1,464
|
29,531
|
Svenska Handelsbanken AB "A"
|
|
4,941
|
51,019
|
(Cost $219,272)
|
|
263,880
|
|
Switzerland 11.5%
|
|||
ABB Ltd. (Registered)
|
|
2,041
|
117,433
|
Kuehne & Nagel International AG (Registered)
|
|
185
|
57,390
|
Lonza Group AG (Registered)
|
|
189
|
123,888
|
Nestle SA (Registered)
|
|
2,007
|
214,975
|
Novartis AG (Registered)
|
|
1,061
|
128,130
|
DWS ESG International Core Equity Fund
|
|
|
5
|
|
Shares
|
Value ($)
|
|
Sika AG (Registered)
|
|
396
|
126,999
|
STMicroelectronics NV
|
|
1,046
|
33,455
|
Straumann Holding AG (Registered)
|
|
180
|
26,675
|
Swiss Prime Site AG (Registered)
|
|
550
|
61,942
|
(Cost $570,705)
|
|
890,887
|
|
United Kingdom 12.7%
|
|||
Ashtead Group PLC
|
|
855
|
60,896
|
AstraZeneca PLC
|
|
256
|
44,834
|
BP PLC
|
|
3,932
|
22,272
|
Compass Group PLC
|
|
4,025
|
127,271
|
Diageo PLC
|
|
1,387
|
45,092
|
HSBC Holdings PLC
|
|
4,663
|
40,972
|
London Stock Exchange Group PLC
|
|
325
|
43,786
|
M&G PLC
|
|
28,349
|
80,124
|
National Grid PLC
|
|
8,990
|
118,243
|
RELX PLC
|
|
3,117
|
145,598
|
Rio Tinto PLC
|
|
521
|
32,838
|
Shell PLC
|
|
4,353
|
153,932
|
SSE PLC
|
|
1,456
|
36,142
|
Vodafone Group PLC
|
|
33,420
|
32,784
|
(Cost $739,903)
|
|
984,784
|
|
United States 0.6%
|
|||
CRH PLC (a) (Cost $37,755)
|
|
519
|
46,641
|
Total Common Stocks(Cost $5,926,646)
|
|
7,721,404
|
|
Cash Equivalents 1.1%
|
|||
DWS Central Cash Management Government Fund, 5.34% (b)
(Cost $82,895)
|
|
82,895
|
82,895
|
|
|
% of
Net Assets
|
Value ($)
|
Total Investment Portfolio(Cost $6,009,541)
|
|
100.4
|
7,804,299
|
Other Assets and Liabilities, Net
|
|
(0.4
)
|
(30,369
)
|
Net Assets
|
|
100.0
|
7,773,930
|
6
|
|
|
DWS ESG International Core Equity Fund
|
Value ($)
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
8/31/2024
|
Value ($)
at
8/31/2024
|
Securities Lending Collateral 0.0%
|
||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" ,
5.22% (b) (c)
|
||||||||
73,750
|
-
|
73,750 (d)
|
-
|
-
|
258
|
-
|
-
|
-
|
Cash Equivalents 1.1%
|
||||||||
DWS Central Cash Management Government Fund, 5.34% (b)
|
||||||||
92,251
|
1,111,148
|
1,120,504
|
-
|
-
|
4,036
|
-
|
82,895
|
82,895
|
166,001
|
1,111,148
|
1,194,254
|
-
|
-
|
4,294
|
-
|
82,895
|
82,895
|
*
|
Non-income producing security.
|
(a)
|
Listed on the London Stock Exchange.
|
(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 year ended August 31, 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.
|
REIT: Real Estate Investment Trust
|
DWS ESG International Core Equity Fund
|
|
|
7
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Common Stocks
|
||||
Australia
|
$-
|
$569,037
|
$-
|
$569,037
|
Belgium
|
-
|
81,276
|
-
|
81,276
|
Denmark
|
-
|
301,698
|
-
|
301,698
|
Finland
|
-
|
102,134
|
-
|
102,134
|
France
|
-
|
744,715
|
-
|
744,715
|
Germany
|
-
|
812,943
|
-
|
812,943
|
Hong Kong
|
-
|
272,714
|
-
|
272,714
|
Ireland
|
-
|
83,025
|
-
|
83,025
|
Italy
|
-
|
69,661
|
-
|
69,661
|
Japan
|
-
|
1,853,698
|
-
|
1,853,698
|
Netherlands
|
-
|
367,497
|
-
|
367,497
|
Norway
|
-
|
37,299
|
-
|
37,299
|
Singapore
|
-
|
57,130
|
-
|
57,130
|
Spain
|
-
|
182,385
|
-
|
182,385
|
Sweden
|
-
|
263,880
|
-
|
263,880
|
Switzerland
|
-
|
890,887
|
-
|
890,887
|
United Kingdom
|
-
|
984,784
|
-
|
984,784
|
United States
|
-
|
46,641
|
-
|
46,641
|
Short-Term Investments
|
82,895
|
-
|
-
|
82,895
|
Total
|
$82,895
|
$7,721,404
|
$-
|
$7,804,299
|
8
|
|
|
DWS ESG International Core Equity Fund
|
Assets
|
|
Investments in non-affiliated securities, at value (cost $5,926,646)
|
$7,721,404
|
Investment in DWS Central Cash Management Government Fund
(cost $82,895)
|
82,895
|
Foreign currency, at value (cost $11,149)
|
11,355
|
Dividends receivable
|
13,115
|
Foreign taxes recoverable
|
26,741
|
Due from Advisor
|
12,802
|
Other assets
|
7,834
|
Total assets
|
7,876,146
|
Liabilities
|
|
Accrued Directors' fees
|
563
|
Other accrued expenses and payables
|
101,653
|
Total liabilities
|
102,216
|
Net assets, at value
|
$7,773,930
|
Net Assets Consist of
|
|
Distributable earnings (loss)
|
(8,518,684
)
|
Paid-in capital
|
16,292,614
|
Net assets, at value
|
$7,773,930
|
DWS ESG International Core Equity Fund
|
|
|
9
|
Net Asset Value
|
|
Class A
|
|
Net Asset Valueand redemption price per share
($3,894,028 ÷ 275,922 shares of capital stock outstanding,
$.01 par value, 50,000,000 shares authorized)
|
$14.11
|
Maximum offering price per share (100 ÷ 94.25 of $14.11)
|
$14.97
|
Class C
|
|
Net Asset Value,offering and redemption price
(subject to contingent deferred sales charge) per share
($134,489 ÷ 9,734 shares of capital stock outstanding, $.01 par value,
50,000,000 shares authorized)
|
$13.82
|
Class S
|
|
Net Asset Value,offering and redemption price per share
($1,749,929 ÷ 123,536 shares of capital stock outstanding, $.01 par value,
50,000,000 shares authorized)
|
$14.17
|
Institutional Class
|
|
Net Asset Value,offering and redemption price per share
($1,995,484 ÷ 140,413 shares of capital stock outstanding, $.01 par value,
50,000,000 shares authorized)
|
$14.21
|
10
|
|
|
DWS ESG International Core Equity Fund
|
Investment Income
|
|
Income:
|
|
Dividends (net of foreign taxes withheld of $21,586)
|
$216,545
|
Income distributions -DWS Central Cash Management Government Fund
|
4,036
|
Affiliated securities lending income
|
258
|
Total income
|
220,839
|
Expenses:
|
|
Management fee
|
33,414
|
Administration fee
|
7,203
|
Services to shareholders
|
11,384
|
Distribution and service fees
|
10,609
|
Custodian fee
|
6,915
|
Audit fee
|
63,973
|
Legal fees
|
23,652
|
Tax fees
|
5,969
|
Reports to shareholders
|
24,330
|
Registration fees
|
62,771
|
Directors' fees and expenses
|
2,314
|
Pricing service fee
|
13,683
|
Other
|
4,341
|
Total expenses before expense reductions
|
270,558
|
Expense reductions
|
(214,017
)
|
Total expenses after expense reductions
|
56,541
|
Net investment income
|
164,298
|
Realized and Unrealized Gain (Loss)
|
|
Net realized gain (loss) from:
|
|
Investments
|
327,314
|
Foreign currency
|
1,319
|
|
328,633
|
Change in net unrealized appreciation (depreciation) on:
|
|
Investments
|
483,034
|
Foreign currency
|
(605
)
|
|
482,429
|
Net gain (loss)
|
811,062
|
Net increase (decrease) in net assets resulting from operations
|
$975,360
|
DWS ESG International Core Equity Fund
|
|
|
11
|
|
Years Ended August 31,
|
|
Increase (Decrease) in Net Assets
|
2024
|
2023
|
Operations:
|
||
Net investment income
|
$164,298
|
$166,149
|
Net realized gain (loss)
|
328,633
|
(83,698
)
|
Change in net unrealized appreciation
(depreciation)
|
482,429
|
1,102,477
|
Net increase (decrease) in net assets resulting from operations
|
975,360
|
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
|
740,145
|
1,135,130
|
Reinvestment of distributions
|
277,041
|
144,036
|
Payments for shares redeemed
|
(1,360,289
)
|
(2,099,799
)
|
Net increase (decrease) in net assets from Fund
share transactions
|
(343,103
)
|
(820,633
)
|
Increase (decrease) in net assets
|
353,558
|
219,301
|
Net assets at beginning of period
|
7,420,372
|
7,201,071
|
Net assets at end of period
|
$7,773,930
|
$7,420,372
|
12
|
|
|
DWS ESG International Core Equity Fund
|
DWS ESG International Core Equity Fund -Class A
|
|||||
|
Years Ended August 31,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Selected Per Share Data
|
|||||
Net asset value, beginning of period
|
$12.87
|
$11.11
|
$14.53
|
$11.50
|
$11.13
|
Income (loss) from investment operations:
|
|||||
Net investment incomea
|
.28
|
.27
|
.22
|
.13
|
.07
|
Net realized and unrealized gain (loss)
|
1.45
|
1.73
|
(3.49
)
|
3.05
|
.63
|
Total from investment operations
|
1.73
|
2.00
|
(3.27
)
|
3.18
|
.70
|
Less distributions from:
|
|||||
Net investment income
|
(.49
)
|
(.24
)
|
(.15
)
|
(.15
)
|
(.33
)
|
Net asset value, end of period
|
$14.11
|
$12.87
|
$11.11
|
$14.53
|
$11.50
|
Total Return (%)b,c
|
13.78
|
18.12
|
(22.67
)
|
27.86
|
6.24
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
Net assets, end of period ($ millions)
|
4
|
3
|
3
|
4
|
3
|
Ratio of expenses before expense reductions (%)
|
3.75
|
3.82
|
3.55
|
3.04
|
2.47
|
Ratio of expenses after expense reductions (%)
|
.85
|
.85
|
1.22
|
1.25
|
1.13
|
Ratio of net investment income (%)
|
2.13
|
2.21
|
1.66
|
1.00
|
.65
|
Portfolio turnover rate (%)
|
17
|
6
|
27
|
38
|
68
|
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.
|
DWS ESG International Core Equity Fund
|
|
|
13
|
DWS ESG International Core Equity Fund -Class C
|
|||||
|
Years Ended August 31,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Selected Per Share Data
|
|||||
Net asset value, beginning of period
|
$12.60
|
$10.88
|
$14.22
|
$11.26
|
$10.89
|
Income (loss) from investment operations:
|
|||||
Net investment income (loss)a
|
.14
|
.17
|
.11
|
.02
|
(.01
)
|
Net realized and unrealized gain (loss)
|
1.46
|
1.69
|
(3.41
)
|
2.99
|
.62
|
Total from investment operations
|
1.60
|
1.86
|
(3.30
)
|
3.01
|
.61
|
Less distributions from:
|
|||||
Net investment income
|
(.38
)
|
(.14
)
|
(.04
)
|
(.05
)
|
(.24
)
|
Net asset value, end of period
|
$13.82
|
$12.60
|
$10.88
|
$14.22
|
$11.26
|
Total Return (%)b,c
|
12.96
|
17.28
|
(23.31
)
|
26.93
|
5.51
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
Net assets, end of period ($ millions)
|
.1
|
.4
|
1
|
1
|
1
|
Ratio of expenses before expense reductions (%)
|
4.53
|
4.58
|
4.28
|
3.78
|
3.19
|
Ratio of expenses after expense reductions (%)
|
1.60
|
1.60
|
1.97
|
1.98
|
1.88
|
Ratio of net investment income (loss) (%)
|
1.10
|
1.46
|
.88
|
.18
|
(.12
)
|
Portfolio turnover rate (%)
|
17
|
6
|
27
|
38
|
68
|
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.
|
14
|
|
|
DWS ESG International Core Equity Fund
|
DWS ESG International Core Equity Fund -Class S
|
|||||
|
Years Ended August 31,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Selected Per Share Data
|
|||||
Net asset value, beginning of period
|
$12.91
|
$11.16
|
$14.59
|
$11.55
|
$11.18
|
Income (loss) from investment operations:
|
|||||
Net investment incomea
|
.30
|
.29
|
.25
|
.13
|
.06
|
Net realized and unrealized gain (loss)
|
1.47
|
1.72
|
(3.50
)
|
3.09
|
.67
|
Total from investment operations
|
1.77
|
2.01
|
(3.25
)
|
3.22
|
.73
|
Less distributions from:
|
|||||
Net investment income
|
(.51
)
|
(.26
)
|
(.18
)
|
(.18
)
|
(.36
)
|
Net asset value, end of period
|
$14.17
|
$12.91
|
$11.16
|
$14.59
|
$11.55
|
Total Return (%)b
|
14.14
|
18.30
|
(22.55
)
|
28.10
|
6.54
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
Net assets, end of period ($ millions)
|
2
|
2
|
2
|
2
|
3
|
Ratio of expenses before expense reductions (%)
|
3.51
|
3.61
|
3.31
|
2.84
|
2.23
|
Ratio of expenses after expense reductions (%)
|
.65
|
.65
|
1.02
|
1.04
|
.92
|
Ratio of net investment income (%)
|
2.31
|
2.39
|
1.90
|
.99
|
.53
|
Portfolio turnover rate (%)
|
17
|
6
|
27
|
38
|
68
|
a
|
Based on average shares outstanding during the period.
|
b
|
Total return would have been lower had certain expenses not been reduced.
|
DWS ESG International Core Equity Fund
|
|
|
15
|
DWS ESG International Core Equity Fund -Institutional Class
|
|||||
|
Years Ended August 31,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
Selected Per Share Data
|
|||||
Net asset value, beginning of period
|
$12.96
|
$11.19
|
$14.63
|
$11.59
|
$11.21
|
Income (loss) from investment operations:
|
|||||
Net investment incomea
|
.32
|
.30
|
.25
|
.16
|
.05
|
Net realized and unrealized gain (loss)
|
1.45
|
1.74
|
(3.50
)
|
3.07
|
.70
|
Total from investment operations
|
1.77
|
2.04
|
(3.25
)
|
3.23
|
.75
|
Less distributions from:
|
|||||
Net investment income
|
(.52
)
|
(.27
)
|
(.19
)
|
(.19
)
|
(.37
)
|
Net asset value, end of period
|
$14.21
|
$12.96
|
$11.19
|
$14.63
|
$11.59
|
Total Return (%)b
|
14.08
|
18.38
|
(22.50
)
|
28.16
|
6.58
|
Ratios to Average Net Assets and Supplemental Data
|
|||||
Net assets, end of period ($ millions)
|
2
|
2
|
2
|
3
|
3
|
Ratio of expenses before expense reductions (%)
|
3.46
|
3.54
|
3.25
|
2.76
|
2.16
|
Ratio of expenses after expense reductions (%)
|
.60
|
.60
|
.98
|
.99
|
.87
|
Ratio of net investment income (%)
|
2.39
|
2.44
|
1.86
|
1.22
|
.40
|
Portfolio turnover rate (%)
|
17
|
6
|
27
|
38
|
68
|
a
|
Based on average shares outstanding during the period.
|
b
|
Total return would have been lower had certain expenses not been reduced.
|
16
|
|
|
DWS ESG International Core Equity Fund
|
DWS ESG International Core Equity Fund
|
|
|
17
|
18
|
|
|
DWS ESG International Core Equity Fund
|
DWS ESG International Core Equity Fund
|
|
|
19
|
20
|
|
|
DWS ESG International Core Equity Fund
|
Undistributed ordinary income*
|
$114,996
|
Capital loss carryforwards
|
$(10,315,722
)
|
Net unrealized appreciation (depreciation) on investments
|
$1,680,786
|
|
Years Ended August 31,
|
|
|
2024
|
2023
|
Distributions from ordinary income*
|
$278,699
|
$144,994
|
*
|
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
|
DWS ESG International Core Equity Fund
|
|
|
21
|
22
|
|
|
DWS ESG International Core Equity Fund
|
Class A
|
.85%
|
||
Class C
|
1.60%
|
||
Class S
|
.65%
|
||
Institutional Class
|
.60%
|
Class A
|
$107,448
|
Class C
|
5,391
|
Class S
|
50,431
|
Institutional Class
|
50,747
|
|
$214,017
|
DWS ESG International Core Equity Fund
|
|
|
23
|
Services to Shareholders
|
Total
Aggregated
|
Unpaid at
August 31, 2024
|
Class A
|
$776
|
$134
|
Class C
|
171
|
28
|
Class S
|
1,661
|
279
|
Institutional Class
|
154
|
28
|
|
$2,762
|
$469
|
Sub-Recordkeeping
|
Total
Aggregated
|
Class A
|
$4,714
|
Class C
|
147
|
Class S
|
1,006
|
Institutional Class
|
1,595
|
|
$7,462
|
Distribution Fee
|
Total
Aggregated
|
Unpaid at
August 31, 2024
|
Class C
|
$1,381
|
$84
|
24
|
|
|
DWS ESG International Core Equity Fund
|
Service Fee
|
Total
Aggregated
|
Unpaid at
August 31, 2024
|
Annual
Rate
|
Class A
|
$8,782
|
$1,652
|
.24%
|
Class C
|
446
|
70
|
.24%
|
|
$9,228
|
$1,722
|
DWS ESG International Core Equity Fund
|
|
|
25
|
|
Year Ended
August 31, 2024
|
Year Ended
August 31, 2023
|
||
|
Shares
|
Dollars
|
Shares
|
Dollars
|
Shares sold
|
||||
Class A
|
27,235
|
$347,532
|
51,275
|
$643,345
|
Class C
|
361
|
4,603
|
1,125
|
13,830
|
Class S
|
1,494
|
19,354
|
8,563
|
109,398
|
Institutional Class
|
27,078
|
368,656
|
29,718
|
368,557
|
|
$740,145
|
$1,135,130
|
||
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
|
(32,458
)
|
$(425,476
)
|
(58,384
)
|
$(700,814
)
|
Class C
|
(25,505
)
|
(316,712
)
|
(31,142
)
|
(380,250
)
|
Class S
|
(22,157
)
|
(296,984
)
|
(29,167
)
|
(372,254
)
|
Institutional Class
|
(23,956
)
|
(321,117
)
|
(55,971
)
|
(646,481
)
|
|
$(1,360,289
)
|
$(2,099,799
)
|
26
|
|
|
DWS ESG International Core Equity Fund
|
|
Year Ended
August 31, 2024
|
Year Ended
August 31, 2023
|
||
|
Shares
|
Dollars
|
Shares
|
Dollars
|
Net increase (decrease)
|
||||
Class A
|
5,253
|
$56,873
|
(1,884
)
|
$2,876
|
Class C
|
(24,685
)
|
(306,290
)
|
(29,303
)
|
(358,307
)
|
Class S
|
(15,235
)
|
(207,609
)
|
(17,098
)
|
(222,261
)
|
Institutional Class
|
8,252
|
113,923
|
(23,240
)
|
(242,941
)
|
|
$(343,103
)
|
$(820,633
)
|
DWS ESG International Core Equity Fund
|
|
|
27
|
28
|
|
|
DWS ESG International Core Equity Fund
|
DWS ESG International Core Equity Fund
|
|
|
29
|
30
|
|
|
DWS ESG International Core Equity Fund
|
DWS ESG International Core Equity Fund
|
|
|
31
|
32
|
|
|
DWS ESG International Core Equity Fund
|
DWS ESG International Core Equity Fund
|
|
|
33
|
34
|
|
|
DWS ESG International Core Equity Fund
|
DWS ESG International Core Equity Fund
|
|
|
35
|
(b) The Financial Highlights are included with the Financial Statements under Item 7(a). | ||
Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. | |
Not applicable | ||
Item 9. | Proxy Disclosures for Open-End Management Investment Companies. | |
Not applicable | ||
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. | |
See Item 7(a) | ||
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. | |
See Item 7(a) | ||
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. | |
Not applicable | ||
Item 13. | Portfolio Managers of Closed-End Management Investment Companies. | |
Not applicable | ||
Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. | |
Not applicable | ||
Item 15. | Submission of Matters to a Vote of Security. | |
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 16. | 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
Item 18. | Recovery of Erroneously Awarded Compensation. | |
Not applicable | ||
Item 19. | Exhibits | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(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 Officer |
Date: | 10/28/2024 |
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 Officer |
Date: | 10/28/2024 |
By: |
/s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 10/28/2024 |